La Teko firms up Alaskan projects

The recent field season was a busy one for La Teko Resources (NASDAQ). With three exploration properties near Fairbanks, Alaska, the company had its hands full.

At the True North gold property, drilling continues to confirm mineralization between the two known reserve areas. La Teko’s 65%-partner on the project, Newmont Gold (NYSE), drilled and trenched the area between the Hindenburg and Shepard orebodies, receiving favorable results in the process.

Principal activities at True North included 33 reverse-circulation drill holes and 10 core holes (totalling 21,000 ft.), as well as 14 trenches covering more than 6,200 ft.

Drilling has yet to delineate the edges of economic mineralization at True North. To that end, Newmont plans to carry out a second phase of drilling, which will last through the middle of December. The major intends to let the ground freeze before drilling 8,000 ft. of core. With this accelerated program, Newmont will reach its required US$3 million in expenditures by early 1996.

Reserves at the Shepard and Hindenburg orebodies stand at 7 million tons grading 0.065 oz. gold per ton.

At the Ryan Lode project (8 miles west of Fairbanks), La Teko is carrying through with a joint-venture agreement to gain access to the shallowest portion of the deposit. The company has an agreement with KLS and Nevada Star Resource (VSE), and a prefeasibility study is to be completed by the end of the year.

The Juniper Creek project, where Newmont has the right of first refusal, is 15 miles northwest of the True North property. Stream sediment and pan concentrate samples on the property are returning positive results, and an altered shear zone and graphitic schist are attracting the attention of La Teko geologists. Further work is expected in 1996.

Recent drill results are as follows:

HoleInterval(ft)Thickness(ft)Gold(oz/t)

28735-70 35 0.053

85-110 25 0.073

130-165 35 0.172

245-280 35 0.059

290245-310 65 0.044

296110-135 25 0.040

195-255 60 0.021

300-365 65 0.101

300n/a 70 0.049

3150-20 20 0.090

100-135 35 1.220

31695-170 75 0.140

3170-30 30 0.033

150-185 35 0.080

31810-45 35 0.030