U.S. MINING REPORT — La Teko acquires True North ground

By acquiring the True North gold property, La Teko Resources (VSE) is expanding its holdings near Fairbanks, Alaska.

The junior is gaining 2,800 acres from Amax Gold Exploration by paying $1.6 million in property and advance royalty payments over four years. It must also pay $250,000 in development this year and next, as well as make payments to the underlying owners.

Although a 35-hole program has been completed, more information is required before proven reserves can be defined. However, based on an independent engineering report, the property hosts a probable and possible resource of about 200,000 oz. La Teko believes the potential exists for at least 500,000 oz.

The junior hopes soon to release a certified gold resource and minable reserve estimate for both the True North and nearby Ryan Lode properties. The combined total is projected to be about 1 million oz.