Nanisivik funds Asquith on new belt

Nanisivik Mines, a unit of Conwest Exploration (TSE), has agreed to fund initial exploration work on Asquith Resources’ (CDN) claims south of Shining Tree, Ont., through a private placement of common and flow-through shares.

Gross proceeds of $320,000 will finance a spring program of mapping, sampling and geophysical surveying on a 352-unit property on a previously unexplored belt of volcanic rocks straddling Sheard, Amyot, Ogilvie and Browning twps.

Asquith, which recently received regulatory approval to proceed with an option to acquire a 100% interest in the property, discovered stringer sulphide mineralization carrying lead, zinc and copper values at four separate showings there last summer.

Nanisivik, Asquith’s controlling shareholder, has an option to provide a further $320,000 in exploration funds.

Asquith has also acquired, as part of the same option agreement, blocks of 12- and 15-claim units in Dufferin and Browning twps. respectively. The properties contain copper showings.

Asquith says stakers, including Strike Minerals (CDN), have

surrounded its property on all sides.

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