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.
Be the first to comment on "Nanisivik funds Asquith on new belt"