A Canadian subsidiary of Asarco (NYSE) recently signed an option agreement to earn a 60% interest in 71 claims owned by Asquith Resources (COATS) in the Shining Tree area of northern Ontario. Asarco can earn its interest in the claims by spending $400,000 on exploration over a 4-year period. A program of mapping, bulldozer stripping and sampling on the property is expected to begin later this month.
The main exploration target will be the former Buckingham mine area where Asquith encountered encouraging gold values over a strike length of 500 ft. during drilling completed last year.
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