Asquith Resources, a company under the direction of geological consultant J. L. Tindale, is concentrating on its gold property in the Shiningtree area of northeastern Ontario, but the company has also been aggressive recently in acquiring other properties.
The company’s initial property consists of 65 claims in Asquith Twp. within which are located the old Buckingham and Holding mines with underground working and extensive surface gold showing. Recent acquisitions have added two other Ontario properties to the company’s portfolio; 23 claims in Connaught Twp. and 19 optioned claims in Tyrrell Twp. less than half a mile from the Tyranite mine.
The Tyrrell Twp., property includes the old Matona mine property where underground development in the 1930s included a shaft to 225 ft, two levels with 3,000 ft of lateral workings. Three ore shoots have been outlined by drifting on the 125-ft level, the best being 65 ft long and four feet wide.
Initial geophysical work has been completed on the Connaught and Asquith Twp. claims. A program of geological mapping, trenching and stripping followed by diamond drilling is expected to begin in mid-May.
Earlier this year the company completed its initial public financing issuing 750,000 shares to net the treasury $270,000.
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