Yes, I'm still in ASQH, hoping to see $10 by year's end. The action certainly seems to be in ASQH, with URP languishing. I assume that you saw today's news release -- gave the stock a nice bump up. Sounds like it will still be a while before drilling results are available and we get an idea of the true value of this thing. Anyone have comments on this?
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ASQUITH RESOURCES INC.
CANADIAN DEALING NETWORK SYMBOL: ASQH
NOVEMBER 15, 1996
Asquith Resources Inc. - Gold Anomaly Extended on Roandji
Gold Property
TORONTO, ONTARIO--Asquith Resources Inc. (ASQH-CDN) announced
today that the Company's exploration programme continues to expand
the area of gold mineralization that was recently encountered on
the Agoudou Manga prospect, located on Asquith's 2,000 square
kilometre Roandji gold property in the Central African Republic
("CAR").
During the past three months, the Company has been focusing its
exploration efforts near the village of Agoudou Manga, where
artisan miners had previously uncovered a gold-bearing,
quartz-vein stockwork system covering an area 300 metres by 350
metres. The mineralized zone, which is usually covered by 3 to 5
metres of lateritic overburden, was exposed by the artisan miners
revealing a network of quartz veins which are mineralized with
fine sulphides and free gold. The individual veins vary in width
from approximately 5 centimetres up to 1.5 metres, and appear to
follow a prominent shear structure.
The Company's exploration efforts have now successfully traced the
gold- bearing structure over a strike length of 950 metres, where
it remains open along strike. Exploration work is currently being
directed towards extending the gold anomaly along strike by
following the results of the Company's airborne magnetic survey
which has traced the rock units that host the gold mineralization
over a strike length of approximately four kilometres.
To date, the Company has identified two parallel zones (East and
West zones) situated approximately 300 metres apart. Gold
mineralization has been traced over 60 metres of width in the West
zone and for 20 metres of width in the East zone. However, there
are strong indications from percussion drilling and soil sampling,
that these two zones could connect, suggesting a width of
approximately 240 metres. Analytical results received to date for
soil samples taken along the structure have returned gold values
ranging from 0.10 grams gold per tonne to 4.03 grams of gold per
tonne. Grab samples taken of quartz veins from within the
stockwork zone have returned assay values ranging from 0.64 grams
of gold per tonne to 1,430.00 grams of gold per tonne. Assay
results from a more systematic and representative sampling of the
mineralized structure are pending.
Asquith's current exploration programme at the Agoudou Manga
prospect includes geological mapping, bedrock trenching, and soil
sampling using a percussion drill which samples the soil profile
to a depth of five metres. Soil samples are currently being taken
on 50-metre line spacings and 25-metre hole spacings. Coarse gold
has been recovered from soils via pan sampling in many of the
percussion holes that have been tested.
The month of November has marked the start of the dry season in
the CAR, and exploration activity is expected to increase during
the next eight months. A 3,000 metre diamond drill programme of
approximately 35 drill holes is expected to commence later this
month, with the arrival of a drill rig which was shipped from
Canada in early September.
The Agoudou Manga prospect represents only one of five priority
gold prospects that have been targeted so far for exploration on
the Roandji property. The other four gold targets on the property
are all located in the same 90 kilometre-long section of Archean
volcanic rocks. Gold has been found at each of the four
prospects, primarily through artisanal workings but also as a
result of the Company's preliminary reconnaissance programme.
Currently, gold is being mined from placer deposits by artisan
miners at the Roandji, Baidou, and Ndassima prospects. The
Company expects to commence an exploration programme on the
Roandji prospect early next year. At the Roandji prospect, gold
mineralization has been identified in association with a
20-metre-wide quartz vein stockwork which has been traced over a
strike length of approximately 2.0 kilometres, with gold grades of
up to 4.0 grams per tonne recovered through sampling.
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