Asiatel options Iskut area properties

A recent agreement between Link Resources (VSE) and Asiatel Media (VSE) will provide for ongoing exploration of the Hoodoo and Inhini properties in the Iskut River camp of northwestern British Columbia. Link granted Asiatel an option to acquire a 50% interest in its properties for exploration expenditures of $1 million and payments totalling $200,000 over three years. Asiatel must also issue 300,000 of its shares to Link to exercise the option.

Once Asiatel earns its interest, the two juniors will form a joint venture for ongoing exploration and development of the properties. Asiatel will be operator until the option is exercised, whereupon Link will become operator. Both juniors are controlled by Murray Pezim’s Prime Equities.

The Inhini project ties onto the southern boundary of the Rock & Roll property held by Prime Equities’ juniors Eurus Resource (VSE) and Thios Resources (VSE). The Hoodoo property is about seven miles north of the Rock & Roll property.

Drilling is scheduled to begin shortly on the Black Dog zone of massive sulphide mineralization on the Rock & Roll property. It is situated in an area of generally low relief about six miles from the Snip gold project being brought into production by Cominco and Prime Resources Group.

Since 1988, work on the Hoodoo and Inhini properties has included reconnaissance mapping, prospecting and geochemical sampling.

Most of this work has been concentrated on the 53-claim Inhini property where at least 20 precious metal showings have been discovered. A recent airborne geophysical survey over most of the Inhini property (and covering the precious metal showings) is reported to have revealed a number of conductive horizons, several of which have a close spatial relationship with known mineralization.

The junior companies report that one conductor in particular has a strike length of about 3,000 metres and is on strike from a quartz vein showing which features massive galena and sphalerite mineralization.