ASHBURTON ACQUIRES YUKON PROPERTY ADJOINING UNDERWORLD’S WHITE GOLD PROJECT


Ashburton Ventures Inc. has acquired lode quartz mineral claims adjacent to the White gold property held by Underworld Resources, located in the Yukon. The Ashburton claims are tagged directly to the northeast, approximately 10 kilometres from Underworld’s recently announced┬ádiscovery of 103 metres of 3.4 grams per tonne gold.

Ashburton’s claims appear to host similar metasedimentary stratigraphy as the Underworld White gold project as outlined in GSC mapping by Gordey and Ryan. Of note, the Yukon Minfile pinpoints an adit that was driven for 4.6 metres in 1902 on Ashburton’s claims.

Ashburton will pay the vendor, Blair Naughty, $75,000 cash, 650,000 shares of the company plus an additional 350,000 shares on the first-year anniversary. A 3-per-cent net smelter return royalty will be granted to the vendor with an option to buy back 1 per cent for $1-million. The company also agrees to spend $250,000 over the next 12 months as a work commitment. This transaction is subject to TSX Venture Exchange approval.

Be Sociable, Share!

, , , , , ,

Comments are closed.