Posts Tagged Ashburton Ventures

ASHBURTON TO START WORK IN THE YUKON

Ashburton Ventures Inc. has disclosed that the 2011 work program has been established and mobilization to the site will begin prior to July 1, 2011. The White Gold property is situated north of and immediately contiguous with the Golden Saddle claim groups where Underworld Resources had their new gold discoveries in 2009. This property area was then acquired by Kinross Gold Corp. in early 2010.

The area of the White Gold property was soil sampled in 2009 and the results from this sampling campaign have highlighted a significant gold, copper, zinc and arsenic northwest-southeast trend that extends across the Ashburton claims to the boundary of the Kinross White Gold claims. The 2011 White Gold property exploration includes trenching with detailed mapping and sampling followed by a selective drill program.

UTM Exploration Services Ltd. of Smithers, B.C., has been contracted to provide exploration support and geological services for White Gold.

The technical contents of this release were approved by Dr. Tom McCandless, PGeo, vice-president, exploration, for Ashburton and a qualified person as defined by National Instrument 43-101.

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Ashburton Ventures Finds 600+ Metre Gold Anomaly in White Gold District

Ashburton Ventures Inc. has released the results from the late July soil sampling program on its Valley prospect in the Yukon near Underworld’s White Gold property. The Ashburton claims are adjacent to ground held by Underworld and 10 kilometres north-northeast of the company’s Golden Saddle discovery.

Reconnaissance soil lines were surveyed across the Valley project area with samples collected every 50 metres on lines spaced 300 metres apart. The lines roughly paralleled the dominant trend of the geography while crosscutting the dominant trend of the geology. Multiple gold soil anomalies, apparently paralleling the mapped geology, were detected on three adjacent soil lines with analyses ranging up to 90 parts per billion gold.

A second phase of soil sampling has been initiated at the Valley prospect to triple the sampling density to 50-metre centres on lines spaced 100 metres apart in the areas of the anomalies. Samples will be collected from eight new lines with the intention of better delineating and hopefully expanding on the 600 metres plus of apparent strike already identified by the anomalous samples.

Pending results of the follow-up soil sampling, a trenching program followed by a drill program are anticipated for next spring.

Work on the Ashburton ground is being directed by Dr. David Hedderly-Smith, PhD, PG. Dr. Hedderly-Smith has done work in similarly aged rocks in east-central Alaska, 100 kilometres to the northwest, off and on since the 1970s, and is a qualified person as defined by National Instrument 43-101. He has approved the information in this press release.

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Ashburton Announces Financing with Mineral Fields

Ashburton Ventures Inc. has arranged a non-brokered private placement of $300,000 through the sale of three million flow-through units at 10 cents each to the MineralFields Group. Proceeds of this financing will be used towards the company’s properties in Red Lake and the Yukon.

The Company will pay a finder’s fee to Limited Market Dealer Inc. for this financing equal to 7.5% cash and 5% broker warrants and a finder’s find to Industrial Alliance Securities equal to 2.5% cash and 5% broker warrants.

“We are very pleased to be entering into this relationship with MineralFields Group”, said Mike England, President and CEO. “This is an important milestone in the growth of Ashburton Ventures Inc. and we look forward to working with MineralFields Group as we develop our holdings in the regions.”

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Ashburton Ventures Commences Work Program in the Yukon; Financing

Ashburton Ventures has commenced field work on its holdings in the Yukon, adjacent to Underworld Resources White Gold discovery. A geologic mapping and geochemical soil sampling crew moved into the properties over this past weekend to begin work on the first phase of exploration of the area.

Ashburton claims are immediately adjacent to the claims controlled by Underworld and approximately 10 kilometres north and slightly east of Golden Saddle. Analysis of the published regional geologic mapping suggests that both areas are hosted by similarly aged metamorphic rocks to those at the Golden Saddle discovery.

Work on the Ashburton ground is being directed by David Hedderly-Smith, PhD, PG, who is accompanying the crew in the field. He has done work in similarly aged rocks in east-central Alaska, 100 kilometres to the northwest, off and on since the 1970s.  Dr. Hedderly-Smith, a qualified person as defined by N.I. 43-101, has approved the information in this press release.

The company also announces it has arranged a non-brokered private placement of up to five million units at a price of 10 cents per unit for gross proceeds of up to $500,000. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional share at a price of 12 cents per share for a period of 18 months from the date of issuance. A finder’s fee may be payable on each private placement of up to 10 per cent cash and up to 10 per cent share purchase B warrants. Each B warrant will entitle the holder to purchase one common share for 10 cents per share for a period of one year.

The private placement is subject to the acceptance for filing by the TSX Venture Exchange. The proceeds from the private placement will be used towards work programs and for general working capital.

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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¬†discovery 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.

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