Drilling to Start... NR out...
posted on
Jun 17, 2010 10:28AM
Ashburton Ventures is a Canadian based junior exploration company trading on the TSX Venture Exchange.
ASHBURTON DRILLING PROGRAM UNDERWAY FOR DEEP CREEK, NEVADA
Ashburton Ventures Inc. has begun its 2010 drilling program for the Deep Creek property. AK Drilling (Butte, Mont.) is mobilizing and drilling is scheduled to begin within seven days. The objective of the first phase of drilling is to confirm the results of historical assays previously obtained for the property. The company will complete six to 10 core holes, with depths up to 200 metres, along a prominent range front structure, where historical data from the earlier exploration period included a resource estimate of 1.1 million tons containing 70,000 ounces of gold, along a strike length of 457 metres (1,500 feet) and a depth of 122 metres (400 feet), with a reserve of approximately 477,000 ounces of gold in 7.5 million tons extending southward along the structure (see Stockwatch news dated May 6, 2010).
Deep Creek, which consists of contiguous claims covering roughly 648 hectares (1,600 acres), located approximately 112 kilometres north of Elko, Nev., and 56 kilometres northeast of the Newmont-owned Midas mine in the Carlin gold trend, was discovered by Franco-Nevada in the mid 1980s, and was the subject of sporadic exploration since that time. The company emphasizes that the resource and reserve estimates are historical, and a qualified person has not done sufficient work to classify either the historical estimate or the historical reserve estimate as current mineral resources, and therefore they should not be relied on.
To earn 100 per cent of Deep Creek, Ashburton will make cash payments totalling $155,000 (U.S.), issue 500,000 common shares and spend $135,000 (U.S.) over the four-year term. A 2.5-per-cent net smelter returns royalty applies, with 1.5 per cent purchasable by the company for $2-million (U.S.).
The technical contents of this release were approved by Ashburton director and a qualified person as defined by National Instrument 43-101, Dr. Tom McCandless, PGeo. Dr. McCandless has not verified the technical data disclosed in this release.
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