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Ashburton Positions Itself on Strike With Nemaskas Whabouchi Lithium Deposit
Vancouver, British Columbia (FSCwire) - ASHBURTON VENTURES INC. (ABR-TSX:V) (ARB-FRANKFURT) (Ashburton or the "Company) is pleased to announce it has signed an agreement to acquire the Whabouchi South property bordering Nemaska Lithium Inc.s (NMX-TSX:V) Whabouchi project. The property is comprised of one block of eleven mineral licenses (claims) located to the south of Nemaska Lithium. The property is also on geological strike with Nemaskas Whabouchi mine, the viability of which was supported in NMXs feasibility report released April 4, 2016. The property is less than 1.2 km south of Nemaskas planned mine site, shown to hold the worlds second largest and richest deposit of spodumene - the source of lithium - in the world, with 27,000,000 tonnes of proven and probable resources, with an estimated mine life span of 26 years (see Nemaska PR dated April 4, 2016)
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We are excited to have come to terms with the vendors on this key ground staked in September 2015, especially given the intense staking now taking place in the vicinity of Nemaskas Whabouchi deposit. stated Michael England, CEO of Ashburton Ventures.There is very little bedrock exposure in the area, and we are along the mines geological structure, so the prospects of a lithium discovery on our new property, using modern exploration techniques, are excellent. We look forward to getting boots on the ground as soon as possible. We are now close to the beginning of the field season, so the timing of this acquisition is perfect.
Cumulative terms of the option agreement call for Ashburton to issue to the Vendors 8,500,000 common shares in the capital of ABR over a four year period, make cumulative cash payments totaling $325,000 over 4 years plus grant a 2.0% Royalty on Net Smelter Returns. Ashburton may, in its sole discretion but without obligation, purchase 1% of the Royalty for cancellation in consideration of $1,000,000. This transaction is subject to TSX Venture approval.
Maps will soon be posted on the companys website.
The technical contents of this release were approved by Michel Boily, PhD, P.Geo a Qualified Person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.
ON BEHALF OF THE BOARD
Signed Michael England
Michael England, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995; Toll Free: 1-888-945-4770; www.ashburtonventures.com
Forward-Looking Statements:
Some of the statements in this news release contain forward-looking information that involves
inherent risk and uncertainty affecting the business of Ashburton Ventures Inc. Actual results
may differ materially from those currently anticipated in such statements. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
http://fscwire.com/sites/default/files/news_release_pdf/Ashburton04182016.pdf
Source: Ashburton Ventures Inc. (TSX Venture:ABR, FWB:ARB) http://www.ashburtonventures.com/
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