Ashburton Ventures Inc. Options Prospective Gold Property
posted on
Mar 23, 2009 03:52PM
A diversified mineral exploration company that has assembled a portfolio of precious and base metal exploration prospects.
ASHBURTON VENTURES INC. (TSX VENTURE:ABR) ("Ashburton" or the "Company") and Solitaire Minerals Corp (TSX VENTURE:SLT) have entered into an option agreement whereby Ashburton can obtain a 60% interest in Solitaire's Chukuni Property consisting of 3 claims, covering 1,520 acres in the Red Lake Mining District of Ontario adjoining Goldcorp's Red Lake-Campbell Mine Complex. This Option Agreement is subject to TSX Venture Exchange approval.
The Chukuni property lies within the southern corridor of the Cochenour- Gullrock deformation zone and is of particular interest within the Red Lake Mining District as it hosts the well known Red Lake-Campbell Mine Complex. Goldcorp's Red Lake-Campbell Mine Complex, approximately 3.5 km to the north of the Chukuni property, currently remains one of Canada's largest and richest Archean gold deposits. Goldcorp's Red Lake-Campbell Mine Complex produced 629,000 ounces of gold in 2008 (source: Goldcorp's website at the following link http://www.goldcorp.com/operations/r...
New drill targets have been identified as a result of the information collected from a past work program (drilling and airborne) performed by Solitaire Minerals in 2006 and from further analysis of the airborne magnetic anomalies (Fraser filtered VLF-EM data).
Cumulative terms of the agreement for Ashburton Ventures Inc. to earn a 60% interest from Solitaire Minerals Corp. in the Chukuni property are for Ashburton to pay Solitaire Minerals $90,000 cash, issue 1,000,000 common shares and spend $1,000,000 in exploration expenditures over a three year period.
Mr. Andrew Tims, P.Geo, will be operating as the Company's qualified person under National Instrument 43-101. Mr. Tims has reviewed the technical content of this news release and confirms its accuracy.
Ashburton Ventures Inc. is a recently listed junior exploration company whose mission is to acquire highly prospective base and precious metal properties for the benefit of its stakeholders. The Company's website can be viewed at www.ashburtonventures.com.
ON BEHALF OF THE BOARD
Michael England, President
SOURCE: Ashburton Ventures Inc.
Ashburton Ventures Inc. Michael England President (604) 683-3995 (604) 683-3988 (FAX) Email: englandcommunications@shaw.ca Website: www.ashburtonventures.com