ASHBURTON COMMENCES WORK PROGRAM ON CHUKUNI RED LAKE, ONTARIO
July 23, 2009, VANCOUVER, B.C. â€“ ASHBURTON VENTURES INC. (ABR-TSX:V)
(â€œAshburtonâ€ or the “Companyâ€) would like to announce that the summer
work program has commenced on itsâ€™ Red Lake Chukuni Property.
Contractors are on the property completing a 17 line km of ground grid.
Once established, GEOSIG Inc. will commence an induced polarization
survey over the newly established grid. The previous work program
encountered anomalous gold values in a moderate to strong ankerite and
silicification envelope coincident with a magnetic low along the
margins of the Howey Diorite. All combined this data may be indicating
the presence of altered mafic volcanics along the contact of the
diorite where rheological contrast may have created open spaces for the
gold bearing fluids to pond.
The results of the IP survey will be used to develop drill targets for a drill program in late summer or early fall.
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. Goldcorpâ€™s Red
Lake-Campbell Mine Complex, approximately 3.5 km to the north of the Chukuni property, currently remains one of
Canadaâ€™s largest and richest Archean gold deposits. Goldcorpâ€™s Red Lake-Campbell Mine Complex produced 629,000
ounces of gold in 2008.
Ashburton Ventures Inc. has an option agreement with Solitaire Minerals
Corp (SLT-TSX:V) to acquire a 60% interest in the Chukuni Property
consisting of three claims, covering 2,035 acres in the Red Lake Mining
District of Ontario. Terms of the Option Agreement over a three year
term involve paying Solitaire Minerals $90,000 in cash, issuing
1,000,000 common shares and spend $1,000,000 in exploration
expenditures. Ashburton Ventures Inc. will enter into a definitive
joint venture agreement once the terms of the working option agreement
have been met.
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, and is independent of the Company.
Ashburton Ventures is a recently listed junior exploration company. The Companyâ€™s goal is to acquire highly prospective
base and precious metal properties for the benefit of its stakeholders.
ON BEHALF OF THE BOARD
Michael England, President
For further information contact:
Michael England, Director
Telephone: (604) 683-3995
Facsimile: (604) 683-3988
Email: [email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.