ASHBURTON SIGNS AGREEMENT FOR A THIRD PGM PROPERTY IN THE YUKON WITH HIGH Pt+Pd+Au HISTORIC GRAB SAMPLE ASSAYS
November 26th, 2013, VANCOUVER, B.C. – ASHBURTON VENTURES INC. (TSX-V: ABR) (ARB-FRANKFURT) (“Ashburton” or the "Company”) is pleased to announce that it has entered into an option agreement to acquire the Spy platinum group metal (PGM) claim group, located 270 kilometers northwest of Whitehorse in the Kluane Ultramafic Belt. The Spy Project includes the Spy ultramafic sill, with a lithology that is similar to the Wellgreen Polymetallic Deposit located 85 kilometers to the northwest. The Wellgreen Deposit is under advanced assessment by Prophecy Platinum (TSX-V: NKL) with an Indicated Resource of 14.4 Mt at 2.23 g/t Pt+Pd+Au, 0.68% Ni and 0.62% Cu, and an Inferred Resource of 446.6 Mt at 0.87 g/t Pt+Pd+Au, 0.31% Ni and 0.25% Cu at a 0.22% NiEq cut-off (see Prophecy Platinum news release, June 18, 2012). The ultramafic Spy Sill is 75 to 100 meters thick and has a northwest strike length of six kilometers, with assays from historic grab samples ranging from 0.02-75.8 g/t Pt, 0.13-23.0 g/t Pd and 0.07-19.8 g/t Au. Note that grab samples are selective and unlikely to represent average values of the deposit.
Ashburton President Kyler Hardy states, “The Spy claims represent our latest in a series of strategic acquisitions with high PGM potential in the Yukon. The Spy is particularly exciting, with ultramafic rocks running over six kilometers in length and PGM mineralization established over much of that length. The Company is designing a program to establish the full extent of the mineralization at surface, with geophysics to identify targets for drilling at depth. Knowledge gained from this program will greatly improve our potential for new discoveries at Spy, as well as at the Catalyst and Ultra Projects that are also located in the Kluane Ultramafic Belt not far from Wellgreen.”
To acquire a 100% stake in the project, Ashburton will issue 350,000 common shares over four years. A royalty interest of 3% may be reduced to 1% by purchasing two percent for $1,000,000.
About the Spy Project:
The Spy Project is a polymetallic-PGM occurrence that consists of 60 contiguous claims covering 1,250 hectares and is located 70 kilometers (km) northwest of Haines Junction. The claims run roughly parallel to the Alaska Highway that is seven kilometers to the northeast. The project is in the Kluane Ultramafic Belt, a 600km-long belt of rocks that hosts a number of magmatic PGM-Ni-Cu occurrences, from northern British Columbia through the Yukon and into Alaska. Clastic sedimentary rocks and limestone of the Hasen Creek Formation are exposed along the northeastern portion of the property, and are intruded by late Triassic and possibly older mafic to ultramafic sills including the Spy Sill. The 75-100m thick Spy Sill intrudes Hasen Creek siltstone for a minimum of 6 km along a northwest strike, and dips to the southwest. The central portion of the sill consists of peridotite, with gabbro at the top and at the base. Mineralization varies from disseminations to massive sulphide lenses (up to 2.0 x 0.25m) with associated PGM in the basal marginal gabbro phase and its contact with the Hasen Creek siltstone. Assays from historic grab samples of massive sulphide lenses range from 0.11-3.1 g/t Pt, 0.13-1.7 g/t Pd, and 0.02-2.0 g/t Au in the basal gabbro, and 0.31-75.8 g/t Pt, 0.54-23.0 g/t Pd and 0.06-19.8 g/t Au in the footwall siltstone. Mineralization occurs discontinuously over a strike length of 3.6 km along the base of the 6 km long Spy Sill, with a more continuous zone of massive and disseminated PGE, Ni and Cu mineralization over 950m of strike length (Morgan, T. 2008. Prospecting and geochemical report on the 2008 Spy project. Yukon Dept. of Energy, Mines and Resources, Yukon Mining Incentive Program, YEIP 2008-025, 21p.; Bell, C. 1996. Report on 1995 geological and geochemical surveys on the Klu property. Yukon Dept. of Energy, Mines and Resources, Assessment Report #093371, 244p.).
The technical contents of this release were approved by Dr. Tom E. McCandless, P. Geo., a director of Ashburton and a qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.
The Company also notes that in its news release of November 14, 2013, announcing the option agreement for the Ultra PGM claim group, a description of the terms of the agreement was not complete. In addition to making cash payments totaling $85,000 over five years, issuing 450,000 common shares over two years and incurring $500,000 in exploration expenditures over four years, the company may also purchase back one percent of a 2% royalty for $1,000,000.
Ashburton Ventures is a junior exploration company actively seeking mineral opportunities for the benefit of all its stakeholders.
ON BEHALF OF THE BOARD
Signed “Kyler Hardy”
Kyler Hardy, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995; Toll Free: 1-888-945-4770; www.ashburtonventures.com
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.