Ashburton Commences Work in Yukon
February 7, 2014 (Source: Marketwired) — ASHBURTON VENTURES INC. (TSX VENTURE:ABR)(FRANKFURT:ARB) (“Ashburton” or the “Company”) has begun preparations for its 2014 exploration season at the Spy and Ultra platinum group metal (PGM) claim groups, located in the Kluane Ultramafic Belt of southwestern Yukon. The Ultra and Spy projects have similar lithologies to the Wellgreen Polymetallic Deposit, which is under advanced assessment by Wellgreen Platinum (TSX VENTURE:WG) 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 Wellgreen Platinum news release, June 18, 2012). Ultra and Spy were acquired by the Company in late 2013 as part of its strategic portfolio of properties in the Yukon with high PGM potential (see news releases November 14 and 26, 2013).
The Company has engaged Aurora Geosciences Inc. (Whitehorse, YK) to conduct rock physics tests on grab samples from both properties, which will include magnetism, density and conductivity tests. The same tests will also be conducted on samples from the Wellgreen deposit, as well as samples provided by the Yukon Geological Survey. Aurora will then re-assess data from historic ground and airborne geophysical surveys conducted over the properties, using the new rock physics data to prioritize areas of potential PGM mineralization. The priority areas will be the focus of additional sampling, trenching and drilling in the 2014 field season.
“We are very excited to start working on our Yukon projects which cover significant anomalies in the highly prospective Kluane Ultramafic Complex near Wellgreen Platinum in the Southwest Yukon.” states Kyler Hardy, President of Ashburton.
About the Ultra Project:
The Ultra Project is a polymetallic-PGM occurrence with contiguous claims covering 8,650 hectares, located 42 kilometers (km) northwest of Haines Junction. The project is in the Kluane Ultramafic Belt, a 600km-long belt of rocks characterized by mafic to ultramafic Triassic-aged sills intruded into Carboniferous to Triassic sedimentary and volcanic rocks. The Kluane ultramafic suite hosts a number of magmatic PGM-Ni-Cu occurrences from Northern British Columbia, through Yukon and into Alaska. At Ultra, a portion of the Frohberg PGM-Ni-Cu showing was trenched in 2002 and returned 5.54 g/t Pt, 13.46 g/t Pd, 4.07% Cu and 1.73% Ni over 0.5 meters. Numerous ultramafic occurrences elsewhere on the property are yet to be assessed for PGM-Ni-Cu potential. The Ultra Project also includes the Telluride volcanogenic massive sulphide (VMS) showing, which is visible from the air and can be traced on the property for six kilometers along strike to the southeast. The showing itself contains values of 3.23% Cu, 6.75% Zn, 17.8 g/t Ag, and 0.15 g/t Au over four meters. Since 1956, exploration on the Ultra Project has involved approximately 440 meters of drilling in eight holes on a VMS showing (1955-56, three core holes totaling 108m that failed to reach target depths; 1961-62, two churn drill holes totaling 116m that intersected minor native copper, and 1970, three core drill holes totaling 216m that intersected coal and marcasite). The ground has also been explored through hand trenching, rock, soil and silt geochemistry, a 1977 airborne electromagnetic survey, a 2004 airborne magnetics and electromagnetic survey, a ground magnetic and electromagnetic survey, and mapping (Pautler, J. 2012, Geological and geochemical assessment report on the Ultra Project, Whitehorse Mining District, Yukon, 47p.).
About the Spy Project:
Get our daily investorintel update
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 properties have not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.
Ashburton Ventures is a junior exploration company actively seeking mineral opportunities for the benefit of all its stakeholders.
ON BEHALF OF THE BOARD
Kyler Hardy, President
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>