Ashburton Acquires Uranium Project Adjoining Areva/Cameco and Denison in Athabasca Basin
March 21, 2013 (Source: Marketwire) Vancouver, BC — Ashburton Ventures Inc. (TSX VENTURE:ABR)(FRANKFURT:ARB) is pleased to announce that it has entered into an agreement with an arms-length vendor by which the Company can earn a 100% interest in the Bernick Lake Uranium Project, which covers ~1,800 ha on the eastern side of the Athabasca Basin, Saskatchewan, located approximately 11.6 km southeast of Cameco’s Cigar Lake Uranium Mine. The primary target at Bernick Lake is a broad subsurface EM anomaly lying within a magnetic low identified through two GEOTEM surveys and an airborne Gravity survey. The project lies in the highly prospective corridor of the Eastern Athabasca Basin and other claimholders in the area include Cameco Corporation to the west and Denison Mines to the east. In this area the basinal unconformity lies at relatively shallow depths, between 240-270m), and the geophysical target is interpreted as lying above this depth. In an interpretation report by Michael J. Cain, P. Eng., (Saskatchewan Assessment File 74H-0060) the Bernick Lake subsurface anomaly was interpreted to be structurally controlled and peaks in the X and Z channels further suggested that “there could be a series of conductive trends and possible some complex geology and structure.” In addition, the target zone coincided with gravity highs observed in a Falcon Airborne Gravity Gradiometer Survey, flown by Fugro Airborne Services for AREVA, and suggested that this area has been subject to alteration events that have resulted in silicification.
With regard to the acquisition, Company President Michael England commented, “In consideration to its proximity to the Cigar Lake Uranium Mine (with reserves of over 200M pounds U3O8) combined with high-priority exploration targets identified through high quality prior work, Ashburton is extremely excited about this key acquisition of boardwalk realty in the prolific eastern Athabasca Basin. With this second acquisition in the basin coupled with the re-emergence of the uranium space, the Board hopes it can increase shareholder value in the short and long term.”
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The Company can earn a 100% interest in the Bernick Property by paying $100,000 to the vendor in year one and issuing 1,400,000 common shares over three years. The Company must make a final payment in year three of $1,000,000 and complete $3,000,000 in exploration expenditures on the property within four years. A 1% NSR has also been granted to the vendor, of which 0.5% may be purchased by the Company for $1,000,000. A finder’s fee will be payable. This transaction is subject to TSX Venture Exchange approval.
The technical content of this release was approved by Paul D. Gray, P.Geo. Mr. Gray is a qualified person as defined by National Instrument 43-101.
Ashburton Ventures is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all its stakeholders.
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
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