Ashburton Options Two Uranium Properties Adjoining Alpha Minerals in Patterson Lake South
April, 25, 2013 (Source: Marketwire) Vancouver, BC — Ashburton Ventures Inc. (TSX VENTURE:ABR)(FRANKFURT:ARB) (“Ashburton” or the “Company”) is pleased to announce that it has entered into an option agreement with CanAlaska Uranium Ltd. on two prospective uranium properties adjoining Ashburton’s existing Sienna Property and Alpha Minerals Inc. (TSX VENTURE:AMW) prolific Patterson Lake discoveries in the Athabasca Basin, Saskatchewan. Alpha, with partner Fission Energy, are actively exploring the Patterson Lake South uranium discovery and have recently announced via www.sedar.com on April 22 – 24, several zone intercepts including “53.0 metres at 6.57 per cent U3O8, 49.5 metres at 6.26 per cent U3O8 and 16.5 metres at 2.63 per cent U3O8.
About the properties:
Patterson West (2,999ha) borders the Patterson Lake South property of Alpha Minerals/Fission Energy and is located 8 kilometres North-West of the Patterson Lake South uranium discovery. An historical drill hole indicates the basement to the Athabasca Sandstones is at a depth of only 154 metres in the centre of the Patterson West property. Most of the project area has been covered by a recent VTEM survey, the remainder was covered by a 1978 airborne EM equivalent to INPUT. Two basement conductors have been interpreted from the EM surveys, one of which is adjacent to a marked magnetic lineament suggesting a distinct structure.
The Patterson West project area is located over the mostly granitic Clearwater Domain, but the basement conductors interpreted form the VTEM survey and the presence of a kaolinitic and hematitic micaschist in the last 35 metres of historical drill hole SAM15 indicates the presence of either a sedimentary package or a significant shear zone. There is no lake sediment or radon data available for the Property.
Patterson North (2,537 ha) is located 8 kilometres North of the Patterson Lake South property of Alpha Minerals/Fission Energy. Based on neighboring historical drill hole data, depth to basement unconformity has been estimated in the order of 300 metres. The project area has been covered by a MEGATEM survey. The residual magnetic map indicates the property is located over the boundary of the Talston and Clearwater domain. Magnetic lineaments suggest NW-SE and NE-SW structures. The EM response shows a major conductor striking from the North-East towards the property. It is possible that this structure may extend into the property. There is no lake sediment or radon data available for the property.
To earn a 50% interest in these projects Ashburton shall pay $25,000 cash, issue 2.5 million shares of the Company plus grant a share purchase warrant to CanAlaska in the amount of 1 million shares of ABR stock exercisable at a price of $0.10 per share plus incur cumulative expenditures in the amount of $1.4 million dollars over a 3 year period. A finder’s fee may be payable.
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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.
Company President Michael England commented, “The addition of this ground to our portfolio gives Ashburton a much stronger land position in this new discovery area of the Athabasca Basin and we look forward to advancing this project this season.”
CanAlaska President, Peter Dasler commented, “The exploration funding by Ashburton will allow for an excellent early evaluation of the two Paterson Lake claims groups. We are pleased to be working with the experienced and aggressive financial and technical group at Ashburton, and to be active with exploration adjacent to the area’s recent high grade uranium discoveries.”
The Company further announces it has decided not to proceed with the second uranium acquisition (see PR dated March 21, 2013) as the board has decided to focus on the Patterson Lake area.
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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