ABR.V news! market cap $2m float gone!!Ashburton Drilling Program Underway for Deep Creek, Nevada
VANCOUVER, BRITISH COLUMBIA, Jun. 17, 2010 (Marketwire) -- ASHBURTON VENTURES INC. (TSX VENTURE:ABR) ("Ashburton" or the "Company") has begun its 2010 drilling program for the Deep Creek property. AK Drilling (Butte, Montana) is mobilizing and drilling scheduled to begin within seven days. The objective of the first phase of drilling is to confirm the results of historical assays previously obtained for the property. The Company will complete 6-10 core holes with depths up to 200 meters along a prominent range front structure, where historical data from the earlier exploration period included a resource estimate of 1.1 million tons containing 70,000 ounces of gold along a strike length of 457 meters (1500 feet) and a depth of 122 meters (400 feet), with a reserve of approximately 477,000 ounces of gold in 7.5 million tons extending southward along the structure (see News Release May 6, 2010).
Deep Creek, which consists of contiguous claims covering roughly 648 hectares (1,600 acres) located approximately 112 kilometers north of Elko, Nevada and 56 kilometers northeast of the Newmont-owned Midas mine in the Carlin gold trend, was discovered by Franco-Nevada in the mid 1980's, and was the subject of sporadic exploration since that time. The Company emphasizes that the resource and reserve estimates are historical, and a qualified person has not done sufficient work to classify either the historical estimate or the historical reserve estimate as current mineral resources and therefore they should not be relied on.
To earn 100% of Deep Creek Ashburton will
make cash payments totaling $155,000 USD, issue 500,000 common shares and spend $135,000 USD over the 4 year term. A 2.5% NSR applies with 1.5% purchasable by the Company for $2,000,000 USD.
The technical contents of this release were approved by Ashburton director and qualified person as defined by National Instrument 43-101, Dr. Tom McCandless, P.Geo. Dr. McCandless has not verified the technical data disclosed in this release.
Ashburton Ventures is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all its stakeholders. For more information please visit the Company's website located at
www.ashburtonventures.com.