RE: RE: RE: Strike Minerals starts 1,000 m drillin You also should mention the EAST boundary..................
2012-05-07 09:05 ET - News Release
Mr. Michael England reports
ASHBURTON APPROVES WORK PROGRAM FOR HAYS LAKE GOLD PROJECT IN ONTARIO
Ashburton Ventures Inc. has approved a stage one work program for its Hays Lake gold project in Ontario, located approximately four kilometres east-northeast of the positive gold drilling results announced recently by GTA Resources and Mining Inc. The company anticipates an early summer program of sampling historical gold occurrences on the property and sampling of rocks with similar lithologies to those presently being drill tested on the GTA property. Bids for work on the project are presently being received from geologists with expertise for this particular region of Ontario.
The Hays Lake property is made up of two contiguous unpatented block mining claims located in the Thunder Bay mining division, three kilometres east of the town of Schreiber. According to government reports, the eastern area covered by the claims hosts a series of quartz veins and vein stockworks within granitic intrusives. Copper and molybdenum occur as disseminations in the intrusives and in the veins. Several northwest-trending linear features also appear to have associated copper and molybdenum mineralization (from Carter, M.W., 1988, Ontario Geological Survey, Mines and Minerals Survey, open file report 5692; Ontario Geological Survey, Precambrian geology comp., series map 2665, 2001). The eastern portion of the claims includes intermediate and mafic metavolcanic rocks similar to those currently being explored by GTA Resources and Mining, which recently announced drilling results of 1.41 grams per tonne gold over 240 metres, including bonanza grades of 132 g/t gold over 0.5 metre and 120 g/t gold over 0.5 metre (see GTA Resources news release on April 18, 2012).
"We feel the recurring success with drill results by GTA Resources is only the beginning for this exciting area in Thunder Bay," states president Mike England.
Additionally, the company has arranged a non-brokered private placement of 15 million flow-through units at a price of five cents per unit for aggregate gross proceeds of $750,000. Each unit will comprise one flow-through common share and one non-flow-through share purchase warrant of the company. Each warrant will entitle the holder to purchase one common share of the company for a period of 18 months from the closing date at an exercise price of 10 cents per warrant share.
The company may, in its sole discretion, pay a cash commission to the finders of the company in an amount of 10 per cent of the proceeds raised by such finder as part of this offering.
The offering is subject to TSX Venture Exchange approval.
The technical contents of this release were approved by Dr. Tom McCandless, PGeo, vice-president, exploration, for 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.