Ashburton Signs Option Agreement for the Golden Edge Property and Begins Strategic Alliance With Premier Gold Mines
Posted on January 13, 2012 at 08:00 AM EST
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 13, 2012) - ASHBURTON VENTURES INC. (TSX VENTURE:ABR)(FRANKFURT:ARB) ("Ashburton" or the "Company") is pleased to announce that it has signed an agreement with Premier Gold Mines (TSX:PG) ('Premier') to option the Golden Edge property, located 50 kilometers east of Winnemucca, Nevada. The 2012 exploration program for Golden Edge will emphasize drilling for a concealed bulk minable gold target ideally positioned on a north-south structure 26 kilometers south of the Turquoise Ridge Mine (operated by Barrick Gold Corporation) and eight kilometers north of the Lone Tree Mine (operated by Newmont Mining Corporation). All of the gold and base metals deposits in this area are intimately associated with structures, with the Lone Tree Mine focused on a 90m-wide structure called the Valmy fault zone that is believed to extend northward onto the western portion of the Golden Edge property based on regional magnetics.
Golden Edge was acquired by Premier after review of historical activity on or near the property, most of which was completed in the late 1990's. Based on historical geophysics and drilling completed over six drill holes, mineralization is believed to lie beneath 200-500m of cover in Paleozoic-aged detrital and carbonate rocks of the Antler orogenic belt.
Ashburton may establish a 50%-50% joint venture agreement with Premier by completing a $750,000 year-one work commitment that includes at least $500,000 directed toward drilling. An additional $2,250,000 in exploration expenditures is required over year two and three to complete the 50% interest in the property.
As announced previously (see news release November 3rd, 2011), the Company has also entered into an alliance with Premier, in which Ashburton will assess new gold exploration opportunities in North America exclusive of Premier's Red Lake and Saddle project areas.
The technical contents of this release were approved by Dr. Tom McCandless, P.Geo., Vice President, Exploration for Ashburton and a qualified person as defined by National Instrument 43-101.
Ashburton Ventures Incorporated is a Canadian-based junior exploration with active mineral programs in the Yukon, Canada and Nevada, USA.
Premier Gold Mines Limited is one of North America's leading exploration companies with a high-quality portfolio of projects focused in Canada and the United States. The portfolio includes significant assets in world class gold mining districts such as Red Lake, Musselwhite and Geraldton in Ontario and the Carlin Trend in Nevada.
ON BEHALF OF THE BOARD
Michael England, President
Some 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.
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