Ashburton Completes Review of Geophysical Data for Golden Edge Property, Nevada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/31/12 -- ASHBURTON VENTURES INC. (TSX VENTURE: ABR)(FRANKFURT: ARB) ("Ashburton" or the "Company") is pleased to announce that it has completed a review of geophysical data for the Golden Edge property, located 50 kilometers east of Winnemucca, Nevada. Historic CSAMT and gravity data were reviewed, including aeromagnetic data that had not been previously available. The review was implemented in order to improve drill target selection along the Valmy fault zone, a 90m-wide structure that is believed to extend northward from the Lone Tree Mine, located eight kilometers south of the property and operated by Newmont Mining Corporation, through the western portion of the Golden Edge property. The review, conducted by an independent consultant on behalf of the Company, concluded that additional gravity may confirm the structural connection along the Valmy fault zone, and CSAMT following on the gravity results will provide better subsurface resolution for exact drill hole placement.
Gravity data covering the Golden Edge property revealed a gradient extending northward from the Lonetree Mine into the property, with several possible right lateral shifts or bends indicating structural complexity. Inversions of CSAMT data collected in 2001 and 2002, and magnetic data collected in the mid-1990's map out layered units under cover on the property that include a basalt layer of variable thickness between layers of alluvium and tuff. It is anticipated that 14 line-km of CSAMT data will be required to resolve the best drill hole locations, with the final line length and orientation of the CSAMT survey dependent on the gravity results.
Golden Edge was optioned from Premier Gold Mines Limited (TSX: PG) in 2011, with Ashburton establishing 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.
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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