Ashburton Commences Work Program on Chukuni Red Lake, Ontario
ASHBURTON VENTURES INC. would like to announce that the summer work program has commenced on its Red Lake Chukuni Property. Contractors are on the property completing a 17 line km ground grid. Once established, GEOSIG Inc. will commence an induced polarization survey over the newly established grid. The previous work program encountered anomalous gold values in a moderate to strong ankerite and silicification envelope coincident with a magnetic low along the margins of the Howey Diorite. All combined this data may be indicating the presence of altered mafic volcanics along the contact of the diorite where rheological contrast may have created open spaces for the gold bearing fluids to pond.
The results of the IP survey will be used to develop drill targets for a drill program in late summer or early fall.
The Chukuni property lies within the southern corridor of the Cochenour-Gullrock deformation zone and is of particular interest within the Red Lake Mining District as it hosts the well known Red Lake-Campbell Mine Complex. Goldcorp’s Red Lake-Campbell Mine Complex, approximately 3.5 km to the north of the Chukuni property, currently remains one of Canada’s largest and richest Archean gold deposits. Goldcorp’s Red Lake-Campbell Mine Complex produced 629,000 ounces of gold in 2008.
Ashburton Ventures Inc. has an option agreement with Solitaire Minerals Corp. to acquire a 60% interest in the Chukuni Property consisting of three claims, covering 2,035 acres in the Red Lake Mining District of Ontario. Terms of the Option Agreement over a three year term involve paying Solitaire Minerals $90,000 in cash, issuing 1,000,000 common shares and spending $1,000,000 in exploration expenditures. Ashburton Ventures Inc. will enter into a definitive joint venture agreement once the terms of the working option agreement have been met.
Mr. Andrew Tims, P.Geo. will be operating as the Company’s qualified person under National Instrument 43-101. Mr. Tims has reviewed the technical content of this news release and confirms its accuracy, and is independent of the Company.
Ashburton Ventures is a recently listed junior exploration company. The Company’s goal is to acquire highly prospective base and precious metal properties for the benefit of its stakeholders.