Posted in | Platinum | Mining Business

Ashburton Enters Option Agreement to Acquire Ultra PGM Claim Group in the Yukon

ASHBURTON VENTURES INC. ("Ashburton" or the "Company") is pleased to announce that it has entered into an Option Agreement to acquire the Ultra platinum group metal (PGM) claim group, located in the Yukon 250 kilometers west of Whitehorse. The Ultra Project lies in the Kluane Ultramafic Belt, with lithologies similar to the Wellgreen Polymetallic Deposit, located 85 kilometers to the northwest.

The Wellgreen Deposit is under advanced assessment by Prophecy Platinum with an Indicated Resource of 14.4 Mt at 2.23 g/t Pt+Pd+Au, 0.68% Ni and 0.62% Cu, and an Inferred Resource of 446.6 Mt at 0.87 g/t Pt+Pd+Au, 0.31% Ni and 0.25% Cu at a 0.22% NiEq cut-off (see Prophecy Platinum news release, June 18, 2012).

Ashburton President Kyler Hardy states, "The Ultra claims are the Company's latest acquisition in an emerging PGM district. As with the Catalyst Project that was acquired only three weeks ago, Ultra lies within a belt of ultramafic rocks that have a high potential for PGM mineralization. Additionally, the Company now has the in-house expertise in both Yukon exploration and PGM mineralization to move both projects toward significant discovery."

To acquire a 100% stake in the project, Ashburton will make cash payments totaling $85,000 over five years, issue 450,000 common shares over two years and incur $500,000 in exploration expenditures over four years.

About the Ultra Project:

The Ultra Project is a polymetallic-PGM occurrence with contiguous claims covering 8,650 hectares, located 42 kilometers (km) northwest of Haines Junction. The project is in the Kluane Ultramafic Belt, a 600km-long belt of rocks characterized by mafic to ultramafic Triassic-aged sills intruded into Carboniferous to Triassic sedimentary and volcanic rocks. The Kluane ultramafic suite hosts a number of magmatic PGM-Ni-Cu occurrences from Northern British Columbia, through Yukon and into Alaska. At Ultra, a portion of the Frohberg PGM-Ni-Cu showing was trenched in 2002 and returned 5.54 g/t Pt, 13.46 g/t Pd, 4.07% Cu and 1.73% Ni over 0.5 meters. Numerous ultramafic occurrences elsewhere on the property are yet to be assessed for PGM-Ni-Cu potential. The Ultra Project also includes the Telluride volcanogenic massive sulphide (VMS) showing, which is visible from the air and can be traced on the property for six kilometers along strike to the southeast. The showing itself contains values of 3.23% Cu, 6.75% Zn, 17.8 g/t Ag, and 0.15 g/t Au over four meters. Since 1956, exploration on the Ultra Project has involved approximately 440 meters of drilling in eight holes on a VMS showing (1955-56, three core holes totaling 108m that failed to reach target depths; 1961-62, two churn drill holes totaling 116m that intersected minor native copper, and 1970, three core drill holes totaling 216m that intersected coal and marcasite). The ground has also been explored through hand trenching, rock, soil and silt geochemistry, a 1977 airborne electromagnetic survey, a 2004 airborne magnetics and electromagnetic survey, a ground magnetic and electromagnetic survey, and mapping (Pautler, J. 2012, Geological and geochemical assessment report on the Ultra Project, Whitehorse Mining District, Yukon, 47p.).

The technical contents of this release were approved by Dr. Tom E. McCandless, P. Geo., a director of Ashburton and a qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.

Ashburton Ventures is a junior exploration company actively seeking mineral opportunities for the benefit of all its stakeholders.

ON BEHALF OF THE BOARD

Kyler Hardy, President

Press release avilable from http://www.marketwired.com/

Source: http://www.ashburtonventures.com/

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Ashburton Ventures Inc.. (2019, February 17). Ashburton Enters Option Agreement to Acquire Ultra PGM Claim Group in the Yukon. AZoMining. Retrieved on November 18, 2019 from https://www.azomining.com/News.aspx?newsID=8965.

  • MLA

    Ashburton Ventures Inc.. "Ashburton Enters Option Agreement to Acquire Ultra PGM Claim Group in the Yukon". AZoMining. 18 November 2019. <https://www.azomining.com/News.aspx?newsID=8965>.

  • Chicago

    Ashburton Ventures Inc.. "Ashburton Enters Option Agreement to Acquire Ultra PGM Claim Group in the Yukon". AZoMining. https://www.azomining.com/News.aspx?newsID=8965. (accessed November 18, 2019).

  • Harvard

    Ashburton Ventures Inc.. 2019. Ashburton Enters Option Agreement to Acquire Ultra PGM Claim Group in the Yukon. AZoMining, viewed 18 November 2019, https://www.azomining.com/News.aspx?newsID=8965.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit