ASHBURTON VENTURES INC. is pleased to announce that it has entered into an option agreement to acquire the Spy platinum group metal (PGM) claim group, located 270 kilometers northwest of Whitehorse in the Kluane Ultramafic Belt.
The Spy Project includes the Spy ultramafic sill, with a lithology that is 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). The ultramafic Spy Sill is 75 to 100 meters thick and has a northwest strike length of six kilometers, with assays from historic grab samples ranging from 0.02-75.8 g/t Pt, 0.13-23.0 g/t Pd and 0.07-19.8 g/t Au. Note that grab samples are selective and unlikely to represent average values of the deposit.
Ashburton President Kyler Hardy states, "The Spy claims represent our latest in a series of strategic acquisitions with high PGM potential in the Yukon. The Spy is particularly exciting, with ultramafic rocks running over six kilometers in length and PGM mineralization established over much of that length. The Company is designing a program to establish the full extent of the mineralization at surface, with geophysics to identify targets for drilling at depth. Knowledge gained from this program will greatly improve our potential for new discoveries at Spy, as well as at the Catalyst and Ultra Projects that are also located in the Kluane Ultramafic Belt not far from Wellgreen."
To acquire a 100% stake in the project, Ashburton will issue 350,000 common shares over four years. A royalty interest of 3% may be reduced to 1% by purchasing two percent for $1,000,000.