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February 1st, 2016, VANCOUVER, B.C. – ASHBURTON VENTURES INC. (ABR-TSX:V) (ARB-FRANKFURT) (“Ashburton” or the "Company”) announces it has acquired the Area 51 Lithium Brine prospect, located in Nye County, Nevada, from an arm’s length vendor. The property consists of 85 Federal Placer Claims covering 1,700 acres covering the western portion of the Mud Lake playa adjoining the Nellis Air Force Bombing Range.
Mud Lake is the largest playa within 50 km of Clayton Valley and is bordered by the same favorable Middle Tertiary felsic volcanic rocks considered to be the source of lithium at Clayton Valley. The Area 51 Property claims are adjacent to the hills bounding the playa to the west and cover the likely location of subsurface range bounding faults which control the location of brines at Clayton Valley. The claims abut the Nellis Air Force Range to the east which is closed to staking. It is thus possible the claims may cover subsurface drainage in west-dipping strata from a much larger area than the claim footprint.
Surface sampling of unconsolidated playa sediment by the vendor returned analyses of 77 ppm to 83 ppm Li from 4 samples collected. The sediment samples collected by the vendor were analyzed by ALS Minerals in Reno NV. Samples were screened to -180um and the fine fraction analyzed by ICP-MS for 53 elements including lithium.
“We are very excited to have one of the largest playa’s, which is what you are looking for with regards to a brine formation for lithium, outside Clayton valley. Considering that the majority of this substantial playa is under government territory, this means Ashburton is the only company now able to exploit this situation. We eagerly look forward to getting to work to determine the full extent of this high priority target.” stated Michael England, CEO of Ashburton Ventures.
Terms of the deal call for the issuance of two hundred thousand shares of ASHBURTON and a cash payment of $US 20,000 payable on the first anniversary of the Acquisition. In addition the Company will grant the vendor a 0.5% NSR on mineral production from the Property, 0.25% of which can be purchased back for $500,000 USD at any time prior to the commencement of commercial production.
This transaction is subject to TSX Venture approval.
Roger Hulstein, B.Sc.,P.Geo, consulting geologist to the Company, is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Hulstein has reviewed and approved the disclosure of technical information contained in this news release.
Ashburton Ventures Inc. is a Canadian-based junior exploration with active mineral programs in Canada and Nevada, USA.
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ON BEHALF OF THE BOARD
Signed “Michael England”
Michael England, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995; Toll Free: 1-888-945-4770; www.ashburtonventures.com
Some of the 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.