Ashburton Ventures Inc.
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Ashburton Ventures Inc.

December 01, 2015 09:20 ET

Ashburton Completes First Hole, Intersects Graphite at Buckingham

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 1, 2015) - ASHBURTON VENTURES INC. (TSX VENTURE:ABR) (FRANKFURT:ARB) ("Ashburton" or the "Company") announces that it has completed the first hole in its first-ever drilling campaign at the Buckingham Graphite Project and has identified several broad intervals of graphite mineralization from visual analysis.

The Ashburton geological team reports that visual analysis completed of drill core from BH15-01, which targets a large anomaly identified by an airborne time-domain electromagnetic survey (TDEM) (completed by Cavan in mid-2013), has revealed a total of approximately 80 metres of visually significant coarse-flake graphite mineralization over three major intervals.

The hole collared into coarse-flake, disseminated graphite mineralization from 3 m to 14 m and encountered further coarse-flake graphite mineralization from 70 m to 100 m. A third interval of coarse-flake, disseminated graphite begins at 170 m and continues until 204 m. The hole then terminated at 209 m in a unit of pegmatite containing scattered centimetre-scale graphitic veins, for an additional 5 metres containing "vein-type" mineralization.

These graphitic zones are believed to be the continuation of graphite mineralization exposed in trenches previously completed by Cavan Ventures in 2013, which uncovered graphite mineralization at surface directly above the current drill hole trace. Graphite mineralization in BH15-01 generally occurs as coarse disseminated flakes, hosted primarily within several discrete - and particularly distinct - metaconglomerate layers within a larger quartz-feldspar paragneiss-dominated metamorphic unit. Lesser intervals of pegmatite observed within this sequence exhibit vein-type graphite in centimetre-scale veins.

Initial core samples are immediately being sent to the lab for analysis. The system is open on all directions and appears to be trending northeast along a distinct trend identified from the airborne TDEM survey and previous trenching. The company wishes to advise readers that this is a preliminary visual analysis only and no assay results have yet been received.

The drill rig is now turning at the next location which targets Trench 22C, which previously yielded channel sample results up to 21.6% Cg over 14.5 metres (Cavan Ventures release, July 17, 2014).

President and CEO Michael England states, "This visual evidence from the first hole at Buckingham is highly encouraging and suggests that we have drilled into an impressive graphitic system. The geology speaks volumes for the potential to add to this unfolding story of the Buckingham district and we look forward to consistent news flow as we now move on to our second drill hole location. We now feel we are well positioned for an exciting finish to the year and a strong start to 2016."

The Buckingham Graphite Property consists of 28 claims in Ranges VIII and IX, Buckingham Township, Quebec which cover an area of 1,683 hectares. Exploration on the southern part of the claim group has yielded assay results as high as 21.6% Cg (graphitic carbon) over 14.5 metres from channel samples and purity results up to 96.1% Ct (total carbon) from large flake fractions (see Cavan releases, July 17, 2014 & May 28, 2015).

About the Buckingham Graphite Project

The Buckingham Graphite Project consists of 28 claims located in Ranges VIII and IX, Buckingham Township, Quebec and covers an area of 1,683 hectares. The property is located 1.7 kilometers north of the historic, producing Walker Graphite Mine and covers the northern extension of a graphitic zone beginning on Caribou King Resources' Buckingham Property. Helicopter-borne magnetic and time-domain electromagnetic surveys confirmed a historic conductor, and further resolved a second parallel conductor to a length of 300 meters (see Cavan release, September 24, 2013). Historic airborne electromagnetic surveys have identified additional conductors striking over a large portion of the Buckingham Graphite Project.

The technical contents of this release were approved by Mr. Case Lewis, P.Geo., director of Ashburton and a qualified person as defined by National Instrument 43-101.

Ashburton Ventures Inc. is a Canadian-based junior exploration with mineral projects in Canada and Nevada, USA. If you would like to be added the news release distribution please get in touch with us atinfo@ashburtonventures.com.

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