Ashburton Receives Approval for Option Agreement on Buckingham Graphite Project, Announces Drilling
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 6, 2015) - ASHBURTON VENTURES INC. (TSX VENTURE:ABR)(FRANKFURT:ARB) ("Ashburton" or the "Company") is pleased to announce that it has received TSX Venture approval to proceed with its option agreement with Cavan Ventures Inc. to earn a 60% interest in the Cavan Buckingham Graphite Project. The Company plans to commence a 2,000 metre drilling program at Buckingham in the coming weeks.
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).
A drilling permit has been acquired and the company plans to commence an initial phase of drilling at the project in the coming weeks. The drilling program will consist of up to 2,000 metres and will be aimed at testing high priority targets in the southern area of the claims.
President and CEO Michael England states, "Our review of data acquired with the project suggests extensive strike length of mineralization, continuing along strike from the historic workings, which we intend to test with the upcoming drilling program. This initial program targets only a small portion of the total potential at the Buckingham project and we anticipate a busy season going into 2016."
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 Company further announces that it has arranged a non-brokered private placement of 13.33 million flow through units ("FT Units") at a price of $0.015 per Unit for aggregate gross proceeds of $200,000 (the "FT Offering"). Each FT Unit will be comprised of one flow through common share ("FT Share") and one non-flow through Share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the Subscriber to purchase one Warrant Share for a 12 month period after the Closing Date at an exercise price of $0.05 per share. Flow through proceeds raised will be used towards the Company's Buckingham Graphite property located in the Province of Quebec.
The Company also announces it has arranged a non-brokered private placement of 3.33 million common share units ("Units") at a price of $0.015 per Unit for aggregate gross proceeds of $50,000 (the "Offering"). Each Unit will be comprised of one common share ("Share") and one Share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the holder to purchase one Share (a "Warrant Share") for a period of 12 months from the closing date at an exercise price of $0.05 per Warrant Share. The non flow through funds will be used for general corporate purposes.
Additionally the Company announces that the Company may, in its sole discretion, pay a finders' fee to agents of the Company consisting of: (i) a cash fee in an amount of up to 10% of the proceeds raised by such finder as part of this Offering, and (ii) a number of finder's warrants entitling the holder thereof to purchase that number of Shares of the Company ("Finder's Warrant") that is equal to up to 10% of the number of units placed through the finder as part of this Offering. Each Finder's Warrant will entitle the holder to purchase one Share for a period of 12 months from the closing date at an exercise price of $0.05 per Finder's Warrant.
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 active mineral programs in Canada and Nevada, USA. If you would like to be added the news release distribution please get in touch with us at firstname.lastname@example.org.
ON BEHALF OF THE BOARD
Michael England, President
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.
(November 6, 2015 - 8:00 AM EST)
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