Spy PGM
| Location: Yukon, Canada | Commodities: PGM |
| Interest: 100% | Size: 1,250 hectares |
The Spy Project is a polymetallic-PGM occurrence that consists of 60 contiguous claims covering 1,250 hectares and is located 70 kilometers (km) northwest of Haines Junction and 270 km northwest of Whitehorse. The claims run roughly parallel to the Alaska Highway that is seven kilometers to the northeast. The project is in the Kluane Ultramafic Belt, a 600km-long belt of rocks that hosts a number of magmatic PGM-Ni-Cu occurrences, from northern British Columbia through the Yukon and into Alaska.
Clastic sedimentary rocks and limestone of the Hasen Creek Formation are exposed along the northeastern portion of the property, and are intruded by late Triassic and possibly older mafic to ultramafic sills including the Spy Sill. The 75-100m thick Spy Sill intrudes Hasen Creek siltstone for a minimum of 6 km along a northwest strike, and dips to the southwest. The central portion of the sill consists of peridotite, with gabbro at the top and at the base. Mineralization varies from disseminations to massive sulphide lenses (up to 2.0 x 0.25m) with associated PGM in the basal marginal gabbro phase and its contact with the Hasen Creek siltstone. Historic grab samples from the massive sulphide lenses assayed as high as 3.1 g/t Pt, 1.4 g/t Pd, 1.0 g/t Au, 3.1% Ni and 2.8% Cu from the gabbro, and 75.8 g/t Pt, 7.9 g/t Pd, 7.0 g/t Au, 2.6% Ni and 10.45% Cu, from the footwall siltstone. Mineralization occurs discontinuously over a strike length of 3.6 km along the base of the 6 km long Spy Sill, with a more continuous zone of massive and disseminated PGE, Ni and Cu mineralization over 950m of strike length (Morgan, T. 2008. Prospecting and geochemical report on the 2008 Spy project. Yukon Dept. of Energy, Mines and Resources, Yukon Mining Incentive Program, YEIP 2008-025, 21p.; Bell, C. 1996. Report on 1995 geological and geochemical surveys on the Klu property. Yukon Dept. of Energy, Mines and Resources, Assessment Report #093371, 244p.).
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.
Dr. Tom E. McCandless, P.Geo., an advisor to Ashburton and Qualified Person under NI 43-101, has approved the information contained on this webpage. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data provided for the project.