|Location: Yukon, Canada||Commodities: PGM|
|Interest: 100%||Size: 8,650 hectares|
The Ultra Project is a polymetallic-PGM occurrence with contiguous claims covering 8,650 hectares, located 42 kilometers (km) northwest of Haines Junction. The project is in the Kluane Ultramafic Belt, a 600km-long belt of rocks characterized by mafic to ultramafic Triassic-aged sills intruded into Carboniferous to Triassic sedimentary and volcanic rocks. The Kluane ultramafic suite hosts a number of magmatic PGM-Ni-Cu occurrences from Northern British Columbia, through Yukon and into Alaska. This includes the Wellgreen Polymetallic Deposit, located 85 kilometers to the northwest and presently under advanced assessment by Prophecy Platinum (TSX-V: NKL) 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).
At Ultra, a portion of the Frohberg PGM-Ni-Cu showing was trenched in 2002 and returned 5.54 g/t Pt, 13.46 g/t Pd, 4.07% Cu and 1.73% Ni over 0.5 meters. Numerous ultramafic occurrences elsewhere on the property are yet to be assessed for PGM-Ni-Cu potential. The Ultra Project also includes the Telluride volcanogenic massive sulphide (VMS) showing, which is visible from the air and can be traced on the property for six kilometers along strike to the southeast. The showing itself contains values of 3.23% Cu, 6.75% Zn, 17.8 g/t Ag, and 0.15 g/t Au over four meters. Since 1956, exploration on the Ultra Project has involved approximately 440 meters of drilling in eight holes on a VMS showing (1955-56, three core holes totaling 108m that failed to reach target depths; 1961-62, two churn drill holes totaling 116m that intersected minor native copper, and 1970, three core drill holes totaling 216m that intersected coal and marcasite). The ground has also been explored through hand trenching, rock, soil and silt geochemistry, a 1977 airborne electromagnetic survey, a 2004 airborne magnetics and electromagnetic survey, a ground magnetic and electromagnetic survey, and mapping (Pautler, J. 2012, Geological and geochemical assessment report on the Ultra Project, Whitehorse Mining District, Yukon, 47p.).
To acquire a 100% stake in the project, Ashburton will make cash payments totaling $85,000 over five years, issue 450,000 common shares over two years and incur $500,000 in exploration expenditures over four years. A royalty interest of 2% may be reduced to 1% 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.