Ashburton Ventures

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Deep Creek

Ashburton Ventures: option-to-earn 100% interest

The Deep creek claims are located approximately 112 kilometres north of Elko, Nevada, and 56 kilometres northeast of the Newmont-owned Midas mine, in the Independence segment of the prolific Carlin gold trend.

Gold at Deep Creek was first discovered by Franco-Nevada in the mid 1980's, when two large geochemical anomalies were found to contain visible gold in grab samples. One of a dozen holes drilled intersected 14 grams per tonne gold (0.42 opt Au) over a ten meter interval, but true thickness was not determined at the time. On the surface, mineralization appears to be associated with highly silicified breccias and sinters along a prominent range front structure in carbonate rocks. Over 70 surface rock chip samples were collected mostly along the range front structure, with assays from below detection up to 68 grams per tonne gold (2.0 opt Au). The surface geology suggests that a large epithermal system may exist at depth in the carbonate rocks.

Historical data was obtained on March 11th 2010, including a resource estimate report compiled in the late 1980’s on behalf of Corona Corporation based on drilling data on the Deep Creek property. The resource estimate of 1.1 million tons containing 1.7 grams (0.06 ounces) per ton of gold (70,000 ounces Au) was determined along a strike length of 457 meters (1500 feet) and a depth of 122 meters (400 feet). Reserves from the same report included approximately 477,000 ounces of gold in 7.5 million tons extending southward from the present property position, provoking Ashburton to expand its property position southward to include this reserve estimate, increasing the total land position to 1,600 acres.

The first phase of a geological mapping and sampling program, completed in March, was positive with a total of 46 float and outcrop samples having been collected. Gold contents range from 0.01-8.58 ppm for breccias (10 samples), 0.01-4.24 ppm for stockwork/veins (15 samples), and 0.02-3.07 ppm for sinters (5 samples). Sedimentary rocks collected up to 350 meters from the range front structure include argillite, quartzite, limestone, and shale (17 samples), with gold from below detection up to 1.44 ppm Au. Ten additional rock outcrop samples collected east of the range front structure confirm these earlier findings, with eight ranging from 0.006 to 0.723 ppm (average 0.226 ppm). The two best outcrop samples have gold contents of 6.42 ppm (0.19 opt) and 40.1 ppm (1.17 opt). The results were encouraging as they demonstrated that gold is enhanced in both the hydrothermal features along the range front structure, and in the sedimentary rocks hosting the structure.

Further review of the historical data, in combination with field mapping has allowed Ashburton geologists to determine the drill collar locations where better historical gold grades were intersected. As part of the 2010 work program, the company will undertake a drilling campaign to confirm the earlier drilling results. Based on the historical data, further staking along the range front structure is also underway, as is additional outcrop geochemistry. Outcrop geochemistry performed earlier this year identified gold contents up to 1.44 ppm Au in sedimentary rocks up to 350 meters from the range front structure (see News Release March 16, 2010). A work program that includes drilling has been approved to begin early Q3.
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