Monday, April 18, 2016 12:34:53 PM
April 18th, 2016, VANCOUVER, B.C. – ASHBURTON VENTURES INC. (ABR-TSX:V) (ARB-FRANKFURT) (“Ashburton” or the "Company”) is pleased to announce it has signed an agreement to acquire the Whabouchi South property bordering Nemaska Lithium Inc.’s (NMX-TSX:V) Whabouchi project. The property is comprised of one block of eleven mineral licenses (“claims”) located to the south of Nemaska Lithium. The property is also on geological strike with Nemaska’s Whabouchi mine, the viability of which was supported in NMX’s feasibility report released April 4, 2016. The property is less than 1.2 km south of Nemaska’s planned mine site, shown to hold the world’s second largest and richest deposit of spodumene - the source of lithium - in the world, with 27,000,000 tonnes of proven and probable resources, with an estimated mine life span of 26 years (see Nemaska PR dated April 4, 2016).
“We are excited to have come to terms with the vendors on this key ground staked in September 2015, especially given the intense staking now taking place in the vicinity of Nemaska’s Whabouchi deposit.” stated Michael England, CEO of Ashburton Ventures. “There is very little bedrock exposure in the area, and we are along the mine’s geological structure, so the prospects of a lithium discovery on our new property, using modern exploration techniques, are excellent. We look forward to getting boots on the ground as soon as possible. We are now close to the beginning of the field season, so the timing of this acquisition is perfect.”
Cumulative terms of the option agreement call for Ashburton to issue to the Vendors 8,500,000 common shares in the capital of ABR over a four year period, make cumulative cash payments totaling $325,000 over 4 years plus grant a 2.0% Royalty on Net Smelter Returns. Ashburton may, in its sole discretion but without obligation, purchase 1% of the Royalty for cancellation in consideration of $1,000,000. This transaction is subject to TSX Venture approval.
Maps will soon be posted on the company’s website.
The technical contents of this release were approved by Michel Boily, PhD, P.Geo a Qualified Person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.
Recent PLAN News
- Progressive Planet announces annual financial results • PR Newswire (Canada) • 08/28/2024 03:48:00 PM
- Progressive Planet continues share buyback program and provides corporate update • PR Newswire (Canada) • 08/07/2024 11:30:00 AM
- Progressive Planet share buyback starts strong, building long-term shareholder value • PR Newswire (Canada) • 07/11/2024 11:30:00 AM
- Progressive Planet Announces Normal Course Issuer Bid • PR Newswire (Canada) • 06/04/2024 11:30:00 AM
- Progressive Planet Announces Superb 28 Day Compressive Strength for New Low Carbon Cement • PR Newswire (Canada) • 05/02/2024 11:00:00 AM
- Progressive Planet Announces Superb Compressive Strength for New Low Carbon Cement • PR Newswire (Canada) • 04/11/2024 11:00:00 AM
- Progressive Planet Announces Issuance of Stock Options • PR Newswire (Canada) • 03/14/2024 09:33:00 PM
- Progressive Planet Announces Record Net Income for Q3 • PR Newswire (Canada) • 03/08/2024 07:41:00 PM
- Progressive Planet Provides Corporate Update on Cement and Fertilizer Innovation • PR Newswire (Canada) • 02/23/2024 01:30:00 PM
- Progressive Planet Completes Sale of Equipment to CarbonIP • PR Newswire (Canada) • 02/20/2024 01:30:00 PM
- Progressive Planet Announces Change of Senior Management • PR Newswire (Canada) • 02/15/2024 01:30:00 PM
- Progressive Planet Obtains up to $0.37M in Funding from NGEN for PozGlass™ 100G Pilot Plant • PR Newswire (Canada) • 02/08/2024 01:30:00 PM
- Progressive Planet Signs First Agreement for Continuing Royalty on Existing IP • PR Newswire (Canada) • 02/07/2024 01:30:00 PM
- Progressive Planet Provides Corporate Update for Fiscal Q3 2024 • PR Newswire (Canada) • 02/01/2024 01:30:00 PM
- Progressive Planet Reports Record Quarterly Revenues and Income from Operations in Fiscal Q2 2024 • PR Newswire (Canada) • 12/06/2023 03:09:00 PM
- Bromley Creek Quarry Receives New 5-Year Permit • PR Newswire (Canada) • 11/27/2023 01:30:00 PM
- Dual-Listed CleanTech Company Receives Five-Year Permit • AllPennyStocks.com • 11/27/2023 05:00:00 AM
- Dual-Listed CleanTech Company Receives Five-Year Permit • AllPennyStocks.com • 11/27/2023 05:00:00 AM
- Progressive Planet Provides Operational Update • PR Newswire (Canada) • 10/30/2023 12:30:00 PM
- Progressive Planet Launches New Soil Conditioner Product to Further Reduce Chemical Fertilizer Application • PR Newswire (Canada) • 10/06/2023 12:30:00 PM
- Progressive Planet Reports Financial Results for Fiscal Q1 2024 • PR Newswire (Canada) • 09/25/2023 05:47:00 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM