ASHBURTON POSITIONS ITSELF ON STRIKE WITH NEMASKA’S WHABOUCHI LITHIUM DEPOSIT
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.
