Ashburton Acquires New Lithium Claims
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 19, 2015) - Ashburton Ventures Inc. (TSX VENTURE:ABR)(FRANKFURT:ARB) ("Ashburton" or the "Company") is pleased to announce that it has acquired the GC West property, prospective for lithium mineralization, approximately 14 kilometers west-northwest of the City of Revelstoke, B.C.
The GC West property is located approximately 135 meters west of the "GC" lepidolite Minfile occurrence (BC Minfile 082M 024). The GC occurrence is comprised of a coarse-grained, lepidolite-bearing (lithium mica) pegmatite dike hosted within a mica schist. These occur within a gneiss unit which trends from the GC occurrence onto Ashburton's GC West property, according to historic reports (B.C. Assessment File # 1794). Since the historic work in 1968, no further exploration activity had been reported in the area until the adjacent property, host to the GC showing, was sampled in 2013.
The company intends to commence a work program shortly to trace the lepidolite-bearing unit onto its GC West property and to delineate prospective areas for economic lithium mineralization.
About Lepidolite (Lithium)
Lepidolite mica is a uncommon mica and ore of lithium. It typically forms in granitic masses that contain high amounts of lithium. Lepidolite has been mined in Canada at the Tanco Mine, Bernic Lake, Manitoba. There is active research directed at more efficient processing of lepidolite ores by companies such as Cobre Montana NL of Australia.
Lithium has numerous industrial applications, in products such as heat-resistant glass and ceramics, lithium grease lubricants, and flux additives for iron, steel, and aluminium production. More recent and better-known applications of lithium are for use in battery applications as it has the highest electric output per unit weight of any battery material. Lithium-ion batteries are the default choice for most personal electronics and most electric cars today such incuding the Tesla cars. The advent of these new applications has resulted in rapid growth projections for the sector, along with high demand for new deposits.
"The acquisition of the GC West property represents our initial step in building our lithium assets," stated Mike England, President of Ashburton. "There is a strong indication that the lithium bearing pegmatite mapped and sampled on the adjacent property trends unto the GC West claims. Demand for lithium deposits is strong and expected to increase significantly in the near term, and progress made on the processing of lepidolite ores makes this style of mineralization an attractive exploration target. Management is very optimistic about the potential of this new prospect and plans an aggressive work program shortly."
Purchase price of the GC West Property, from two arm's-length vendors for a 100% interest, is 2.2 million shares. A 0.5% Net Smelter Royalty (NSR) will be granted, which can be purchased at the Company's option for $250,000.
The technical contents of this release were approved by Mr. Case Lewis, P.Geo., director of Ashburton and a qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Mr. Lewis has not verified the technical data disclosed in this release.
Ashburton Ventures is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all its stakeholders.
If you would like to be added the news release distribution please send an email to info@ashburtonventures.com.
ON BEHALF OF THE BOARD
Michael England, President
Forward-Looking Statements:
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Ashburton Ventures Inc. Actual results may differ materially from those currently anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.