ASHBURTON MINERALS LIMITED - ASX: ATN

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Description

Ashburton Minerals Ltd is an Australian Perth-based resource company primarily focused on exploration and evaluation of advanced projects exhibiting demonstrable mineralisation and being prospective for large economic deposits that could generate long-term returns to shareholders.

The main focus for the Company is the newly-acquired Obi Gold Project, located on the island of Obi, south of Halmahera in eastern Indonesia. This very exciting project contains a producing artisanal goldfield within a broad zone of epithermal gold-base metal mineralisation that, remarkably, remains unexplored.

The Company runs a small team of experienced geologists which gives it a strong technical and scientific advantage in identifying suitable projects and implementing successful exploration strategies.

Ashburton Minerals Ltd is listed on the Australian Stock Exchange (ASX.ATN). The Company’s shares are also traded on the Frankfurt, Munich, Berlin and Stuttgart Stock Exchanges in Germany.

OBI GOLD PROJECT, INDONESIA

* 7,700 ha exploration licence
* Epithermal gold-silver-base metal mineralisation
* Extensive artisanal gold workings
* Samples average 16 g/t Au, 0.56 % Pb, 0.46% Zn
* High grade gold veins; samples up to 42.30 g/t
* Greenfields exploration opportunity in a producing goldfield

Mt Webb Project, WA (copper-gold IOCG; Ashburton 100%)

The Mt Webb project comprises five exploration licences, totalling 1,270 km2 in area situated in eastern Western Australia, abutting the Northern Territory border. The project area lies some 650 km due west of Alice Springs.

Ashburton commenced exploration at Mt Webb in 2008, with the primary point of interest being the Pokali prospect. Ashburton’s ongoing work at Pokali has resulted in the discovery of widespread copper mineralisation over an area of some 4 km in length and 1 km in width. The latest phase of reverse circulation (RC) drilling completed at Pokali in May 2010 returned the best results to date, with the easternmost hole PKC024 containing intercepts of 2 m @ 2.47% Cu from 36 m and 12 m @ 1.1% Cu from 168 m within a broader run of 246 m @ 0.22% Cu from 4 m.

Spring Valley, Project, NSW (Zn-Cu-Pb)

The Company completed a soil sampling programme at the Spring Valley Zn-Cu project in NSW. A low order Cu-Pb-Zn anomaly was identified peripheral to an area of alluvial cover beneath which historical work (1972) interpreted a potential EM bedrock conductor (a feature often related to massive sulphide mineralisation). The Company is considering undertaking a modern day airborne EM survey to more accurately determine the location of any targets worthy of drilling.

Yea Project, Victoria (Gold; option, earning 100%)

The Company entered into the Yea option as a first step in re-establishing its focus on gold exploration. The project consists of a single exploration licence, EL 5234, which encompasses a number of gazetted historical goldfields within its 300 km2 area. The tenement is situated near the township of Yea (pron.“yay”), some 90 km NNE of Melbourne.

Of significance to Ashburton are the consistently high, ounce-level, grades reported from the gold workings and the fact that the area remains relatively unexplored in recent times.

The project offers the opportunity to define high-grade resources in the near term and Ashburton will commence an initial drilling program in November to test the Providence line of workings at depth.

Mine For

zinc, gold, copper, lead, silver, iron ore

Location of operation(s)

Indonesia, Western Australia, New South Wales, Victoria

Address

Level 1, 254 Railway Pade
WEST LEEDERVILLE, WA, AUSTRALIA

Phone

(61 8) 9363 7800

Email

Website

http://www.ashburton-minerals.com.au/

Last Updated

26/04/2011