The 470 hectare (1162 Acre) is located about 240 kilometers (150 miles) northeast by road from Fairbanks, Alaska, in the history of Circle Mining district. Since discovery in 1893, the Circle district has produced more than one million ounces of placer gold creeks and rivers. The Hills are drained by bullion Ketchum Creek, Portage Creek Bottom Dollar Creek and all that history has recorded placer gold production.
Bullion Hills is proximal, the gold-related properties. Mid-Cretaceous Tombstone Suite granite intrudes Paleozoic Yukon-Tanana Terrane metasediments (schists, quartzites and gniesses). Gold mineralization is hosted in low sulfide quartz veins and quartz veinlet stockworks cut in error and the second zone in the granite (similar to the Kinross Fort Knox deposit) and metasediments (similar to the Sumitomo's Pogo). Bullion Hills geologic have some similarities with the discovery of gold layer (spatial association for gold placers and mid-to late cretaceous intrusions) by Underworld Resources (TSX Venture: UW) on the White Gold Project to be announced 26 May 2009. White gold that is located in the Tintina Gold Belt of the Yukon, Canada, and is also the source of placer gold-bearing stream draining from it.
TSX up approval Ashburton Ventures will soon launch a "Phase 1" drilling program is approximately 620 meters (2,000 feet) of HQ core. Drilling expected to commence in mid-June. Property fully authorized to drill and drilling has signed a contract with the Altar Drilling Inc.
Drill targets have been selected based on the history of the surface geochemical sampling results. The main goal that is designed to test the "Two Bit Granitic Pluton" on the affected property. Chip sampling in the 11 meters (36 feet) of exposed bedrock returned 1.05 grams per ton Au, including three (3) meters of 2.54 grams per ton Au. Coarse visible gold can be panned from pulverized quartz veinlets in granite and the intrusion of the remaining land rough (Grus) lie directly above the intrusion. Secondary target high-grade quartz veins and stockworks in metasediments. Surface samples of debris and float have returned gold values up to 0.934 ounces per ton.
Ashburton believe that there is potential in the Hills bullion to the invention of both large tonnage, intrusion-hosted gold deposits similar to the Kinross Fort Knox gold deposit in Fairbanks, or the type of high-grade layer of gold deposits similar to the Sumitomo's Pogo deposit.
Terms of the deal call for payment in cash cumulative total $ 245,000 USD, 220,000 common shares of Ashburton plus 2.5% NSR which can be purchased by under 1% to $ 1,000,000.
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