Exploration Update – Important Zones of Spodumene (Lithium) Mineralization Confirmed at Thompson Bros Lithium Project

May 1, 2017, VANCOUVER, B.C. – ASHBURTON VENTURES INC. (ABR-TSX:V) (ARB-FRANKFURT)  (“Ashburton” or the "Company”) is pleased to announce the first six diamond drill holes have now been completed at the Thompson Bros Lithium Project in Manitoba. Four of the holes have encountered significant intervals of spodumene (lithium-bearing mineral) mineralization at downhole widths varying from 1 to 22 m and averaging 10 m (Figure 1). The intersections represent downhole widths, with the true widths not yet determined. Table 1 displays the correlation between the historical drill holes and first six holes drilled by Quantum Resources that are considered the closest approximation to “twin holes” (Figure 2).  Despite differences in azimuths and dips, the table data implies apparent spodumene-rich intersection widths and depths of the same magnitude. Assay results for the first six holes are pending. The project is financed by Quantum Resources Limited (ASX: “QUR”) who has the right to earn in up to 80% of the project.

Drill targets were selected using historic drill hole information. Quantum prepared a sequence of drill holes along a series of section lines to intersect the pegmatite at varying depths along the strike length (Figure 2). Drill holes will step out 100 metres apart along section lines spaced 100 metres apart running northwest-southeast. 

Rapidly warming conditions have led to an earlier than expected winter thaw and the Company has made the decision to suspend the current program. It is anticipated that drilling will recommence at the end of May. Quantum will be able to continue drilling the prospect in a cost-effective manner in the summer months without the use of continued helicopter support.  The target area is more accessible in the summer months due to its location near the shore of Wekusko Lake. In addition, Quantum is initiating plans for a work program to test for additional pegmatite dykes with a focus on the Thompson #5 and Sherritt-Gordon Zones which could lead to significantly larger overall tonnages.

Figure 1. Spodumene Mineralization in drill core of hole TBL-001 at Thompson Bros Lithium Project.

Figure 2. Current Drill Program with completed and scheduled holes at Thompson Bros.

Table 1. Comparison between the six Quantum Resources ‘twin holes’ related to the historical drill holes collared between 1956 to 1997. * Historical assays, non-NI43-101 compliant.

The Thompson Bros. Lithium Property is located in Wekusko Lake, 20km east of the mining community of Snow Lake, Manitoba. The lithium deposit is defined by a vertically-dipping spodumene-rich pegmatite extending 800 meters along strike.

“We are very encouraged with progress made to date on this strong lithium asset in Ashburton’s portfolio. Having this project managed and financed by our financing partner in Australia gives us the time and resources to concentrate on our Z-1 zeolite endeavours.” stated Mike England, CEO of Ashburton Ventures.

Ashburton Ventures Inc. is a Canadian-based junior exploration company focused on Canadian mineral projects in Quebec and British Columbia, Canada.  If you would like to be added the news release distribution please get in touch with us at [email protected].

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 property has not been the subject of a National Instrument 43-101 report.

ON BEHALF OF THE BOARD
Signed “Michael England”
Michael England, President

FOR FURTHER INFORMATION PLEASE CONTACT:

Telephone: 1-604-683-3995; Toll Free: 1-888-945-4770; www.ashburtonventures.com

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.