December 13, 2010 / 7:13 PM / 7 years ago

Ashburton Ventures strikes more gold at Nevada mine, shares rise

* Finds new vein system with visible gold at Deep Creek

* Shares up 15 pct in heavy trading

Dec 13 (Reuters) - Canadian junior explorer Ashburton Ventures Inc ABR.V said it found a new vein system with visible gold at its Deep Creek gold Project in Nevada, sending its shares up as much as 15 percent on Monday.

Last week, Premier Gold (PG.TO) had agreed to buy a 14 percent interest in Ashburton through purchase of shares in a private placement financing. The proceeds will be used for further exploration at Deep Creek, Ashburton had said. [ID:nCCNGstNVa]

The new Waterfall Vein system, where two veins have been found, is located south of the Upper vein area of Deep Creek. Upper vein system was confirmed to have gold contents as high as 1,180 grams per tonne, the company said in a statement.

An assay of a 2.98 kg sample of outcrop returned 20.5 grams per tonne gold (g/t) at Waterfall vein, while a 2.35 kg sample returned an assay of 13.5 g/t gold at Thirteen-Five vein, the company added.

Vancouver, British Columbia-based Ashburton’s shares, which have nearly tripled in value in the past one year, were trading up 10 percent at 21.5 Canadian cents on Monday on the Toronto Venture Exchange.

They touched a high of 22.5 Canadian cents earlier in the session. It was the most heavily traded stock on the Venture Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Jarshad Kakkrakandy)

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