Ashley Gold Corp Announces Commencement of Santa Maria Exploration Program

September 2, 2022 – Calgary, Alberta – Ashley Gold Corp. (CSE:ASHL) (“Ashley” or the “Company”) is pleased to announce that field work for the Santa Maria Project exploration program is now underway. A field crew has been mobilized to the Property to scout road and property access, prospect for accessible geophysical anomalies, and collect rock samples.

Figure 1: Santa Maria Exploration Targets

ABOUT THE SANTA MARIA PROPERTY

Santa Maria can be accessed just 10 km south of Trans-Canada Highway #17, the main access road from Thunder Bay, Ontario. The working season in this region is considered to be year-round with very few exceptions. There are at least four known gold showings reported to be on the property within the 48 mining claims. These showings include the Santa Maria Shaft Zone (Shaft #1), The Lee Lake South Occurrence, The Lee Lake North Shore Occurrence, and the Long Lake Gold – Quartz Vein. 

An Airborne EM & magnetic survey flown in 2012 by Geotech Ltd identified 3 distinct EM anomalies. Each anomaly is suggestive of bedrock conductivity and should be considered high priority areas for follow-up exploration work. (See Figure 1)

The Santa Maria #1 Shaft Zone consists of sheeted quartz veining and quartz stockwork veining that occurs along the contact between felsic dykes and intensely carbonate altered mafic volcanics. The quartz vein zone ranges from 0.3 to 1.2 meters wide. Numerous individuals and companies have collected grab samples from the prospect, including; 25.7 g/t Au (Parker, 1988), 16.8 g/t Au (Fairservice, R.J. 2009), and 9.26 g/t Au (Long Lake Gold Mines Ltd, 1902).

 

The Lee Lake South Occurrence is located south of the Santa Maria Shaft Zone and is described as being two intersecting ribbon-textured quartz veins (4cm and 56cm wide) that are exposed in an open cut. The veins are hosted within a sheared and carbonatized quartz-feldspar porphyry dyke which intrudes mafic volcanic rocks. Six samples were collected with reported assays up to 11.66 g/t Au.

The Lee Lake North Shore Occurrence is reported to be an east-west trending carbonatized and silicified felsic dyke, several meters wide, containing disseminated pyrite, galena, and chalcopyrite. Two grab samples were collected and assayed 0.7 g/t Au and 1.21 g/t Au (Parker 1989).

Long Lake Gold – Quartz Vein was discovered 90 meters north of the Santa Maria Shaft Zone. This vein was reported by Long Lake Gold Mining Company as being “very wide and returned gold values” (Kresz, 1984). This vein is 1.2 meters wide and was traced for approximately 58 meters in strongly sheared sediments. Trench samples were reported to assay from trace up to 8.23 g/t Au

ABOUT ASHLEY GOLD

Ashley Gold is focused on creating substantive long-term value for its shareholders through the discovery and development of world class gold deposits. Ashley currently holds an option to earn 100% interest in the Ashley Mine Project, subject to a 2% royalty. In addition, Ashley has acquired 100% of the Santa Maria subject to a 1.75% royalty. Ashley is actively searching for additional high potential gold properties to add to its portfolio.

Ashley Gold Corp. is an early-stage natural resource company engaged primarily in the acquisition, exploration, and if warranted, development of mineral properties. The Corporation’s objective is to conduct efficient and economical exploration on its growing portfolio of high-quality gold projects, currently focused in northeastern and northwestern Ontario within the western Abitibi and the Eagle-Wabigoon-Manitou Lakes Greenstone Belts.

The responsibility of this release lies with Mr. George Stephenson, CEO and President +1 (403) 816-2262 • gstephenson@ashleygoldcorp.com, who, with Mr. Darcy Christian, Vice President, Operations • +1 (587) 777-9072 • dchristian@ashleygoldcorp.com , may be contacted for further information. www.ashleygoldcorp.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

DISCLAIMER & FORWARD-LOOKING STATEMENTS

This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Ashley Gold Corp. provides no assurance that actual results will meet management’s expectations. Factors which cause results to differ materially are set out in the Company’s documents filed on SEDAR. Undue reliance should not be placed on “forward looking statements”.