Ashley Gold Corp. enters agreement to acquire the "Alto-Gardnar" Property

Calgary, Alberta – TheNewswire – October 5, 2022 – Ashley Gold Corp. (“Ashley” or the “Company”) (CSE:ASHL) is pleased to announce it has purchased a 15 claim block (315 hectares) located 50km East of Dryden, Ontario, (the “Property”) The Dryden-Sioux Lookout area of Northwestern Ontario, is situated on a broad shear zone potentially related to the Wabigoon Fault. Gold mineralization was first discovered on the property in 1937 in shear-hosted quartz veins. Strong quartz-ankerite-sericite alteration is a prominent feature of the shear zone.

George Stephenson, President of Ashley, stated, “The Property” is strategically located near Treasury Metals Inc. (TML.V) Goliath deposit of 1.2M oz, au., Goldlund deposit of 1.65M oz. au. and the Miller deposit of 80K oz. au. which compliments our properties historically reported possible and speculative reserves (101,000 tonnes of .20 oz. au., Source, resident geologist, Kenora, On.) the ore reserve calculations based on data in assessment work files, validity not guaranteed by OGS.

The Agreement

Pursuant to the Agreement, Ashley shall issue 275,000 shares for 100% interest in the “Property” subject to a .5 NSR with a buyback option of the .5 NSR, at anytime for $500,000. The shares to be issued will be in compliance with the Canadian Securities Exchange (CSE) and the Toronto Stock exchange (TSX) rules and regulations.

ABOUT ASHLEY GOLD CORP.

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 Project 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”.