Ashley Gold Samples 135.46 g/t Au Over a 3.50 meter Surface Vein Composite and Grab Samples 582 g/t Au at the Ashley Gold Mine Project

Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to report positive assay results from its gold grade continuity evaluation program of the No. 1 Vein and Garvey Vein from its Ashley Mine Project located approximately 18 kilometres northwest of Alamos Gold’s Young-Davidson Mine. These veins are “high-grade”, exposed on surface for significant strike lengths, and are shallow dipping. The Company intends to follow up these encouraging results with “re-opening” of the historic trenches and a more comprehensive surface vein sampling program to test the viability of a potential mini bulk sample program in the future.

Composite Interval Highlights:

  • No. 1 Vein (A1)                       3.28 g/t Au over 5.00 metres strike length
  • No. 1 Vein (A2)                       15.10 g/t Au over 6.00 metres strike length
  • Garvey Vein (G1)                    135.46 g/t Au over 3.50 metres strike length
  • Garvey Vein (G2)                    582.00 g/t Au in a grab sample of mineralized vein material

 

“With the results announced today, we believe that the historic gold assay values and extraction results of the Garvey and No. 1 Veins have been verified and there remains good potential to expand known zones laterally and to depth, with good continuity” said Darcy Christian, Ashley’s Vice President, Operations. “In addition, these veins are relatively “high-grade” in nature, exposed on surface for significant strike lengths, and are shallow dipping potentially allowing for cost efficient extraction by surficial bulk sampling”.

Ashley Mine Project Vein Gold Grade Continuity Linear Chip Sampling

The program consisted of linear chip sampling of quartz vein material exposed within historic trenches to test the gold grade continuity along strike (“nugget effect”) of the No. 1 Vein and Garvey Vein. The intention was to verify historic bulk and chip sampling values. Most trenches are at least 40 years old and “sluffed” in, covering most of the historically noted vein exposures. A total of 11.0 metres over two separate zones within the approximately 115.0 metre historic surface exposure trench of the No. 1 Vein and only 3.5 meters of the Garvey Vein could be sampled. (Note: This chip sampling was mainly of quartz vein material chiseled off the face of the veins in as many randomized places as possible over the entire width and length of the exposed trench veins and are not indicative of sub-surface gold grade or vein continuity). Sample lengths, widths, and gold grades are found in Table 1 below.

Table 1: Ashley Mine Project, Linear Vein Chip Composites

Vein

Type

Chip ID

Sample ID

Length

(m)

Width

(m)

Au

(g/t)

Au Metal Factor

(g-m)

Au Composite

Au (g/t)

Composite Length

(m)

 

 

 

 

   

 

  

No. 1

Linear Chip

A1

A0284613

2.00

0.5

3.08

6.16

3.28

5.00

No. 1

Linear Chip

A1

A0284614

2.00

0.4

4.68

9.36

No. 1

Linear Chip

A1

A0284615

1.00

0.3

0.87

0.87

          

No. 1

Linear Chip

A2

A0284616

2.00

0.4

17.50

35.00

15.10

6.00

No. 1

Linear Chip

A2

A0284617

2.00

0.4

16.60

33.20

No. 1

Linear Chip

A2

A0284618

2.00

0.3

11.20

22.40

          

Garvey

Linear Chip

G1

A0284619

2.00

0.5

65.30

130.60

135.46

3.50

Garvey

Linear Chip

G1

A0284620

1.50

0.4

229.00

343.50

          

Garvey

Grab

G2

A0284621

  

582.00

   

Figure 1. Garvey Vein Trench Exposure Sampling and Assays

Vein Systems Sampled During the Surface Trench Sampling Program

No. 1 Vein

  • Surface expression is located 30m east of the Ashley Mine shaft.
  • Multi-episodic quartz veining up to 50cm wide with sulfide, visible gold, and tellurides.
  • Host rock is a silicified and hematized basalt/andesite cut by sheeted and quartz stockwork veins

 

Garvey Vein

  • Located 1.4km NW of the historic past-producing Ashley Mine and up to 40cm wide
  • Hosted between the massive and pillowed basalts of the Lower Tisdale Assemblage
  • A bulk sample of 26 tons taken from the vein reported to have yielded 0.86 oz Au/t

Figure 2: LIDAR Image with the Historic Ashley Mine and No.1 Vein Trench Exposure Sampling (A1 and A2)

Assay QA/QC and Qualified Persons

Rock chip samples from vein trench sampling program at Ashley were measured (2m maximum length) and then marked out with orange spray paint. The beginning of each composite was located via a handheld GPS averaging for 10 minutes and the vein orientations were taken with a compass. Each individual sample was tagged and bagged on site and transported to AGAT Laboratories’ sample drop-off location in Sudbury, Ontario for preparation and analysis. 9 samples were prepared and analyzed at AGAT laboratories Mississauga and Thunder Bay, Ontario facilities. Samples are crushed to 90% less than 2mm, riffle split and pulverized to 85% passing 75 microns. 30g samples are analyzed by fire assay and ICP-OES. At AGAT samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish analysis.

The Qualified Person responsible for the technical content of this press release is Shannon Baird, P.Geo, Exploration Manager of Ashley.

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 Tabor Lake Lease subject to a 1.5% royalty, 100% of the Santa Maria Project subject to a 1.75% royalty, 100% interest in the Howie Lake Project subject to a 0.5 % royalty and 100% interest in the Alto-Gardner project subject to a 0.5 % royalty.

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”.