Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to report positive assay results from its initial reconnaissance of the gold-bearing Main Katisha Shear Zone on its newly acquired Howie Lake Project located approximately 55 kilometres southeast of Dryden, Ontario. The Main Katisha Zone is a 3 metre-wide silicified shear exposed on surface for at least 75 metres with historic grades up to 30.48 g/t Au. The Company intends to follow up these encouraging results with trenching, detailed mapping, and channel sampling of the historic zones and a more comprehensive project-wide surface sampling program to test the numerous other known gold-bearing silicified shear and fault zones.
Anomalous Gold Highlights:
“With the results announced today, we believe the Main Katisha Shear Zone has been validated as gold-bearing and there remains good potential to expand these and the other eight known zones laterally and to depth” said Darcy Christian, Ashley’s Vice President, Operations. “In addition, all these historically reported gold-bearing shear zones appear to have good continuity exposure on surface for significant strike lengths and are shallow dipping, potentially allowing for cost efficient extraction by surficial bulk sampling”.
Main Katisha Zone Prospecting and Sampling
The reconnaissance program consisted of prospecting and sampling along the road-cut area of the Main Katisha Shear Zone; one of the nine known gold occurrences within the Project bounds, located on the north end of the Howie Lake Project. The program was undertaken to verify historic sample results and test the gold prospectivity of the area. A total of 5 surface channel and chip samples were collected along the road exposure of the Main Katisha Zone. Gold values ranged from 0.381 g/t Au up to 52.80 g/t Au with an average aggregate grade of 11.17 g/t Au across a strike length of approximately 16 metres (Table 1 and Figure 1).
Table 1: Howie Lake Project, Prospecting Gold Assays
UTM NAD83 Z15
1.5m Channel Cut
0.4m Channel Cut
0.3m Channel Cut
Figure 1: Howie Lake Project Overview Inset with Main Katisha Zone Sample Locations and Results
Shear Zone System Highlights
Main Katisha Zone
Assay Analysis and Qualified Persons
Rock channel and chip samples from the shear zone sampling program at Howie Lake were located via a handheld GPS. Each individual sample was tagged and bagged on site by a local prospector and shipped from Selkirk, Manitoba to Actlabs in Dryden, Ontario for preparation and analysis. Samples were analyzed by fire assay and Atomic Absorption. At Actlabs, samples >5g/t Au are automatically analyzed for overlimit analysis.
The Qualified Person responsible for the technical content of this press release is Shannon Baird, P.Geo, Exploration Manager of Ashley Gold Corp.
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-Gardnar 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 projects. 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 • [email protected], who, with Mr. Darcy Christian, Vice President, Operations • +1 (587) 777-9072 • [email protected] , 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”.