Office Admin, Author at Ashley Gold Corporation

4 October 2023Office Admin

ASHLEY CLOSES $300,000 PRIVATE PLACEMENT WITH INSTITUTIONAL INVESTOR

Calgary, Alberta – October 4, 2023 – Ashley Gold Corp. (the “Company“) (CSE: ASHL), is pleased to announce it has successfully closed a $300,000.00 (CAD) private placement with Sorbie Bornholm LP, an institutional investor (“Sorbie”) based out of the UK.
The private placement consisted of 4,166,667 units of the Company (the “Units“) at a price of $0.0720 per Unit, for aggregate gross proceeds of $300,000 (the “Offering“). The proceeds from the Offering were deposited with a third-party escrow agent and shall be delivered to the Company in equal monthly tranches of $25,000 over the next 12 months pursuant to the terms and conditions of a Sharing Agreement, Escrow Agreement, Subscription Agreement and various support agreements dated October 4, 2023 between the Company and Sorbie, (collectively, the “Transaction Documents”). The structure of the Offering will provide the Company with flexibility in continuing to advance the Company’s Projects in Ontario while maintaining a constant source of funds covering a portion of the Company’s short to medium term cash flow requirements.

Pursuant to the Transaction Documents, the Company paid Sorbie a due diligence deposit of $20,000 and a corporate finance fee of $24,000, which was satisfied via the issuance of 611,111 Units of the Company, having the identical terms of the Units issued under the Offering.

Each Unit consisted of one (1) common share of the Company (each a “Common Share”), and each Common Share comprising part of a Unit being a “Unit Share”) and one (1) share purchase warrant (each whole share purchase warrant, a “Unit Warrant”), with each Unit Warrant entitling the holder to purchase one additional Common Share (a “Unit Warrant Share”) at a price of $0.12 per Unit Warrant Share, for a period of thirty-six months from the date of issue (the “Expiry Date”).

Darcy Christian, President of Ashley, commented: “We are very excited to secure the capital from an institutional investor and the funds will accelerate Howie ground exploration program that is currently underway. The junior exploration market is currently experiencing headwinds in securing capital, but we managed to secure a long-term partner who sees value in our management team and our exploration program.”

The Company relied on the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions for the Offering, and the Unit Shares, Unit Warrants and Unit Warrant Shares are not be subject to restrictions on resale. An offering document dated September 13, 2023 relating to the Offering is available under the Company’s profile at www.sedar.com and at www.ashleygold.com. Prospective investors should read this offering document before making an investment decision.

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 has acquired 100 per cent of the Tabor Lake lease subject to a 1.5-per-cent royalty, 100 per cent of the Santa Maria project subject to a 1.75-per-cent royalty, 100-per-cent interest in the Howie Lake project subject to a 0.5-per-cent royalty and 100-per-cent interest in the Alto-Gardnar project subject to a 0.5-per-cent royalty.

The responsibility of this release lies with Mr. Darcy Christian, President, (587) 777-9072/dchristian@ashleygoldcorp.com and who may be contacted for further information.

www.ashleygold.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.

Cautionary Statement Regarding Forward Looking Statements

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

News Releases, Tabor-Sakoose

13 September 2023Office Admin

Ashley Announces Drilling is Underway on the Tabor Property

Highlights

Currently drilling 1^st hole located on South Pad
Testing 838 g/t Au* historically reported intercept
518 Drilling has 2 shifts drilling 24 hours a day

Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to announce the commencement of drilling on the Tabor Lake Property. As of this morning, the first hole located on the south pad is drilled to a depth of 110m. This test will look to confirm historic drilling reports stating the existence of another mineralized vein below the historical workings that was reported at 838 g/t over 1m*. 518 Drilling has two shifts drilling 24 hours a day and are making excellent meterage per shift.

Darcy Christian, President of Ashley, commented, “We are very excited to get the drill turning at Tabor. George and I were on site last week in preparations and are very happy with the progress that has been made to date.”

Figure 1. Lining up the drill for the first hole on the South pad.

Tabor Drill Program

Drilling will be completed in multiple holes near the Tabor historical workings. The objective of this program is to confirm the mineralization reported by historical operators in the 1930’s to 50’s. Additionally, the new information from core will be used to better understand structure of the system to direct follow up drilling and exploration plans.

Figure 2. Conceptual Cross Section Showing Targets for Upcoming Drill Program (Looking West)

Pad Locations and Targets

Pad locations were chosen to optimize time drilling and to test the known mineralization at multiple levels above, between, and below the historical workings.

North Pad East

North Pad 1 is located to the east of the shaft and will be used to test the mineralization and structure between the 125ft and 250ft shaft levels. A hole will be extended to the northeast to confirm an interpreted north-south fault that is thought to offset the Quartz Feldspar Porphyry (QFP). Structural measurements will be taken to understand mineralization and any offset of mineralized veining.

North Pad West

North Pad 2 is located west of the shaft and will be used to test the shallow potential above the 125ft level. Historically, a surface bulk sample of 77 tons was obtained yielding an average of 17 g/t Au*. No drilling has occurred in this shallow section to date, so it will be an important data point for understanding the mineralization near surface.

South Pad 1

South Pad 1 is located southwest of the shaft and will be used to test mineralization and structure below the 250ft level. #8 DDH drilled in 1958 intersected additional parallel gold bearing veins with excellent historical assays of 838 g/t Au over 1m and 60 g/t Au over 1m. It is our intent to confirm these parallel veins from the South Pad.

The acquisition of modern drill data will provide the following:

Historic drilling is from the 50’s to 80’s and most data including core is missing; historical assays are non-compliant to modern NI-43-101 standards
Testing extent of ‘known’ mineralization both in the veins as well as adjacent “Wall Rock”
Core measurements necessary for an in-depth structural understanding
Mineralogical analysis to determine paragenesis of veining, mineralization, and structural movements
Data will be used to refine geological and structural model and plan upcoming exploration programs

*Please note that assay values denoted with an “*” within this release are from previous operators, considered to be “historical” in nature and therefore are non-compliant with respect to NI 43-101 standards, and have not been independently verified by Ashley Gold. The values have been extracted from publicly available government resources including Assessment Reports and MinFile inventory details and it is unknown what type of quality-control programs were performed at the time.

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 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 northwestern Ontario within the Eagle-Wabigoon-Manitou Lakes Greenstone Belts.

The responsibility of this release lies with Mr. Darcy Christian, President and CEO • +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”.

News Releases

13 September 2023Office Admin

ASHLEY ANNOUNCES $300,000 PRIVATE PLACEMENT WITH INSTITUTIONAL INVESTOR

Calgary, Alberta – September 13, 2023 – Ashley Gold Corp. (the “Company“) (CSE: ASHL), is pleased to announce it has executed a term sheet in connection with a $300,000.00 (CAD) private placement with an institutional investor from the UK. The private placement shall consist of 4,166,667 units of the Company (the “Units“) at a price of $0.0720 per Unit, for aggregate gross proceeds of $300,000 (the “Offering“). The Units will be issued under the terms of an escrow agreement to be entered into with a third-party escrow agent. The Company will receive $25,000 per month from the closing date of the Offering over the next 12 months. Final details of the Offering structure and details of the institutional investor will be included in a closing news release.

The investor will receive a corporate finance fee of $24,000 upon closing the Offering, payable in cash or Units at the election of the investor. Upon execution of the term sheet, the Company has also paid the investor $20,000, which is refundable, less the investors legal fees, when the Offering closes.

Each Unit will consist of one (1) common share of the Company (each a “Common Share“, and each Common Share comprising part of a Unit being a “Unit Share“) and one (1) share purchase warrant (each whole share purchase warrant, a “Unit Warrant“), with each Unit Warrant entitling the holder to purchase one additional Common Share (a “Unit Warrant Share“) at a price of $0.12 per Unit Warrant Share, for a period of thirty six months from the date of issue (the “Expiry Date“).

Darcy Christian, President of Ashley, commented: “We are very excited to secure the capital from an institutional investor and the funds will accelerate our exploration of our Howie asset. The junior exploration market is currently experiencing headwinds in securing capital, but we managed to secure a long-term partner who sees value in our Properties.”

The Company intends to rely on the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions for the Offering, and the Unit Shares, Unit Warrants and Unit Warrant Shares will not be subject to restrictions on resale. There will be an offering document related to the Offering that will be available under the Company’s profile at www.sedar.com and at www.ashleygold.com. Prospective investors should read this offering document before making an investment decision.

The net proceeds of the Offering will be used for the Howie ground exploration program and general working capital purposes.
The Offering is expected to close on or before September 29, 2023.

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 has acquired 100 per cent of the Tabor Lake lease subject to a 1.5-per-cent royalty, 100 per cent of the Santa Maria project subject to a 1.75-per-cent royalty, 100-per-cent interest in the Howie Lake project subject to a 0.5-per-cent royalty and 100-per-cent interest in the Alto-Gardnar project subject to a 0.5-per-cent royalty.

The responsibility of this release lies with Mr. Darcy Christian, President, (587) 777-9072, dchristian@ashleygoldcorp.com and who 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.

Cautionary Statement Regarding Forward Looking Statements

Howie, News Releases

7 September 2023Office Admin

Surface Exploration Commences at Tabor and Howie

Highlights

Tabor pad locations surveyed and drill crew on standby in preparation for imminent drill program
Testing 838 g/t Au* historically reported intercept
Howie Property rock and channel sampling commences

Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is updating shareholders on the fall drill program on Tabor and exploration program on Howie. A slight travel delay has the program slated to start this weekend. Pads are in place and the drill crew is on standby. Sampling crew is onsite at Howie for grab and channel samples across multiple mineralized occurrences.

Darcy Christian, President of Ashley, commented, “We are looking forward to getting the Tabor drill program fired up. George and I travelled to the drill pad locations to confirm rig access and survey elevations and azimuths. Everything is good to go for later this week”.

Figure 1. Darcy Christian Standing on South Pad Location

Tabor Drill Program

Figure 2. Conceptual Cross Section Showing Targets for Upcoming Drill Program (Looking West)

Pad Locations and Targets

Pad locations were chosen to optimize time drilling and to test the known mineralization at multiple levels above, between, and below the historical workings.

North Pad East

North Pad West

South Pad 1

The acquisition of modern drill data will provide the following:

Historic drilling is from the 50’s to 80’s and most data including core is missing; historical assays are non-compliant to modern NI-43-101 standards
Testing extent of ‘known’ mineralization both in the veins as well as adjacent “Wall Rock”
Core measurements necessary for an in-depth structural understanding
Mineralogical analysis to determine paragenesis of veining, mineralization, and structural movements
Data will be used to refine geological and structural model and plan upcoming exploration programs

The Howie Property

The upcoming surface program will include channel sampling some of the known mineralized zones where historical data is missing and to prospect over areas of elevated gold soil anomalies across the large property. The results of this program will help determine future geophysical and exploration programs up to and including drilling. An overview of the Howie property follows.

The Howie Property is located adjacent to Dynasty Gold’s Thundercloud property and about 3km from their Pelham Deposit. Dynasty is currently drilling with results anticipated shortly. Gold emplacement on both properties is thought to be related to the Thundercloud porphyry which is located between the Pelham deposit and the known mineralization on the Howie Property. Figure 1 shows a composite of soil grids (triangles) obtained by previous operators with anomalies above 5 ppb Au highlighted on the map. Anomalous readings outside of the known mineralization are seen across the property with a linear north-south trend south of the Figure 3 Inset that coincides with a series of shears mapped by Esso in the late 1980’s. Additional anomalous zones are seen in the northeast of the Howie property as well as proximally to the Thundercloud property on the western boundary. Focused exploration on these ‘Greenfield’ targets will commence in September with prospecting and sampling.

Figure 3. Howie Project Magnetics with Historical Gold Assays

Known Mineralization (Inset)

Figure 4. Figure 3 Inset of Mineralized Zones and Highlights

The Howie Property has several known historical mineralized zones sampled at surface and, in some cases, drilled. Generally, the mineralization is structurally controlled within or adjacent to shear zones. Thundercloud-type porphyry intrusive dykes have been identified at surface and in drill holes.

Esso performed two drilling campaigns in 1986 and 1987 before they exited the mineral exploration space and focussed on oil and gas production. Year-round access is excellent with a main forest service road running through many of the mineralized zones. Figure 2 shows the location of the known mineralized zones.

Main Katisha

Zone traced for 100m
Mineralization ranges from 1.2 g/t Au to 30 g/t Au
Poorly understood at depth with an historical drill intercept of 4.28 g/t over 2.8m*

South Katisha

Wide zone of pervasively carbonatized, and silicified metagabbro
35 g/t Au over 5m*

Howie Zone

100m southeast of South Katisha. Similar orientation and alteration/mineralization suggests extension of South Katisha Zone
Thundercloud Porphyry dyke within the zone
Grab samples assayed up to 5 g/t Au

Zig Zag Zone

5-20m sheared meta-gabbro
Historical drill intercept of 1.24 g/t Au over 0.9m*

Fiji Zone

Gold bearing zone traceable for over 300m
Chip Sample ran 5 g/t Au over 5m
Historical drill intercept of 4.28 g/t Au over 3.1m*

Twilight Zone

Triangular 15m by 25m zone that has been mechanically stripped showing intense alteration with carbonatization and silicification
Most sampling including all channel samples were not submitted by Esso, however more recent samples show up to 6 g/t Au

Howie Lake Carbonate Zone

>200m in length with an alteration zone up to 20m in width
Little information available, however visible gold was documented in one hole intersecting the zone

Kawie Brecciated Zone

Heterolithic Breccia up to100m in width
2022 sampling revealed grades of up to 1.5 g/t Au

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.

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

Videos

6 September 2023Office Admin

Exclusive Interview with Ashley Gold CEO Darcy Christian | Gold Exploration and Market Insights

Howie, News Releases

28 August 2023Office Admin

Ashley Gold Provides Exploration Update on Howie Project

Highlights

2023 Mapping and sampling program to commence week of September 4^th
Focus on known mineralized zones as well as soil anomalies
Results will be used to define winter exploration program

Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to update shareholders on the mineralized gold potential of the Howie Property and plans to advance the property in the coming weeks.

Darcy Christian, President of Ashley, commented, “The Howie Project shows much potential with several mineralized zones already identified from previous exploration. We are looking to get our feet on the ground next week to confirm and expand the potential of Howie.”

This program will include channel sampling some of the known mineralized zones where historical data is missing and to prospect over areas of elevated gold soil anomalies across the large property. The results of this program will help determine future geophysical and exploration programs up to and including drilling. An overview of the Howie property follows.

Figure 1. Howie Location and Historical Exploration

The Howie Property

The Howie Property is located adjacent to Dynasty Gold’s Thundercloud property and about 3km from their Pelham Deposit. Dynasty is currently drilling with results anticipated shortly. Gold emplacement on both properties is thought to be related to the Thundercloud porphyry which is located between the Pelham deposit and the known mineralization on the Howie Property. Figure 1 shows a composite of soil grids (triangles) obtained by previous operators with anomalies above 5 ppb highlighted on the map. Anomalous readings outside of the known mineralization is seen across the property with a linear north-south trend south of the Inset that coincides with a series of shears mapped by Esso in the late 1980’s. Additional anomalous zones are seen in the northeast of the Howie property as well as proximally to the Thundercloud property on the western boundary. Focused exploration on these ‘Greenfield’ targets will commence in September with prospecting and sampling.

Figure 2. Inset of Mineralized Zones

Known Mineralization (Inset)

The Howie Property has several known historical mineralized zones sampled at surface and, in some cases, drilled. Generally, the mineralization is structurally controlled within or adjacent to shear zones. Thundercloud type porphyry intrusive dykes have been identified at surface and in drill holes.

Main Katisha

Zone traced for 100m
Mineralization ranges from 1.2 g/t Au to 30 g/t Au
Poorly understood at depth with an historical drill intercept of 4.28 g/t over 2.8m*

South Katisha

Wide zone of pervasively carbonatized, and silicified metagabbro
35 g/t Au over 5m*

Howie Zone

100m southeast of South Katisha. Similar orientation and alteration/mineralization suggests extension of South Katisha Zone
Thundercloud Porphyry dyke within the zone
Grab samples assayed up to 5 g/t Au

Zig Zag Zone

5-20m sheared meta-gabbro
Historical drill intercept of 1.24 g/t Au over 0.9m*

Fiji Zone

Gold bearing zone traceable for over 300m
Chip Sample ran 5 g/t Au over 5m
Historical drill intercept of 4.28 g/t Au over 3.1m*

Twilight Zone

Triangular 15m by 25m zone that has been mechanically stripped showing intense alteration with carbonatization and silicification
Most sampling including all channel samples were not submitted by Esso, however more recent samples show up to 6 g/t Au

Howie Lake Carbonate Zone

>200m in length with an alteration zone up to 20m in width
Little information available, however visible gold was documented in one hole intersecting the zone

Kawie Brecciated Zone

Heterolithic Breccia up to100m in width
2022 sampling revealed grades of up to 1.5 g/t Au

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.

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

Videos

18 August 2023Office Admin

Ashley Gold – Howie Lake Prospect Showing Excellent Potential for Discovery

Videos

18 August 2023Office Admin

Ashley Gold Corp – Drilling Tabor Lake

News Releases, Tabor-Sakoose

14 August 2023Office Admin

Ashley Gold Announces Permit and Commencement of Maiden Drill Program

Highlights

Permit granted for up to 1,000m and up to eight holes
Access and pad construction crew mobilized
Program to test multiple historical intercepted veins including 838 g/t Au over 1m described in 1959 drill program

Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to inform its shareholders that the Tabor Lake drilling permit has been obtained and construction crews are on the ground preparing access, pads, and fluid containment for the drilling permit. Drilling is expected to commence within 3 weeks and management will be heading to site early September for ground exploration.

Darcy Christian, President of Ashley, commented, “We are very excited for getting on the ground in preparation of our maiden drill program. I hope that everyone’s patience pays off and we achieve the drilling results that all are hoping for”.

Figure 1. Map and 3D visualization of 2023 drill program looking north.

Pad Locations and Targets

Pad locations were chosen to optimize time drilling and to test the known mineralization at multiple levels above, between, and below the historical workings.

North Pad 1

North Pad 1 is located to the east of the shaft and will be used to test the mineralization and structure between the 125ft and 250ft shaft levels. In addition, one hole will be extended to the northeast to confirm an interpreted north-south fault that is thought to offset the Quartz Feldspar Porphyry (QFP). Structural measurements will be taken to understand mineralization and any offsets of veins.

North Pad 2

North Pad 2 is located west of the shaft and will be used to test the shallow potential above the 125ft level. Historically, a surface bulk sample of 77 tons was obtained yielding an average of 17g/t Au*. No drilling has occurred in this shallow section to date so it will be an important data point for understanding the mineralization near surface.

South Pad 1

South Pad 1 is located southwest of the shaft and will be used to test mineralization and structure below the 250ft level. #8 DDH drilled in 1958 intersected additional parallel gold bearing veins with excellent historical assays of 838g/t Au over 1m and 60g/t Au over 1m. It is our intent to confirm these parallel veins from the South Pad.

The acquisition of modern drill data will provide the following:

Historic drilling is from the 50’s to 80’s and most data including core is missing; historical assays are non-compliant to modern NI-43-101 standards
Testing extent of ‘known’ mineralization both in the veins as well as “Wall Rock”
Core measurements necessary for an in-depth structural understanding
Mineralogical analysis to determine paragenesis of veining, mineralization, and structural movements
Data will be used to refine geological and structural model and plan upcoming exploration programs

*Please note that all assay values contained within this release are from previous operators, considered to be “historical” in nature and therefore are non-compliant with respect to NI 43-101 standards, and have not been independently verified by Ashley Gold. The values have been extracted from publicly available government resources including Assessment Reports and MinFile inventory details and it is unknown what type of quality-control programs were performed at the time.

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

Figure 2. Schematic location of 2023 drill program looking west.

ABOUT ASHLEY GOLD CORP.

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

News Releases, Tabor-Sakoose

26 July 2023Office Admin

Tabor Lake Magnetic Inversion Highlights Deep Potential Geophysics Aids Drill Targeting Leading Up to Maiden Drill Program

Highlights

Magnetic inversion shows a magnetic low anomaly agreeing with porphyry intrusion interpretation
The magnetic anomaly extends at least 100m below deepest historic drilling and shows potential to be open significantly along dip
Validates need for confirmation drilling followed by down-dip targeting
Additional magnetic lows exist across Tabor Property related to known porphyry outcrops

Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) has completed unconstrained inversion modelling of the recently acquired drone magnetics. The purpose of the inversion was to provide indication of structure at depth to guide the 2023 drill program. A magnetic low has been imaged correlating to the Quartz Feldspar Porphyry (QFP) associated with the Tabor Lake mineralization.

Figure 1. Map showing negative magnetic inversion anomaly highlighted in pink*.

Darcy Christian, President of Ashley, commented, “The result of the inversion is adding confidence to our interpretation of the Tabor Lake deposit at depth. We are excited to see that the low magnetic anomaly is correlating well to surface and historical drilling intersections and this anomaly extends significantly deeper than historical drilling highlighting the potential to intersect additional mineralization at depth”.

Interpretation of Inversion

The Quartz Feldspar Porphyry (QFP) is interpreted to have a negative magnetic susceptibility, which correlates with veins hosting gold mineralization at Tabor Lake. The higher magnetic susceptibility is related to the mafic rocks which have increased iron content. Diamagnetic minerals such as quartz and gold tend to have slightly negative magnetic susceptibilities. Figure 1 shows a birds-eye view of the negative magnetic anomaly highlighted in a pink dashed line. The deepest part of the magnetic anomaly is open to the bottom of the inversion model (~1,000m). An additional negative magnetic anomaly is seen to the northwest which will be evaluated at surface for potential outcrop. Several other similar anomalies exist across the Tabor Lake project to be evaluated this fall.

Figure 2 shows the same negative magnetic anomaly in cut out 3D view looking north-west. The anomaly is approximately 200m by 150m and on the eastern side greater than 250m depth. Depth increases to the southwest where it is open to the base of the model at ~1,000m. From historical intercepts of the mineralized veins in drilling and in the shaft, this coincides with the down dip direction of both the veins and the QFP. The deepest historical drill test is ~150m giving a range of 100m in the east to several hundred metres in the west of untested negative susceptibility anomaly.

Figure 2. 3D section looking northwest. Tabor negative magnetic anomaly highlighted in pink*.

Figure 2 also shows the approximate location of the 77-ton bulk sample which averaged 17g/t Au. A 1.75-ton bulk sample was also pulled from the 125ft drift running 42g/t Au. The 250ft level ran up to 166g/t Au. These three measurements are thought to be from the same vein. Drilling intersected another vein below this that ran 838g/t Au over 1m in # 8 DDH which will be part of the focus of the upcoming drill program.

Please note that all assay values contained within this release are from previous operators, considered to be “historical” in nature and therefore are non-compliant with respect to NI 43-101 standards, and have not been independently verified by Ashley Gold. The values have been extracted from publicly available government resources including Assessment Reports and MinFile inventory details and it is unknown what type of quality-control programs were performed at the time.

*This is an unconstrained inversion meaning it is not correlated to susceptibility measurements from core and outcrops. One of the tasks associated with the upcoming drill program will be to directly measure magnetic susceptibility of core to better constrain future iterations of the inversion model.

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.

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

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