News Releases, Tabor-Sakoose
Tyler Muir

Ashley Gold samples up to 5.8 g/t Au at new Tabor-Sakoose Claims and announces Financing

Ashley Gold samples up to 5.8 g/t Au at new Tabor-Sakoose Claims and announces Financing

CALGARY, ALBERTA – October 23, 2024 – Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) announces assay results for the additional Tabor-Sakoose claims acquired June 19, 2024.  New assays confirm historical indications of gold mineralization with elevated gold in all three samples up to 5.8g/t Au.  Three historical channel cuts were resampled including a 1m sample over a quartz vein and two 1.5m shoulder samples in the wall rock either side of the vein. These claims have never been drilled.

 

Highlights

  • Historical sampling grading 5.8g/t Au over a 1m chip sample 

  • Wall-rock is bleached and silicified with the presence of gold  

  • On trend with Tabor deposit with 2023 drill program hitting 5g/t Au over 8m including 41 g/t over 1m 

  

Figure 1. Location of New Sakoose Option Claims

Darcy Christian, CEO of Ashley comments “We are happy to see that gold mineralization over the new claims is not just limited to the high-grade veins.  Alteration and mineralization within the wall-rock shows that this under explored area has the potential to provide gold grades and widths needed for economic deposits. This sample is located almost 2km from our 2023 drill program and adds additional indications for a sizeable strike-length to the Tabor system.”

 

Claim History and Sampling

The additional claims are located just east of the Tabor Lease and contain the Star Apple occurrence sampled in 1980 by Sulpetro Metals.  It is described in historical reports as a quartz vein in a quartz feldspar porphyry (QFP) and a single sample was taken as chips across 25cm.  The historic sample graded 33 g/t Au* and 8.7 g/t Ag* (1.18 oz/t Au* and 0.31 oz/t Ag*).

Three samples were taken across the mineralized zone at Star Apple earlier this summer.  The central sample was taken across the 1m vein (#340249) utilizing a historical channel likely from Sulpetro.  Either side of the vein sample 1.5m (#340248 and #340250) wall rock samples were taken using the same methodology for a total of 4m. The wall rock is defined as a light-green quartz QFP with disseminated pyrite identical to the Tabor mine mineralization over 2km away.  Table 1 outlines the results.

 

Sample #

Au g/t

Sample Width (m)

Description

340248

0.10

1.5

Quartz stringer and light green QFP

340249

5.89

1.0

Quartz Vein

340250

0.49

1.5

Light green QFP with pyrite

Table 1. Assay Results

Assays were performed by Activation Laboratories in Dryden, Ontario using their Fire Assay methodology FA-GRA.

 

Sample Location Star Apple Occurrence
Figure 2. Sample Location Star Apple Occurrence

Financing Terms and Use of Proceeds

The Company announces a non-brokered private placement financing (the “Offering”) for aggregate proceeds of up to $300,000 (CDN) to advance exploration on Ashley’s Ontario gold properties.  

The Offering includes a flow-through component (the “Flow-Through Component”) and a non-flow through component (“Non-Flow Through Component”). The Offering consists of a combination of flow-through units (the “Flow-Through Units”) and non-flow through units (the “Non-Flow Through Units”), at a price of $0.05 per Flow-Through Unit and $0.04 per Non-Flow Through Unit, for gross proceeds of up to $300,000. Each Flow-Through Unit is comprised of one flow-through common share and one-half of one non-flow through share purchase warrant. Each full warrant is exercisable for one non-flow through common share, at an exercise price of $0.075 for a term of 24 months after the closing (“Closing Date”). The Non-Flow Through Unit is comprised one common share and one warrant, with each warrant exercisable for one common share at an exercise price of $0.075 for a term of 24 months after the Closing Date. Management of the Company reserves the right to amend the final allocation of the Flow-Through Component and the Non-Flow Through Component under the Offering. The Company may close in one or more tranches.

In connection with the issue and sale of the Flow-Through Units and Non-Flow Through Units under the Offering, the Company may pay finder fees and finder warrants to eligible finders at the discretion of the board of directors.

The gross proceeds from the sale of the Flow-Through Shares will be used to incur eligible Canadian Exploration Expenses (“CEE”) for the Company’s Howie and Burnthut Projects.  More details will be released shortly regarding the planned program. The Company will renounce CEE effective on or before December 31, 2024. The proceeds raised from the Non-Flow Through Units will also be used for exploration work and for general working capital purposes.

The Existing Shareholder Exemption and Investment Dealer Exemption

The Offering will be made available to existing shareholders of the Company who, as of the close of business on October 23, 2024, held common shares of the Company (and who continue to hold such common shares as of the closing date), pursuant to the prospectus exemption set out in B.C. Instrument 45-534 — Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders and in similar instruments in other jurisdictions in Canada. The existing shareholder exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the existing shareholder exemption exceeding the maximum amount of the financing, the Company intends to adjust the subscriptions received on a pro rata basis.

The Company has also made the Offering available to certain subscribers pursuant to B.C. Instrument 45-536 – Exemption Form Prospectus Requirement for Certain Distributions Through an Investment Dealer. In accordance with the requirements of the investment dealer exemption, the Company confirms that there is no material fact or material change about the Company that has not been generally disclosed.

The Offering is subject to all necessary regulatory approvals including acceptance from the Canadian Securities Exchange. All securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.    

Qualified Person

The technical and scientific information in this news release has been reviewed and approved by Darcy Christian, P.Geo., President of Ashley, who is a Qualified Person as defined by NI 43-101.

Samples in this news release denoted with an Asterix (*) are historical in nature and are not 43-101 compliant.

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% 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, 100% interest in the Alto-Gardnar Project subject to a 0.5% royalty, 100% interest in the Burnthut Property subject to a 1.5% NSR, and an option to earn 100% of the Sakoose claims subject to a 1.5% NSR.


Ashley Gold Corp. is an early-stage natural resource company engaged primarily in the acquisition, exploration, and development of mineral projects. The Corporation’s objective is to conduct efficient and economical exploration on its growing portfolio of high-quality gold projects.

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”.

Burnthut, News Releases
Tyler Muir

Ashley Gold Signs LOI on Burnthut Discovery and Closes First Tranche of Financing

Ashley Gold Signs LOI on Burnthut Discovery and Closes First Tranche of Financing

Highlights

 

  • Burnthut Property on trend with Treasury Metals resource
  • 2023 Summer Campaign discovered Oro Grande Zone with assays up to 59.5 g/t Au
  • Completed first tranche of Private Placement – Drill permitting commenced

 

Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to announce entering into a Letter of Intent to purchase 100% of the Burnthut Property.  The Burnthut property is located southwest of Sioux Lookout, Ontario on the Treasury Metals Goliath-Goldlund trend.

 

Darcy Christian, President of Ashley, commented, “This is a fantastic project to add to our portfolio. Work completed in 2023 shows kilometer scale strike length potential with width.  Within this same deformation zone Treasury Metals boasts over 2 million ounces of goldPrevious drilling on and adjacent the property has shown near surface 30m intercepts of gold mineralization.  All of this and a 100% ownership make for a compelling project that we are excited to explore”.

Figure 1 – Location of Burnthut Property

Burnthut Property

The Burnthut Gold property consists of 63 unpatented mining cells and is contiguous to Treasury Metals to the southwest.  The property covers approximately 8km of favourable geology in the central volcanic belt and along strike of the Goldlund and Miller gold deposits.  Past drilling has outlined 3 separate gold zones.  A 500m wide, mineralized deformation corridor hosting numerous zones of gold mineralization is in close contact with the Ruby Island fault.  The Ruby Island fault marks the boundary between mafic volcanics of the central volcanic belt to the North, with sedimentary rocks of the Minnitaki group to the south.  A structural offset along the Ruby Island fault and the convergence of a northeast fault may have produced significant dilation zones.

A 48ft shaft was sunk on the property in the late 1800’s. The most recent drilling program on the property was conducted in the early 1960’s and was focussed near the Shaft. Sampling of core was intermittent; however, it is stated that a “few 100ft intervals were encountered between 0.01 and 0.07 oz/t Au*”. To the immediate west of the Burnthut on former Barrick Gold properties drilling intercepted 31.83m at 2.06 g/t Au*.

2023 Sampling

In 2023, the Oro Grande Zone was discovered on the mainland which included 3 parallel veins up to 1.5m each in width.  16 grab samples of the three stacked veins averaged over 15g/t Au with the highest grading 59.5 g/t Au. The strike of the Oro Grande zone corresponds with Zone 2 on Burnthut Island and is traced for 75m on the mainland before trending under cover. This mineralized zone coincides with a VLF anomaly that extends 700m to the west of the Oro Grande zone.

Figure 2. Historical Results * and 2023 Oro Grande results on the Burnthut Property

Terms of the Burnthut Acquisition to earn 100%

  • $10,000 cash payment over four months and 600,000 shares on execution of Agreement
  • 1.5% Net Smelter Royalty (NSR) with option to purchase 0.5% back at $600,000 reducing NSR to 1%

*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.

Closing of First Tranche of Private Placement

Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) announces that it has closed a first tranche of its previously announced $300,000 non-brokered private placement of units for gross proceeds of CDN$77,751 (the “Offering”). The Offering consisted of the issuance of an aggregate of 1,036,680 flow-through units (the “Flow-Through Units”). The Flow-Through Units were priced at $0.075 and were comprised of one common share (“Flow-Through Share”) and one common share purchase warrant (“Warrant”). Each full Warrant is exercisable into common shares at a price of CDN$0.10 for a period of 24 months from the closing of the Offering, subject to accelerated expiry provisions described in the notes below.

In connection with the Offering, the Company paid aggregate cash commissions to arm’s length finders who assisted with the Offering of approximately $7,475 and issued 99,668 finder warrants (“Finder Warrants”). Each Finder Warrant is exercisable at a price of $0.075 per common share for a period of 24 months from the closing of the Offering. All securities issued under the Offering are subject to a statutory four month hold period.

The Company currently has 30,497,748 common shares outstanding.

USE OF PROCEEDS

The gross proceeds from the sale of the Flow-Through Shares will be used to incur eligible Canadian Exploration Expenses (“CEE”) for the Company’s February drill program to test the downdip potential of the Sakoose Mine and an IP geophysical survey over Howie to help with potential drilling next summer.  More details will be released shortly regarding the planned program. The Company will renounce CEE effective on or before December 31, 2023.

NOTES ON THE OFFERING

If, on any 10 consecutive trading days occurring after four months and one day has elapsed following the Closing Date of the Offering, the closing sales price of the common shares (or the closing bid, if no sales were reported on a trading day) as quoted on the Canadian Securities Exchange is greater than CDN$0.15 per common share, the Company may provide notice in writing to the holders of the warrants by issuance of a press release that the expiry date of the warrants will be accelerated to the 30th day after the date on which the Company issues such press release.

The Offering is subject to all necessary regulatory approvals including acceptance from the Canadian Securities Exchange.

All securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

The Existing Shareholder Exemption and Investment Dealer Exemption

The Offering was also made available to existing shareholders of the Company who, as of the close of business on November 20, 2023, held common shares of the Company (and who continue to hold such common shares as of the closing date), pursuant to the prospectus exemption set out in B.C. Instrument 45-534 — Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders and in similar instruments in other jurisdictions in Canada. The existing shareholder exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the existing shareholder exemption exceeding the maximum amount of the financing, the Company intends to adjust the subscriptions received on a pro rata basis.

The Company has also made the Offering available to certain subscribers pursuant to B.C. Instrument 45-536 – Exemption Form Prospectus Requirement for Certain Distributions Through an Investment Dealer. In accordance with the requirements of the investment dealer exemption, the Company confirms that there is no material fact or material change about the Company that has not been generally disclosed.

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, 100% interest in the Alto-Gardnar Project subject to a 0.5% royalty, 100% interest in the Burnthut Property subject to a 1.5% NSR, and an option to earn 100% of the Sakoose claims subject to a 1.5% NSR.

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, Tabor-Sakoose
ashley gold ore icon
Tyler Muir

Ashley Gold Completes Tabor Lake Lease Transfer

Ashley Gold Completes Tabor Lake Lease Transfer

Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to announce that the Tabor Lake Lease transfer has been completed by the Province of Ontario into the name of Ashley Gold Corp.  This is related to the purchase agreement signed in October 2022.  Under the terms of the agreement Ashley owns 100% of the Mineral Lease subject to a 1.50% NSR with option to purchase 0.75% for $750,000 CAD.  Consideration for the transaction is 330,000 common shares. 

Ashley currently has a private placement open to fund its first drill program this summer on the Tabor Lease.

Tabor Lake Drill Program Targets (subject to permitting consultations)

  • Above the 125ft level to test main mineralized zone and previously identified “greenstone” facies;
  • Between the 125ft and 250ft historic shaft levels to test main mineralized zone and potential of high-grade intersection in the shaft; and
  • Below the 250ft level to test deeper mineralization intersected by historical DDH-8
  • Potential step-out targets to be confirmed with upcoming inversion of drone magnetics

The acquisition of modern 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 from a NI-43-101
  • Testing extent of ‘known’ mineralization both in the veins as well as “Wall Rock”
  • Core measurements are needed for structural understanding
  • Mineralogical analysis to determine timing of mineralization with comparison to structural timing
  • Data will be used to refine geological and structural model and plan upcoming exploration programs

Figure 1.  Conceptual Diagram of Drill Targets 2023 Drill Program (Red Dashed).

Figure 2.  Proposed Drill Locations 2023 Program (Red Dashed).

Clarification on Listed Issuer Financing 

Further to the company’s news release dated May 10, 2023, investors are reminded that there is an offering document related to the offering that can be accessed under the issuer’s profile at www.sedar.com and at www.ashleygoldcorp.com and can be downloaded HERE.  Prospective investors should read the offering document before making an investment decision.

    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”.

    Figure 1.  Conceptual Diagram of Drill Targets 2023 Drill Program (Red Dashed).

    Figure 2.  Proposed Drill Locations 2023 Program (Red Dashed).

      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”.

        Tabor Lake Drill Program Targets (subject to permitting consultations)

        • Above the 125ft level to test main mineralized zone and previously identified “greenstone” facies;
        • Between the 125ft and 250ft historic shaft levels to test main mineralized zone and potential of high-grade intersection in the shaft; and
        • Below the 250ft level to test deeper mineralization intersected by historical DDH-8
        • Potential step-out targets to be confirmed with upcoming inversion of drone magnetics


        The acquisition of modern 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 from a NI-43-101
        • Testing extent of ‘known’ mineralization both in the veins as well as “Wall Rock”
        • Core measurements are needed for structural understanding
        • Mineralogical analysis to determine timing of mineralization with comparison to structural timing
        • Data will be used to refine geological and structural model and plan upcoming exploration programs

         

        Figure 1.  Conceptual Diagram of Drill Targets 2023 Drill Program (Red Dashed).

        Figure 2.  Proposed Drill Locations 2023 Program (Red Dashed).

        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”.

        Ashley Gold Announces Non-Brokered Private Placement

          Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”)  is pleased to announce that, subject to approval of the Canadian Stock Exchange (the “Exchange”), it intends to complete a non‑brokered private placement (the “Private Placement”) of up to 7,142,857 units (the “Units”) at a price of $0.07 per Unit, for gross proceeds of up to $500,000. 

          Each Unit will consist of one common share (a “Share”) of the Company and one common share purchase warrant exercisable at $0.12 per Share for a period of two (2) years from the closing date of the Private Placement. The purchase warrants will be subject to an acceleration expiry provision described below.

          If, on any 10 consecutive trading days following the closing date of the Offering, the closing sales price of the Shares (or the closing bid, if no sales were reported on a trading day) as quoted on the Canadian Securities Exchange (“Exchange”) is greater than CAD $0.18 per Common Share, the Company may provide notice in writing to the holders of the Warrants by issuance of a press release that the expiry date of the Warrants will be accelerated to the 30th day after the date on which the Company issues such press release.

          Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the securities will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”), as well as other available exemptions under NI 45-106. The securities to be issued pursuant to the Listed Issuer Financing Exemption will not be subject to a hold period pursuant to applicable Canadian securities laws, except for the Securities to be  issued to directors, officers, promoters, consultants, insiders and other persons whose shares will be subject to the hold period required by the Policies of the Exchange.  Securities to be issued pursuant to the other available exemptions are subject to a hold period.

          Finder’s fees may be payable in accordance with Exchange policies.  The Company anticipates using the proceeds from the Private Placement for exploration activities on the Company’s properties in Ontario and general working capital.

          Exploration activities will include drilling of the Tabor Lease as well as surface exploration of the Howie Lake Property.

          Tabor Lake Drill Program Targets (subject to permitting consultations)

          • Above the 125ft level to test main mineralized zone and previously identified “greenstone” facies;
          • Between the 125ft and 250ft historic shaft levels to test main mineralized zone and potential of high-grade intersection in the shaft; and
          • Below the 250ft level to test deeper mineralization intersected by historical DDH-8
          • Potential step-out targets to be confirmed with upcoming inversion of drone magnetics


          The acquisition of modern 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 from a NI-43-101
          • Testing extent of ‘known’ mineralization both in the veins as well as “Wall Rock”
          • Core measurements are needed for structural understanding
          • Mineralogical analysis to determine timing of mineralization with comparison to structural timing
          • Data will be used to refine geological and structural model and plan upcoming exploration programs

           

          Figure 1.  Conceptual Diagram of Drill Targets 2023 Drill Program (Red Dashed).

          Figure 2.  Proposed Drill Locations 2023 Program (Red Dashed).

          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, Tabor-Sakoose
          ashley gold ore icon
          Tyler Muir

          Magnetic Drone Survey Highlights Exploration Targets and Drill Program Update

          Magnetic Drone Survey Highlights Exploration Targets and Drill Program Update

          • High Resolution Magnetic Survey Completed showing multiple follow-up targets for spring exploration program
          • Proposed drill locations around the Tabor Mine are finalized and permitting is underway for maiden drill program
          • Currently tendering for drill contractors for upcoming drill program


          Ashley Gold Corp. (CSE: “ASHL”) (“Ashley”           or the “Company”) is pleased to announce initial results of the Tabor Lake high resolution magnetic survey. Data quality is good and outlines multiple magnetic responses that show similar character to the mineralized Tabor Lake anomaly.  Quartz Feldspar Porphyry outcrops mapped in the 1980’s correlate well to the first vertical derivative of the new magnetic survey.  In addition, several structural lineaments are interpreted across the area that correlate with known vein systems that have been historically assayed showing presence of gold mineralization.

          Figure 1.  First Vertical Derivative 2023 Magnetic Survey showing outcrop locations and interpreted lineaments.

          Update on Drilling Program

          Permitting for the Tabor Mine drill program is under way with drill date expected to be in June.  The intent of this program will be to confirm mineralization between the 125 and 250 foot levels of the historical underground workings.  In addition, sampling of the quartz feldspar porphyry “wall rock” outside of the vein system will be critical to understand bulk tonnage potential.  Previous resampling within the historical workings shows a non-compliant average grade of 0.59 g/t Au within samples described as “wall rock”.

          Darcy Christian, President commented “I am very excited to move our understanding of the Tabor Mine mineralization forward with our first drill program.  If the upcoming program confirms mineralization in the wall rock and historical vein grades of up to 838 g/t Au, it could be quite a compelling story for Ashley and the Tabor property”

          Application for drilling is underway and tendering for drilling contractors is commencing.  The Tabor Lake Mine is located on a Mineral Lease which should allow for a timely turn around of exploration permits.  Drilling is expected to commence in June subject to permitting and rig contract.

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

          Issue of Options

          The Company is also pleased to announce it has approved the grant of 350,000 incentive stock options to officers, directors, and consultants of the Company, at an exercise price of $0.12, and expire on April 19, 2028.

          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. 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”.

          Alto-Gardnar, News Releases, Tabor-Sakoose
          ashley gold ore icon
          Tyler Muir

          Ashley Gold Provides Update on Drone Survey and Drill Planning

          Ashley Gold Provides Update on Magnetic Drone Survey and Drill Planning

          • Acquisition Complete on Alto-Gardnar and Tabor Lake Magnetic Survey
          • Howie Lake acquisition to commence this week
          • Tabor Lake Data to be fast-tracked for mid-April and used to finalize spring drilling locations

           

          Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) has completed the acquisition of the Tabor Lake and Alto-Gardnar Drone Magnetic Surveys and will begin the Howie Lake acquisition this week.  Data for Tabor Lake is being fast-tracked by Pioneer Exploration Consultants and is expected to be finalized by Mid-April.  This data coupled with digitized historical data will be used to finalize drill locations for the maiden spring drill program.

           

          “The high-resolution magnetic data will be used to finalize our subsurface interpretation for the maiden program around the Tabor shaft” said Darcy Christian, Ashley’s CEO. “We have a good understanding of the area however the magnetic survey will help put the pieces together to ensure our best chance of success at the bit.”

          Figure 1: Camp 33 Road into the Tabor Property

          Figure 2: Drone Taking Flight

          Access to the Properties

          Alto-Gardnar was accessed by the existing MacFie Rd. by snowmobile which will need minor clean-up for larger equipment.  Access to the Tabor Lake area was achieved via the Sandy Point Rd. network which was maintained up to the north-eastern boundary where current forestry activity exists. Within the Tabor Lease, the existing Camp 33 Rd. was used to access the lake which will be cleaned up prior to drilling.  Access to Howie Lake is excellent on the maintained Snake Bay Rd. which runs through the property on its way to Dynasty Gold’s Thundercloud Property.

          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. Darcy Christian, CEO and President • +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, Tabor-Sakoose
          ashley gold ore icon
          Tyler Muir

          Ashley Gold Begins Acquisition of Dryden Area Drone Magnetic Surveys

          Ashley Gold Begins Acquisition of Dryden Area Drone Magnetic Surveys

          Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is currently acquiring a high-resolution drone magnetic survey over the Tabor Lake Project.  This survey will provide the detailed resolution needed for finalizing drill targets and orientations for the upcoming drill program. Following the acquisition of the Tabor/Santa Maria data, Pioneer Exploration will move on to acquire over the Alto-Gardnar and Howie Lake Projects.  Fast track data is expected to be received for the Tabor project by the end of March.

           

          “This is an important milestone for the Tabor project as it will be the first new data acquired over the Tabor Shaft since the 1980’s.” said Darcy Christian, Ashley’s CEO. “The data will help us understand the structural orientation at Tabor for drill permitting and potentially define the source of the gold mineralization in the area.”

          Figure 1: Tabor Project Flight Plan

          Acquisition Details

          The survey is being acquired by Pioneer Exploration Consultants out of Ottawa, Ontario who are the same team that commercialized the first drone-magnetics system. A 25m detailed line spacing will be acquired over the Tabor Lake and SM-1 targets with the balance of the survey being flown at 50m spacing including the and Shaft-1 target in the south.  Altitude will be finalized by the operator, but safe sensor height will be at the 30-35m range.  Total line-kilometres for the Tabor and Santa Maria acquisition will be 478 km.

          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. Darcy Christian, CEO and President • +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”.

          Howie, News Releases, Santa Maria
          ashley gold ore icon
          Tyler Muir

          Ashley Gold Provides Detailed Context and Exploration Plans on Howie Lake Project

          Ashley Gold Provides Detailed Context and Exploration Plans on Howie Lake Project

          Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is currently tendering for a high-resolution drone magnetics survey over the Howie Lake Project. Recent drill results on the adjacent Thundercloud property operated by Dynasty Gold shows excellent correlation of high magnetic response with mineralization in the Pelham Inferred Resource. This coupled with very similar geological context across the Howie Lake Project provides a cost-effective acquisition that will allow Ashley to target potential mineralized zones at depth.

           

          “Dynasty’s exploration results next door to us bodes well for the exploration potential of the Howie Lake Project.” said Darcy Christian, Ashley’s CEO. “The shallow depth of historical exploration on the Katisha and Fiji prospects have proven high-grade mineralization but have only been explored to less than 71m depth”. “The Pelham inferred resource begins at 75m and mineralization has extended to greater than 350m.”

          For a detailed outline on the Figure below, please watch this video: https://youtu.be/GWuu3dewP48 

          Howie & Thundercloud Geology Map

          Figure 1: Geology of the Thundercloud and Howie Lake Area

          Dynasty’s Thundercloud Analogue

          Dynasty Gold’s Pelham deposit is hosted primarily in veining within a gabbro intrusive and along its contact. Fluid from the intrusive Thundercloud Quartz-Feldspar-Porphyry (QFP) is postulated to have deposited gold and other metallic minerals against this gabbro. There is also mineralization within the Stormy River volcaniclastics analogous to the Timiskaming metasediments adjacent to many of the world class deposits in the Abitibi Greenstone Belt. 

          The approximate top of the inferred resource on the Pelham property is at 75m depth and mineralization extends to greater than 350m (Figure 1).  Associated with the gold mineralization is slightly elevated pyrite and magnetite  demonstrating excellent continuity in a high-resolution drone magnetic survey acquired by Dynasty in 2022.

          Howie Lake

          Historic drilling and detailed mapping over a small area of the Howie Lake Project confirms both the presence of the Thundercloud QFP along the edge of the Stormy River Basin and intruding next to the surface and near surface gold mineralization on Howie. The presence of both Pelham-type gabbro and metasediments adjacent to this QFP with over a 2.5km inferred strike length provide an enticing potential gold-bearing corridor to explore this year.

          Historic exploration drilling in the Katisha and Fiji zones in the 1980’s intercepted mineralization, however exploration depth was limited to less than 71m. No historical drilling has been completed west of Katisha along the Stormy River Basin margin heading toward Pelham.

          Currently, Ashley is tendering for a magnetic survey with high resolution capable of defining targets for an upcoming drill program.  


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

          Change of Management

          Effective January 23, 2023, George Stephenson has resigned as President and CEO of Ashley Gold Corp. George will retain a seat on the Board of Directors and move to Chairman of the Board. Darcy Christian will move from VP Operations into the President and CEO role. 

          “I would like to thank George on all the hard work to date.  George has put Ashley in a fantastic position with our high quality exploration footprint in the Dryden Area.” comments Darcy Christian “I am excited to take some day-to-day off his plate and am looking forward to building Ashley with him.”  

          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. Darcy Christian, CEO and President • +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, Santa Maria, Tabor-Sakoose
          ashley gold ore icon
          Tyler Muir

          Ashley Gold Samples up to 14.30 g/t Au in Initial Surface Prospecting of Tabor Lake-Santa Maria Project

          Ashley Gold Samples up to 14.30 g/t Au in Initial Surface Prospecting of Tabor Lake-Santa Maria Project

          Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to report positive assay results from its initial reconnaissance of the gold-bearing Shaft-1 and Lee Lake South Zones on Santa Maria Claims south of the Tabor Lake Mine Project located approximately 43 kilometres southeast of Dryden, Ontario.

           

          Anomalous Gold Highlights:

           E6096206                  9.45 g/t Au from Lee Lake South Quartz Vein

           E6096208                  14.30 g/t Au from Lee Lake South Quartz Vein

           E6096217                  5.90 g/t Au from Shaft-1 Quartz Vein

           E6096222                  11.10 g/t Au from Lee Lake South Quartz Vein

           

          “The announcement today has confirmed the gold bearing potential of the southern portion of the Tabor Project over 4km south of the Tabor Lake Mine” said Darcy Christian, Ashley’s Vice President, Operations. “Several geophysical anomalies exist between these occurrences, and we are excited to evaluate the larger trend going forward”.

           

          Shaft-1 Geology

          Shaft-1 is more of a blast pit than a traditional shaft, roughly 5 x 5 m wide and 4 m deep. The pit targets a 0.5-1.0 m wide quartz-ankerite-sericite-galena-chalcopyrite vein, with malachite observed on weathered surfaces. Up to 5% galena is observed in samples with 1-3% pyrite along vein margins. The orientation of the main vein is 310°/83° with extremely sheared upper and lower vein contacts. Shear material extends from 0.3 m on the south side to roughly 3 m on the north side. Gold values in the Quartz Vein ranged from trace up to 5.90 g/t Au with lower grades occurring in mafic host rocks (Table 1) and an average grade of 1.3 g/t Au over 8 samples assayed.

           

          Lee Lake South Geology

           

          The Lee Lake South occurrence consists of a 3 x 3 m blast pit on the side of an east-west ridge. This occurrence can be found roughly 50 m west of Camp 33 road and 150 m north of Long Lake within claim 590025. The pit appears to target a moderately altered and deformed volcanic unit with intensifying ankerite alteration when nearing quartz veins. Veining observed in the pit wall measured 300°/80° with a gold-bearing quartz-carbonate-tourmaline-chalcopyrite-chlorite assemblage. Chlorite/tourmaline laminations are present within veins. Chalcopyrite blebs (up to 1%) and fine-grained pyrite stringers are present (up to 3%) near the vein margins. Gold values in the Quartz Vein ranged from trace up to 14.30 g/t Au with trace values occurring in intermediate host rocks (Table 1) and an average grade of 5.13 g/t Au over 7 samples assayed. Visible gold was observed with pyrite within vein material in sample E6096222.

          Figure 1: Tabor Lake-Santa Maria Sample Locations

          Table 1: Santa Maria, Prospecting Gold Assays

          Zone

          Sample ID

          UTM NAD83 Z15

          Sample Type

          Rock Type

          Gold

           

           

          Easting

          Northing

           

           

          (g/t)

          Claim 590025

          E6096201

          544908

          5481257

          Outcrop

          Mafic Volcanic

          <0.002

          Claim 590025

          E6096202

          544905

          5481260

          Outcrop

          Mafic Volcanic

          <0.002

          Claim 590025

          E6096203

          544919

          5481254

          Outcrop

          Quartz Vein

          <0.002

          Lee Lake South Pit

          E6096204

          544960

          5481247

          Blast Rock

          Quartz Feldspar Porphyry

          0.078

          Lee Lake South Pit

          E6096205

          544956

          5481244

          Blast Rock

          Quartz Vein

          0.064

          Lee Lake South Pit

          E6096206

          544960

          5481266

          Outcrop

          Quartz Vein

          9.45

          Lee Lake South Pit

          E6096207

          544960

          5481261

          Outcrop

          Intermediate Volcanic

          0.004

          Lee Lake South Pit

          E6096208

          544969

          5481262

          Outcrop

          Quartz Vein

          14.30

          Lee Lake South Pit

          E6096209

          544957

          5481250

          Blast Rock

          Quartz Vein

          0.901

          Claim 589322

          E6096210

          544791

          5481117

          Outcrop

          Quartz Vein

          0.017

          Claim 588601

          E6096211

          543363

          5482759

          Outcrop

          Intermediate – Mafic Volcanic

          <0.002

          Claim 588601

          E6096212

          543353

          5482764

          Outcrop

          Intermediate – Mafic Volcanic

          0.010

          Claim 588601

          E6096213

          543387

          5482840

          Outcrop

          Mafic Volcanic

          <0.002

          Shaft 1

          E6096214

          543558

          5482633

          Outcrop

          Quartz Vein

          1.36

          Shaft 1

          E6096215

          543560

          5482631

          Float

          Intermediate-Mafic Volcanic

          0.515

          Shaft 1

          E6096216

          543555

          5482629

          Outcrop

          Quartz Vein

          1.76

          Shaft 1

          E6096217

          543557

          5482638

          Outcrop

          Quartz Vein

          5.90

          Shaft 1

          E6096218

          543559

          5482634

          Outcrop

          Quartz Vein

          0.752

          Shaft 1

          E6096219

          543555

          5482636

          Outcrop

          Mafic Volcanic

          0.005

          Shaft 1

          E6096220

          543555

          5482631

          Subcrop

          Quartz Vein

          0.012

          Shaft 1

          E6096221

          543555

          5482635

          Subcrop

          Mafic Volcanic

          0.096

          Lee Lake South Pit

          E6096222

          544962

          5481270

          Outcrop

          Quartz Vein

          11.10

          Long Lake Shore

          E6096223

          543033

          5481642

          Outcrop

          Mafic Volcanic

          <0.002

          Long Lake Shore

          E6096224

          543032

          5481641

          Outcrop

          Mafic Volcanic

          0.008

          Long Lake Shore

          E6096225

          545063

          5480917

          Outcrop

          Mafic Volcanic

          0.004

          Long Lake Shore

          E6096226

          545095

          5480965

          Outcrop

          Mafic Volcanic

          0.003

          Long Lake Shore

          E6096227

          544899

          5481114

          Outcrop

          Quartz Vein

          0.005

          Long Lake Shore

          E6096228

          544350

          5481217

          Outcrop

          Quartz Vein

          0.002

          Long Lake Shore

          E6096229

          544352

          5481220

          Outcrop

          Quartz Vein

          0.004

          Long Lake Shore

          E6096230

          544353

          5481219

          Outcrop

          Mafic Volcanic

          0.005

          Assay Analysis and Qualified Persons

          Grab samples from the sampling program at Santa Maria were located via a handheld GPS. Each individual sample was tagged and bagged on site by a local consultant geologist.  All samples were delivered directly to the laboratory by Clark Exploration staff. Analysis of the grab samples was conducted by AGAT Laboratories in Thunder Bay, Ontario. AGAT Laboratories is independent from Ashley Gold Corp. The samples were transported to Thunder Bay and dropped off at the lab where they were prepared, crushed, pulverized, and dried. All surface samples were analyzed using a 50g Fire Assay – Trace Au (AAS-Finish) method for gold and a 4-Acid Digest – Metals Package (ICP-OES Finish) for multi-elements. Where samples returned values greater than 5.0 g/t Au, a 50g Fire Assay – Au Ore Grade (Gravimetric Finish) was applied.

          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 • 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”.

          News Releases
          ashley gold ore icon
          Tyler Muir

          ASHLEY GOLD CORP ANNOUNCES CLOSING OF SECOND TRANCHE OF FINANCING

          ASHLEY GOLD CORP ANNOUNCES CLOSING OF SECOND TRANCHE OF FINANCING

          Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to announce that it has closed the second tranche of its previously announced $250,000 non-brokered private placement of units (“Units”) for gross proceeds of CDN$84,000 (the “Offering”). This is in addition to a first tranche gross proceeds close of CDN$79,200 previously announced on September 27, 2022. A total of CDN$163,200 has been raised in both tranches.

          The second tranche was comprised of 450,000 flow-through units (“Flow-Through Units”) for a total of $54,000 and 300,000 non-flow through units (the “Non-Flow Through Units”) for a total of $30,000. The Flow-Through Units were priced at $0.12 and comprised of one flow-through common share and one non-flow through common share purchase warrant. Each full purchase warrant is exercisable for one non-flow through common share at an exercise price of $0.20 for a period of 24 months from
          the closing of the Offering. The Non-Flow Through Units were priced at $0.10 and were comprised of one common share and one common share purchase warrant. Each full purchase warrant is exercisable into common shares at a price of $0.20 for a period of 24 months.

          The Company paid a total of $6,720 in finders fees associated with the Offering and issued 60,000 finder warrants at exercises prices of $0.10 and $0.12 and expiring 24 months from the closing date of the Offering. All securities issued under the Offering are subject to a statutory four month hold period.

          The gross proceeds from the sale of the Flow-Through shares will be used to incur eligible Canadian Exploration Expenses (“CEE”) at the Company’s Santa Maria Property. The Company will renounce CEE effective on or before December 31, 2022. The proceeds raised form the Non-Flow Through component will also be used for exploration work on the Santa Maria Property and for general working capital.

          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 Company’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.

          On behalf of the Board of Directors:

          Mr. George Stephenson, CEO and President
          (403) 816-2262
          gstephenson@ashleygoldcorp.com

           

          Mr. Darcy Christian, Vice President, Operations
          (587) 777-9072
          dchristian@ashleygoldcorp.com

          For further information, please visit: 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”.

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