Ashley Gold Mine is located in a favourable mining jurisdiction within the prolific western Abitibi Greenstone Belt.
The Ashley Gold Mine is 17 km east of Teck’s historical Stairs Mine and just 17 km west of Alamos’ Young-Davidson Mine that contains an estimated reserve of 3.39M oz Au (P&P) and a resource of 936,000 oz Au (M&I).
The Ashley Mine consists of stacked high-grade quartz vein similar to the lodes of the Porcupine and Kirkland Lake gold camps. It produced 50,099 ounces of gold from 157,636 tons of ore (0.32 oz. Au/ton) from the main Ashley vein between 1932 and 1937. The vein strikes north, dips west at 30 to 50 degrees and has been followed underground for 600 metres. (Petromet Resources Ltd. (1982))
The mine was developed by inclined shaft and six levels (125, 250, 375, 500, 625 and 750 foot levels). Sampling by Petromet Resources Ltd. (1982) over a strike length of 88.4 meters gave an average grade (uncut) of 1.30 oz Au/ton over 0.22 meters width. The Ashley vein hosts visible gold, telluride and minor pyrite, chalcopyrite, galena and sphalerite.
Historical surface exploration work documents 7 gold bearing veins on the Property. The Garvey Vein, 1.3 kilometres northwest of Ashley, produced a 26 ton bulk sample yielding 0.86 oz Au/ton. (Petromet Resources Ltd. (1982))
The Abitibi Greenstone Belt on the Property includes a range of volcanic, sedimentary, and plutonic rocks generally of greenschist facies metamorphic grade. Volcanic rocks occur as mafic to felsic volcanic cycles ranging from basaltic to rhyolitic compositions. Intravolcanic sedimentary rocks, include volcaniclastic varieties. A range of mafic to felsic, pre-tectonic, syn-tectonic and post-tectonic intrusive rocks are known. Among these intrusives are syenite bodies with crosscutting structures.
At the nearby Young-Davidson Mine gold occurs in quartz stockworks and veinlets in syenite. The quartz stockworks have a halo of potassic alteration with disseminated pyrite. The syenite on the optioned ground offers potential for Young-Davidson style mineralization.