BURNTHUT

Burnthut

Region

Sioux Lookout

Metals

Gold-Copper

Stage

Exploration

Ownership

100% Ashley Gold Corp

Size

14.5 km2

Target Style

Shear hosted Quartz Veins

Operator

Ashley Gold Corp

2024 Planned Program

Drilling and Prospecting

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 gold. Previous 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”.

Location of 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.

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.

Historical Highlights

Geology

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