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The Sahara Uranium-Vanadium Project

Ashley Gold Corp has entered into an Option Agreement for the 100% acquisition of the Sahara Uranium-Vanadium Property located in Emery County, Utah.

View Ashley's Signficant Opportunity in Utah

ASHLEY GOLD'S OPPORTUNITY IN UTAH

ESTABLISHED RESERVE & MINE

IDEAL LOCATION

IMMENSE EXPLORATION UPSIDE

ESTABLISHED RESERVE & MINE

IDEAL LOCATION

IMMENSE EXPLORATION UPSIDE

SAHARA MINE

  •  HISTORIC MINE WITH UNTESTED DISTRICT SCALE POTENTIAL
  • LOCATED NEXT TO FUTURE URANIUM & VANADIUM PROCESSING FACILITY
  • 0.5M LBS U3O8 BASE HISTORIC RESERVE, WITH >20M LBS TARGET
  • ~2.2M LBS U3O8 NON-COMPLIANT RESOURCE ESTIMATE
  • DATABASE OF >900 DRILLHOLES; >100,000m OF DRILLING
  • EXISTING UNDERGROUND PORTALS & 1,175m OF ACCESS DRIVES
  • PATHWAY TO PRODUCTION

>40 KM AREA CONTROLLED AND EXPANDING
AREA PRODUCED (1948-1975)

4M LBS OF U3O8 AND 5M LBS OF V2O5

SAHARA MINE

  •  HISTORIC MINE WITH UNTESTED DISTRICT SCALE POTENTIAL
  • LOCATED NEXT TO FUTURE URANIUM & VANADIUM PROCESSING FACILITY
  • 0.5M LBS U3O8 BASE HISTORIC RESERVE, WITH >20M LBS TARGET
  • ~2.2M LBS U3O8 NON-COMPLIANT RESOURCE ESTIMATE
  • DATABASE OF >900 DRILLHOLES; >100,000m OF DRILLING
  • EXISTING UNDERGROUND PORTALS & 1,175m OF ACCESS DRIVES
  • PATHWAY TO PRODUCTION

>40 KM AREA CONTROLLED AND EXPANDING
AREA PRODUCED (1948-1975)

4M LBS OF U3O8 AND 5M LBS OF V2O5

SAHARA URANIUM-VANADIUM ASSET

It is amazing to see the amount of capital and effort that has gone into the delineation of the Sahara Historical reserve.  The amount of drilling completed on property would cost at least $15-20 million if done today. Historical drilling has identified a large body of sandstone hosted Uranium-Vanadium with the 1979 decline terminating against some of the higher uranium grades and thickness’ in the system found to date. This will allow for a quick payout on capital costs to reopen the mine with ore processing at the future Western Uranium facility down the road.”  

– Darcy Christian, CEO of Ashley Gold Corp

HISTORIC MINE RESERVE WITH UPSIDE TO EXPAND.

SAHARA MINE DRILL HIGHLIGHTS

Modelling Indicates >2M lbs @ 0.25% U3O8*

  • OVER 900 HISTORIC DRILLHOLES, ~100,000m
  • UNDERGROUND DRIVE TO DEPOSIT
  • 9 holes >1%; 38 holes >0.5%;162 holes >0.2%; 392 holes >0.1%**
  • Top Holes Highlighted By: 

    • 5.5 ft @ 0.78% eU 

    • 1.0 ft @ 3.92% eU 

    • 6.5 ft @ 0.58% eU 

  • OPEN TO EAST AND NORTH
  • Historical ore reserve of ~500,000 lbs of eU* with modern models reporting non-compliant resource of over 2,240,000 lbs of eU* and almost 4,000,000 lbs of V*  

  • Infill and step-out drilling locations defined for upcoming drill program

*NOTE: To be used for comparative purposes on San Rafael District, Utah assets only. Companies may have additional assets that provide value to Company. Dated April 24th, 2024

HISTORIC MINE RESERVE WITH UPSIDE TO EXPAND.

SAHARA MINE DRILL HIGHLIGHTS

Modelling Indicates >2M lbs @ 0.25% U3O8*

  • OVER 900 HISTORIC DRILLHOLES, ~100,000m
  • UNDERGROUND DRIVE TO DEPOSIT
  • 9 holes >1%; 38 holes >0.5%;162 holes >0.2%; 392 holes >0.1%**
  • Top Holes Highlighted By: 

    • 5.5 ft @ 0.78% eU 

    • 1.0 ft @ 3.92% eU 

    • 6.5 ft @ 0.58% eU 

  • OPEN TO EAST AND NORTH
  • Historical ore reserve of ~500,000 lbs of eU* with modern models reporting non-compliant resource of over 2,240,000 lbs of eU* and almost 4,000,000 lbs of V*  

  • Infill and step-out drilling locations defined for upcoming drill program

*NOTE: To be used for comparative purposes on San Rafael District, Utah assets only. Companies may have additional assets that provide value to Company. Dated April 24th, 2024

TARGETS

SAHARA

  • RESOURCE AND EXPANSION

PRIMARY SOURCE DEPOSITS

  • JESSIES TWIST:118 Drillholes
  • ACERSON: 37 Drillholes; Historic Pit and Underground
  • CECILIAITE: Historic Bench-cut and Underground

ROLL FRONT DEPOSITS

  • MASSIVE EXPLORATION UPSIDE
  • CHANNELS AND FAULT GRABEN TRAP
  • UNTESTED MODEL

>40 KM2  OR >10,000 ACRES AND EXPANDING

SAHARA

  • RESOURCE AND EXPANSION

PRIMARY SOURCE DEPOSITS

  • JESSIES TWIST:118 Drillholes
  • ACERSON: 37 Drillholes; Historic Pit and Underground
  • CECILIAITE: Historic Bench-cut and Underground

ROLL FRONT DEPOSITS

  • MASSIVE EXPLORATION UPSIDE
  • CHANNELS AND FAULT GRABEN TRAP
  • UNTESTED MODEL

>40 KM2  OR >10,000 ACRES AND EXPANDING

HISTORICAL DRILLING HIGHLIGHTS

DECLINES AND WORKINGS

This figure shows the declines to the ore bodies and underground workings in blue. The original decline running roughly south to north was used to produce ore out of the mine until 1977. Energy Fuels drove an 800m (2,600ft) low angle decline into the deposit in 1979 for higher haulage rates (west-east). The older decline was used for a secondary exit and air circulation. The production operation was put on standby due to the Three Mile Island incident in 1979. Focus was put on expansion of the Sahara reserve in anticpation of Uranium price rebound however this did not occur with prices falling below 20 US dollars a pound for two decades. It is Ashley’s intent to reopen the modern decline in the near future to evaluate the decline and workings.

HISTORICAL DRILLING

Energy Fuels conducted multiple drill programs over the greater Sahara property 1990 with a total of 776 holes comprising of 325,988 ft (~99,000m). In today’s dollars this represents and expenditure of $15-20 million in exploration drilling. Drill density was as tight as 10m over the reserve area with almost 400 holes exceeding 0.1% eU3O8*. Highlights of the top 30 holes ordered by Grade X Thickness (ft) are outlined in Figure 1. Grade as high as 3.92% eU3O8* were documented as well as several intercepts over 10ft (3m). Additional programs in 2006 and 2009 were also documented and will be outlined in a future release.

DECLINES AND WORKINGS

This figure shows the declines to the ore bodies and underground workings in blue. The original decline running roughly south to north was used to produce ore out of the mine until 1977. Energy Fuels drove an 800m (2,600ft) low angle decline into the deposit in 1979 for higher haulage rates (west-east). The older decline was used for a secondary exit and air circulation. The production operation was put on standby due to the Three Mile Island incident in 1979. Focus was put on expansion of the Sahara reserve in anticpation of Uranium price rebound however this did not occur with prices falling below 20 US dollars a pound for two decades. It is Ashley’s intent to reopen the modern decline in the near future to evaluate the decline and workings.

HISTORICAL DRILLING

Energy Fuels conducted multiple drill programs over the greater Sahara property 1990 with a total of 776 holes comprising of 325,988 ft (~99,000m). In today’s dollars this represents and expenditure of $15-20 million in exploration drilling. Drill density was as tight as 10m over the reserve area with almost 400 holes exceeding 0.1% eU3O8*. Highlights of the top 30 holes ordered by Grade X Thickness (ft) are outlined in Figure 1. Grade as high as 3.92% eU3O8* were documented as well as several intercepts over 10ft (3m). Additional programs in 2006 and 2009 were also documented and will be outlined in a future release.

TIMELINE TO PRODUCTION

 ✔ Over 100,000 m historic drilling

✔ VTEM Airborne Geophysics

✔ Drive to Sahara ore body

✔ Mine plan

❑ Infill & step-out drilling

❑ Bring resource up to NI 43-101 compliance

❑ Permitting

❑ Dewater mine

❑ New processing facility online (10 miles away)

❑ Execute offtake or processing agreement

 ✔ Over 100,000 m historic drilling

✔ VTEM Airborne Geophysics

✔ Drive to Sahara ore body

✔ Mine plan

❑ Infill & step-out drilling

❑ Bring resource up to NI 43-101 compliance

❑ Permitting

❑ Dewater mine

❑ New processing facility online (10 miles away)

❑ Execute offtake or processing agreement

VIEW OUR COMPANY VIDEOS

SAHARA URANIUM – VANADIUM SITE VISIT

CEO INTERVIEW – ADVANCED ASSET DISCUSSION

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