January 10th, 2023 – TheNewswire – Vancouver, BC - 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.

 

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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

Table 1: Tabor Lake-Santa Maria Sample Results

       

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”.