Calgary, Alberta – TheNewswire – May 28, 2024 - Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) has sampled the main Sakoose vein kicking of the start of the 2024 exploration season. Two samples were taken with one across the Sakoose vein and another adjacent to the vein in wall rock grading 82.3 g/t and 0.99 g/t Au respectively.  The sampling confirms the high-grade nature of the Sakoose vein with historical production averaging 11.9 g/t Au

Darcy Christian, CEO of Ashley comments “Initial scouting of the historic Sakoose area was performed to GPS locate historical shafts and workings.  As part of this our team has sampled the north-east end of a 90m open cut with excellent gold assays.  We are excited to continue to explore the area in a busy 2024 exploration season.”

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Figure 1. Location of Open Cut and Samples

Sampling

Historically a 90m cut was taken across the surface expression of the Sakoose vein.  Samples were taken on the northeast side of the cut where the vein begins to trend back under ground.  The 82.3 g/t Au sample was taken in a blue-grey quartz vein with the 0.99 g/t Au sampled adjacent to the blue-grey quartz in altered mafic wall rock. Samples sent to Actlabs in Dryden, Ontario for Fire Assay, Additionally the quartz vein sample had metallic screens performed due to the nuggety nature of the Sakoose vein.  

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Figure 2. Blue-Grey quartz vein sample location

About the Sakoose Property

The Sakoose Mine is located 7.5km south of Highway 17 on the Sandy Point Road providing year-round access. The mine produced from 1897 until 1902 when the milled burned down. Total production is reported at 8828 tons with average grade of 11.9 g/t Au*. Historical drilling reporting is incomplete however in 1988 a drill program was completed testing below the known workings.  Many of these intercepts showed continuation of mineralization down to 200m (Figure 2). Potential for an additional trend is seen from the SAK-18 intercept.

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Figure 3. Longitudinal Section of the Sakoose Mine with 1988 drill results.

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.

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. In addition, Ashley has entered into an option agreement to earn 100% of the Sahara Uranium-Vanadium property in Emery County, Utah subject to a 2% 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 as well as moving the Sahara Uranium-Vanadium project towards near-term production.

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”.