Ashley Gold Corp. Provides Update on Ongoing Exploration Activities

CALGARY, ALBERTA — June 3, 2026 — Leads & Copy — Ashley Gold Corp. (CSE: “ASHL”) is providing an update on its ongoing exploration activities, highlighting progress in its Phase 1 and Phase 2 drilling programs and recent prospecting results at its Tak Patents property. The company is awaiting assay results from three remaining holes in Phase 1, while two holes in the Phase 2 program have been completed. Prospecting efforts have identified undocumented outcrops south of the 67Z zone, leading to a proposed new drill hole, and thirty-two samples from prospecting have been submitted for fire assay.

President Noah Komavli stated that the final assays from Phase 1 are expected shortly. Prospecting along historically worked trenches has revealed significant potential outside the current primary drilling trend. These trenches, which have no prior record of being drill-tested, are situated within the North Trench Zone (NTZ). This zone is emerging as a potential shear-associated structure running parallel to a resistive body north of the main chargeability anomaly. The company plans to use grab sample assays to guide future drilling allocations. Additionally, Ashley Gold Corp. is considering a LIDAR survey to identify features hidden by cover and generate a precise digital elevation model.

The trenches in the NTZ vary in depth up to 2 meters, extend 60 meters in length, and are up to 2 meters wide. These dimensions reflect the efforts of previous operators in the 1940s and 1980s to assess the structures on the Tak property.

The Phase 2 program, targeting historic trenches 18 and 19 at depth with hole TAK-26-06, has been initiated. This first hole of the program was collared between the 99Z and 67Z zones, reached its planned depth of 122 meters, and successfully intercepted target mineralization. Further details will be released upon completion of core logging and cutting for Phase 2.

Regarding drill planning and prospecting, an undocumented outcrop was discovered south of the 67Z zone. Given the current drilling focus in the area, the company has proposed a third hole on IP line 250, positioned 75 meters to the south and drilling northward. This planned hole is designed to test recently identified surface mineralization and assess the width and depth of the 67Z zone, which aligns with a strong gold index. Drill plans remain contingent on Phase 1 assay results, visual indicators from Phase 2, and ongoing prospecting findings.

Exploration around the NTZ has identified compelling features and mineralization. Thirty-two samples have been submitted to ActLabs Dryden for fire assay. The Tak property has a history of exploration dating back to the 1940s with Long Lac Minerals, followed by Cominco in the 1980s, and Triex Resources in the late 1990s. Triex Resources reported assays up to 29,790 ppb Au and drilled 10 diamond drill holes, including one that returned 2.082 g/t Au over 31.83 meters. Southern Rio Resources optioned the property in 2002 and drilled 8 diamond drill holes, outlining gold mineralization over approximately 350 meters of strike length to a depth of about 100 meters.

Ashley Gold Corp. acquired 100% ownership of the Tak Patents in January 2026. The company announced operational readiness for its winter drilling campaign and engaged Abitibi Geophysics for an OreVision IP survey in February 2026. Interim IP data released in March 2026 revealed a 1 km resistive trend. Phase 1 drilling, conducted from April to May 2026, targeted the validation of historic zones, with core logging indicating strong alteration and veining. The first Phase 1 assay results, reported on May 14, 2026, confirmed near-surface mineralization, with subsequent results in late May validating broad widths and continuity of the mineralized system.

The technical information in this news release was reviewed and approved by Shannon Baird, P.Geo., Exploration Manager of Ashley Gold Corp.

Ashley Gold Corp. is a Canadian mineral exploration company focused on acquiring and developing gold and polymetallic deposits. Its flagship assets are in the Dryden Area in Ontario and include the Burnthut, Howie, and Alto-Gardnar claims, as well as the Icefield Portfolio in British Columbia.

Source: Ashley Gold Corp.