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Ashley Gold Samples up to 14.30 g/t Au in Initial Surface Prospecting of Tabor Lake-Santa Maria Project

10.01.2023  |  The Newswire
Vancouver, January 10th, 2023 - 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.


Click Image To View Full Size

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".

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