Ashley Gold Kicks off Induced Polarization Survey and Defines Burnthut Drill Locations

CALGARY, June 12, 2024 - Ashley Gold Corp. (CSE: ASHL) ("Ashley" or the "Company") is currently acquiring the Gradient Induced Polarization survey at Howie to determine potential drill targets. In addition, Ashley has preliminary drill locations defined for the Maiden Burnthut drill program.

Darcy Christian, CEO of Ashley comments "The acquisition of IP over Howie will be a fantastic tool to understand the deeper mineralization at Howie. We are optimistic that this survey will lead to an intelligent drill-program this year. Burnthut continues to shine and we are ready to test this with a maiden drill program this summer. With over 175m of mineralized potential we are optimistic this program will open-up a new discovery for Ashley."

Highlights

• Induced Polarization Survey Commenced

• Final deliverables estimated for early July

• Burnthut maiden drill locations defined for summer drill program

Click Image To View Full Size

Figure 1. Location of Howie gradient IP Survey Lines

About the Howie Gradient Induced Polarization Survey

Abitibi Geophysics has begun the survey with installation of the AB current line and have completed over two line kilometers of the survey. Progress is on estimate and initial data quality is very good. Acquisition should conclude within the next week.

The acquisition of data from this gradient IP survey will be extremely beneficial in our drill targeting strategy. There have been no previous ground geophysical surveys of any kind carried out on the Howie Property. The gradient IP survey will aid in the delineation of mineralized bodies to a depth of 300 m from surface.

The company believes the felsic intrusive dykes that have intruded gabbroic rocks on the Howie Lake property played a crucial role in the emplacement of gold enriched mineralized fluids. To date the highest-grade gold values on the Howie Property are found in highly mineralized silicified gabbroic rocks in contact with these felsic intrusive dykes that stem from the Thundercloud unit next door. (Dynasty Gold -Pelham Deposit).

Click Image To View Full Size

Figure 2. Burnthut Drill Program

About the Burnthut Drill Program

Last week the resident geologist from Kenora Ontario Geological Survey (OGS) was onsite to sample the newly discovered Oro Grande West as well as various other showings on the property. Multi-element assays and thin section analysis will be performed by the OGS to better understand the mineralization and timing. Numerous gold bearing deformation zones up to 30 m in width occur in close proximity to one another over a 175 m wide corridor. Individually a number of these prominent shear zones host numerous newly discovered high grade stacked veins. As none of these parallel zones have ever ben drilled, the company is optimistic on defining a new discovery in the area. Three holes are planned in a fan configuration to test the continuity and grade of the system at depth. Holes will be drilled at 45-degree dip and will be between 150-200m in length.

The Burnthut Property is situated in the Central Volcanic Belt and along strike of the Goldlund and Miller gold deposits currently being explored by Treasury Metals.

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

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".

Copyright (c) 2024 TheNewswire - All rights reserved.