CEO.CA Chairman's Briefing

(TheNewswire)

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: 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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