(TheNewswire)

Ashley Gold Corp.
   

November 28, 2022 – Thenewswire – Calgary, AB - Ashley Gold Corp. (CSE:ASHL) (“Ashley” or the “Company”) is pleased to report positive assay results from its initial reconnaissance of the gold-bearing Main Katisha Shear Zone on its newly acquired Howie Lake Project located approximately 55 kilometres southeast of Dryden, Ontario. The Main Katisha Zone is a 3 metre-wide silicified shear exposed on surface for at least 75 metres with historic grades up to 30.48 g/t Au. The Company intends to follow up these encouraging results with trenching, detailed mapping, and channel sampling of the historic zones and a more comprehensive project-wide surface sampling program to test the numerous other known gold-bearing silicified shear and fault zones.

 

Anomalous Gold Highlights:

 

1048186                    52.80 g/t Au from Main Katisha Zone (0.4m Channel Cut)

 

1048184                    1.260 g/t Au from Main Katisha Zone (Grab Sample)

 

1048187                    0.882 g/t Au from Main Katisha Zone (0.3m Channel Cut)

 

“With the results announced today, we believe the Main Katisha Shear Zone has been validated as gold-bearing and there remains good potential to expand these and the other eight known zones laterally and to depth” said Darcy Christian, Ashleys Vice President, Operations. In addition, all these historically reported gold-bearing shear zones appear to have good continuity exposure on surface for significant strike lengths and are shallow dipping, potentially allowing for cost efficient extraction by surficial bulk sampling”.

 

Main Katisha Zone Prospecting and Sampling

The reconnaissance program consisted of prospecting and sampling along the road-cut area of the Main Katisha Shear Zone; one of the nine known gold occurrences within the Project bounds, located on the north end of the Howie Lake Project. The program was undertaken to verify historic sample results and test the gold prospectivity of the area. A total of 5 surface channel and chip samples were collected along the road exposure of the Main Katisha Zone. Gold values ranged from 0.381 g/t Au up to 52.80 g/t Au with an average aggregate grade of 11.17 g/t Au across a strike length of approximately 16 metres (Table 1 and Figure 1).

  

Table 1: Howie Lake Project, Prospecting Gold Assays

Zone

Sample ID

UTM NAD83 Z15

Sample Type

Gold

   

Easting

Northing

 

(g/t)

Main Katisha

1048183

539421

5471213

1.5m Channel Cut

0.538

Main Katisha

1048184

539421

5471214

Grab

1.260

Main Katisha

1048185

539421

5471213

Grab

0.381

Main Katisha

1048186

539426

5471218

0.4m Channel Cut

52.800

Main Katisha

1048187

539425

5471228

0.3m Channel Cut

0.882

 


Click Image To View Full Size

 

Figure 1: Howie Lake Project Overview Inset with Main Katisha Zone Sample Locations and Results

 

Shear Zone System Highlights

        Main Katisha Zone

  • Surface expression at least 75m long next to road-cut 

  • Historic Sampling up to 30.48 g/t Au and current results up to 52.80 g/t Au. 

  • Multi-episodic shearing with carbonate-quartz silicification and visible gold. 

  • Only 1 of 9 known gold-bearing shear zones within the Project bounds. 

  • Project located within a prolific gold district hosting numerous multi-million ounce deposits. 

 

Assay Analysis and Qualified Persons

 

Rock channel and chip samples from the shear zone sampling program at Howie Lake were located via a handheld GPS. Each individual sample was tagged and bagged on site by a local prospector and shipped from Selkirk, Manitoba to Actlabs in Dryden, Ontario for preparation and analysis. Samples were analyzed by fire assay and Atomic Absorption. At Actlabs, samples >5g/t Au are automatically analyzed for overlimit analysis.

 

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) 777-9072dchristian@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) 2022 TheNewswire - All rights reserved.