Calgary, Alberta – TheNewswire - May 26, 2025 – Ashley Gold Corp. (CSE: ASHL) (“Ashley” or the “Company”) is thrilled to announce assay results from recent channel and grab sampling at the Katisha Zone of its 100%-owned Howie Project, located 55 km southeast of Dryden, Ontario, in the heart of the Archean Manitou-Stormy Lakes Greenstone Belt. The results, which include high-grade channel gold assays of up to 20.2 g/t Au, further confirm the significant gold mineralization potential of the project and build on previous exploration successes.

Key Highlights:

• High-Grade Assays: Channel and grab sampling at the Katisha Zone returned assays up to 20.2 g/t Au, reinforcing the high-grade potential of this priority target. 

• Katisha Zone Continuity: The results validate the continuity of gold mineralization within the 5-10m-wide deformation zone, characterized by silicified gabbro lenses, felsic dykes, high pyrite content, and iron carbonate alteration. Sampling Southeast of the zone has uncovered additional anomalous gold in grab samples.  

• Strategic Exploration: These findings follow the successful mechanized stripping and channel sampling program completed in May 2024, with grab samples previously reporting up to 26 g/t Au [Press Release dated May 21, 2024]*. The Company’s next steps will involve 3D induced polarization (IP) surveys to refine drill targets. 

• Geological Parallels: The Howie Project shares significant geological similarities with the adjacent Dynasty Gold Corp.’s Thundercloud Project, particularly the Pelham deposit, which hosts an inferred resource of 182,000 ounces of gold at 1.37 g/t, based on 12,093 meters of historic drilling.** 

Darcy Christian, CEO of Ashley Gold Corp., commented: “The high-grade assays of up to 20.2 g/t Au from our recent sampling program at the Katisha Zone is a testament to the Howie Project’s potential to host gold mineralization. We are excited to advance our exploration with IP surveys and a maiden drilling campaign to further define this promising asset.”

 

Noah Komavli, President of Ashley Gold Corp., states: “These results underscore a commitment to strategic exploration activities, with the mechanical stripping at Howie uncovering new zones of surface mineralization which host anomalous and high grade gold over significant widths. We will look to build on our exploration success by providing guidance to the markets for a summer program on our portfolio in the coming weeks.”

Exploration Program Details

The recent sampling program targeted the Katisha Zone (Anomaly HL-02), identified as a high-priority target due to strong IP chargeability. The program exposed multiple silicified lenses and a new creek showing 65m southeast of the main zone. The 15 samples collected were submitted to Actlabs in Dryden, Ontario, for fire assay analysis, with results confirming gold grades up to 20.2 g/t Au from a channel cut. These findings align with historical channel sampling in 2022 that returned 53 g/t Au and grab samples in May 2024 yielding up to 26 g/t Au*.

 

The Howie Project benefits from year-round accessibility via a main forest service road and shares geological characteristics with Timiskaming-type deposits in the Abitibi Greenstone Belt, known for hosting world-class gold deposits.

 

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Figure 1: Induced Polarization Apparent Resistivity

 

Figure 2: Channel Cut Sample #346559, Returning 20.2 g/t Au over 0.8 m

 

The proximity to Dynasty Gold’s Thundercloud Project, which hosts gold primarily in a gabbro intrusive and along a mafic-sedimentary contact, align with the geological setting of the Howie Project, which also hosts notable gabbro outcrops containing anomalous gold values. Image 2 refers to sample #346559, which was noted as a “light grey, well silicified gabbro, containing 3-5% disseminated cubes of pyrite”.

 

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Figure 3: Howie Project Boundary and Dynasty Gold Mag Highs

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Figure 4: Recent IP Chargeability Overlaid on Residual Magnetics

 

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Figure 5: Grab Sample from the newly identified Creek Showing, uncovered by following the IP data, 50 m extension of Katisha zone to the Southeast, #346566-#346568 assaying a high of 1.6 g/t Au

Assay Results

Sample Number	Assay (g/t) Au	Sample Type	Channel Length
346559	20.2	Channel Cut 0.8 m	0.8 m
346565	5.74	Channel Cut 0.6 m	0.6 m
346568	1.60	Grab Sample	N/A
346563	0.62	Channel Cut 0.3-0.7 m (0.4m)	0.4 m
346560	0.46	Channel Cut 1.0 m	1.0 m
346564	0.30	Channel Cut 0.7-1.2 m (0.5m)	0.5 m
346561	0.26	Grab Sample	N/A
346557	0.17	Channel Cut 1.2 m	1.2 m
346555	0.10	Channel Cut 0.7- 1.5 m (0.8m)	0.8 m
346566	0.07	Grab Sample	N/A
346567	0.07	Grab Sample	N/A
346556	0.06	Channel Cut 1.5m-2.1m (0.6m)	0.6 m
346554	0.03	Channel Cut 0-0.7m (0.7m)	0.7 m
346558	0.03	Channel Cut 0.7 m	0.7 m
346562	0.03	Channel Cut 0-0.3m (0.3m)	0.3 m

Table 1: Assay Results and Sample Type

Next Steps

The Company’s next steps will include the following:

• 3D IP Surveys: To refine drill targets and enhance understanding of subsurface mineralization controls. 

• Maiden Drilling Campaign: Permitted for 13 drill holes across known mineralized zones, aimed at confirming mineralization at depth and expanding known zones. 

• Ground Exploration: To investigate additional targets identified in the 2024 IP survey, particularly along strike from the Katisha and Portage Zones. 

 

Sample Procedure and QA/QC

All rock samples collected were submitted to Actlabs at their Dryden, ON sample preparation facility for preparation and analysis. Actlabs meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures.

QOP AA-Au (Au - Fire Assay Gravimetric)  Each sample was photographed, tagged, and bagged for analysis. Samples were analyzed using Actlabs’ 50g Gold Fire Assay - Gravimetric method (1A3-50).  Results were reported in parts per million (ppm) and converted to grams per tonne (g/t) when applicable.

 

*Note: Grab samples are selective and may not represent the true underlying mineralization of the property.

** NI 43-101 report prepared by Fladgate Exploration Consulting Corporation ("Fladgate") (with an effective date of September 27, 2021) for Dynasty based on 66 core holes totaling 12,093 meters of historic drilling estimates an Inferred Resource of 182,000 ounces gold at 1.37 g/t for Pelham Zone

About Ashley Gold Corp.

Ashley Gold Corp. is dedicated to discovering multi-million-ounce gold deposits through innovative and efficient exploration. Operating in mining-friendly jurisdictions, Ashley holds a 100% interest in the Howie Lake Project (subject to a 0.5% royalty), alongside other high-quality gold projects in northwestern Ontario, including the Tabor Lake, Sakoose, Alto-Gardnar, and Burnthut properties. In British Columbia, Ashley holds the Icefield Project, comprising Gold Mountain, Vertebrae Ridge and Punch Bowl - three projects which show potential polymetallic systems along the South-East BC-Alberta border.

 

The Company is committed to creating long-term value for shareholders by advancing its portfolio in one of the world’s most prolific gold regions.

Qualified Person

The technical and scientific information in this news release has been reviewed and approved by Shannon Baird, P.Geo., Exploration Manager of Ashley Gold Corp., who is a Qualified Person as defined by National Instrument 43-101.

 

Contact Information

On behalf of the Board of Directors,

Noah Komavli, President

Ashley Gold Corp.

 

Email: info@ashleygoldcorp.com

Website: www.ashleygoldcorp.com

  

Forward-Looking Statements

This news release contains forward-looking statements, including expectations regarding future exploration programs, assay results, and mineralization potential. These statements are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Ashley Gold Corp. does not undertake to update forward-looking statements unless required by applicable securities laws.