Ashley Gold receives permits for Gold Mountain drilling

Executive Summary

• Ashley Gold Corp. has secured the necessary permits to initiate a diamond drill campaign on its Gold Mountain polymetallic project in British Columbia.
• The company completed a final share issuance of 2,000,000 shares to Pegasus Resources Inc. to fulfill permit obligations, bringing the total issued share count to 85,844,873.
• The release outlines historical high-grade drilling and recent surface sampling across the project's north and south showings, confirming a robust polymetallic system (Au-Ag-Cu-Pb-Sb) spanning over 600 metres.

Key Details

• Permit & Drilling: Received all necessary permits to operate a drill campaign on the Gold Mountain project.
• Share Issuance: Final issuance of 2,000,000 common shares to Pegasus Resources Inc. in consideration for the permit. Shares are subject to a statutory 4-month-and-1-day hold and pending exchange/regulatory approvals. Post-issuance total shares outstanding: 85,844,873.
• Project Location & Size: Gold Mountain, BC, located ~50 km northwest of Golden, BC. Comprises 4 claims covering approximately 1,863 hectares.
• Historical Drilling (1984):
• Hole A: 4.14m at 57.62 g/t Au, 7,349.5 g/t Ag, 16.5% Cu, 8.74% Pb.
• Hole B: 4.85m at 29.99 g/t Au, 6,711.3 g/t Ag, 11.0% Cu, 14.53% Pb.
• Recent Surface Sampling (2020-2021):
• 5 samples returned 1,000 to 6,670 g/t Ag.
• 8 samples returned 1,260 to 8,220 ppm Sb.
• Historical Surface Sampling:
• North showing: 4.87 g/t Au, 710 g/t Ag, 1.89% Cu.
• South showing: Peak values of 30.3 g/t Au, 13,301 g/t Ag, 32.54% Cu.
• Geological Context: Mineralized corridor spans >600m. South showing (160x50m) contains 5 vein exposures in trenches. North showing is partially exposed via an old adit and shallow open cut. A talus zone between the two showings (~450m apart) contains mineralized boulders suggesting continuity of mineralization.
• NI 43-101 Disclosure: Technical information prepared/reviewed by Darcy Christian, PGeo (CEO/Director, non-arm's length). Historical data is unverified but indicates project potential; grab samples are selective.

Notable Quotes

• President Noah Komavli: "Ashley has reached a significant milestone for the Gold Mountain polymetallic project. Historic results, as well as recent surface sampling, have revealed compelling numbers across precious and base metals. Ashley's near-term focus remains on the Dryden area -- specifically on the Tak patents. We look forward to circling back on our B.C. projects in the near future."