Ashley Gold Corp. Receives Channel Results, Confirms Broad Zone of Low Grade Gold from Representative Sampling at Howie Project, Ontario, Submits Core for Assay

Executive Summary

• Ashley Gold Corp. announced assay results from a channel sampling program conducted on the Twilight Zone of its Howie Project in Ontario, validating the company's thesis of a bulk tonnage target.
• The results show a weighted average grade of 0.624 g/t Au over 22.9 meters, with values exceeding peer cut-off grades for open-pit mining (e.g., Goliath Gold at 0.3 g/t Au).
• The company also completed historic Esso core cutting ahead of schedule, with samples submitted for assay, and outlined plans for a full drill program to validate the early-stage model.

Key Details

• Twilight Zone Channel Sampling Results:
  • Weighted average: 0.624 g/t Au over 22.9 meters.
  • All 23 channel cuts returned gold values.
  • Discontinuous channel cuts show alteration-associated mineralization (silicification, carbonatization, chloritization, sericitization, fuchsite) with disseminated pyrite and arsenopyrite.
  • Specific high-grade intercepts include:
    • Sample 346550: 1.77 g/t Au over 1.2 m
    • Sample 340262: 1.67 g/t Au over 1.0 m
    • Sample 340261: 1.60 g/t Au over 0.8 m
    • Sample 340259: 1.32 g/t Au over 1.0 m
    • Sample 346541: 1.18 g/t Au over 1.2 m
  • Grab sample results included:
    • Sample 346536: 1.23 g/t Au
    • Sample 340270: 1.14 g/t Au
• Historic Core Cutting:
  • Core cutting in Kenora, ON, completed ahead of schedule as of September 18, 2025.
  • Samples submitted to Actlabs in Dryden, ON, for assay.
  • Visual inspection of rediscovered historic Esso core shows strong correlation with recent surface channel sampling.
• Peer Comparison:
  • Results are inline or exceed advanced peers in the belt, such as the Goliath Gold complex open-pit cut-off grade of 0.3 g/t Au and the Rainy River open-pit cut-off grade of 0.3 g/t Au for low-grade mineralization.
• Future Plans:
  • Management intends to lead into a "full fledged, modern drill program" to further validate the early-stage model.
• Project History Highlights:
  • May 1987: Esso Minerals conducted a two-year program; historic logs detail wide zones of mineralization.
  • November 2022: Initial surface prospecting at Main Katisha Shear Zone yielded up to 52.80 g/t Au.
  • October 2024: Completed induced polarization (IP) survey over 2 km of lines to define 2025 drill targets.
  • May 2025: Mechanical stripping and channel sampling at Katisha Zone yielded up to 20.2 g/t Au.

Notable Quotes

• Noah Komavli, President: “With our thesis of a bulk tonnage target receiving some validation from these channel sample results, the road accessible Howie Project is positioned as a cornerstone of our portfolio. These early results are inline or exceed advanced peers in the belt... These results are very encouraging and show that we are on the right track.”