Ashley to conduct fall exploration at Gold Mountain

Mr. Darcy Christian reports ASHLEY GOLD CORP. PROVIDES 2025 FALL EXPLORATION UPDATE FOR BRITISH COLUMBIA, ADVANCES HIGH-GRADE POLYMETALLIC ASSETS, ENGAGES DAHROUGE GEOLOGICAL CONSULTING LTD. Ashley Gold Corp. has retained Dahrouge Geological Consulting Ltd. of Edmonton, Alta., to undertake a fall exploration program at the company's Gold Mountain project, British Columbia. President Noah Komavli said on the forthcoming exploration program: "Ashley Gold's team is busily advancing drill plans and core cutting considerations in Dryden, Ont. "I am also very happy to announce Ashley has retained Dahrouge Geological Consulting Ltd., a leading consulting firm in the minerals industry -- who have a long track record of discoveries. We look forward to their taking on the management of the company's British Columbia exploration assets. "With a notice of work submitted by the prior claim operator for diamond drilling, this project is sufficiently advanced for the next stage of exploration. "While the NOW process is ongoing, Dahrouge Geological will undertake further surface sampling to ensure proper target selection for future drill programs while expanding our knowledge of the 500-metre mineralized strike length and recently staked claims, which remain unexplored. "The Gold Mountain project is one of three projects that comprise the Icefield portfolio. Sporadic historical exploration has returned exceptional results, validated by modern data, with peak silver grades of up to 6,670 g/t reported from a grab sample." Gold Mountain Gold Mountain is an early staged gold-silver project, located about 50 kilometres northwest of Golden, B.C. The project consists of four claims covering approximately 1,863 hectares. Highlights include: North showing: grab sample returned 4.87 grams per tonne gold, 710 g/t silver and 1.89 per cent copper (Allen, 1982). South showing: peak values of 30.3 g/t Au, 13,301 g/t Ag and 32.54 per cent Cu (Allen, 1982): 1984 drilling (Parr, 1984): notable intervals include: 4.14 metres of 57.62 g/t Au, 7,349.5 g/t Ag, 16.5 per cent Cu and 8.74 per cent lead (drill hole A); 4.85 m of 29.99 g/t Au, 6,711.3 g/t Ag, 11.0 per cent Cu and 14.53 per cent Pb (drill hole B); 2020-2021 exploration: a silver-gold-lead-zinc-copper-antimony mineralized system at Gold Mountain identified (see Jan. 13, 2021, and Jan. 4, 2022, news releases): Five samples returning 1,000 to 6,670 g/t Ag; Eight samples returning 1,260 to 8,220 parts per million Sb. The property's mineral-rich history dates back to the 1930s and includes impressive showings of gold, silver, copper and lead within a trend that spans over 600 metres. Past work has revealed high-grade values across two primary showings, North and South, which are separated by approximately 450 metres of talus -- a zone where mineralized boulders suggest continuity of mineralization between the two showings. The South showing covers an area of 160 by 50 metres and features five vein exposures in multiple trenches, where high-grade mineralization has previously been sampled, including values up to 30.3 g/t Au, 13,301 g/t Ag and 32.54 per cent Cu (Allen, 1982). These veins trend toward the North showing, which has been partially exposed by a shallow open cut and an old adit. Exploration during 1982 at the North showing, near the adit, identified a one-metre-wide quartz vein, which returned a grab sample of 4.87 g/t Au, 710 g/t Ag and 1.89 per cent Cu indicating a rich polymetallic presence (Allen, 1982). Together, these showings form a mineralized corridor that remains open at both ends. Eight shallow backpack-style drill holes were completed in 1984 (Parr, 1984) though poor recoveries were noted. Results include: 4.14 m of 57.62 g/t Au, 7,349.5 g/t Ag, 16.5 per cent Cu and 8.74 per cent Pb; 4.85 m of 29.99 g/t Au, 6,711.3 g/t Ag, 11 per cent Cu and 14.53 per cent Pb. Samples collected in 2020 and 2021 confirmed the high-grade mineralization at both the North and South showings, with five samples returning from 1,000 to 6,670 g/t Ag, and eight samples returning from 1,260 to 8,220 ppm Sb. Recent claim additions opened a path for expanded exploration aimed at uncovering the full extent of mineralization along this trend. National Instrument 43-101 disclosure The technical information in this news release was prepared and/or reviewed by Nathan Schmidt, PGeo, a qualified person as defined in National Instrument 43-101. Mr. Schmidt is registered as a professional geoscientist with Engineers Geoscientists of British Columbia (No. 48336) and an employee of Dahrouge Geological Consulting (permit to practice No. 1003035). Some results discussed in this document are historical. Pegasus Resources nor the qualified person has performed sufficient work or data verification of the historical data. Historical Ag and Au results from Gold Mountain were presented in original documentation as troy ounce per short ton and were converted to gram per tonne using a conversion of 34.28. Although the historical results may not be reliable, the company nevertheless believes that they provide an indication of the project's potential and are relevant for any future exploration program. Management cautions that grab samples are selective in nature, and the assay results may not necessarily represent true underlying mineralization. About Ashley Gold Corp. Ashley Gold is a focused exploration company targeting high-potential gold and polymetallic deposits in Canada's top mining regions. It aims to deliver strong returns for shareholders through smart exploration and strategic growth. Its assets: Ontario (Dryden area): 100-per-cent ownership in Burnthut, Tabor-Sakoose, Howie and Alto-Gardnar; British Columbia: Icefield portfolio with three promising claim packages. We seek Safe Harbor.