Ashley cancels Echo option, accelerates Sakoose option

Executive Summary

• Ashley Gold Corp. has accelerated its earn-in on the Sakoose option, acquiring 100% ownership of the Tabor-Sakoose claims in exchange for cash payments and the issuance of 500,000 common shares, subject to CSE approval.
• The company has dropped the Echo option, returning the claims to the vendor in exchange for issuing 120,000 common shares at a deemed price of five cents, also subject to CSE approval.
• Management has validated historic drilling data from the Twilight Zone by viewing core samples, confirming the accuracy of historical logs, and plans to proceed with cutting operations next week.

Key Details

• Sakoose Acquisition (100% Ownership):
  • The company accelerated the earn-in on the Sakoose option per the original agreement dated Oct. 24, 2023.
  • Consideration: Vendors receive outstanding cash for Year 2 ($18,000) and Year 3 ($14,000), plus $20,000 in shares.
  • Share Issuance: 500,000 common shares issued to vendors.
  • Conditions: Subject to Canadian Securities Exchange (CSE) approval; shares subject to a statutory four-month-and-one-day hold.
  • Strategic Rationale: Streamlines permitting under one company name for the Tabor-Sakoose claims, which host three past-producing sites and have pending regional modeling. Single ownership facilitates easier negotiations with interested parties.
• Echo Option Termination:
  • Ashley Gold elected to drop the Echo project option and return claims to the vendor.
  • Consideration: Issuance of 120,000 common shares at a deemed price of five cents ($0.05).
  • Conditions: Subject to CSE approval; shares subject to a statutory four-month-and-one-day hold.
• Twilight Zone Core Validation:
  • Executive and field teams visited the Kenora core library to view historic core samples from the Twilight Zone.
  • Findings: Core was in perfect condition; historical logs were validated as accurate over viewed intervals.
  • Next Steps: The team will return next week for cutting operations.
  • Context: Holes were part of a scout drilling campaign by Esso; visuals are encouraging given neighboring targets for similar mineralization styles.
• Prospecting Activities:
  • Prospecting is continuing, with time split between Tabor South (Santa Maria area) and the Howie Twilight Zone Southeast.
  • Focus is on exploring the extension of the Twilight Zone on the Howie project and prospecting in the underexplored Santa-Maria area south of Tabor.

Notable Quotes

• "Viewing the core has allowed for some validation of the historic data with the team returning for cutting next week. These holes were part of a scout drilling campaign by Esso and, though early stage at the time, show that the area has strong potential to host additional mineralization. With our neighbours targeting this style of mineralization, these visuals are encouraging." — Noah Komavli, President
• "With our existing pipeline of projects and near-term catalysts, we will be directing all available resources to focus on discovery. After careful review of the portfolio, we have elected to drop the Echo project option." — Noah Komavli, President
• "In tandem, we are announcing the acceleration of our earn-in on the Sakoose option, bringing our ownership to 100 per cent." — Noah Komavli, President