ESGold Corp. press release

Ashley Gold Samples 135.46 g/t Au Over a 3.50 metre Surface Vein Composite and Grab Samples 582.00 g/t Au at the Ashley Gold Mine Project

2022-11-08

CSE - Canadian National Stock Exchange · Gold · Silver · Mica · Canada · Drill Results

(TheNewswire)

| [](https://ashleygoldcorp.com/) | | | | | | | | | | |

November 8 – TheNewswire - Ashley Gold Corp. ( CSE :ASHL) (“Ashley” or the “Company”) is pleased to report positive assay results from its gold grade continuity evaluation program of the No. 1 Vein and Garvey Vein from its Ashley Mine Project located approximately 18 kilometres northwest of Alamos Gold’s Young-Davidson Mine. []()These veins are “high-grade”, exposed on surface for significant strike lengths, and are shallow dipping. The Company intends to follow up these encouraging results with “re-opening” of the historic trenches and a more comprehensive surface vein sampling program to test the viability of a potential mini bulk sample program in the future.

Composite Interval Highlights:

No. 1 Vein (A1) 3.28 g / t A u over 5.00 m e t r e s strike length

No. 1 Vein (A2) 15.10 g / t A u over 6.00 m e t r e s strike length

Garvey Vein (G1) 135.46 g / t A u over 3.50 m e t r e s strike length

Garvey Vein (G2) 582.00 g / t A u in a grab sample of mineralized vein material

“With t h e r e s u l t s an n ounced t oday, w e b e l i eve that the historic gold assay values and extraction results of the Garvey and No. 1 Veins have been verified and t he r e remains good po t en t i a l t o expand known zones laterally and to depth, with good continuity” s a i d Darcy Christian, Ashley ’ s Vi c e P r e s i de n t , Operations . “ I n ad d i t i on , t hese veins are relatively “high-grade” in nature, exposed on surface for significant strike lengths, and are shallow dipping potentially allowing for cost efficient extraction by surficial bulk sampling”.

Ashley Mine Project Vein Gold Grade Continuity Linear Chip Sampling

The program consisted of linear chip sampling of quartz vein material exposed within historic trenches to test the gold grade continuity along strike (“nugget effect”) of the No. 1 Vein and Garvey Vein. The intention was to verify historic bulk and chip sampling values. Most trenches are at least 40 years old and “sluffed” in, covering most of the historically noted vein exposures. A total of 11.0 metres over two separate zones within the approximately 115.0 metre historic surface exposure trench of the No. 1 Vein and only 3.5 meters of the Garvey Vein could be sampled. (Note: This chip sampling was mainly of quartz vein material chiseled off the face of the veins in as many randomized places as possible over the entire width and length of the exposed trench veins and are not indicative of sub-surface gold grade or vein continuity). Sample lengths, widths, and gold grades are found in Table 1 below.

| Table 1: Ashley Mine Project, Linear Vein Chip Composites | | | | | | | | | | | Vein | Type | Chip ID | Sample ID | Length | Width | Au | Au Metal Factor | Au Composite | Composite Length | | | | | | (m) | (m) | (g/t) | (g-m) | Au (g/t) | (m) | | No. 1 | Linear Chip | A1 | A0284613 | 2.00 | 0.5 | 3.08 | 6.16 | 3.28 | 5.00 | | No. 1 | Linear Chip | A1 | A0284614 | 2.00 | 0.4 | 4.68 | 9.36 | | | | No. 1 | Linear Chip | A1 | A0284615 | 1.00 | 0.3 | 0.87 | 0.87 | | | | | | | | | | | | | | | No. 1 | Linear Chip | A2 | A0284616 | 2.00 | 0.4 | 17.50 | 35.00 | 15.10 | 6.00 | | No. 1 | Linear Chip | A2 | A0284617 | 2.00 | 0.4 | 16.60 | 33.20 | | | | No. 1 | Linear Chip | A2 | A0284618 | 2.00 | 0.3 | 11.20 | 22.40 | | | | | | | | | | | | | | | Garvey | Linear Chip | G1 | A0284619 | 2.00 | 0.5 | 65.30 | 130.60 | 135.46 | 3.50 | | Garvey | Linear Chip | G1 | A0284620 | 1.50 | 0.4 | 229.00 | 343.50 | | | | | | | | | | | | | | | Garvey | Grab | G2 | A0284621 | | | 582.00 | | | |

[](https://thenewswire.com/data/tnw/clients/img/823ee9ce6f797d99b76294f487854ec8.png) Click Image To View Full Size

Figure 1: LiDAR Image of Garvey Vein Trenches with Sampling and Assay Results (Inset)

Vein Systems Sampled During the Surface Trench Sampling Program

No. 1 Vein

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Surface expression is located 30m east of the Ashley Mine shaft

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Multi-episodic quartz veining up to 50cm wide with sulfide, visible gold, and tellurides.

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Host rock is a silicified and hematized basalt/andesite cut by sheeted and quartz stockwork veins

Garvey Vein

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Located 1.4km NW of the historic past-producing Ashley Mine and up to 40cm wide

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Hosted between the massive and pillowed basalts of the Lower Tisdale Assemblage

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A bulk sample of 26 tons taken from the vein reported to have yielded 0.86 oz Au/t

[](https://thenewswire.com/data/tnw/clients/img/b53cf59129b1e3a1ac9416555abad312.png) Click Image To View Full Size

Figure []()1 : LiDAR Image with the Historic Ashley Mine and No. 1 Vein Trench Exposure Sampling (A1 and A2)

A s s ay Q A/ Q C and Q u a l i f i ed Per s ons

Rock chip s a m p l e s fr o m the vein trench sampling p r og r am at Ashley were measured (2m maximum length) and then marked out with orange spray paint. The beginning of each composite was located via a handheld GPS averaging for 10 minutes and the vein orientations were taken with a compass. Each individual sample was tagged a nd b a gged on s i t e and t r a n spo r t ed t o AGAT Laboratories’ sample drop-off location in Sudbury, Ontario f or preparation and a na l ys i s . Nine (9) sa m p l e s w er e p r ep a r ed a nd an a l y z ed at AGAT l ab o r a t o r i e s’ Mississauga and Thunder Bay, Ontario facilities. Sa m p l e s a r e c r us h ed t o 9 0 % l e s s t han 2 mm , r i f f l e sp li t and pu l v e r i zed t o 85% pa s s i n g 75 m i c r ons. 30g s a m p l es a r e an a l y z ed by f i r e a s s a y a n d I C P-OES. A t AGAT s a m p l es > 1 0g / t A u a r e au t o m a t i c a l l y a na l y z ed by f i r e a s s a y w i t h g r a v i m e t ri c f i n i sh an a l y s i s.

The Q ua l i f i ed P e r son r e sp ons i b l e f or t he t ech n i c a l c on t e n t of t h i s p r e s s r e l e a s e i s Shannon Baird, P. G e o , Explo r a t i on M a n ager of Ashley .

ABOUT ASHLEY GOLD CORP.

Ashley Gold is focused on creating substantive, long-term value for its shareholders through the discovery and development of world class gold deposits. Ashley currently holds an option to earn 100% interest in the Ashley Mine Project, subject to a 2% royalty. In addition, Ashley has acquired, 100% of the Tabor Lake Lease subject to a 1.5% royalty, 100% of the Santa Maria Project subject to a 1.75% royalty, 100% interest in the Howie Lake Project subject to a 0.5 % royalty and 100% interest in the Alto-Gardnar Project subject to a 0.5 % royalty.

Ashley Gold Corp. is an early-stage natural resource company engaged primarily in the acquisition, exploration, and if warranted, development of mineral projects. The Corporation’s objective is to conduct efficient and economical exploration on its growing portfolio of high-quality gold projects, currently focused in northeastern and northwestern Ontario within the western Abitibi and the Eagle-Wabigoon-Manitou Lakes Greenstone Belts.

The responsibility of this release lies with Mr. George Stephenson, CEO and President +1 (403) 816-2262 • gstephenson@ashleygoldcorp.com , who, with Mr. Darcy Christian, Vice President, Operations • +1 (587) 777-9072 • dchristian@ashleygoldcorp.com , may be contacted for further information. www.ashleygoldcorp.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

DISCLAIMER & FORWARD-LOOKING STATEMENTS

This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Ashley Gold Corp. provides no assurance that actual results will meet management’s expectations. Factors which cause results to differ materially are set out in the Company’s documents filed on SEDAR. Undue reliance should not be placed on “forward looking statements”.

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