(via TheNewswire)
CALGARY, ALBERTA – TheNewswire - May 14, 2026 - Ashley Gold Corp. (CSE: “ASHL”) (“Ashley ” or the “Company ”) is pleased to share its first assay result from the recently completed Phase 1 drill program on its wholly owned Tak Patents, as well as guidance for Phase 2 drilling.
Highlights:
TAK-26-01 confirms historic mineralization values in the area of TAK-99-10, increases confidence in historical intercepts,
4 additional holes remain pending assays,
Gold mineralization in the newly dubbed Double 9 Zone (“D99Z” ) starts at the surface, over significant width, remaining open for expansion,
Phase 2 drilling to resume in late May, 2026.
Figure 1: Regional Map and Area of Activity
President Noah Komavli:
“I am happy to deliver this first assay result to our investors and the markets. From research to purchase, capital raise, and execution, our team has delivered the most impactful drill program in the history of the Company in five months. Not just from meterage or grade, but by operating in a strategic location abutting the most advanced project in the district — the Goliath-Gold complex, operated by NexGold Mining Corp. This milestone was made possible through the determination of our team and through collaboration with contractors, stakeholders, and peers — and what has me most excited is that we have literally just started to scratch the surface of this project! With the equipment in position for Phase 2, we are primed to deliver more results in the near term, guided by Phase 1 results.”
CEO Darcy Christian on Phase 1 and TAK-26-01 assays:
“This first hole was designed as a northeastern step-out and undercut of the historic hole TAK-99-10. The significant results returned give us added confidence in the historic values and allow us to move into Phase 2 when ready. I look forward to receiving the assays for the four pending holes, as well as the completed IP inversion. As Noah stated, we have truly just scratched the surface of the claims, with mineralization starting at the surface and strong potential to expand the D99Z based on future results.”
Project Map
Phase 1 drilling was concentrated on the D99Z, located within a larger highly prospective trend encapsulated by the Tak Patents.
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Figure 2: Area of Activity, Surficial Resistivity
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Figure 3: D99Z - Cross Section - TAK-26-01 Results
Core Images
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Figure 4: Exploration Manager Shannon Baird, P.Geo, Testing Magnetic Response of TAK-26-01
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Figure 5: TAK-26-01 - Part of Sample 2415002 - Quartz Stockwork with Hydrothermal Pyrite - Returning 0.997 g/t Au
Assays and Discussion
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Table 1: Drilling Location Data
TAK-26-01 displays mineralization starting at the drill hole collar, with numerous multi-gram intercepts, within a wide continuous interval of ~28m. When the drill hole exits the target zone, anomalous gold values are present in the host rock to the end of the hole.
Hole_ID | Sample # | From (m) | To (m) | Length (m) | Gold (g/t) |
TAK-26-01 | 2415001 | 3.00 | 4.00 | 1.00 | 0.196 |
TAK-26-01 | 2415002 | 4.00 | 5.00 | 1.00 | 0.997 |
TAK-26-01 | 2415003 | 5.00 | 6.00 | 1.00 | 0.304 |
TAK-26-01 | 2415004 | 6.00 | 7.00 | 1.00 | 0.308 |
TAK-26-01 | 2415005 | 7.00 | 8.00 | 1.00 | 0.703 |
TAK-26-01 | 2415006 | 8.00 | 9.00 | 1.00 | 0.344 |
TAK-26-01 | 2415007 | 9.00 | 10.00 | 1.00 | 3.890 |
TAK-26-01 | 2415008 | 10.00 | 11.00 | 1.00 | 0.538 |
TAK-26-01 | 2415009 | 11.00 | 12.00 | 1.00 | 1.600 |
TAK-26-01 | 2415011 | 12.00 | 13.00 | 1.00 | 0.788 |
TAK-26-01 | 2415012 | 13.00 | 14.00 | 1.00 | 3.840 |
TAK-26-01 | 2415013 | 14.00 | 15.00 | 1.00 | 1.920 |
TAK-26-01 | 2415014 | 15.00 | 16.00 | 1.00 | 1.170 |
TAK-26-01 | 2415015 | 16.00 | 17.00 | 1.00 | 1.870 |
TAK-26-01 | 2415016 | 17.00 | 18.00 | 1.00 | 0.216 |
TAK-26-01 | 2415017 | 18.00 | 19.00 | 1.00 | 0.897 |
TAK-26-01 | 2415018 | 19.00 | 20.00 | 1.00 | 2.010 |
TAK-26-01 | 2415019 | 20.00 | 21.00 | 1.00 | 1.200 |
TAK-26-01 | 2415021 | 21.00 | 22.00 | 1.00 | 0.403 |
TAK-26-01 | 2415022 | 22.00 | 23.00 | 1.00 | 0.361 |
TAK-26-01 | 2415023 | 23.00 | 24.00 | 1.00 | 0.146 |
TAK-26-01 | 2415024 | 24.00 | 25.00 | 1.00 | 0.674 |
TAK-26-01 | 2415025 | 25.00 | 26.00 | 1.00 | 0.591 |
TAK-26-01 | 2415026 | 26.00 | 27.00 | 1.00 | 1.260 |
TAK-26-01 | 2415027 | 27.00 | 28.00 | 1.00 | 0.359 |
TAK-26-01 | 2415028 | 28.00 | 29.00 | 1.00 | 0.435 |
TAK-26-01 | 2415029 | 29.00 | 30.00 | 1.00 | 3.030 |
TAK-26-01 | 2415031 | 30.00 | 31.00 | 1.00 | 0.867 |
TAK-26-01 | 2415032 | 31.00 | 32.00 | 1.00 | 0.085 |
TAK-26-01 | 2415033 | 32.00 | 33.00 | 1.00 | 0.015 |
TAK-26-01 | 2415034 | 33.00 | 34.00 | 1.00 | 0.064 |
TAK-26-01 | 2415035 | 34.00 | 35.00 | 1.00 | 0.058 |
TAK-26-01 | 2415036 | 35.00 | 36.00 | 1.00 | 0.005 |
TAK-26-01 | 2415037 | 36.00 | 37.00 | 1.00 | 0.028 |
TAK-26-01 | 2415038 | 37.00 | 38.00 | 1.00 | < 0.005 |
TAK-26-01 | 2415039 | 38.00 | 39.00 | 1.00 | < 0.005 |
TAK-26-01 | 2415041 | 39.00 | 40.00 | 1.00 | < 0.005 |
TAK-26-01 | 2415042 | 40.00 | 41.00 | 1.00 | 0.008 |
TAK-26-01 | 2415043 | 41.00 | 42.00 | 1.00 | 0.006 |
TAK-26-01 | 2415044 | 42.00 | 43.00 | 1.00 | < 0.005 |
TAK-26-01 | 2415045 | 43.00 | 44.00 | 1.00 | 0.017 |
TAK-26-01 | 2415046 | 44.00 | 45.00 | 1.00 | 0.013 |
TAK-26-01 | 2415047 | 45.00 | 46.00 | 1.00 | 0.022 |
TAK-26-01 | 2415048 | 46.00 | 47.00 | 1.00 | 0.076 |
TAK-26-01 | 2415049 | 47.00 | 48.00 | 1.00 | 0.248 |
TAK-26-01 | 2415051 | 48.00 | 49.00 | 1.00 | 0.066 |
TAK-26-01 | 2415052 | 49.00 | 50.00 | 1.00 | 0.025 |
TAK-26-01 | 2415053 | 50.00 | 51.00 | 1.00 | 0.025 |
TAK-26-01 | 2415054 | 51.00 | 52.00 | 1.00 | 0.116 |
TAK-26-01 | 2415055 | 52.00 | 53.00 | 1.00 | 0.058 |
TAK-26-01 | 2415056 | 53.00 | 54.00 | 1.00 | 0.084 |
TAK-26-01 | 2415057 | 54.00 | 55.00 | 1.00 | 0.006 |
TAK-26-01 | 2415058 | 55.00 | 56.00 | 1.00 | 0.015 |
TAK-26-01 | 2415059 | 56.00 | 57.00 | 1.00 | 0.068 |
TAK-26-01 | 2415061 | 57.00 | 58.00 | 1.00 | 0.014 |
TAK-26-01 | 2415062 | 58.00 | 59.00 | 1.00 | 0.022 |
Table 2: Assay Results
Phase 1&2 - Next Steps
Phase 1 drilling focused on validating the historic holes drilled in 1999, as core is unavailable and core diameter was BQ. Core from 2002 may have been cut to quarters in some sections, and therefore spacing of holes in Phase 1 drilling was planned to validate as much data as possible between 2002 and 1999 holes. TAK-26-02 and TAK-26-03 are the deepest holes drilled on the property to date, and mineralization present in the bottom of the holes displayed pervasive green sericite-chlorite alteration, brecciation, and quartz veining accompanied by an increased sulphide content, all of which could potentially indicate a higher degree of interaction with hydrothermal fluids.
Phase 2 mobilization will be announced formally by the Company, with a start date estimated for late May, 2026. The Phase 2 program will pick up in the 67 Zone (“67Z ”), with one hole confirming mineralization from TAK-02-06 and TAK-02-07, through a twin or a step back.
TAK-02-06 returned an intersection from 27.27 to 35.30 m that assayed 3.08 g/t Au over 7.57 metres; however, the hole also returned an assay of 7.0 g/t Au over 1.1 from 81.3 to 82.4 m within a breccia zone with quartz-carb infilling and 1-2% pyrite. (Southern Rio, 2002)
TAK-02-07 returned an intersection from 27.70 to 36.40 m that assayed 3.18 g/t Au over 8.7 metres; this includes 8.62 g/t Au over 0.5 m from 27.70 to 28.20 m, 9.67 g/t Au over 0.8 m from 29.45 to 30.25 m, and 7.57 g/t Au over l .4 m from 35.00 to 36.40 m. (Southern Rio, 2002)
From here, the Company expects to drill in an exploratory nature in zones of interest, at 50m spacings, or in scissors to test plunges. Assay results from the pending holes may have a material impact on planning, as well as the final IP report, which is due shortly.
QA/QC
The Company adheres to a strict QA/QC protocol for handling, sampling, sample transportation and analyses. Drill core was boxed, covered and sealed at the drill rig site. Core boxes were labelled with the official drillhole name and identified in numerical sequence starting from beginning of the hole to the end. Wooden blocks with the corresponding down hole meterage were inserted after every drill run by the drill contractor. Drill core boxes were transported by contactors to the onsite logging facility where Company personnel took over the core handling.
All drilling at the Tak project recovers NQ core. Drill core is systematically cut in half using a diamond saw. A qualified geologist examines the intact drill core, marking intervals for sampling and indicating the cutting line. Sample lengths are typically 1.0 metre, adjusted to a maximum of 1.5 meters or a minimum length of 0.3 metre as necessary to respect lithological and/or mineralogical contacts and to isolate narrow veins or structures that may contain higher-grade mineralization.
Technicians saw the core along the cutting lines determined by the geologist. One half of the core is retained as a representative sample, while the other half is submitted for analysis. Individual sample bags are labelled, tagged, and securely sealed - being then placed into rice bags, which are clearly marked with their contents. Each rice bag tends to hold 10 sample bags and is then sealed at capacity. The Company submits samples for gold determination by fire assay to ActLabs - Dryden. (“ActLabs”).
Samples were securely couriered to ActLabs in Dryden, ON by Company management and Company representatives for 1A2 Au fire assay. Samples are dried and pulverized with subsequent sample size of 5 to 50 grams. The sample is mixed with fire assay fluxes (borax, soda ash, silica, litharge) and with Ag added as a collector and the mixture is placed in a fire clay crucible. The mixture is then preheated at 850°C, intermediate 950°C and finished at 1060°C with the entire fusion process lasting 60 minutes. The crucibles are then removed from the assay furnace and the molten slag (lighter material) is carefully poured from the crucible into a mould, leaving a lead button at the base of the mould. The lead button is then placed in a preheated cupel which absorbs the lead when cupelled at 950°C to recover the Ag (doré bead) + Au. Au is separated from the Ag in the doré bead by parting with nitric acid. The resulting gold flake is annealed using a torch. The gold flake remaining is weighed gravimetrically on a microbalance.
Tak References
Property MDI Link: https://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI000000002119.html
Wedge Zone assays: https://prd-0420-geoontario-0000-blob-cge0eud7azhvfsf7.z01.azurefd.net/lrc-geology-documents/assessment/52G13NW2001/52G13NW2001.PdF
Triex logs (TAK-99 holes):
https://prd-0420-geoontario-0000-blob-cge0eud7azhvfsf7.z01.azurefd.net/lrc-geology-documents/assessment/52G13NW2002/52G13NW2002.Pdf
Southern Rio logs (TAK-02 holes):
https://prd-0420-geoontario-0000-blob-cge0eud7azhvfsf7.z01.azurefd.net/lrc-geology-documents/assessment/52F16NE2006/52F16NE2006.Pdf
NI 43-101 Disclosure
The technical information in this news release was reviewed and approved by Shannon Baird, P.Geo., a Qualified Person as defined in National Instrument 43-101. Mr. Baird is Exploration Manager of Ashley Gold Corp. and registered as a Professional Geoscientist with the Professional Geoscientists of Ontario as well as the Engineers and Geoscientists of British Columbia.
ABOUT ASHLEY GOLD CORP.
Ashley Gold Corp. is a Canadian mineral exploration company focused on acquiring and developing highly prospective gold and polymetallic deposits in Canada’s top mining regions. The Company’s flagship assets are in the Dryden Area in Ontario with a 100% ownership in Burnthut (including the Tak Patents), Howie, and Alto-Gardnar claims as well as in British Columbia with the Icefield Portfolio having two highly prospective claim packages.
For more information, please refer to the Company’s information available on SEDAR+ (www.sedarplus.ca), or visit us at www.ashleygoldcorp.com .
Contact Information
On behalf of the Board of Directors,
“Noah Komavli”
Noah J. Komavli, P.Eng, President, Director
C: (647) 567-9840
E: info@ashleygoldcorp.com
X: KKomavli
-Or-
Darcy Christian, P.Geo, CEO
C: (587) 777-9072
E: dchristian@ashleygoldcorp.com
Connect With Ashley:
www.ashleygoldcorp.com
X: https://x.com/AshleyGoldCorp
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+ (www.sedarplus.ca) (www.sedarplus.ca). Undue reliance should not be placed on “forward-looking statements.”
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