Mr. Darcy Christian reports

ASHLEY GOLD DISCOVERS NEW PARALLEL ZONE GRADING UP TO 31.9 G/T AU AND EXPANDS STRIKE LENGTH AT THE BURNTHUT PROPERTY

Ashley Gold Corp. is continuing to advance its properties with the discovery of a parallel deformation zone west to the 2023 initial Oro-Grande discovery in addition to extending the Oro-Grande zone an additional 200 metres.

Darcy Christian, chief executive officer of Ashley, comments: "Our team continues to show how prospective our acreage is with another amazing result on our Burnthut project. Not only have we significantly extended the strike potential of the 2023 Oro-Grande discovery we have confirmed the stacked mineralized potential of the area with the new definition of the Oro-Grande West. Burnthut is evolving into a fantastic drill project with the opportunity to open massive new upside for Ashley. We are excited to get the drill turning this summer."

Highlights:

• New discovery Oro-Grande West grading up to 31.9 grams per tonne gold;
• Increased potential strike length 200 m of the Oro-Grande zone;
• Maiden drill program slated for summer 2024.

Sampling and geology

Recent prospecting has led to the discovery of an additional high-grade gold-bearing deformation zone approximately 80 m to the west and parallel to the main high-grade Oro Grande zone.

A 4.5 m wide quartz float debris field which hosts a multitude of quartz veins and stringers of varying widths was recently discovered. Parallel stacked quartz veins up to 0.35 metre in width (some in situ in bedrock) occur in strongly mineralized iron-carbonate-rich mafic flows of the central volcanic belt.

White to grey quartz veins are well mineralized with pyrite in the form of stringers and in coarse clusters of cubic pyrite, along with minor galena, and chalcopyrite. Six random grab samples from various quartz veins and stringers, as well as the mafic host rock was sampled. Assays returned up to 31.9 g/t Au from a well-mineralized quartz vein.

Close examination has identified an 80 m wide corridor area which is marked by competent mafic flows which are subsequently separated by rubble filled areas representing less competent rocks. Inland trends of these rubble-filled shoreline areas are marked by linear overburden filled gullies. This 80 m wide zone has the potential to host additional high-grade gold veins in a stacked setting. None of these high-grade gold veins situated in this 80 m wide mineralized corridor has ever been tested by diamond drilling.

As well, prospecting has discovered an inland extension to the Main Oro Grande zone. Approximately 200 m inland, well-mineralized, pyritic quartz veins quartz veins up to 0.15 m in width occur in a poorly exposed deformation zone. Rocks in this area display strong iron carbonate alteration. Much of the inland extension is covered by overburden. Four random grab samples from quartz veins and host rock were sampled returning up to 2.96 g/t Au.

Follow-up prospecting and sampling of this new high-grade gold discovery will continue this week.

The Burnthut property is situated in the central volcanic belt and along strike of the Goldlund and Miller gold deposits currently being explored by Treasury Metals.

Qualified person

The technical and scientific information in this news release has been reviewed and approved by Mr. Christian, PGeo, president of Ashley, who is a qualified person as defined by National Instrument 43-101.

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 has acquired 100 per cent of the Tabor Lake lease subject to a 1.5-per-cent royalty, 100 per cent of the Santa Maria project subject to a 1.75-per-cent royalty, 100-per-cent interest in the Howie Lake project subject to a 0.5-per-cent royalty, 100-per-cent interest in the Alto-Gardnar project subject to a 0.5-per-cent royalty, 100-per-cent interest in the Burnthut property subject to a 1.5-per-cent NSR and an option to earn 100 per cent of the Sakoose claims subject to a 1.5-per-cent NSR. In addition, Ashley has entered into an option agreement to earn 100 per cent of the Sahara uranium-vanadium property in Emery county, Utah, subject to a 2-per-cent NSR.

Ashley Gold is an early-stage natural resource company engaged primarily in the acquisition, exploration and development of mineral projects. The corporation's objective is to conduct efficient and economical exploration on its growing portfolio of high-quality gold projects as well as moving the Sahara uranium-vanadium project toward near-term production.

We seek Safe Harbor.