Ashley Gold Corp. engages in the acquisition, exploration, and development of mineral properties in Canada. It has an option to acquire a 100% interest in its principal project comprising the Ashley gold property that includes 115 mineral claims covering an area of approximately 1,759.6 hectares located in northeastern Ontario. The company also holds 100% interests in the Santa Maria property that consists of 1554 hectares located in the southeast of Dryden, Ontario, as well as holds interests in the Howie Lake property that includes 64 claims in approximately 1,000 hectares located in the Dryden, Ontario; and the Alto-Gardnar property, which comprises 15-claim blocks in approximately 315 hectares located in Dryden, Ontario.
Today, Ashley Gold announced the discovery of a parallel deformation zone west to the 2023 initial Oro-Grande discovery as well as extending the Oro-Grande zone an additional 200m.
Darcy Christian, CEO 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.”
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. 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 80m 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. 4 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 discovery will continue this week, with a maiden drill program slated for Summer 2024.
The stock is up over 18% at time of writing on today’s news.
An exciting discovery story is seeing the stock move big. The double bottom pattern with the breakout above $0.065 remains intact, meaning a new trend is in play. The stock had a nice pop a few days ago on news of a 82.3 g/t gold sample. Price went up to the resistance zone at $0.15 before pulling back as profits were taken. Today’s price action is attempting to confirm a breakout with a CANDLE BODY CLOSE above the $0.085 price level. The stock has thus far just ranged in this zone without closing above $0.085. Watch for today’s candle close.
