(via TheNewswire)
CALGARY, ALBERTA - May 26, 2026 – TheNewswire - Ashley Gold Corp. (CSE: “ASHL”) (“Ashley ” or the “Company ”) is pleased to share an update in regards to its Phase 2 drilling activities on the wholly owned Tak Patents.
Highlights:
Drilling crew has mobilized for Phase 2 program, targeting 67Z and step outs,
Active field work occurring in advance and simultaneously, prospecting beyond known zones and ground truthing IP study features.
Pending Assays:
Click Image To View Full Size
Figure 1: Regional Map and Area of Activity
President Noah Komavli: “Ashley enters the summer field season with momentum, kicking off our second drill program on the Tak. In parallel and ahead of drilling, prospecting activities have begun, with assay results to be shared once received. So far, the selective grabs returned echo my sentiment of only scratching the surface of these claims. The data being generated from drilling and prospecting will serve to broaden our understanding of the Tak QFP. Phase 2 drilling is picking up in an area of significant historic results with only two holes ever drilled, results include 3.18 g/t Au over 8.7 metres, starting at 27.7 m (Southern Rio, 2002).”
Prospecting
Ground truthing resistive and chargeable targets, with a coinciding high gold index provided by the IP survey pseudosections have correlated strongly to early field findings. Including;
Historically worked trenches, numeric identifiers 18/19 (Cominco, 1980),
Multiple quartz stockwork zones.
Current prospecting is focused between the 99Z and 67Z, in final preparation for drilling between the two zones to test the IP model as part of the forthcoming Phase 2 program.
Click Image To View Full Size
Figure 2: Sulphide Mineralization in Quartz
Click Image To View Full Size
Figure 3: Sulphide Mineralization in Quartz Feldspar Porphyry
Click Image To View Full Size
Figure 4: Example Mineralization - Quartz Veining and Sulphides
Click Image To View Full Size
Figure 5: Sulphide Mineralization in Quartz Feldspar Porphyry
Click Image To View Full Size
Figure 6: Example Quartz Stockworks Float
Phase 2 Planning
Ashley’s initial planning in is as follows:
TAK-26-06: exploratory hole ~150m east of the 67Z for possible strike extent, drilling underneath high priority stockworks zones identified during prospecting (Trench 18/19, Cominco, 1980),
TAK-26-07: 60 degree twin of the 67Z, with the dual purpose of validating the assays and confirming the dip of the zone (Figure 7, below ),
TAK-26-08: Exploratory hole north along the gold index anomaly, into chargeability high, provided by the output of the induced polarization study (Figure 7, below ),
TAK-26-09: Step west to the next pad area for another test of the 67Z strike.
Click Image To View Full Size
Figure 7: Output from IP Survey - Resistivity Isoshell is 20,000 ohm-m (Left) and the Chargeability Isoshell is at 30ms (Right) - Pseudosection of Line 250 (67Z) showing the Gold Index Values (Background - with hotter colors being more prospective for Au)
Initial plans are subject to change based on a variety of factors, including, but not limited to, observations from the field during drilling and prospecting, receipt of finalized IP report, as well as pending results from Phase 1 holes.
The 67 Zone (“67Z ”) was identified by a geophysical anomaly and followed up by drilling a two hole scissor in 2002 (Southern Rio). The property then sat idle for 24 years until Ashley’s acquisition in 2026.
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, this included an assay of 13.l g/t over 0.75 m that could not be repeated despite 9 re-assays, again indicating the nugget effect of the gold mineralization. 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)
Click Image To View Full Size
Figure 8: Phase 2 Drilling Location
Tak History
January 1940s - Long Lac Minerals (Mosher Long Lac Gold Mines Ltd.), extensive surface trenching (trenches up to 70 m long) on the Tak Grid targeting gold mineralization in quartz-feldspar porphyry (QFP); followed by 1948 magnetometer survey. MDI .
1980 - Cominco, geological mapping, rock sampling, and magnetometer survey over the property identifying porphyry-hosted gold potential. MDI .
1998-1999 - Triex Resources, acquired the Tak Patents; conducted prospecting, sampling, trenching (assays 1,100–29,790 ppb Au), and drilled 10 DDH (~1,558 m total), including TAK-99-10 returning 2.082 g/t Au over 31.83 m from 3.57–35.40 m (incl. 11.778 g/t Au over 2.88 m and 7.632 g/t Au over 1.10 m); outlined stockwork quartz-carbonate veining in silicified/carbonatized QFP ; MDI .
2002 - Southern Rio Resources, optioned the property from Triex and drilled 8 DDH (~1,209 m) on the Tak Grid; outlined gold mineralization over ~350 m strike length to ~100 m depth with stockwork veining, visible gold noted, and intercepts including TAK-02-06: 3.08 g/t Au over 7.57 m (plus 7.0 g/t Au over 1.1 m) and TAK-02-07: 3.18 g/t Au over 8.7 m (incl. 9.67 g/t Au over 0.8 m). Southern Rio AFRI report.
January 6, 2026 - Ashley Gold Corp., acquired 100% ownership of the Tak Patents (part of Burnthut Project, ~100 ha patented ground adjoining NexGold Goliath-Gold Complex) via all-stock deal from for 3.5M shares; consolidates historical data showing bulk-tonnage QFP-hosted gold potential open in all directions; 5% NSR to Royal Gold Inc. (2.5% buyback for $1M).
February 10, 2026 - Ashley Gold Corp., announced operational readiness for winter drilling campaign on Tak Patents and engagement of Abitibi Geophysics for first-ever modern OreVision IP survey to refine targets and twin historic holes.
March 14, 2026 - Ashley Gold Corp., provided interim IP data revealing 1 km resistive trend on Tak Patents aligning with historic gold zones and abutting NexGold Goliath-Gold Complex.
April 2–10, 2026 - Ashley Gold Corp., completed mobilization to site (drill trails, 10+ pads, rig and skidder in place) and announced crew mobilization/drilling kick-off for Phase 1 program targeting validation of historic D99Z zone and extensions .
April–May 2026 - Ashley Gold Corp., completed Phase 1 diamond drilling (5 holes: TAK-26-01 to TAK-26-05) as twins/fans to historic holes; core logging/cutting showed strong alteration, pyrite, and quartz-carbonate veining with multiple visible mineralization examples; equipment left on site for Phase 2.
May 14, 2026 - Ashley Gold Corp., reported first Phase 1 assay (TAK-26-01): 1.104 g/t Au over 28 m from collar (incl. 1.662 g/t Au over 12 m), confirming and validating historic near-surface mineralization in D99Z zone; mineralization starts at surface with strong continuity of grade within interval.
May 20, 2026 - Ashley Gold Corp., reported TAK-26-02 assays: multiple gold intervals including 0.586 g/t Au over 34.2 m from surface within 194.1 m of anomalous gold mineralization, further confirming broad width and continuity of the mineralized D99Z stockwork system south of TAK-26-01.
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.
*Management cautions that grab sample visuals are selective in nature. Assay results are pending and visual identification of minerals does not guarantee economic grades.
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.”
Copyright (c) 2026 TheNewswire - All rights reserved.
© 2026 Canjex Publishing Ltd. All rights reserved.