Ashley Announces Completion of Drilling • Nelson Voice

Highlights

550m of drilling completed over 5 holes
Core has been sampled and sent to lab for assays
No environmental or health and safety events occurred

Calgary, Alberta – TheNewswire – October 5, 2023 – Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to announce the completion of our Maiden drill program at the Tabor Property. Approximately 550m of core was successfully cut and logged with prospective intervals sent for metallic screening and fire assay.

Darcy Christian, President of Ashley, commented, “I am extremely satisfied with how smoothly our first drilling program went. We have achieved another milestone safely and with low environmental impact and I am excited to see how well our team came together to get our first drill program in the bag.”

Assays are sent to Activation Laboratories in Dryden and assay results are expected later this month.

The Qualified Person responsible for the technical content of this press release is Shannon Baird, P.Geo, Exploration Manager of Ashley Gold Corp.

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% 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 northwestern Ontario within the Eagle-Wabigoon-Manitou Lakes Greenstone Belts.

The responsibility of this release lies with Mr. Darcy Christian, President and CEO • +1 (587) 777-9072 • [email protected] , 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”.