Ashley Gold Completes Mechanical Stripping and Channel Sampling at Katisha Zone on Howie Project

CALGARY, May 16, 2025 - Ashley Gold Corp. (CSE: "ASHL") ("Ashley" or the "Company") is pleased to announce the successful completion of mechanized stripping, outcrop washing, and channel sampling of new mineralized areas on the Howie Project, located 55 km southeast of Dryden, Ontario, in the heart of the Archean Manitou-Stormy Lakes Greenstone Belt. This strategic initiative, conducted as a follow-up to grab samples collected in May 2024 (Press Release dated May 21, 2024), has advanced the Company's exploration efforts on this highly prospective gold property, which is fully permitted for induced polarization (IP) surveys, mechanized stripping, and diamond drilling.

Highlights:

• Completed a cost-effective, week-long exploration program that included mechanized stripping, channel sampling, and data compilation, with 15 samples submitted to Actlabs for assay (results expected in 7-10 days)

• The Katisha Zone, a high-priority target (Anomaly HL-02) with strong IP chargeability, was further exposed, revealing multiple silicified lenses and a new creek showing 65m southeast, with May 2024 grab samples returning up to 26 g/t Au* confirming high-grade potential

• Assay results will inform a broader news release, with plans for 3D IP surveys to refine drill targeting, leveraging geological parallels with Dynasty's Thundercloud Project to unlock significant gold mineralization potential

Darcy Christian, CEO of Ashley comments: "The recent stripping and channel sampling at the Howie Project have revealed a complex interplay of silicified gabbro lenses and felsic dykes within the Katisha Zone's 5-10m-wide deformation zone, with high pyrite content and iron carbonate alteration signaling strong potential for structurally controlled gold mineralization and I look forward to reviewing assay results."

"We were thrilled to gain more insight into this property through a cost-effective program that was completed under budget and on time," said Noah Komavli, President of Ashley Gold Corp. Mr. Komavli then added: "The Twilight, Portage, and Katisha Zones demonstrate promise, and the completed activities have provided critical data to unlock the property's potential. The geological parallels with Dynasty's Thundercloud Project, combined with the encouraging results from this campaign, reinforce our confidence in Howie's ability to host significant gold mineralization. We look forward to advancing toward a maiden drilling campaign and releasing a broader update once assay results are received."

Figure 1: Historical Shallow Trench Dug Out and Washed on Road Cut (Katisha Zone) Looking NW

Figure 2: New Lense Discovered on Road Cut, 5m South of Historical Katisha Zone Lense

Howie Overview

The Howie Project, covering over 1,000 hectares, is strategically positioned adjacent to Dynasty Gold Corp.'s Thundercloud Project and shares a common boundary with its Pelham deposit, which hosts a defined resource of 180,000 oz Au (Dynasty internal estimates >400k Au oz). The Howie Project benefits from year-round accessibility via a main forest service road and exhibits geological similarities to the Timiskaming-type deposits in the Abitibi Greenstone Belt, known for hosting world-class gold deposits.

Figure 3: Recent Channel Sampling Cut from Howie Campaign

Exploration Program Overview

The crew completed a comprehensive one-week program designed to enhance the understanding of the Howie Project's mineralized zones and refine future drill targets. The stripping, washing, and sampling program was successfully completed, with 15 samples submitted to Actlabs in Dryden for analysis, with results expected by the end of the next week.

Key activities included:

Over four days, work at the Portage and Katisha Zones involved site preparation, mechanized stripping, and channel sampling. At the Portage Zone, stripping exposed a 2m by 25m altered gabbro with a felsic dyke, showing iron carbonate alteration, silicification, pyritization, and quartz veinlets, indicating structural complexity. At the Katisha Zone, channel sampling targeted high-grade gold areas (up to 53 g/t Au in 2022 and 26 g/t Au in 2024), with clearing revealing a 0.5m by 15m silicified gabbro "lense" and additional lenses up to 0.4m wide with 30% pyrite within a 5-10m-wide deformation zone spanning 100m.

Katisha Zone Update and New Creek Showing

The Katisha Zone (Anomaly HL-02), identified as a high-priority target by Abitibi Geophysics in the 2024 IP survey due to its strong chargeability and high resistivity, continued to deliver promising results. Contrary to earlier assumptions, the Katisha Zone does not swing south and diminish; it maintains its 325-degree strike and crosses the road. Prospecting approximately 65m southeast of the Katisha Zone road cut uncovered a new showing in a creek area, characterized by a 5m-wide zone of gossanous soils hosting altered gabbro with significant iron carbonate alteration, pyritization, and silicification. Three grab samples were collected from this creek showing, which is situated in a high chargeability and high resistivity area, aligning with the IP data and reinforcing the zone's potential. The Katisha Zone's 5-10m-wide deformation zone likely hosts multiple silicified lenses, and historical drilling by Esso may have targeted a single lens without fully exploring the broader structure's potential for significant gold-bearing lenses, particularly where felsic dykes and cross-structures are present.

IP Survey and Chargeability Data

The 2024 IP survey by Abitibi Geophysics highlighted the Katisha Zone (Anomaly HL-02) as a high-priority target due to its strong Chargeability and Apparent Resistivity (Figure 4) response, indicative of sulfide-associated gold mineralization. This anomaly correlates with high-grade surface results, including the 2022 channel sample of 53 g/t Au and May 2024 grab samples up to 26 g/t Au*. The IP data, combined with the recent stripping and sampling, underscores the Katisha Zone's potential as a key exploration target.

Figure 4: Induced Polarization Apparent Resistivity

Figure 5: Apparent Chargeability with Interpretation

Past Exploration Results Highlight Potential*

The Howie Project has a rich history of exploration, with several mineralized zones identified at surface and in shallow drilling. Key past results include:

• Katisha Zone: Channel sampling in 2022 returned 53 g/t Au, with grab samples up to 26 g/t Au in May 2024, confirming high-grade potential.

• Fiji Zone: A gold-bearing zone traceable for over 300m, with chip samples assaying 5 g/t Au over 5m and grab samples up to 9.85 g/t Au.

• Twilight Zone: Recent sampling yielded up to 6 g/t Au; historical drilling intersecting 4.28 g/t Au over 3.1m.

• Kawie Brecciated Zone: 2022 sampling returned up to 1.5 g/t Au within a 100m-wide heterolithic breccia.

• Zig Zag Zone: Historical drilling intersected 1.24 g/t Au over 0.9m in sheared meta-gabbro.
  These results, combined with the recent Portage and Katisha Zone findings, underscore the Howie Project's potential for structurally controlled gold mineralization associated with Thundercloud-type porphyry dykes.

The Howie Project shares significant geological and structural similarities with Dynasty Gold Corp.'s Thundercloud Project, particularly the Pelham deposit, located just across the property boundary. Both projects lie within the same greenstone belt and exhibit comparable mineralization styles, with gold associated with pyrite veining and porphyry intrusions. Dynasty's Pelham deposit has reported high-grade intercepts, such as 73.5m at 8.42 g/t Au, including 1.5m at 246 g/t Au, and a 2023 resource model estimating 232,000 oz Au at 8.04 g/t (3.03 g/t cut-off). The proximity, geological continuity, and the 2024 IP survey's identification of new targets along strike from known zones suggest that the Howie Project could host similar high-grade and/or bulk-tonnage gold mineralization.

*Grab samples are selective samples and the assay results may not necessarily represent true underlying mineralization.

Qualified Person

The technical and scientific information in this news release has been reviewed and approved by Shannon Baird, P.Geo., Exploration Manager of Ashley, who is a Qualified Person as defined by NI 43-101.

ABOUT ASHLEY GOLD CORP.

Ashley Gold Corp. is dedicated to discovering the next multi-million-ounce gold deposit through efficient and innovative exploration. Operating in mining-friendly and politically stable jurisdictions, Ashley focuses on regions with proven neighboring success stories, creating a clear path toward value generation.

As one of the first movers in the highly coveted Dryden area of Northwest Ontario, Ashley is strategically positioned to leverage the region's rich geological potential. Our mission is to deliver substantive, long-term value for shareholders by uncovering and advancing world-class gold deposits in one of the most mining-friendly jurisdictions globally.

For further information, please contact:

Mr. Darcy Christian, P.Geo, CEO

	(587) 777-9072
	dchristian@ashleygoldcorp.com
	https://x.com/AshleyGoldCorp
	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+ (www.sedarplus.ca). Undue reliance should not be placed on "forward looking statements".

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