AUS
NZ
UK
CA
USA
IND
Ashley Gold Corp. (CSE: ASHL) has deployed drill crews to initiate its Phase III exploration program on the fully owned Tak property in Northwestern Ontario. Recent prospecting and mapping have extended the surface expression of the Northern Trench Zone (NTZ) vein to 300 metres, with grab samples returning gold grades as high as 398 g/t Au. This drilling campaign is fully financed following a recent capital raise that secured CDN$375,034.01 in its initial tranche, with total funding up to $500,000 available.
Key Highlights
- Ashley Gold Corp. (CSE: ASHL) has launched Phase III drilling targeting strike and step-out extensions on the 67Z and Northern Trench Zone (NTZ) at the Tak property.
- Recent surface prospecting extended the NTZ vein’s surface exposure to 300 metres, with mineralization remaining open both along strike and at depth.
- Grab samples from the NTZ returned grades up to 398 g/t Au, marking historical highs for the property.
- The Phase III program is fully funded through a recent financing, with Tranche 1 closed on July 15, 2026, raising CDN$375,034.01 out of a total $500,000 target.
- The company is currently awaiting assay results from Phase II drillholes TAK-26-07 and TAK-26-08.
Phase III Drilling Focuses on 67Z and Northern Trench Zone Extensions
Ashley Gold Corp. has mobilized drilling crews to begin its Phase III exploration campaign at the Tak property, accelerating exploration following successful Phase II results. This phase targets high-priority strike and step-out extensions along the 67Z and Northern Trench Zone (NTZ) trends. The program is designed with approximately 50-metre step-outs to test both down-dip and lateral continuity of these high-grade structures. Drilling will include shallow to medium-depth holes to enhance geological understanding and evaluate bulk-tonnage potential.
Building on Phase II outcomes and recent prospecting, the company is awaiting assay results from Phase II drillholes TAK-26-07 and TAK-26-08, which will inform the Phase III drilling strategy. The timing of Phase III initiation reflects management’s confidence in the geological framework and exploration targets established during earlier phases.
Extension of Northern Trench Zone Surface Expression to 300 Metres
Recent prospecting and mapping have successfully extended the NTZ vein’s surface expression to 300 metres. The NTZ consists of five trenches, some up to 60 metres long, historically worked with no prior drilling records before Ashley Gold’s acquisition. The scale of these historical trenches indicates significant past exploration interest. Company grab samples from the NTZ returned grades up to 398 g/t Au, representing some of the highest recorded on the property.
The NTZ vein mineralization remains open along strike and at depth. It parallels or splays off a resistive body exceeding one kilometre identified in Ashley’s modern induced polarization (IP) survey located south of the prospected zone. This spatial relationship suggests a systematic exploration opportunity. The expanded surface exposure and open-ended mineralization make the NTZ a prime target for immediate subsurface testing during Phase III drilling.
High-Grade Grab Sampling Supports Exploration Potential
Grab samples collected during second-pass prospecting returned significant gold grades, with values reaching up to 398 g/t Au. These are among the highest-grade grab samples in the property’s history. The company cautions that grab samples are selective and not representative of the entire property or indicative of overall grade, aligning with standard exploration practices. Nonetheless, these high-grade samples provide strong geological evidence of surface gold mineralization and help prioritize drilling targets.
Fully Funded Phase III Drilling Through Recent Financing
Ashley Gold Corp. confirmed that Phase III drilling is fully financed following a flow-through and non-flow-through financing round targeting up to $500,000. The first tranche closed on July 15, 2026, raising CDN$375,034.01. This capital raise supports uninterrupted exploration and drilling progress at the Tak property.
The financing was upsized from initial targets, reflecting investor demand and enabling an expanded exploration program. Strong treasury backing combined with this recent capital infusion provides Ashley Gold with financial flexibility to advance systematic exploration and respond to positive results.
Exploration Zones: D99Z, 67Z, and Northern Trench Zone Overview
The Tak property hosts three key exploration zones with distinct geology and histories. The D99Z zone was validated by Phase I drilling in 2026, with five holes expanding on 1999 results. Surface mineralization widths reach up to 100 metres. Phase I drillhole TAK-26-01 returned 1.104 g/t Au over 28 metres from the collar, including 1.662 g/t Au over 12 metres, confirming near-surface mineralization with strong continuity. Additional Phase I holes TAK-26-02 and TAK-26-03 confirmed broad mineralized stockwork continuity.
The 67Z zone is named after 2002 historical drilling by Southern Rio Resources, which included notable intercepts such as TAK-02-06 with 3.08 g/t Au over 7.57 metres (including 7.0 g/t Au over 1.1 metres) and TAK-02-07 with 3.18 g/t Au over 8.7 metres (including 9.67 g/t Au over 0.8 metres). Ashley completed three holes on IP line 250 during Phase II to target this zone and gather lithological and dip data. The Northern Trench Zone (NTZ) is a newly identified, previously undrilled target highlighted by recent surface prospecting and expanded surface exposure.
Modern IP Survey Reveals Over 1-Kilometre Resistive Trend
Following the January 2026 acquisition of the Tak property, Ashley commissioned the first modern induced polarization (IP) survey with Abitibi Geophysics conducting the OreVision IP survey. Interim results announced on March 14, 2026, revealed a resistive trend exceeding one kilometre on the Tak Patents, aligning with historic gold zones and adjacent to the NexGold Goliath-Gold Complex to the south.
This geophysical data has provided critical context for target refinement. The survey identified a resistive body flanked by two main chargeable units to the north. This geophysical framework underpins the three high-priority exploration zones currently being tested. The proximity of the resistive body to historic mineralization and its relationship with the NTZ vein suggests a systematic mineralization control that Ashley is evaluating through phased drilling.
Tak Property Exploration History and Acquisition Details
The Tak Patents encompass roughly 100 hectares of patented land in Northwestern Ontario with exploration dating to the 1940s. Early work included extensive trenching by Long Lac Minerals and a 1948 magnetometer survey. Cominco conducted geological mapping, rock sampling, and magnetometer surveys in 1980, identifying porphyry-hosted gold potential.
More recent exploration by Triex Resources (1998-1999) and Southern Rio Resources (2002) generated most of the drilling database. Ashley Gold acquired 100% ownership of the Tak Patents on January 6, 2026, through an all-stock deal valued at 3.5 million shares. The acquisition included the patents as part of the broader Burnthut Project adjacent to the NexGold Goliath-Gold Complex. A 5% net smelter royalty (NSR) to Royal Gold Inc. was established, with a 2.5% buyback option for $1 million.
Geological Setting and Mineralization Details
The Tak property features a quartz-feldspar porphyry (QFP) hosted gold deposit with stockwork quartz-carbonate veins in silicified and carbonatized host rocks. Multiple mineralization phases are identified, with the NTZ vein possibly representing an overprint on earlier styles. This complex mineralization history suggests the need for systematic testing of multiple gold-bearing structures.
Ashley’s consolidation of historical data indicates bulk-tonnage QFP-hosted gold potential open in all directions, suggesting the property may host both larger-tonnage, lower-grade mineralization and higher-grade vein-style zones like the NTZ. This aligns with the regional context near the Goliath Gold Complex, a district-scale gold system.
Quality Assurance and Qualified Person Oversight
The company follows rigorous quality assurance and quality control (QA/QC) protocols for sampling and assaying. Samples are collected using hammer and chisel with GPS location data, bagged securely, and sent to ActLabs in Dryden, Ontario for 1A2 Au fire assay analysis. Sample sizes typically are 30 grams, adjustable between 5 and 50 grams depending on material.
The fire assay includes a 60-minute fusion with sequential heating and gold recovery by atomic absorption (AA). QA/QC includes blanks, duplicates, and certified reference materials on each tray. Samples exceeding 5,000 ppb gold are re-assayed by gravimetric fire assay (1A3) to ensure accuracy. Darcy Christian, P.Geo., a Qualified Person under NI 43-101 and a Professional Geoscientist registered with Engineers Geoscientists of Alberta, prepared and reviewed the technical information.
Upcoming Developments and Investor Outlook
Ashley Gold’s immediate focus is completing Phase III drilling and receiving assay results. The company is awaiting Phase II drillhole assays (TAK-26-07 and TAK-26-08) which will inform ongoing exploration. Phase III drilling will collect core samples for logging and assays, with 50-metre step-outs designed to test lateral and depth extensions of known mineralization and identify new zones along the 67Z and NTZ trends.
The 300-metre surface extension of the NTZ vein and open mineralization in all directions remain key exploration drivers. Drilling to test depth and lateral continuity could expand resource tonnage if mineralization persists at depth. Proximity to the Goliath Gold Complex and identification of a broad district-scale resistive geophysical feature support potential for a significant deposit scale and geometry.
