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Highlights
- Ashley Gold Corp. secures $83,175 grant to fund 50% of Burnthut drill program costs.
- The Burnthut Project is strategically located near NexGold's Goliath and Goldlund properties.
- Drilling is expected to begin in mid-January 2024 to test high-grade gold discoveries at Oro and Oro West.
Ashley Gold Corp. (CSE: ASHL) is pleased to announce that it has been awarded a grant from the Ontario Junior Exploration Program (OJEP) to fund 50% of the estimated drilling costs for its Burnthut Program. The total grant is valued at approximately $83,175 and represents a significant step forward for the Company. This funding will allow Ashley to continue its exploration efforts while minimizing shareholder dilution and reducing the financial burden associated with the drilling program.
“We are thrilled to receive the Ontario Junior Exploration Program (OJEP) grant, which demonstrates the Government of Ontario's commitment to advancing exploration in the province,” said Darcy Christian, CEO of Ashley Gold Corp. “This $83,175 grant significantly reduces our financial burden and enables us to move forward with the Burnthut Drill Program while minimizing shareholder dilution. We are excited to test the high-grade Oro and Oro West discoveries at depth, and we anticipate drilling to commence by mid-January.”
The Burnthut Project is located in the Greater Dryden area, strategically positioned along the trend of NexGold's (Treasury) Goliath and Goldlund properties, which collectively host over 4.5 million ounces of gold resources. The proximity to such significant deposits makes Burnthut a highly promising exploration target for Ashley Gold. In 2023, the company made notable surface discoveries at the Oro Grande zone, with assays reaching up to 70 g/t Au (more than 1.9 oz/ton) from a deformation zone up to 20 meters wide. In early 2024, an additional parallel deformation zone, named Oro West, was identified approximately 80 meters away, with surface samples assaying up to 31 g/t Au (more than 1 oz/ton).
These high-grade surface discoveries have set the stage for the upcoming drilling program, which aims to test both the Oro and Oro West deformation zones at depths of 200-250 meters. The planned 1,000-meter drill program will consist of three holes strategically placed to assess the potential for significant gold tonnage and provide further insight into the ore-bearing structures beneath the surface. The company's goal is to de-risk these high-grade zones and further prove the resource potential of the Burnthut Project.
As part of the ongoing exploration strategy, the Oro trend has been sampled over a 1-kilometer strike length, and the planned drilling program will test the continuity and depth of the high-grade mineralization. Success in this maiden drilling program could unlock substantial value for Ashley Gold Corp. by confirming the potential for a significant gold resource in the area.
The Ontario Junior Exploration Program (OJEP) grant marks a major milestone for Ashley Gold Corp. and highlights the company's ability to secure funding to advance its exploration projects. The OJEP program, administered by the Ontario government, supports early-stage exploration initiatives and helps junior mining companies reduce the financial risks associated with exploration activities.
Drilling at Burnthut is scheduled to begin by mid-January 2024, with results expected in the coming months. Ashley Gold Corp. remains optimistic about the potential of the Burnthut Project and is committed to advancing its exploration efforts to unlock further gold discoveries in the region.
