Business
Ashley Gold Acquires Santa Maria Property and Announces Financing
August 3, 2022 – TheNewswire – Calgary, Alberta - Ashley Gold Corp. (CSE:ASHL) (“Ashley” or the “Company”) is pleased to announce that is has acquired 100% inte
About this update from Ashley Gold Corp.
[{"type":"text","content":"August 3, 2022 – TheNewswire – Calgary, Alberta - Ashley Gold Corp. (CSE:ASHL) (“Ashley” or the “Company”) is pleased to announce that is has acquired 100% interest in 48 mining claims known as the Santa Maria Property located 40 km to the southeast of Dryden, Ontario in the Kawashegamuk Township. The acquired Santa Maria Property is comprised of 48 single cell mining claims over 2500 acres. The Kawashegamuk Lake area became known as the “New Klondike” after the 1896-1899 gold rush in Klondike, Yukon. The Santa Maria Property lies within the Eagle-Wabigoon-Manitou Lakes Greenstone Belt. This belt is peppered with granitic batholiths which are thought to be derived from the same magmas as the belt volcanics. The (EWMGB) is roughly 80 km long and 40 km wide. Several large regional faults cut the belt, but the northwest trending Kawashegamuk Lake Fault Zone passes along the edge of the Santa Maria Property. This active mining area has been known to host several large-scale, multimillion ounce gold deposits, some of the most notable being the Rainy River Deposit, Cameron Lake, Goliath Gold Project, and the Shoal Lake Gold Project. The Santa Maria Property hosts structurally controlled lode gold style mineralization of Archean age, similar to the lode gold deposits located in Timmins, Kirkland Lake, and the Red Lake mining camps. For a cash consideration of $10,000 CAD Ashley has fully acquired the Santa Maria claims subject to a 1.75% Net Smelter Royalty (NSR). Figure 1: Santa Maria Project Location “We are very excited to have expanded our exploration base with the acquisition of the Santa Maria Gold Project” Commented VP Operations Darcy Christian. He continued “This is an under-explored area with several known gold occurrences on the property with little known work completed in the north and east portion. I look forward to our September program designed to further evaluate the areas potential. Financing Terms and Use of Proceeds Up to $250,000 will be raised in a combination of Flow-Through Units and Hard Dollar Units. Hard Dollar Units will consist of one common share and one warrant to purchase an additional share for $0.20 for 24 months and will be offered at $0.10. Flow-Through Units will consist of one common share and one warrant to purchase an additional share for $0.20 for 24 months and will be offered at $0.12. The...