Business
Ashley Gold signs agreement to acquire Howie Lake Property
Calgary, Alberta – TheNewswire - September 13, 2022 – Ashley Gold Corp. ("Ashley" or the "Company") (CSE:ASHL) is pleased to announce it has entered into a prop
About this update from Ashley Gold Corp.
[{"type":"text","content":"Calgary, Alberta – TheNewswire - September 13, 2022 – Ashley Gold Corp. (\"Ashley\" or the \"Company\") (CSE:ASHL) is pleased to announce it has entered into a property purchase agreement dated September 12, 2022 (the \"Agreement\"), to purchase a claim block located SE of Dryden, Ontario, known as the Howie Lake Property (the \"Property\"). George Stephenson, President of Ashley, commented, \"The acquisition of the Howie Lake Property presents an excellent exploration opportunity and allows Ashley to expand its footprint into an active and highly prospective mining area that is host to several large-scale gold operations.\" ABOUT THE HOWIE LAKE PROPERTY The property is located approximately 55 km southeast of Dryden, Ontario and can be accessed through a year-round gravel road that leads south from Highway 17. This road runs through the middle of the claim group, and several logging roads lead off this road providing additional access to the region. The property consists of 64 mining cells, approximately 1000 Ha. The Howie Lake claims share a common boundary with the Thundercloud Lake (Pelham Project) that is currently operated by Dynasty Gold and hosts a defined resource of 200,000 oz Au. This active mining area has been known to host several large-scale, gold deposits including the Cameron Lake deposit, the Rainy River deposit, and the Hammond Reef deposit. There are seven (7) known gold occurrences documented in the OGS Mineral Deposit Inventory that lie within the Howie Lake Property that have seen little modern-day exploration. The property is dominated by three distinct phases of shear zones and fault development. Two parallel fault zones (West Fault Zone and East Fault Zone) have been identified between Howie Lake and Katisha Lake that require further exploration. The East Fault Zone is host to numerous gold showings, The Katisha South Zone, Howie Lake Zone, Swamp Zone, and the Twilight Zone. The West Fault Zone is host to the Zig Zone. Figure-1 Howie Lake Property Location THE AGREEMENT Pursuant to the Agreement, subject to the Canadian Stock exchange (CSE) approval, Ashley is required to pay $10,000 and issue 50,000 common shares at a deemed price per share of $0.10, on satisfaction of all closing conditions. The common shares issued in connection with the Agreement will be subject to a hold period expiring 4...