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Ashley Gold Signs LOI on Burnthut Discovery and Closes First Tranche of Financing
Highlights Burnthut Property on trend with Treasury Metals resource 2023 Summer Campaign discovered Oro Grande Zone with assays up to 59.5 g/t Au Completed firs
About this update from Ashley Gold Corp.
[{"type":"text","content":"Highlights Burnthut Property on trend with Treasury Metals resource 2023 Summer Campaign discovered Oro Grande Zone with assays up to 59.5 g/t Au Completed first tranche of Private Placement – Drill permitting commenced Calgary, AB – TheNewswire – December 6th, 2023 - Ashley Gold Corp. (CSE:ASHL) (“Ashley” or the “Company”) is pleased to announce entering into a Letter of Intent to purchase 100% of the Burnthut Property. The Burnthut property is located southwest of Sioux Lookout, Ontario on the Treasury Metals Goliath-Goldlund trend. Darcy Christian, President of Ashley, commented, “This is a fantastic project to add to our portfolio. Work completed in 2023 shows kilometer scale strike length potential with width. Within this same deformation zone Treasury Metals boasts over 2 million ounces of gold. Previous drilling on and adjacent the property has shown near surface 30m intercepts of gold mineralization. All of this and a 100% ownership make for a compelling project that we are excited to explore”. Figure 1. Location of Burnthut Property Burnthut Property The Burnthut Gold property consists of 63 unpatented mining cells and is contiguous to Treasury Metals to the southwest. The property covers approximately 8km of favourable geology in the central volcanic belt and along strike of the Goldlund and Miller gold deposits. Past drilling has outlined 3 separate gold zones. A 500m wide, mineralized deformation corridor hosting numerous zones of gold mineralization is in close contact with the Ruby Island fault. The Ruby Island fault marks the boundary between mafic volcanics of the central volcanic belt to the North, with sedimentary rocks of the Minnitaki group to the south. A structural offset along the Ruby Island fault and the convergence of a northeast fault may have produced significant dilation zones. A 48ft shaft was sunk on the property in the late 1800’s. The most recent drilling program on the property was conducted in the early 1960’s and was focussed near the Shaft. Sampling of core was intermittent; however, it is stated that a “few 100ft intervals were encountered between 0.01 and 0.07 oz/t Au*”. To the immediate west of the Burnthut on former Barrick Gold properties drilling intercepted 31.83m at 2.06 g/t Au*. 2023 Sampling In 2023, the O...