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Ashley Gold signs LOI to Acquire Advanced Utah Uranium - Vanadium Asset
Calgary, Alberta – TheNewswire - March 4, 2024 - Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) has signed a non-binding Letter of Intent (LOI) to
About this update from Ashley Gold Corp.
[{"type":"text","content":"Calgary, Alberta – TheNewswire - March 4, 2024 - Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) has signed a non-binding Letter of Intent (LOI) to enter into an Option Agreement for the 100% acquisition of the Sahara Uranium-Vanadium Property located in Emery County, Utah. The property is located 12 miles away from the town of Green River, Utah where Western Uranium and Vanadium (WUC) is in the process of permitting a processing facility for its San Rafael and Sunday Mine complex resources as well as third party processing. First ore processing for the facility is expected in 2026. The Company is looking to rapidly advance the asset to provide future feed to the new proposed processing facility. Highlights LOI to earn 100% of Property over 5 years Over 900 historical drillholes most with data 12 miles from WUC’s Green River Mill slated for production 2026 Drill ready for resource confirmation and expansion Includes historic mine decline and 700ft of haulage drifts Historical resource with recent 3D modelling suggesting significant room for expansion with addition of modern drilling Over 40 square-kilometers of contiguous prospective ground Darcy Christian, CEO of Ashley comments “This is an excellent opportunity for both existing and new shareholders of Ashley. We all know how gold exploration projects are not being valued in the current market. This acquisition should allow us to continue to advance our gold assets in a less dilutive way while providing the opportunity for cashflow in the next few years. Historically a 500,000 lbs non-compliant uranium reserve was defined on the Sahara Property by Energy Fuels with recent modelling of historic drilling suggests this number is significantly larger. It will be our goal in the first stage of the Option agreement to confirm historic drilling and bring in a compliant resource we can work towards permitting for production.” Figure 1 - Ariel image of the Sahara Uranium-Vanadium Property with respect to Green River, Utah About the Sahara Property The Sahara Property is located 12 miles southwest of Green River, Utah and consists of over 400 claims totalling over 10,000 acres. The region has produced 4,000,000 lbs of Uranium and 5,000,000 lbs of Vanadium with some historical production occuring ...