Ashley Samples 1.26% Uranium within Historic Portal along the Big Body Trend, Utah

CALGARY, July 30, 2024 - Ashley Gold Corp. (CSE: "ASHL") ("Ashley" or the "Company") has sampled the historic Ceciliate portal on the Sahara Property with a successful assay of 1.26% eU3O8,50 feet within the underground workings. The Ceciliate Portal is 3.9 kilometers south-southeast of the historic Sahara Portal accessing a historic non-compliant reserve of 500,000lbs of eU3O8*, Ashley's main resource target. The Ceciliate workings include over 1.2 kilometers of surface bench cuts across the deposit as well as an underground adit and is thought to be directly related to the Big Body deposit located 1.5 km to the north. Historically the Big Body deposit had 118 drillholes completed on it in addition to the over 675 drillholes completed at the Sahara deposit over 2 kilometers to the North. The footprint of defined mineralization at Big Body is equal to that identified at Sahara.

HIGHLIGHTS

• Ceciliate historical workings yield an assay of 1.26% eU

• Ceciliate has an underground adit and 1.2km of historical bench cut with scintillometer readings of 400-5,000 cps (counts-per-second)

• Surface scintillometer readings may be low due to meteoric (freshwater) leaching of uranium

• Ceciliate located 1.5 km updip from the Big Body deposit drilled by Energy Fuels in the 80's

• 500,000 lb eU* historical reserve with internal modeling suggesting 2,000,000lb eU* at Sahara Mine across 1km by 400m channel

• Big body trend 1.5 km by 400m; Acerson trend 2.5 km by 450m showing similar mineralized potential

• Company has now outlined three separate channel systems, each with potential for multi-million-pound resources

*Historical Assay estimates from drilling report not confirmed

Darcy Christian, CEO of Ashley comments "We had initially thought the Ceciliate area was a lower grade bulk tonnage target as scintillometer readings were lower than other areas on the property at 400-5,000 cps however we are now beginning to understand the potential of the Big Body trend. Having potential for a large tonnage target with high-grade mineralization at surface drastically expands our resource potential. Energy Fuels had outlined the Big Body deposit in historical maps however we had yet to source the historic drilling reports to understand its potential. We now are in the process of digitizing these results from microfiche and are extremely excited about the prospects. With Big Body, Acerson, and the Sahara Mine we have three similar size trends with Sahara having a historical reserve of 500,000lbs and an internal inferred estimate of over 2 million pounds. It is clear the greater Sahara property has the potential for a district scale resource."

Big Body Channel System

The Ceciliate portal was grated with a lockable door as part of the Utah Abandoned Mine Reclamation Program. A single 4lbs sample was taken at the end of the workings approximately 50ft from the portal. Sample T6325 assayed 1.26% eU3O8 and 0.03% Vanadium.

Historical bench workings extend 1.2 km along the surface exposure of the Brushy Basin formation. Scintillometer readings ranged from 400-5,000 cps across the bench and were thought to be consistent with low grade bulk tonnage uranium. However, the sample retrieved in the workings ran 5,000 cps and assayed 1.26% eU3O8. A more detailed underground and trench program is planned for the Ceciliate area. One theory to be tested is samples at surface were exposed to periodic natural leaching with meteoric water at the base of the Mesa remobilizing the uranium from surface exposures. Sampling unaltered rock in along the bench using deep trenches and additional underground sampling will be an important study to determine the efficacy of this theory.

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Figure 1- Ceciliate sampling and bench cut with respect to the Big Body trend.

1.5 km to the north of Ceciliate 118 drillholes were sunk at the Big Body deposit. Very little historical data was available in the past consisting primarily of a map showing the mineralized area published by Energy Fuels in the 1980's. Recently Ashley has recovered historical drill data and potential historical resources estimates on microfiche which is in the process of being digitized. With this information Ashley will better understand the resource potential of the Big Body trend.

The Sahara mine deposit 2.5km to the northwest of the Big Body trend has a drilled footprint of approximately 1km by 400m with current internal geomodelling estimates at 2,000,000 lb* of uranium at an average grade of 0.25%. Ceciliate to Big Body has a 1.5km by 400m trend and the Acerson trend to the south has a footprint of 2.5 km by 450m. All three of these trends have strong potential of extension with additional planned drilling.

Sample ID	Sample Weight (lbs)	Uranium (%)	Vanadium (%)
T6325	4.0	1.26%	0.03

Table 1 - Ceciliate Uranium and Vanadium Assay Results

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Figure 2 - Ceciliate portal grating

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Figure 3 - Inside the Ceciliate workings

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Figure 3 - Scintillometer reading of 5,000 cps at assay location

Figure 4 - Assay Location grading 1.26% eU3O8

Assay methodology

One sample was assayed for Uranium and Vanadium at Wyoming Analytical Laboratories Inc located in Laramie, Wyoming. Sampling methodology was an acid digestion method 3051 with a 6020 ICP-MS finish to determine Uranium and Vanadium concentrations.

Qualified Person

The technical and scientific information in this news release has been reviewed and approved by Darcy Christian, P.Geo., President of Ashley, who is a Qualified Person as defined by NI 43-101.

Assays and resources denoted with an Asterix (*) are historical in nature and are non-43-101 compliant. It is the intent to use modern drilling to confirm historical results.

ABOUT ASHLEY GOLD CORP.

Ashley Gold is focused on creating substantive, long-term value for its shareholders through the discovery and development of world class gold deposits. Ashley has acquired, 100% of the Tabor Lake Lease subject to a 1.5% royalty, 100% of the Santa Maria Project subject to a 1.75% royalty, 100% interest in the Howie Lake Project subject to a 0.5% royalty, 100% interest in the Alto-Gardnar Project subject to a 0.5% royalty, 100% interest in the Burnthut Property subject to a 1.5% NSR, and an option to earn 100% of the Sakoose claims subject to a 1.5% NSR. In addition, Ashley has entered into an option agreement to earn 100% of the Sahara Uranium-Vanadium property in Emery County, Utah subject to a 2% NSR.

Ashley Gold Corp. is an early-stage natural resource company engaged primarily in the acquisition, exploration and development of mineral projects. The Corporation's objective is to conduct efficient and economical exploration on its growing portfolio of high-quality gold projects as well as moving the Sahara Uranium-Vanadium project towards near-term production.

The responsibility of this release lies with Mr. Darcy Christian, President and CEO • +1 (587) 777-9072 • dchristian@ashleygoldcorp.com , may be contacted for further information. www.ashleygoldcorp.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

DISCLAIMER & FORWARD-LOOKING STATEMENTS

This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Ashley Gold Corp. provides no assurance that actual results will meet management's expectations. Factors which cause results to differ materially are set out in the Company's documents filed on SEDAR. Undue reliance should not be placed on "forward looking statements".

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