Ashley Gold acquiring Icefield property, British Columbia

Ashley Gold Corp. [CSE: ASHL] has entered into a purchase agreement with Pegasus Resources Inc. [TSXV: PEGA] for the sale of the Icefield property, located in British Columbia. This agreement was signed on March 19, 2025, and no finders’ fees are associated with the transaction.

Darcy J. Christian, CEO, commented: “It is with great enthusiasm that I announce the integration of Pegasus Resources’ exciting high-grade copper, gold and silver projects into our portfolio. Combined with our existing high-grade gold properties in Ontario, which remain a cornerstone of our value proposition, this acquisition elevates our asset base to new heights.

“We are now uniquely positioned with a diversified suite of exploration properties that underscores our growth trajectory and reinforces our commitment to delivering value to our shareholders.

“Noah Komavli’s pending addition to the team will strengthen our leadership as we capitalize on these assets and chart the course ahead for a stronger, more dynamic company.”

Pegasus director Noah Komavli added: “I am honoured with the opportunity to join the board of Ashley Gold Corp. in the near future and will represent Pegasus’s interest. In tandem, I look forward to aligning myself with Ashley shareholders, especially with the number of catalysts on the horizon, augmented by the macro environment for gold.

“The acquisition of Pegasus’s Icefield project represents a transformative step forward, significantly enhancing Ashley’s optionality.”

Purchase terms: Pegasus will receive eight million common shares of Ashley Gold as follows: Six million shares of Ashley Gold upon signing the agreement, subject to Ashley Gold’s filing requirements with the Canadian Securities Exchange.

All six million shares have the usual statutory four-month-and-a-day hold period, plus agreed contractual hold periods.

Ashley Gold will grant Pegasus a seat on Ashley Gold’s board of directors, ensuring direct influence and oversight of the property’s progress. The right to participate in future Ashley Gold financings to maintain a minimum of a 10% equity stake in Ashley Gold.

Royalty provisions: Ashley Gold shall assume the entirety of the royalty obligations of Pegasus under its original option agreement and royalty agreement with DG Resource Management Ltd., the original vendor of the property to Pegasus in 2020.

The Icefield property is an early-stage gold-silver property approximately 50 km northwest of Golden, B.C., covering 1,863 hectares.

Historical results: North showing: grab sample returned 4.87 grams per tonne Au (gold), 710 g/t Ag (silver) and 1.89 per cent Cu (copper) (Allen, 1982);

South showing: peak values of 30.3 g/t Au, 13,301 g/t Ag and 32.54% Cu (Allen, 1982). 1984 drilling (Parr, 1984): notable intervals include 4.14 metres to 57.62 g/t Au, 7,349.5 g/t Ag, 16.5% Cu and 8.74% Pb (drill hole A); 4.85 metres to 29.99 g/t Au, 6,711.3 g/t Ag, 11.0 per cent Cu, and 14.53% Pb (drill hole B).

2020 to 2021 exploration: the Ag-Au-Pb-Zn-Cu-Sb (silver-gold-lead-zinc-copper-antimony) mineralized system at Gold Mountain described in a prior news release: Five samples returning 1,000 to 6,670 g/t Ag; Eight samples returning 1,260 to 8,220 ppm (parts per million) Sb; and seven samples returning 1.55 to 13.1% Zn.

Vertebrae Ridge highlights is an early stage copper-polymetallic property approximately 80 km northwest of Golden, B.C., covering 5,324 ha. 2020/2021 exploration.

Crest zone: 4,000 plus metre strike, peak assays of 29 per cent Cu, 28.6% Pb, 7.77% Zn and 360 g/t Ag. Barrel zone: 1,500 plus metre strike, average 0.87% Cu, peak assay of 5.06% Cu.

Barrel zone North: 650 plus metre strike, average 5.3% Cu and 8.1 g/t Ag, peak values of 35.5% Cu and 96.7 g/t Ag. Cannon zone: 500 metres width by 1,100 plus metres strike, average 1.03% Cu with peaks of 3.55% Cu and 4.22 g/t Au.

Geology: The polymetallic mineralization at Vertebrae Ridge is associated with quartz-carbonate veins that crosscut altered limestones and dolostones. The widespread high-grade copper and silver assays, along with anomalous concentrations of associated elements such as arsenic, mercury and antimony, suggest a geologically complex system with significant exploration upside.

Punch Bowl highlights: An early-stage gold property approximately 90 km northwest of Gold Mountain, covering 1,163 ha.

Historical results: Historic assays up to 80 oz/t Au (1960s). Numerous high-grade veins confirmed during 1987/1989 exploration.

2021 exploration: Discovered a new copper-mineralized zone approximately 2.5 km southeast of the main gold zone; 37 samples were collected, with six samples returning copper values greater than 0.1% and up to 1.68% Cu.

2023 exploration program: Conducted an abbreviated late-fall program due to forest fire activity across Canada. 25 rock samples collected, with the following results: seven samples returned greater than 0.13 g/t Au; three standout gold values: 4.70 g/t Au, 3.87 g/t Au and 1.61 g/t Au.

Extended the strike length of a gold-bearing quartz vein set to approximately 200 metres; identified previously unsampled mineralized quartz veins on McGillivray Ridge; targeted pyrite-bearing quartz veins within recessive phyllitic lenses, historically returning up to 573.7 g/t Au (Shaw, 1989).