Ashley Gold has announced the receipt of the necessary permits to launch a drilling campaign at the Gold Mountain Project, located approximately 50 kilometers northwest of Golden in British Columbia (BC), Canada.
The project encompasses four concessions covering approximately 1,863 hectares (ha) and is notable for its significant gold, silver, copper and lead mineralization.
The Gold Mountain site is historically noteworthy, with exploration dating back to the 1930s.
Two main areas of interest are the North and South Exhibits, approximately 450m apart.
These areas have demonstrated high grade mineral values, including a grab sample from North Showing in 1982 which indicated 4.87 grams per tonne (g/t) gold, 710 g/t silver and 1.89% copper.
In the same year, the Southern Exposure returned maximum values of 30.3g/t gold, 13,301g/t silver and 32.54% copper.
In 1984, eight shallow boreholes were completed using backpack rigs.
Results included a 4.14m section assaying 57.62g/t gold, 7,349.5g/t silver, 16.5% copper and 8.74% lead.
Another 4.85m section returned 29.99g/t gold, 6,711.3g/t silver, 11% copper and 14.53% lead.
Samples collected in 2020 and 2021 verified high-grade mineralization in the North and South presentations.
Among them, five samples showed silver contents ranging between 1,000 and 6,670 g/t, while eight samples indicated antimony concentrations between 1,260 and 8,220 parts per million.
In addition to obtaining the drilling permit, Ashley Gold has issued a final tranche of two million shares to Pegasus Resources, fulfilling the terms of an agreement linked to obtaining the permit.
There will be no further issuance of shares under this agreement.
Ashley Gold President Noah Komavli: “Ashley has reached an important milestone for the Gold Mountain polymetallic project. Historical results, as well as recent surface sampling, have revealed compelling precious and base metal numbers.
“Ashley’s near-term focus remains on the Dryden area, specifically the Tak patents. We look forward to returning to our British Columbia projects in the near future.”
In March 2025, Pegasus Resources signed a purchase and sale agreement with Ashley Gold for the Icefield property in BC.
“Ashley Receives Drilling Permit for Gold Mountain Project” was created and originally published by Mining Technology, a brand owned by GlobalData.
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