Successful Assay At The Sahara Property

CALGARY - Ashley Gold Corp. 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.

Ceciliate historical workings yield an assay of 1.26% eU, and the 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. 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. The Company has now outlined three separate channel systems, each with potential for multi-million-pound resources.

Darcy Christian, CEO, said, “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.”

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.