Ashley Gold has announced the receipt of permits required to launch a drilling campaign at the Gold Mountain Project, situated around 50km north-west of Golden in British Columbia (BC), Canada.

The project encompasses four claims spanning approximately 1,863 hectares (ha), and is noted for its significant gold, silver, copper and lead mineralisation.

The Gold Mountain site is historically noteworthy, with exploration dating back to the 1930s.

Two main zones of interest are the North and South Showings, roughly 450m apart.

These areas have demonstrated high-grade mineral values including a grab sample from the North Showing in 1982 that indicated 4.87 grams per tonne (g/t) gold, 710g/t silver and 1.89% copper.

In the same year, the South Showing yielded peak values of 30.3g/t gold, 13,301g/t silver and 32.54% copper.

In 1984, eight shallow drill-holes were completed using backpack-style equipment.

Results included a 4.14m section with assays of 57.62g/t gold, 7,349.5g/t silver, 16.5% copper and 8.74% lead.

Another section of 4.85m yielded 29.99g/t gold, 6,711.3g/t silver, 11% copper and 14.53% lead.

Samples collected in 2020 and 2021 verified high-grade mineralisation at both the North and South Showings.

Among these, five samples showed silver content ranging from 1,000 to 6,670g/t, while eight samples indicated antimony concentrations between 1,260 and 8,220 parts per million.

In addition to securing 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 share issuances under this agreement.

Ashley Gold president Noah Komavli: “Ashley has reached a significant milestone for the Gold Mountain polymetallic project. Historic results as well as recent surface sampling have revealed compelling numbers across precious and base metals.

“Ashley’s near-term focus remains on the Dryden Area – specifically on the Tak Patents. We look forward to circling back on our BC projects in the near future.”

In March 2025, Pegasus Resources signed a sale and purchase agreement with Ashley Gold for the Icefield property in BC.