Ashley Gold Corp. has received a notice of execution from the optionee regarding the Icefield Portfolio in British Columbia, marking a shift toward the potential transfer of 100% ownership of the claims. The company’s shares are currently trading at $0.055, up 10.00% following the announcement.

Under the terms of the existing option agreement, the optionee has fulfilled its work requirements at the Vertebrae Ridge project, which included a program to keep the claims in good standing and the deployment of a Qualified Person to prepare a technical report for a planned go-public process.

“We have and will continue to work closely with the Optionee to ensure a smooth transaction, with the aim of unlocking value for both sides. The Optionee has completed a work program on Vertebrae Ridge to maintain the claims in good standing and has also deployed a Qualified Person (QP) to the ground with the intention of generating a 43-101 tech report for the go-public process. Now, with receipt of the Notice of Execution, the Optionee has further indicated their interest in securing the claims and working towards a completed transaction.”

— Noah Komavli, President

The transition of the portfolio involves several financial milestones. Ashley has already received a $25,000 cash payment for option exclusivity. Upon the formal exercise of the option, the company is set to receive an additional $50,000 in cash, followed by $1,300,000 in equity within 12 months of the exercise notice. A further $100,000 cash payment is due upon the listing or re-admission of the optionee’s entity. Ashley will retain a 2% net smelter return royalty on the claims.

Read the full announcement: Ashley Gold Corp. Updates Investors on the Icefield Option, Receives Notice of Execution