I don't think this is a first flight cover. The cachets on those are usually more specific. I think it is an airport dedication cover, though it doesn't say so explicitly. But according to Wikipedia the Ashland-Boyd County Airport airport opened in 1953. I have searched Google and newspapers.com and cannot find any evidence for the specific day in 1953 when it opened, but this cover was probably created to commemorate its opening.
April 1, 1953 was the date that Ashland, Kentucky and Huntington, West Virginia were given new service on Air Mail Route #47 with both cities using Tri-State Airport. However, since both cities had already had flight service through Tri-State Airport under another contract, this slight change over to AM #47 means these do not qualify for listing in the American Airmail Catalogs. It also means that there was no official cachet provided. The cachet you have on your cover was a privately made one and so it does not look much like a first flight cachet. By the way, there were some other cities that were also using Tri-State Airport for sending and receiving their airmail - they were Ironton, Ohio; Catlettsburg, Kentucky; Kenova, West Virginia; and Corodo, West Virginia. These other cities likewise do not qualify for first flight cover status for any mail they sent on this date. Overall, it is an interesting cover for a person who specializes in first flights Air Mail Route #47 covers but it has minimal commercial value since it is not considered to be an actual first flight.