11:41:41 EST Fri 02 Dec 2022
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Ascot Resources Ltd
Symbol AOT
Shares Issued 376,351,128
Close 2021-12-14 C$ 1.08
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Ascot drills 7.1 m of 36.2 g/t Au at Premier

2021-12-15 07:05 ET - News Release

Mr. Derek White reports


Ascot Resources Ltd. has released additional assay results from the 2021 exploration drill program at the company's Premier gold project (PGP). This release summarizes assays from the company's first two drill holes this year on the Sebakwe zone near existing resources and the Premier mill building, along with an overview and background on the Sebakwe zone itself.

Highlights from the drill results include:

  • 36.17 grams per tonne gold and 20.6 g/t silver over 7.10 metres from a depth of 368.3 m in hole P21-2385, including 103.00 g/t Au and 26.5 g/t Ag over 1.00 m and 139.50 g/t Au and 80.1 g/t Ag over 1.00 m;
  • 29.60 g/t Au and 5.3 g/t Ag over 1.00 m from a depth of 328.5 m in hole P21-2385 only 39 m above the aforementioned 7.10 m interval;
  • 39.00 g/t Au and 28.5 g/t Ag over 0.90 m from a depth of 324.5 m in hole P21-2386.

Derek White, president and chief executive officer of Ascot, commented: "In similar fashion to the Day zone and Premier West, the Sebakwe zone represents yet another exciting opportunity for Ascot to discover accretive, high-grade mineralization close to existing infrastructure and current underground resources. Given the sparse historical drilling, the mapped structural geometry and the strong IP signature, we knew Sebakwe was highly prospective for high-grade gold mineralization. However, we were still pleasantly surprised by the impressive result of 36.2 g/t over 7.1 m, including two very high-grade subintervals grading over 100 g/t and containing coarse visible gold.

"Given the similarities to the structurally controlled Premier and Northern Light deposits adjacent to the south, our hypothesis is that Sebakwe could potentially be a third repeat of the same structure. While we only completed two drill holes at Sebakwe this year, the results were outstanding and this zone will be followed up on in a much more meaningful way in next year's exploration program."

Sebakwe zone

Two exploration drill holes (total of 820 m) were completed in October, 2021, targeting mineralization in the Sebakwe zone to the north of established resources of the Premier deposit. Gold mineralization at Premier is hosted in two arcuate structures as depicted in an image on the company's website. The new drill holes targeted an area where historical drill holes from the 1920s and 1930s were completed, but did not have accurate location or survey information. These historical drill holes, and now the new holes, seem to indicate the possible existence of a third structure to the north of the two known structures.

The new drill holes intersected the prospective andesite stratigraphy at a depth of 290 m (hole 2385) and 270 m (hole 2386), respectively. Gold mineralization was intercepted at a vertical depth to topography of approximately 200 m and at a similar elevation as the mill building approximately 600 m to the west. The mineralized zone has an apparent dip of approximately 40 degrees to the north and is located about 150 m to the north of the deepest part of the Northern Light structure, but the distance to an equivalent location on that structure may be as far as 500 m, which coincides with the distance between the Premier structure and the Northern Light structure.

The topography immediately above the Sebakwe zone is very steep and given the gradually increasing depth of the Betty Creek formation cover rock, this area was seldom drilled in the property's history. The intercepts in the new drill holes confirm the results from historical drilling and open up exciting possibilities to establish additional high-grade resources in this area. The 2022 exploration program will aim to establish additional drill platforms to test the strike and dip extent of the Sebakwe zone.

                             SEBAKWE DRILL RESULTS

Hole No.            From            To         Width            Au            Ag
                     (m)           (m)           (m)         (g/t)         (g/t)

P21-2385          314.80        319.00          4.20          1.69           6.1
incl.             314.80        315.80          1.00          3.41          12.6
and               328.45        329.45          1.00         29.60           5.3
and               360.25        362.35          2.10          7.04           2.3
and               367.28        378.50         11.22         23.35          15.8
incl.             368.30        375.40          7.10         36.17          20.6
incl.             368.30        369.30          1.00        103.00          26.5
incl.             372.30        373.30          1.00        139.50          80.1
P21-2386          298.00        300.00          2.00          2.09           3.7
and               316.40        317.40          1.00          3.10         152.0
and               324.50        325.40          0.90         39.00          28.5
and               335.90        336.90          1.00          3.41           4.3
and               340.00        341.00          1.00          3.16           3.2
and               366.00        367.00          1.00          4.61           5.2
and               370.95        372.05          1.10          4.60           4.6

If the interpreted northerly dip of the mineralized zone is correct, reported 
intercepts are close to true width. However, there is limited information 
available for this area and interpretations will have to be confirmed by 
additional drilling.

Qualified person

Lawrence Tsang, PGeo, the company's senior geologist provides the field management for the PGP exploration program. John Kiernan, PEng, chief operating officer of the company, is the company's qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.

Quality assurance/quality control

Analytical work is being carried out by ALS. Ascot's quality assurance and quality control program includes the use of analytical blanks to monitor for cross-contamination, certified reference material standards to assess analytical accuracy and duplicate samples to quantify sampling precision. This is in addition to the internal quality assurance program employed by ALS.

Samples are dried and weighed by ALS. They are then crushed to 75 per cent passing two millimetres, with 250 grams split and pulverized to 85 per cent passing 75 micrometres. Samples are processed at the ALS preparation lab in Terrace and sent to ALS in North Vancouver for analysis. There, all samples are digested using aqua regia with an ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish and fire assay with AA (atomic absorption) finish for gold. Samples over 100 parts per million silver are digested with aqua regia and then volumetrically diluted before an ICP-AES or AA finish (up to 1,500 parts per million). Samples over 1,500 parts per million silver are fire assayed with a gravimetric finish. Samples over 10 parts per million gold are fire assayed with a gravimetric finish. Identified or suspected metallic gold or silver are subjected to metallics assays. Sampling and storage are located at the company's secure facility in Stewart.

About Ascot Resources Ltd.

Ascot is a Canada-based junior exploration and development company focused on restarting the formerly producing Premier gold mine, located in British Columbia's prolific Golden Triangle. Concurrent with progressing the development of Premier, the company continues to successfully explore its properties for additional high-grade underground resources. Ascot is committed to the safe and responsible development of Premier in partnership with Nisga'a Nation, as outlined in the benefits agreement.

We seek Safe Harbor.

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