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Ascot Resources Ltd
Symbol AOT
Shares Issued 376,351,128
Close 2022-01-12 C$ 1.19
Recent Sedar Documents

Ascot drills 1.9 m of 58.6 g/t Au at Premier

2022-01-13 07:15 ET - News Release

Mr. Derek White reports

ASCOT INTERCEPTS MORE HIGH-GRADE GOLD AT THE DAY ZONE INCLUDING 58.6 G/T GOLD OVER 1.9 METRES AND 16.5 G/T GOLD OVER 5.7 METRES

Ascot Resources Ltd. has released additional assay results from the 2021 exploration drill program at the company's Premier gold project (PGP). This release contains the remainder of assay results from exploration drilling at the Day zone, as well as assays from one hole drilled at the Woodbine target and one at the Boneyard near the Premier mill.

Highlights from the drill results include:

  • 58.60 grams per tonne gold and 24.8 g/t silver over 1.90 metres from a depth of 35 m in hole P21-2384 at the Day zone. This is in an area where Ascot is internally evaluating preliminary stope shapes for potential extraction early in the mine life at Big Missouri;
  • 11.22 g/t Au and 19.1 g/t Ag over 9.35 m from a depth of 158 m in hole P21-2336 at the Day zone, including 16.51 g/t Au and 29.8 g/t Ag over 5.66 m. This intercept was drilled from a pad approximately 400 m south from the initial discovery holes in 2020;
  • 5.48 g/t Au and 9.8 g/t Ag over 4.80 m from a depth of 188 m in hole P21-2387 at the Boneyard near the Premier mill. This hole provides further evidence of mineralization continuing beyond the western limb of the Northern Light deposit.

This release summarizes the results from 16 surface drill holes at the Day zone southwest of the Big Missouri deposit, one drill hole at the Woodbine target west of the Premier deposit and one hole from the Boneyard near the Premier mill, for a total of 4,074 metres completed from five drill pads.

In addition, the final outstanding assay results from the 2021 exploration season, consisting of 5,982 metres of drilling in 28 drill holes focused on infilling the Big Missouri deposit, are now being received and will be released in the coming weeks as they become available.

Derek White, president and chief executive officer of Ascot, commented: "During the development phase at the Premier gold project our exploration strategy has been quite simple: find and expand new high-grade areas of mineralization close to existing and planned infrastructure, which will be accretive to our mine plan. In that regard, the Day zone continues to impress in each successive round of drilling, with this batch being headlined by an intercept of two ounces per tonne gold over two metres.

"Since its discovery in 2020, with a modest 32 drill holes, we have already outlined a number of high-grade areas at the Day zone across a known strike length of 550 metres, with mineralization open to the north and south. We are confident in the Day zone's potential to contribute to future resource growth on our property and even now are internally evaluating preliminary stope shapes for potential extraction in the early stages of the mine life at Big Missouri."

Day zone target

The Day zone, initially discovered in 2020 (see news releases dated Sept. 14, 2020, Nov. 19, 2020, and Jan. 18, 2021), is located on the western side of the Big Missouri Ridge, approximately five kilometres north of the Premier mill. Given the growing number of high-grade intercepts encountered in this area and its proximity to Big Missouri, the Day zone is one of the most compelling targets for resource growth and potential mine life extension. The zone is located just 300 m west of reserve stopes at Big Missouri, and mineralization remains open to the north and south.

Ascot recently expanded the Day zone with a 400-metre southern stepout hole (see news release dated Nov. 17, 2021). A headline intercept from this current release from hole P21-2336 of 16.51 g/t Au and 29.8 g/t Ag over 5.66 m was drilled from the same pad 400 metres south from the drilling done in 2020. This was one of four drill holes that were oriented in easterly directions toward planned development, intercepting mineralization at an elevation that likely corresponds with the Big Missouri zone on the eastern side of the ridge.

The three additional holes were drilled toward the west following positive results in drill hole P21-2331 reported on Nov. 17, 2021. The drill holes intercepted anomalous gold mineralization at several elevations confirming the southward extension of the Day zone into this area of very limited previous exploration. The 400-metre gap between these holes and the 2021 drill holes is an area of very high potential for future exploration.

Five drill holes (2380 to 2384) were completed from pad Day-5 that is located at a lower elevation on the western side of the ridge. These short holes were aimed toward high-grade intercepts from the past year and yielded additional high-grade intercepts as well as additional geological and structural information that is required to properly interpret this relatively new area of high-grade mineralization.

                         DAY ZONE DRILL RESULTS

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

P21-2333         153.85       154.85         1.00         0.37          2.5
and              249.55       252.55         3.00         0.27          1.3
and              351.85       352.90         1.05         1.05         14.2
and              395.00       396.70         1.70         0.44          1.4
P21-2334         146.40       148.75         2.35         0.22          4.7
and              194.90       202.90         8.00         0.18          1.9
and              223.70       225.95         2.25         0.25          2.6
and              270.35       276.00         5.65         0.33          3.4
P21-2335         229.95       230.95         1.00         1.32          2.1
and              291.80       293.80         2.00         1.68          3.5
and              371.40       372.20         0.80         1.30         12.1
P21-2336          72.24        73.00         0.76         1.18          2.5
and              157.58       166.93         9.35        11.22         19.1
incl.            161.27       166.93         5.66        16.51         29.8
incl.            165.84       166.93         1.09        34.00         14.0
and              168.93       170.25         1.32         1.76          1.1
and              180.62       182.52         1.90         2.17          2.5
and              184.31       185.31         1.00         1.23          1.9
P21-2337         135.90       137.77         1.87         2.07          5.6
and              138.87       139.97         1.10         1.23          4.3
and              151.79       152.69         0.90        20.70         70.4
and              154.01       154.53         0.52         1.32         10.2
and              156.53       158.40         1.87         1.14         44.9
and              160.33       161.53         1.20         1.29          4.9
and              162.59       163.68         1.09         1.26          3.1
and              165.70       166.73         1.03         1.53          2.5
P21-2338         182.80       184.55         1.75        14.51         25.5
incl.            182.80       183.55         0.75        30.50         54.5
P21-2339         181.65       182.65         1.00         1.07          5.2
and              185.65       186.65         1.00         1.14          1.6
and              193.15       194.15         1.00         1.06          2.2
P21-2351         215.00       217.00         2.00         1.35          2.6
P21-2352         190.16       193.50         3.34         2.28          4.3
P21-2353         110.10       113.70         3.60         1.43          3.2
incl.            112.80       113.70         0.90         4.26          6.3
and              184.20       186.85         2.65         6.23         14.2
P21-2354          58.70        59.85         1.15         1.07          2.3
and              185.40       186.85         1.45         3.98          2.9
and              188.90       189.90         1.00         1.55          1.3
and              195.90       204.15         8.25         3.93          5.4
incl.            195.90       196.90         1.00        12.30         15.1
and              210.20       212.20         2.00         1.58          1.7
and              222.35       224.00         1.65         1.57          3.3
P21-2380          14.70        19.00         4.30         1.07          2.2
P21-2381          45.25        45.80         0.55         0.55          2.3
and               75.30        76.25         0.95         0.57          3.5
P21-2382          47.45        50.25         2.80         2.28          3.3
and               79.00        81.00         2.00         1.19          1.4
P21-2383          65.85        66.75         0.90        19.50          9.4
and               72.55        74.25         1.70         1.14          3.4
P21-2384          34.50        36.40         1.90        58.60         24.8
and               40.50        41.50         1.00         2.58          1.6
and               48.50        49.10         0.60         5.44         13.1
and               51.50        52.75         1.25         2.14          7.1
and               57.65        58.55         0.90         1.54          6.8

Note: The orientation of mineralization in this area is not sufficiently 
well understood to predict true width.

Drilling at the Boneyard and Woodbine

Earlier in the 2021 drill season, Ascot started surface drilling at lower elevations in the area west of the Premier deposit and near the mill building (see news releases dated July 8, 2021, Aug. 9, 2021, and Nov. 17, 2021). Following up on the previously reported 50-metre stepout hole to the west of the existing Northern Light resource, which intercepted 21.13 g/t Au over 7.0 m in hole P21-2320, the final drill hole of the 2021 campaign, hole P21-2387, yielded a high-grade intercept approximately 25 metres to the east. This is another area with high potential for additional resources close to planned infrastructure.

In 2020, the company drilled nine exploration holes at the Woodbine target to the west of the Premier mill, successfully intercepting high-grade gold mineralization (see news release dated Jan. 26, 2021). Ascot established a new drill pad in 2021 in order to test gold-in-soil anomalies at higher elevations that had previously remained untested. Drill hole P21-2332 intercepted anomalous gold at two principal elevations with the lower split into three different zones. The higher intercept is a new zone of mineralization whereas the lower zones roughly align with mineralization that was intercepted in the past year approximately 200 metres to the southeast. The geology and structure at the Woodbine prospect will require additional work to fully assess its potential. Due to the logistics of operating in the very steep terrain, the decision was made to defer additional work at Woodbine until better access for safe operations can be established.

                   WOODBINE AND BONEYARD DRILL RESULTS

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

P21-2332        110.10      110.60        0.50        0.25         3.6
and             375.20      377.20        2.00        0.20         0.6
and             392.85      395.95        3.10        0.17         1.1
and             406.45      410.45        4.00        0.12         3.4
P21-2387        187.85      192.10        4.80        5.48         9.8
incl.           187.85      188.85        1.00        9.52         6.1
incl.           191.10      192.10        1.00        8.52         9.6
and             199.05      199.55        0.50        2.41        34.4

Note: True widths are likely between 70 and 90 per cent of reported 
intervals in hole 2387. There are insufficient data to 
determine likely true widths for drill hole 2332.

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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