14:02:28 EST Tue 29 Nov 2022
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Ascot Resources Ltd
Symbol AOT
Shares Issued 376,351,128
Close 2022-02-22 C$ 1.05
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Ascot drills eight m of 27.52 g/t Au at Premier

2022-02-22 09:20 ET - News Release

Mr. Derek White reports


Ascot Resources Ltd. has released the remaining assay results from the 2021 drill program at the company's Premier gold project (PGP), located in the Golden Triangle of northwestern British Columbia. These drill holes targeted areas of early stopes at the Big Missouri deposit with the aim of refining stope geometry and orientation, as well as expanding stope shapes where possible and gathering additional grade information. The drill holes intercepted gold mineralization at or near defined stope shapes with numerous high-grade assays as high as 184.5 grams per tonne gold.

Highlights from the drill results include:

  • 27.52 g/t gold and 11.40 g/t silver over eight metres from a depth of 68.4 m in hole P21-2379, including 66.70 g/t Au and 14.20 g/t Ag over two metres;
  • 36.36 g/t Au and 24.1 g/t Ag over 4.65 m from a depth of 56.4 m in hole P21-2373, including 184.50 g/t Au and 80.50 g/t Ag over 0.90 m. The interval is carried by the high-grade assay, but the width of the mineralized zone has been selected considering base metal and sulphide content in addition to gold and silver;
  • 10.04 g/t Au and 15.91 g/t Ag over seven m from a depth of 139.8 m in hole P21-2358, including 14.70 g/t Au and 22.33 g/t Ag over four m;
  • 7.25 g/t Au and 4.57 g/t Ag over six m from a depth of 212.1 m in hole P21-2363, including 19 g/t Au and 6.10 g/t Ag over two m.

Derek White, president and chief executive officer of Ascot, commented: "Big Missouri is the first deposit Ascot is planning to mine this year and these high-grade drill results will assist the company in optimizing initial mining activities. It is encouraging to see that the projected stope shapes have been generally confirmed, and in many cases extended, as we suspected they would with additional drilling.

"With a headline intercept of nearly an ounce per tonne gold over eight metres and with assays as high as 184.5 g/t gold, the future bodes well for the underground development at Big Missouri. The company continues to expect to convert resources into reserves as additional drilling from surface and underground provides more detailed information on the optimal mining shapes."

Big Missouri drill results

This release summarizes the assay results from 36 surface drill holes for a total of 6,010 metres at the Big Missouri deposit which were drilled in September and October, 2021.

Gold was intercepted at or close to the expected elevations which is critical for correct planning of the development drifts. Gold grades vary from bonanza grade to highly anomalous, which is an expected result in a coarse gold system where some drill holes do not intercept coarse gold particles. The mineralized zones are indicated by the presence of quartz breccia or stockwork with highly anomalous gold grades, and anomalous amounts of associated base metals such as lead and zinc.

These new drill holes tighten the drill spacing in these areas and provide additional pierce points from which to refine the stope shapes. The orientation and exact geometry of the stopes will be modified in some areas as new wire frames and block models are being generated to fine tune the mine plan for the start of production.

Coming conference participation

Ascot will be participating in two precious metals investor conferences next week, with the following details:

  • Sunday, Feb. 27 -- Stansberry Research Annual Gold Stock Analyst Investor Day in Fort Lauderdale, Fla. President and chief executive officer Mr. White will be presenting alongside 12 other precious metals companies. Ascot's presentation will start at 9:55 a.m. ET on Sunday, Feb. 27;
  • Sunday, Feb. 27, to Wednesday, March 2 -- BMO 31st Global Metals & Mining Conference in Hollywood, Fla. Ascot will be available for one-on-one meetings with investors throughout the conference, and Mr. White will be presenting at 9:15 a.m. ET on Wednesday, March 2. A presentation webcast link will be made available on Ascot's website.

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 Canada Ltd. 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 microm. Samples are processed at the ALS preparation lab in Terrace and sent to ALS in North Vancouver for analysis. There, all samples are dissolved using four-acid digestion with an ICP-AES (inductively coupled plasma-atomic emission spectrometry) 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 ppm). Samples over 1,500 ppm silver are fire assayed with a gravimetric finish. Samples over 10 ppm 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 Canadian-based junior exploration and development company focused on restarting the past-producing Premier gold mine located in British Columbia's prolific Golden Triangle. Ascot shares trade on the Toronto Stock Exchange under the ticker AOT. 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 collaboration with Nisga'a Nation as outlined in the benefits agreement.

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