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Ascot Resources Ltd
Symbol AOT
Shares Issued 435,640,030
Close 2022-07-14 C$ 0.34
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Ascot Resources drills one m of 193 g/t Au at Premier

2022-07-14 09:22 ET - News Release

Mr. Derek White reports

ASCOT INTERCEPTS BONANZA-GRADE GOLD OF 193 G/T OVER 1.0 METRE AT THE SEBAKWE ZONE

Ascot Resources Ltd. has released the first batch of assay results from the 2022 exploration drill program at the company's Premier gold project, located on Nisga'a Nation treaty lands in the prolific Golden Triangle of northwestern British Columbia. These results are from surface exploration drilling at the emerging Sebakwe zone near the past-producing Premier mill and, with assays of up to 193 grams per tonne gold, continue to highlight the high-grade tenor of the Sebakwe zone.

Highlights from the drill results include:

  • 193.00 grams per tonne gold and 41.8 grams per tonne silver over 1.0 metre from a depth of 315 metres in hole P22-2393;
  • 17.78 grams per tonne gold and 20.1 grams per tonne silver over 3.0 metres from a depth of 366 metres in hole P22-2393, including 51.00 grams per tonne gold and 54.6 grams per tonne silver over 1.0 metre;
  • 4.77 grams per tonne gold and 18.2 grams per tonne silver over 4.5 metres from a depth of 331 metres in hole P22-2393, including 12.10 grams per tonne gold and 34.5 grams per tonne silver over 1.6 metres;
  • 25.90 grams per tonne gold and 21.0 grams per tonne silver over 1.0 metre from a depth of 413 metres in hole P22-2389.

This release summarizes the results from six surface drill holes totalling 2,477 metres at the emerging Sebakwe zone, approximately 600 metres east of the Premier mill building. After drilling two holes in 2021 on this zone, one of which intercepted 36.17 grams per tonne gold over 7.1 metres (see news release dated Dec. 15, 2021), the company had initially planned on drilling 10 new holes totalling approximately 4,000 metres as a part of the 2022 exploration drilling program. As drilling progressed, based on encouraging visual indications of mineralization and structure, the drill program was increased to 15 holes totalling 6,091 metres at the Sebakwe zone.

Derek White, president and chief executive officer of Ascot, commented: "The Sebakwe zone continues to impress with its high-grade pedigree and growth potential. Hole P22-2393 intercepted 193 grams per tonne gold over 1.0 metre, representing the highest grade drilled by Ascot in recent years. In such a short time frame, Ascot has now defined visual mineralization at the Sebakwe zone in multiple parallel vein structures over a strike extent of 70 metres and a vertical extent of 120 metres. Given its proximity to the Premier mill and planned underground mine development, Sebakwe is a compelling target for low-cost, accretive resource growth. The geometrical similarities to the Premier and Northern Light deposits adjacent to the south are so far reaffirming our hypothesis that the Sebakwe zone is a third parallel mineralized structure."

An updated three-dimensional model of the Sebakwe zone drill results can be found by visiting Ascot's website. The model shows drill results from 2021, the new results released today and the remaining holes completed for which assays are pending.

Drill results were headlined by hole P22-2393, which intercepted bonanza-grade gold of 193.00 grams per tonne over 1.0 metre. The depth of that intercept corresponds well with a 6.64-gram-per-tonne-gold intercept in hole P22-2389, a 39.00-gram-per-tonne-gold intercept from hole P21-2386 and a 29.60-gram-per-tonne-gold intercept from hole P21-2385, indicating the potential continuity of that mineralized vein structure. Hole P22-2393 also intercepted high-grade mineralization at two other distinct depths, indicating the presence of multiple parallel vein structures. This corresponds well with the mineralization styles of the Premier and Northern Light deposits.

Each of the eight reported Sebakwe drill holes from 2021 and 2022 has intercepted the targeted quartz-breccia structures with sulphide mineralization and all have encountered anomalous gold mineralization, with the exception of hole P22-2390, which was stopped short due to hitting an underground void, likely a historic exploration tunnel. Assay results are pending for the remaining nine holes drilled this year. Most of these holes were drilled with wider stepout spacing toward the east, targeting a strike extent of approximately 400 metres for the Sebakwe zone.

Qualified person

Lawrence Tsang, PGeo, the company's senior geologist, provides the field management for the Premier gold project 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 micrometres. 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 finish and fire assay with AA 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 is subjected to metallic assays. Sampling and storage are located at the company's secure facility in Stewart, B.C.

About Ascot Resources Ltd.

Ascot is a Canadian junior exploration and development company focused on restarting the past-producing Premier gold mine, located on Nisga'a Nation treaty lands in British Columbia's prolific Golden Triangle. Ascot's 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 benefit agreement.

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