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Ascot Resources Ltd
Symbol AOT
Shares Issued 232,478,810
Close 2020-01-06 C$ 0.92
Recent Sedar Documents

Ascot Resources drills 6.69m of 30.81 g/t Au at Premier

2020-01-06 07:33 ET - News Release

Mr. Derek White reports

ASCOT CONTINUES TO INTERSECT HIGH-GRADE GOLD IN MULTIPLE DRILL HOLES AT SILVER COIN

Ascot Resources Ltd. has released further outstanding results from drill holes completed in the Silver Coin deposit of Ascot's Premier gold project (PGP) near Stewart in northwestern British Columbia.

Highlights from 30 drill holes reported in this release include:

  • 30.81 grams per tonne gold over 6.69 metres in hole P19-2137;
  • 28.96 g/t Au over 3.20 m in hole P19-2136;
  • 12.24 g/t Au over 4.59 m in hole P19-2130.

The Silver Coin deposit is located approximately five kilometres to the north of the Premier mill and 800 metres south from the Big Missouri deposit. In 1991, the Premier mill processed 102,500 tonnes of Silver Coin ore at a grade of 8.88 g/t Au. Ascot acquired Silver Coin in 2018 and is currently preparing a mine plan using side hill access.

At Silver Coin, Ascot conducted an 11,000-metre drill program in the 2019 field season. This release reports the results from the fourth and final set of drill holes, adding to the intercepts reported in releases of Sept. 5, Oct. 9 and Dec. 2.

Derek White, president and chief executive officer of Ascot, commented: "This concludes results from our 2019 drill campaign at PGP. This last set of holes produced some outstanding results for the company with thick high-grade intercepts. Over all at Silver Coin we reported 34 individual intercepts over 10 g/t gold, including one exceptional 273 g/t gold interval. The new intercepts underpin a better understanding and predictability of the geological model and provides Ascot a stronger base to work from for the development of the forthcoming updated resource statement and feasibility study. We are pleased to announce that we will be hosting a webinar on Wednesday, Jan. 8, at 1:05 p.m. Pacific [Time]/4:05 p.m. Eastern [Time]. Details can be found on our website. In addition, we would like to invite interested parties to meet Ascot management in person at the upcoming Cambridge House investor show and at the industry-focused roundup in Vancouver if you are planning to attend."

Drill results

This news release presents the results from 30 drill holes, comprising 3,783 metres of drilling, completed from eight separate pads. The holes were drilled to test the northern and southernmost parts of the deposit.

Drill holes from pads SC30 and SC35 were targeted on a previously modelled mineralized zone to follow up previous widely spaced high-grade gold intercepts. The holes were successful in increasing the density of drill spacing and the confidence level in interpretation of the geology. Drill holes 2118 and 2123 from pad SC-01 intersected gold mineralization at the northwestern periphery of the deposit that will require future follow-up as the deposit appears to still be open in that direction.

Drill holes from pads SC-31 and SC-32 were targeting peripheral parts of the deposit. The drill holes from pads SC-03, SC-04 and SC-10 intersected gold mineralization at various levels and will contribute to improving the grade interpolation in the targeted zones.

The results of the infill program exceeded expectations and are expected to be particularly positive when integrated into the pending resource update for the Premier gold project. The results from the Silver Coin drill holes are summarized in the associated table and the pad locations are listed on the company's website.

                SUMMARY OF DRILL RESULTS FROM SILVER COIN

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

P19-2087SC-03       54.50       55.70       1.20        9.08         56.0
also                63.30       64.40       1.10       36.50         80.0
and                 69.65       70.65       1.00       12.10         27.0
P19-2088SC-03       70.60       72.05       1.45        7.72         27.0
P19-2089SC-03       61.00       62.00       1.00        3.03         16.0
P19-2090SC-03       59.10       63.00       3.90        9.55         44.9
incl.               62.50       63.00       0.50       35.80        205.0
also                86.35       87.50       1.15        9.67         34.0
and                 89.50       90.50       1.00        8.54         34.0
and                 96.85       98.40       1.55        8.25         24.0
P19-2091SC-31                                    no significant intercept
P19-2092SC-03       46.30       50.30       4.00        3.55         23.0
also                64.40       68.35       3.95        4.39          3.5
and                 91.29       92.29       1.00        4.60          9.0
and                102.62      103.62       1.00        5.93         12.5
and                110.00      111.00       1.00       11.30         10.0
P19-2093SC-10       70.87       71.66       0.79        4.05          3.0
also                92.87       95.12       2.25        8.32         41.7
and                124.27      126.27       2.00       11.10         16.0
P19-2094SC-10      190.90      192.90       2.00        1.97          3.0
P19-2095SC-10      162.31      164.31       2.00        4.78         17.0
P19-2096SC-10       87.88       89.88       2.00       14.13         15.8
incl.               88.88       89.88       1.00       23.65         24.5
also               120.16      122.16       2.00        6.56         20.0
and                 168.5      172.53       4.03        6.61         10.5
P19-2097SC-10      102.78      103.75       0.97        6.03         15.0
also               107.60      110.60       3.00        4.02         22.8
and                170.36      172.36       2.00        6.85         18.0
P19-2098SC-32       39.65       41.65       2.00        1.14          6.0
P19-2099SC-32       29.46       31.46       2.00        1.04          1.0
P19-2111SC-04       85.10       86.10       1.00        2.98         14.0
also               114.87      116.63       1.76        5.37          6.0
P19-2112SC-04      116.27      117.57       1.30       10.90          7.0
P19-2113SC-04       54.54       56.54       2.00       16.90         10.0
also               120.89      122.16       1.27        9.13         17.0
and                139.24      140.48       1.24        4.35          5.0
P19-2114SC-04       71.47       72.35       0.88        1.29         18.0
P19-2115SC-04       51.66       52.72       1.06      273.00        143.0
also                89.99       90.83       0.84        6.60          7.0
and                120.91      121.91       1.00        7.17          8.0
P19-2116SC-04       70.17       72.17       2.00        4.31          1.0
also                97.40       98.40       1.00        4.67         14.0
and                105.40      106.40       1.00        3.24         26.0
and                122.73      123.73       1.00        5.20          6.0
P19-2118SC-01       29.87       32.92       3.05        2.73         16.0
P19-2123SC-01       44.40       45.42       1.02       20.80         21.0
P19-2130SC-35       63.83       68.42       4.59       12.24         11.7
incl.               65.41       66.41       1.00       31.80         25.5
P19-2131SC-35       68.15       70.11       1.96        1.21          2.0
P19-2132SC-35       72.22       73.42       1.20        7.16         11.5
P19-2133SC-35       51.00       53.25       2.25        1.89          6.0
P19-2135SC-35       93.00      101.75       8.75       18.38         29.3
incl.               96.00       96.75       0.75       99.50        121.0
P19-2136SC-30       96.65       99.85       3.20       28.96         36.2
incl.               97.75       98.75       1.00       74.10         63.0
P19-2137SC-30       98.07      104.76       6.69       30.81         29.1
incl.               98.07       98.71       0.64      139.00        137.0
P19-2138SC-30       86.07       88.07       2.00        1.68          4.0
P19-2139SC-30       77.32       79.11       1.79        3.73         25.0

True width is estimated to be approximately 70 to 90 per cent of reported 
intercepts.

Upcoming events

Ascot will be hosting a live webinar townhall on Wednesday, Jan. 8, 2020, at 1:05 p.m. Pacific Time/4:05 p.m. Eastern Time. To register, please visit the company's website under the events section and click the link.

Ascot will also be at the Cambridge House Vancouver investor conference from Jan. 19 to Jan. 20 and at the roundup from Jan. 20 to Jan. 21.

Quality assurance/quality control

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

Analytical work is being carried out by SGS Canada Inc. 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 SGS.

Samples are dried and weighed by SGS. 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 on site by a mobile lab supplied by SGS and run by SGS personnel. All splits are sent to SGS in Burnaby. There, all samples are digested using aqua regia 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 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 at the company's secure facility in Stewart.

About Ascot Resources Ltd.

Ascot is a Canada-based junior exploration company focused on restarting the past-producing historic Premier gold mine, located in British Columbia's Golden Triangle. The company continues to define high-grade resources for underground mining with the near-term goal of converting the underground resources into reserves, while continuing to explore nearby targets on its Premier/Dilworth and Silver Coin properties (collectively referred to as the Premier project). Ascot's acquisition of IDM Mining added the high-grade gold and silver Red Mountain project to its portfolio and positions the company as a leading consolidator of high-quality assets in the Golden Triangle.

We seek Safe Harbor.

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