Ascot Resources Ltd (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the second set
of drill results from the Silver Coin deposit. Silver Coin was
acquired in October 2018 and is located approximately 5km to the
north of the Premier mill at Ascot’s Premier Project
(“
Premier”) near Stewart in northwestern British
Columbia.
Highlights of this release include:
- 13.14g/t Au over 4.10m in hole P19-2027 at
Silver Coin
- 17.35g/t Au over 2.55m in hole P19-2033 at
Silver Coin
- 9.96g/t Au over 4.45m in hole P19-2031 at
Silver Coin
The results in this news release summarize a
portion of the 10,500m program at the Silver Coin deposit. The
Company has completed in excess of 50,000m of drilling at its
Premier Project in 2019.
Derek White, President and CEO of Ascot
commented, “The Silver Coin deposit continues to deliver high-grade
intercepts for Ascot. Our team is busy integrating the new
resources into our operational plans. The known mineralization at
Silver Coin occupies a relatively small part of the larger
property. The surrounding area holds high potential for exploration
and our drilling in September has included some targets away from
the established resources. We will continue to report the results
from this promising asset as they become available.”
Drill Results
This news release presents the results from 16
drill holes, comprising 2,241 metres of drilling, completed from
four separate pads at the central (SC-15) and southern parts
(SC-19, 23, 26) of the Silver Coin deposit. The results from these
drill holes are summarized in Table 1 and the pad locations are
listed in Table 2. The remaining drill results (about 70%) from
Silver Coin will be reported as they become available.
Ascot acquired the Silver Coin deposit in late
October 2018. The deposit hosts high-grade gold mineralization
similar to Premier and Big Missouri (similar host rocks and ore
mineralogy). The existing underground infrastructure at Silver Coin
(see Figure 1) greatly simplifies access to high-grade
mineralization in a re-start scenario.
Mineralization in the deposit was modeled
following the acquisition and resulted in an updated resource
estimate in December 2018. The core of the deposit is drilled at a
sufficient density to classify the majority of resources in the
indicated category. The periphery of the deposit and selected parts
of the core are not densely drilled with mineralization open in
several modeled zones.
The drill results in this release demonstrate
that less well drilled parts of the deposit are well mineralized
with multiple intercepts in excess of 10g/t Au. Additional drilling
will have to be conducted around the intercepts that are not in
previously modeled zones in order to determine the existence of a
new continuous zone that can be modeled rather than isolated
intercepts.
Table 1 Summary of drill
results from Silver Coin
Hole # |
pad |
azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au (g/t) |
Ag (g/t) |
P19-2027 |
SC-19 |
120/-68 |
119.00 |
130.73 |
11.73 |
7.62 |
36.4 |
incl. |
|
|
121.40 |
125.50 |
4.10 |
13.14 |
40.6 |
P19-2028 |
SC-19 |
160/-73 |
25.00 |
27.00 |
2.00 |
4.28 |
24.0 |
also |
|
|
51.50 |
56.50 |
5.00 |
9.51 |
78.0 |
incl. |
|
|
53.50 |
55.50 |
2.00 |
16.95 |
88.0 |
P19-2029 |
SC-19 |
250/-61 |
77.00 |
79.00 |
2.00 |
2.10 |
3.0 |
also |
|
|
169.31 |
171.14 |
1.83 |
3.89 |
11.5 |
P19-2031 |
SC-15 |
330/-79 |
172.00 |
176.45 |
4.45 |
9.96 |
6.1 |
incl. |
|
|
172.00 |
173.45 |
1.45 |
26.60 |
11.0 |
also |
|
|
187.00 |
189.00 |
2.00 |
2.63 |
4.0 |
P19-2033 |
SC-15 |
115/-75 |
66.80 |
68.75 |
1.95 |
8.89 |
23.5 |
incl. |
|
|
67.85 |
68.75 |
0.90 |
16.10 |
17.0 |
also |
|
|
93.75 |
96.75 |
3.00 |
4.12 |
17.0 |
also |
|
|
102.25 |
104.80 |
2.55 |
17.35 |
74.2 |
incl. |
|
|
104.25 |
104.80 |
0.55 |
69.10 |
124.0 |
also |
|
|
159.25 |
160.50 |
1.25 |
2.04 |
5.5 |
also |
|
|
193.00 |
195.00 |
2.00 |
2.58 |
3.0 |
P19-2034 |
SC-15 |
155/-83 |
133.00 |
135.00 |
2.00 |
3.03 |
4.0 |
also |
|
|
172.00 |
189.00 |
17.00 |
1.75 |
6.1 |
also |
|
|
203.00 |
205.00 |
2.00 |
9.67 |
204.0 |
also |
|
|
235.00 |
237.00 |
2.00 |
4.86 |
3.0 |
P19-2035 |
SC-26 |
270/-53 |
22.85 |
25.50 |
2.65 |
5.77 |
7.4 |
also |
|
|
31.00 |
32.00 |
1.00 |
5.34 |
25.0 |
also |
|
|
34.00 |
35.00 |
1.00 |
5.19 |
9.0 |
also |
|
|
41.32 |
42.14 |
0.82 |
4.01 |
24.0 |
also |
|
|
59.85 |
62.75 |
2.90 |
3.43 |
27.5 |
P19-2036 |
SC-26 |
270/-66 |
24.00 |
25.00 |
1.00 |
3.07 |
5.0 |
P19-2040 |
SC-23 |
90/-73 |
72.54 |
74.50 |
1.96 |
2.93 |
10.0 |
P19-2041 |
SC-23 |
90/-87 |
39.00 |
41.00 |
2.00 |
2.71 |
6.0 |
also |
|
|
129.50 |
131.50 |
2.00 |
9.10 |
4.0 |
P19-2043 |
SC-23 |
45/-62 |
62.00 |
65.00 |
3.00 |
3.26 |
35.2 |
P19-2044 |
SC-23 |
10/-81 |
141.00 |
143.00 |
2.00 |
1.31 |
5.0 |
P19-2045 |
SC-23 |
312/-67 |
54.50 |
56.50 |
2.00 |
4.57 |
3.0 |
P19-2046 |
SC-23 |
290/-55 |
93.80 |
94.80 |
1.00 |
3.70 |
8.0 |
also |
|
|
104.50 |
106.50 |
2.00 |
13.70 |
7.0 |
also |
|
|
108.50 |
110.50 |
2.00 |
2.90 |
4.0 |
P19-2047 |
SC-23 |
270/-63 |
97.50 |
99.50 |
2.00 |
4.29 |
6.0 |
P19-2048 |
SC-23 |
240/-57 |
88.00 |
89.00 |
1.00 |
1.34 |
3.5 |
True width is believed to be approximately 70-90% of reported
intercepts. The drill holes that are missing in the sequence have
been reported previously.
Table 2 Drill pad locations
Pad # |
UTM N |
UTM E |
Elevation |
Hole no. |
SC-15 |
6217950 |
435842 |
1008 |
2031, 2033, 2034 |
SC-19 |
6217825 |
435754 |
985 |
2027-2029 |
SC-23 |
6217776 |
435647 |
977 |
2040, 2041, 2043-2048 |
SC-26 |
6217725 |
435717 |
1008 |
2035, 2036 |
Exploration Update
In the month of September, the Company conducted
exploration in several areas of the property. Two IP profiles were
completed in the Silver Hill area to the north of Long Lake. The
area was also prospected a several hand samples were collected.
Given the outcropping veins at surface it was possible to design a
pad and drill test the mineralization at depth. Drill core from
these holes has been cut and shipped to the lab. Assays are
currently pending.
Additional holes were drilled at the Terminus
zone to the northeast of the Silver Coin resource. Core has been
processed and assays are pending.
In the course of geotechnical drilling at
Premier, gold mineralization was intercepted by a horizontal drill
hole approximately 50-60m from the planned portal location more
than 100m from the closest modeled gold zone at Premier. New gold
mineralization in the path of planned development is very
advantageous justifying additional drill holes to investigate the
extent of mineralization in this area. The core from the
geotechnical drill hole has been processed and assays are pending.
The Company is excited to report results from these activities as
they become available.
Quality Assurance/Quality
Control
Lawrence Tsang, P. Geo, the Company’s Senior
Geologist provides the field management for the Premier exploration
program. John Kiernan, P. Eng., 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 (“SGS”). 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% passing 2mm, with 250g split and pulverized to
85% passing 75µm. 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 100ppm silver are digested with aqua regia and then
volumetrically diluted before an ICP-AES or AA finish (up to
1,500ppm). Samples over 1,500ppm silver are fire assayed with a
gravimetric finish. Samples over 10ppm 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.
For more information about the Company, please
refer to the Company’s profile on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS OFASCOT RESOURCES
LTD.
“Derek C. White”, President and
CEO
For further information contact:Kristina Howe
VP, Investor Relations 778-725-1060 / khowe@ascotgold.com
About Ascot Resources
Ltd. Ascot is a Canadian-based junior exploration
company focused on re-starting 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.
The TSX Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this
release.
Cautionary Statement Regarding
Forward-Looking InformationAll statements, trend analysis
and other information contained in this press release about
anticipated future events or results constitute forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as “seek”, “anticipate”,
“believe”, “plan”, “estimate”, “expect” and “intend” and statements
that an event or result “may”, “will”, “should”, “could” or “might”
occur or be achieved and other similar expressions. All statements,
other than statements of historical fact, included herein are
forward-looking statements. Although Ascot believes that the
expectations reflected in such forward-looking statements and/or
information are reasonable, undue reliance should not be placed on
forward-looking statements since the Ascot can give no assurance
that such expectations will prove to be correct. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements, including the
risks, uncertainties and other factors identified in the Ascot’s
periodic filings with Canadian securities regulators, and
assumptions made with regard to: the estimated costs associated
with construction of the Premier and Red Mountain Projects; the
timing of the anticipated start of production at the Premier and
Red Mountain Projects; the ability to maintain throughput and
production levels at the Premier Mill; and the Companies' ability
to achieve the synergies expected as a result of the Transaction.
Forward-looking statements are subject to business and economic
risks and uncertainties and other factors that could cause actual
results of operations to differ materially from those contained in
the forward-looking statements. Important factors that could cause
actual results to differ materially from Ascot’s expectations
include risks associated with the business of Ascot; risks related
to exploration and potential development of Ascot’s projects;
business and economic conditions in the mining industry generally;
fluctuations in commodity prices and currency exchange rates;
uncertainties relating to interpretation of drill results and the
geology, continuity and grade of mineral deposits; the need for
cooperation of government agencies and native groups in the
exploration and development of properties and the issuance of
required permits; the need to obtain additional financing to
develop properties and uncertainty as to the availability and terms
of future financing; the possibility of delay in exploration or
development programs and uncertainty of meeting anticipated program
milestones; uncertainty as to timely availability of permits and
other governmental approvals; and other risk factors as detailed
from time to time and additional risks identified in Ascot’s
filings with Canadian securities regulators on SEDAR in Canada
(available at www.sedar.com). Forward-looking statements are based
on estimates and opinions of management at the date the statements
are made. Ascot does not undertake any obligation to update
forward-looking statements.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/934e4769-cd9c-4fee-a1fe-5c4f79f4546e
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