Ascot Resources Ltd (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce results from
surface exploration at the Silver Hill Prospect, nine kilometres
north of the Premier mill. Two surface grab samples returned
results as follows:
Sample |
Easting |
Northing |
Au (g/t) |
Ag (g/t) |
Pb (%) |
Zn (%) |
Silver Hill 1 |
437151 |
6221245 |
9.37 |
14,898 |
5.90 |
5.75 |
Silver Hill 2 |
437149 |
6221246 |
0.05 |
12,393 |
3.42 |
4.86 |
Assays from four diamond drill holes recently
completed on the target are pending.
Silver Hill
Ascot field crews identified a series of sulfide
veins and quartz stockwork in outcrop near the historical Silver
Hill prospect at the northern end of Long Lake (see figure 2). The
vein system can be traced at surface over a strike of more than 200
metres and a width of more than 20 metres. Upon visual
identification of electrum in hand samples, Ascot prioritized
exploration drilling to this location and completed four diamond
drill holes for a combined total of 816 metres.
In addition to the drill holes, the Company
completed two Induced Polarization (“IP”)
geophysical profiles to the north of the showing. The IP profiles
generated several chargeability and resistivity anomalies that will
be investigated during the next field season.
The Silver Hill mineralization consists of
quartz veins with sphalerite, galena, pyrite, electrum (visually
identified) and a platy silver sulfide, possibly polybasite (see
figure 1). The veins occur at the edge of Tertiary dykes that are
intruding the older volcano-sedimentary package which hosts gold
mineralization in the Premier mine area further south.
The Silver Hill prospect is likely situated at a
higher stratigraphic level in the transition between volcanic and
sedimentary rocks. This stratigraphic position hosts volcanogenic
massive sulfide deposits such as Eskay Creek elsewhere in the
Golden Triangle.
Figure 1 Image of a grab sample
from the Silver Hill showing north of Long Lake. Sulfide
mineralization and quartz are clearly visible. The red circle
highlights a grain that is visually identified as electrum (alloy
of gold and
silver). https://ascotgold.com/site/assets/files/4719/2019-11-06_nr-fig1.jpg
Premier Portal Discovery – Drilling Results
Pending
Over the course of the past two drill seasons,
the Company has had success discovering gold to the immediate west
of the Premier deposit. Geotechnical drilling near a proposed
portal location at Premier intercepted a potential new gold zone
that is located along the western projection of the 609 and 602
zones.
Drill hole P19-2166 was drilled almost
horizontally along the axis of a proposed portal location. While
logging the hole, an Ascot geologist spotted a quartz vein with
sphalerite, pyrite and visible gold towards the bottom of the hole.
The core was subsequently cut and sent off for assay returning the
following result:
Drill Hole |
Easting |
Northing |
From (m) |
To (m) |
Au (g/t) |
Ag (g/t) |
Zn (%) |
P19-2166 |
436187 |
6212706 |
53.00 |
54.00 |
9.7 |
15 |
2.14 |
The hole intersected gold mineralization at 53
metres from the proposed portal location, roughly 150 metres away
from the closest known gold zone at Premier.
The Company immediately dedicated a drill rig to
further test the discovery towards the west. Results from these
follow-up drill holes are pending.
Figure 2 Map of the Premier
Project area showing the location of the Silver Hill prospect in a
trend of several historical silver showings and the location of the
gold hit described in the body of this
release. https://ascotgold.com/site/assets/files/4719/2019-11-06_nr-fig2.jpg
Upcoming Events
Derek White, President and CEO of Ascot
Resources and Lars Beggerow, VP Geoscience and Exploration, will be
at the International Precious Metals & Commodities Show in
Munich, Germany on November 8th and 9th 2019 at the MVG Museum,
Ständlerstraße 20. Please visit booth 22 to get an update on
Ascot in person.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 or visit
the Company’s web site at www.ascotgold.com, or for a virtual tour
visit www.vrify.com under Ascot Resources.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ASCOT 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
Information
All 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.
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