Ascot Resources Ltd (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the results from
nineteen (19) drill holes completed in the Prew zone of Ascot’s
Premier Gold Project (“
Premier”) near Stewart in
northwestern British Columbia.
Highlights of this release include:
- 37.95g/t Au over 5.03m in hole P19-2153
- 8.14g/t Au over 13.03m in hole P19-2156
- 8.39g/t Au over 8.75m in hole P19-2151
The Prew zone was discovered in 2017 and these
new high-grade intercepts will contribute to the process of
upgrading resources from the inferred to the indicated category in
the upcoming resource update for the project.
The Company has completed approximately 52,400m
of drilling at Premier in 2019 and reported results from just over
60% of the drill holes to date.
Derek White, President and CEO of Ascot
commented, “Impressive drill results such as these reinforce our
confidence in the Premier deposit. From a technical viewpoint,
these results demonstrate our ability to predict the position of
mineralized zones in the deposit. The intercepts are close to where
they were expected and the high-grade nature of the mineralization
confirms the quality of the Prew zone overall. We are very excited
to conduct a new resource estimate at Premier which will then feed
into a feasibility study for the project. We anticipate to be very
busy until the end of 2019 and into the beginning of next year
until the study is complete.”
Drill Results
This news release presents the results from 19
drill holes, comprising 5948 metres of drilling, completed from six
separate pads into the Prew zone at the Premier deposit. All 19
drill holes intercepted mineralized quartz breccias with 12
reported intervals in excess of 10g/t Au. The results from these
drill holes are summarized in Table 1 and the pad locations are
listed in Table 2.
The Prew zone is located in the northeastern
part of the Premier deposit and forms the down-dip continuation of
the Ben zone. Both zones were discovered by extensive drilling in
2017. On subsequent inspection following the Premier resource
estimate in 2018 (see news release from December 3, 2018) it was
determined that there was a gap in the drill pattern that prevented
a high-grade portion of the Prew zone from achieving classification
in the indicated category. The drill holes reported in this release
were targeted on this gap and will be utilized to re-classify the
entire zone in the next iteration of resource estimates for
Premier.
Figure 1 Image of the
historical Premier mine area showing the mill building and the
location of the drill pads described in this release. The Prew zone
is striking northeast as outlined by the intercepts in the drill
holes. Pad locations are listed in Table 2.
Figure 1
https://ascotgold.com/site/assets/files/4736/2019-11-18-aot-fig1.png
Table 1 Summary of drill
results from the Prew zone at Premier
Hole # |
pad |
azimuth/dip |
From (m) |
To(m) |
Width(m) |
Au (g/t) |
Ag (g/t) |
P19-2124 |
Prew4 |
135/-48 |
281.43 |
287.43 |
6.00 |
11.48 |
43.3 |
incl. |
|
|
284.43 |
287.43 |
3.00 |
21.92 |
81.7 |
P19-2125 |
Prew4 |
135/-52 |
288.26 |
291.46 |
3.20 |
9.11 |
30.2 |
incl. |
|
|
289.26 |
290.26 |
1.00 |
11.61 |
56.5 |
P19-2126 |
Prew4 |
135/-59 |
286.03 |
289.77 |
3.74 |
7.27 |
6.4 |
incl. |
|
|
288.77 |
289.77 |
1.00 |
20.60 |
7.0 |
P19-2127 |
Prew4 |
135/-66 |
277.36 |
279.78 |
2.42 |
5.23 |
36.5 |
P19-2128 |
Prew4 |
135/-70 |
289.93 |
293.63 |
3.70 |
3.08 |
3.3 |
also |
|
|
297.42 |
304.90 |
7.48 |
6.27 |
4.0 |
incl. |
|
|
297.42 |
298.42 |
1.00 |
33.80 |
12.0 |
P19-2129 |
Prew4 |
135/-78 |
289.09 |
292.90 |
3.81 |
2.33 |
1.7 |
incl. |
|
|
291.90 |
292.90 |
1.00 |
5.49 |
3.0 |
P19-2134 |
Prew1 |
135/-53 |
282.36 |
284.36 |
2.00 |
1.02 |
1.0 |
P19-2140 |
Prew1 |
135/-62 |
203.63 |
204.83 |
1.20 |
1.84 |
5.0 |
also |
|
|
248.80 |
252.80 |
4.00 |
3.56 |
4.5 |
P19-2143 |
Prew1 |
135/-78 |
243.53 |
244.53 |
1.00 |
7.36 |
3.0 |
P19-2146 |
Prew2 |
135/-58 |
291.47 |
292.70 |
1.23 |
3.47 |
6.0 |
also |
|
|
294.45 |
295.45 |
1.00 |
1.63 |
2.0 |
P19-2147 |
Prew2 |
135/-68 |
271.57 |
272.57 |
1.00 |
67.20 |
31.0 |
also |
|
|
277.05 |
278.05 |
1.00 |
2.74 |
4.0 |
P19-2151 |
Prew6 |
142/-55 |
300.14 |
308.89 |
8.75 |
8.39 |
12.1 |
incl. |
|
|
300.14 |
301.06 |
0.92 |
45.50 |
55.0 |
P19-2152 |
Prew6 |
135/-68 |
292.17 |
296.3 |
4.13 |
7.99 |
20.1 |
P19-2153 |
Prew6 |
122/-81 |
223.88 |
227.32 |
3.44 |
5.78 |
18.6 |
also |
|
|
290.52 |
295.55 |
5.03 |
37.95 |
25.5 |
incl. |
|
|
292.90 |
294.84 |
1.94 |
93.00 |
55.0 |
P19-2155 |
Prew5 |
135/-47 |
288.78 |
291.61 |
2.83 |
38.44 |
277.2 |
also |
|
|
300.00 |
301.00 |
1.00 |
3.87 |
6.0 |
also |
|
|
306.00 |
309.20 |
3.20 |
4.97 |
18.1 |
also |
|
|
317.50 |
318.70 |
1.20 |
6.72 |
11.0 |
P19-2156 |
Prew5 |
135/-51 |
287.14 |
300.17 |
13.03 |
8.14 |
22.5 |
incl. |
|
|
288.34 |
289.43 |
1.09 |
32.50 |
106.0 |
and |
|
|
292.63 |
293.63 |
1.00 |
39.40 |
67.0 |
P19-2157 |
Prew5 |
135/-59 |
283.66 |
285.66 |
2.00 |
1.23 |
12.5 |
P19-2160 |
Prew3 |
135/-66 |
276.00 |
277.50 |
1.50 |
4.17 |
3.0 |
also |
|
|
283.00 |
285.00 |
2.00 |
2.36 |
2.0 |
P19-2161 |
Prew3 |
135/-81 |
258.50 |
260.00 |
1.50 |
1.38 |
3.0 |
also |
|
|
266.50 |
267.50 |
1.00 |
1.17 |
4.0 |
True width is believed to be approximately 70-90% of reported
intercepts. The drill holes that are missing in the sequence do not
yet have complete assays and will be reported when all assays are
available.
Table 2 Drill pad locations
Pad # |
UTM N |
UTM E |
Elevation |
Hole no. |
Prew1 |
6213300 |
437192 |
543 |
2134, 2140, 2143 |
Prew2 |
6213260 |
437147 |
548 |
2146, 2147 |
Prew3 |
6213244 |
437132 |
547 |
2160, 2161 |
Prew4 |
6213225 |
437120 |
543 |
2124-2129 |
Prew5 |
6213210 |
437109 |
544 |
2155-2157 |
Prew6 |
6213188 |
437092 |
543 |
2151-2153 |
Ascot Appoints Advisor to the
Board
Ascot is also pleased to announce that it has
appointed Mr. Yale Simpson as an advisor to the Board. His primary
responsibilities will be to advise the Board on strategy and
communicating exploration and development objectives to the
investment community. Yale Simpson has a Bachelor of Applied
Science (Geological Engineering) from the University of British
Columbia. Yale has more than 40 years experience as a senior
geologist, exploration manager and CEO of companies involved in
precious metals projects in Australia, Africa, Eastern Europe and
South America. Those companies included Pennzoil Company, Chevron
Exploration, Australmin Holdings, Argosy Mining Corp. and Black
Swan Gold Mines Ltd. Yale was a founder and co-Chairman of Extorre
Gold Mines Ltd. when it was purchased by Yamana Gold Ltd. in 2012.
In 2017 he was a founder and co-Chairman of Exeter Resource
Corporation when it was purchased by Goldcorp Inc. He is currently
a director of Rugby Mining Ltd., Adamera Minerals Corporation, and
Carube Copper Corporation.
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 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
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. 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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