Ascot Resources Ltd (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce high-grade gold
results from exploration drill holes completed in a potential
discovery to the west of the Premier deposit near Stewart, British
Columbia.
Highlights of this release include:
- 17.29g/t Au over 3.58m in hole P19-2177
- 12.83g/t Au over 4.20m in hole P19-2177
- 15.30g/t Au over 1.0m in hole P19-2180
In its news release from November 7, 2019, the
Company announced a gold intercept in a geotechnical drill hole
(P19-2166, 9.70g/t Au over one metre) that was drilled at the site
of a proposed portal site at the Premier deposit. Subsequent to the
intercept, the Company assigned a drill rig to investigate the
extent of mineralization in the area. This release is reporting the
results from the ten (10) follow-up drill holes.
Derek White, President and CEO of Ascot
commented, “These results demonstrate the near-term potential to
expand our high-grade resources to the west of the known resources
at Premier. This area now ranks as a high priority area for
exploration as the prospect of adding resources close to existing
and planned infrastructure is highly appealing. This potential
discovery will certainly be an area of focus for exploration in the
new year.”
Drill Results
This news release presents follow-up results to
a high-grade gold intercept in geotechnical drill hole P19-2166.
Ten drill holes were completed from two separate drill pads with
eight of the holes drilled from the same pad as hole P19-2166 (pad
GT-PM-1, see figure 1). The holes were targeted to determine both
the orientation and possible extent of the mineralization.
Holes P19-2167 and P19-2168 were drilled with a
more northerly azimuth (55 and 60 degrees respectively) than hole
P19-2166 and intercepted silver rich mineralization that is
anomalous in gold. This could be the expression of zonation in the
epithermal system. The historical Premier workings close to surface
were reportedly very rich in silver with silver grades decreasing
at depth. Hole P19-2177 hit three zones of high-grade gold in the
140m-170m depth range. These intercepts are located in the
projected extension of the 602/609 zones.
Hole P19-2172 hit three zones of gold
mineralization southwest of the projected trend of known
mineralization. Importantly there is no previous drilling in the
area. The results from these drill holes highlight the potential to
add more resources to the Premier deposit in an area where
mineralization may have been offset by faults or rotated to a
different orientation.
Further work, including wireframing and
geological interpretation will be completed to determine the
relationship and possible connection of this newly discovered
mineralization to existing resources further east (602/609
zones).
The drill results are summarized in Table 1 and
the pad locations are listed in Table 2.
Figure 1 Image of the Premier
mine area showing the location of the drill pads relative to
current resource outlines and the existing infrastructure is
available at
https://ascotgold.com/site/assets/files/4744/figure-1.png. Pad
locations are listed in Table 2.
Table 1 Summary of exploration
drill results from Premier
Hole # |
pad |
azimuth/dip |
From (m) |
To(m) |
Width(m) |
Au (g/t) |
Ag (g/t) |
P19-2167 |
GT-PM-1 |
55/-8 |
24.00 |
25.00 |
1.00 |
0.45 |
193.0 |
P19-2168 |
GT-PM-1 |
60/-30 |
27.00 |
33.00 |
6.00 |
0.50 |
311.0 |
incl. |
|
|
31.00 |
32.00 |
1.00 |
1.07 |
916.0 |
also |
|
|
45.00 |
46.00 |
1.00 |
1.15 |
16.0 |
P19-2172 |
GT-PM-1 |
85/-30 |
151.00 |
153.00 |
2.00 |
3.30 |
26.0 |
also |
|
|
159.00 |
161.00 |
2.00 |
6.13 |
6.5 |
and |
|
|
168.00 |
173.00 |
5.00 |
3.72 |
9.2 |
incl. |
|
|
168.00 |
169.00 |
1.00 |
5.20 |
7.0 |
P19-2174 |
GT-PM-2 |
60/-40 |
No significant intercept |
P19-2175 |
GT-PM-1 |
85/-45 |
105.00 |
107.00 |
2.00 |
1.94 |
4.0 |
also |
|
|
202.75 |
203.88 |
1.13 |
9.69 |
11.0 |
and |
|
|
225.00 |
227.00 |
2.00 |
2.71 |
4.0 |
P19-2176 |
GT-PM-1 |
85/-60 |
No significant intercept |
P19-2177 |
GT-PM-1 |
60/-45 |
138.17 |
141.75 |
3.58 |
17.29 |
62.8 |
incl. |
|
|
139.17 |
140.17 |
1.00 |
32.40 |
138.0 |
also |
|
|
154.50 |
158.94 |
4.44 |
9.63 |
20.8 |
incl. |
|
|
155.50 |
156.50 |
1.00 |
14.10 |
29.0 |
and |
|
|
168.30 |
172.50 |
4.20 |
12.83 |
37.9 |
incl. |
|
|
168.30 |
169.30 |
1.00 |
38.50 |
125.0 |
P19-2178 |
GT-PM-1 |
60/-60 |
No significant intercept |
P19-2179 |
GT-PM-1 |
105/-45 |
141.07 |
143.00 |
1.93 |
4.25 |
16.0 |
P19-2180 |
GT-PM-2 |
90/-50 |
159.45 |
164.52 |
5.07 |
3.51 |
6.5 |
incl. |
|
|
163.45 |
164.52 |
1.07 |
8.50 |
14.0 |
also |
|
|
209.09 |
210.09 |
1.00 |
15.30 |
18.0 |
and |
|
|
229.45 |
231.45 |
2.00 |
3.17 |
11.0 |
and |
|
|
233.68 |
234.95 |
1.27 |
4.17 |
8.0 |
|
|
|
|
|
|
|
|
True width is uncertain as the orientation of the mineralized
zones has not been determined sufficiently. The drill holes that
are missing in the sequence have not been drilled at Premier and
will be reported in subsequent releases.
Table 2 Drill pad locations
Pad # |
UTM N |
UTM E |
Elevation |
Hole no. |
GT-PM-1 |
6212682 |
436162 |
321 |
2167, 2168, 2172, 2175-2179 |
GT-PM-2 |
6212805 |
436175 |
305 |
2174, 2180 |
|
|
|
|
|
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 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. 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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