Ascot Resources Ltd (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce high-grade
silver drill results from exploration drilling at the Silver Hill
target in the northeastern part of the Premier property as a follow
up to high-grade grab samples reported in the Company’s news
release of November 7, 2019.
Highlights of this release include:
- 880g/t silver over
1.00m in hole P19-2170
- 787g/t silver over
1.00m in hole P19-2170
- 220g/t silver over
0.85m in hole P19-2163
Derek White, President and CEO of Ascot
commented, “These high-grade silver results are the first drill
intercepts confirming the high-grade potential from this target
area. The prospect is located at the contact of volcanic and
sedimentary rocks where deposits such as Eskay Creek occur. If the
metals at Silver Hill are sourced from such a target at depth, it
will offer the Company’s shareholders participation in potential
discoveries of a geological type quite different from Premier style
deposits with significant exposure to very high-grade silver
mineralization.
Beyond the first drill holes, the initial
geophysical survey, which covers a broader area shows a large
intriguing anomaly at the northern end of the survey lines. The
Company is developing a follow up program for 2020 which will
include both additional geophysics and drilling to more fully
investigate this attractive target.”
Silver Hill
Following the collection of high-grade grab
samples at Silver Hill, the Company completed four exploration
drill holes to test the surface showing at depth. The drill pad was
established to the west of the surface showing as the outcrop
indicates a westerly dip of the mineralized veins. Two drill holes
intercepted mineralization at shallow depth that is likely related
to the surface showing. Intercepts deeper down the holes seem to
intercept a second vein set. Mineralization is associated with
intrusive dykes and appears to be fairly narrow and high-grade. It
is difficult to interpret the magnitude of the mineralization at
Silver Hill from these limited results but it is encouraging to see
the same mineralization in drill holes as in surface samples. It is
possible that the mineralization at the edge of what appear to be
younger dykes constitutes remobilized material from a lower
stratigraphic level that may constitute an exploration target.
The Company also completed two induced
polarization (“IP”) profiles to the north of Silver Hill in order
to investigate potential blind targets at depth (see figure 3).
The drill results from Silver Hill are
summarized in Table 1. The pad location is listed in Table 2.
Figure 1: Map of Ascot’s
Premier Property showing the location of the drill pad at Silver
Hill. The IP profiles north of Silver Hill are shown in
red: https://www.globenewswire.com/NewsRoom/AttachmentNg/47c730e7-bc4e-4895-ae47-f6c0bf606915
Table 1: Summary of exploration
drill results from Silver Hill:
Hole # |
pad |
azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au (g/t) |
Ag (g/t) |
P19-2163 |
SH-1 |
45/-45 |
120.05 |
120.90 |
0.85 |
0.16 |
220.0 |
also |
|
|
126.90 |
127.90 |
1.00 |
0.49 |
100.0 |
P19-2165 |
SH-1 |
45/-60 |
150.80 |
151.95 |
1.15 |
1.11 |
7.0 |
P19-2169 |
SH-1 |
03/-45 |
11.60 |
12.60 |
1.00 |
0.04 |
87.0 |
P19-2170 |
SH-1 |
90/-45 |
16.20 |
17.20 |
1.00 |
0.59 |
787.0 |
also |
|
|
22.80 |
23.80 |
1.00 |
2.65 |
880.0 |
also |
|
|
117.40 |
118.40 |
1.00 |
0.55 |
85.0 |
also |
|
|
136.40 |
137.40 |
1.00 |
0.39 |
113.0 |
also |
|
|
145.70 |
146.70 |
1.00 |
0.72 |
76.0 |
True width is uncertain as the orientation of
the mineralized zones has not been determined sufficiently.
Table 2: Drill pad
location:
Pad # |
UTM N |
UTM E |
Elevation |
Hole no. |
SH-1 |
6221237 |
437140 |
1161 |
2163, 2165, 2169, 2170 |
Figure 2: Cross section showing
the exploration drill holes at Silver
Hill: https://www.globenewswire.com/NewsRoom/AttachmentNg/2733203a-3529-4b44-a87a-f760232f38fa
Figure 3: Chargeability
inversion of the northern profile at Silver Hill (see figure 1).
The profile shows a number of high chargeability features close to
surface and a deep chargeability
feature: https://www.globenewswire.com/NewsRoom/AttachmentNg/d30881db-f8dc-462b-86f0-b139f204f92f
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.
Ascot Resources (TSX:AOT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ascot Resources (TSX:AOT)
Historical Stock Chart
From Apr 2023 to Apr 2024