Ascot Resources Ltd (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce high gold grades
in the first seven drill holes (1,930 metres) of the 2020 season.
The drill site is strategically located to the west of the Premier
deposit (“
Premier West”), potentially adding to
existing resources outlined in the feasibility study. The
significance of this prospective corridor is further highlighted by
high gold grades in surface grab samples even further along strike
to the west at Hope, Cascade Creek and Woodbine (see Figure 1).
Highlights of this release include:
- 20.06g/t Au over 3.23m in hole P19-2193
- 9.21g/t Au over 6.00m in hole P19-2183
- 16.25g/t Au in a grab sample from Cascade
Creek
In early June the Company started drilling on
the area west of the Premier open pit. Mineralization occurs in
several areas at surface over a strike length of nearly 2
kilometres, namely at the Premier mill road, the Hope zone at the
Granduc road, the Cascade Creek valley and the Woodbine
prospect.
Derek White, President and CEO of Ascot
commented, “We are pleased with these initial high-grade results
close to the Premier deposit. As we move to re-starting production,
these potential resources have obvious implications for extending
the mine life at low cost. We are mobilizing a second rig in
the beginning of August in order to accelerate drill testing of our
exciting targets. We continue to be impressed by the potential for
discovery of new deposits on our landholdings. Initial drilling has
been focused on lower elevation targets and as the weather
conditions improve, we will drill at higher elevations, including
our high-grade silver targets at Silver Hill.”
Drill Results
Ascot designed a drill program to explore the
area west of the Premier mineralization in sufficiently tight
spacing to potentially add to the resources in this area. To that
end, six fences of drill holes were designed from one strategically
positioned pad for the systematic step outs. To date four fences of
holes have been completed and this release summarizes the results
from the first seven drill holes on fence one and two. Drilling of
the remaining holes is continuing with samples already in the
laboratory for analysis. Drill hole results are slower than
anticipated due to Covid protocols at the lab.
Figure 2 illustrates the layout of the drill
holes relative to the projected trend of the mineralization. The
drill holes outline a steeply dipping zone of mineralization with a
vertical extent of approximately 80-100 metres. Mineralization is
open towards the surface and additional fences of drill holes are
currently testing the continuation to the west. The drill results
are summarized in Table 1 and the pad location is specified in
Table 2.
Table 3 summarizes the results from eleven grab
samples that were collected during prospecting following the trend
of mineralization to the west. The Hope zone is an outcrop at
surface that is offset to the south from the main trend of
mineralization coming from the Premier pit (see Figure 1). A
high-grade sample was also collected at the eastern edge of Cascade
Creek and several mineralized samples were collected on the western
side of Cascade Creek in the Woodbine (“WB”) area. The Company
plans to follow up these exciting surface results with drilling as
the field season progresses.
Figure 1 Image of the Premier
mine area showing the location of the drill pad and prospects
described in this release.
https://www.globenewswire.com/NewsRoom/AttachmentNg/d47e6eb5-228b-4f1a-bd96-e8aca625cb11
Table 1 Summary of exploration drill results
from Premier West
Hole # |
pad |
azimuth/dip |
From (m) |
To(m) |
Width(m) |
Au (g/t) |
Ag (g/t) |
P20-2181 |
PW-1 |
235/-63 |
205.00 |
205.95 |
0.95 |
7.11 |
10.8 |
and |
|
|
235.00 |
237.00 |
2.00 |
6.19 |
23.4 |
and |
|
|
255.80 |
257.80 |
2.00 |
3.31 |
4.9 |
P20-2182 |
PW-1 |
235/-67 |
263.80 |
265.80 |
2.00 |
0.85 |
64.8 |
P20-2183 |
PW-1 |
235/-55 |
199.80 |
211.75 |
11.95 |
3.23 |
12.4 |
incl. |
|
|
200.80 |
201.80 |
1.00 |
8.85 |
19.4 |
incl. |
|
|
210.80 |
211.75 |
0.95 |
11.80 |
14.0 |
and |
|
|
223.70 |
225.70 |
2.00 |
11.55 |
11.4 |
incl. |
|
|
224.70 |
225.70 |
1.00 |
21.70 |
18.9 |
and |
|
|
231.90 |
237.90 |
6.00 |
9.21 |
6.9 |
incl. |
|
|
234.90 |
235.90 |
1.00 |
29.20 |
16.1 |
P20-2190 |
PW-1 |
235/-46 |
no significant intercept |
P20-2191 |
PW-1 |
220/-48 |
168.40 |
171.85 |
3.45 |
13.33 |
78.6 |
incl. |
|
|
170.60 |
171.85 |
1.25 |
28.50 |
172.0 |
P20-2192 |
PW-1 |
220/-55 |
201.60 |
207.90 |
6.30 |
5.29 |
107.0 |
incl. |
|
|
206.90 |
207.90 |
1.00 |
9.23 |
114.0 |
P20-2193 |
PW-1 |
220/-60 |
199.20 |
215.20 |
16.00 |
2.79 |
13.6 |
incl. |
|
|
213.20 |
215.20 |
2.00 |
9.66 |
12.2 |
and |
|
|
227.50 |
230.73 |
3.23 |
20.06 |
39.7 |
incl. |
|
|
227.50 |
228.55 |
1.05 |
32.30 |
63.5 |
True width is estimated to be 70-90% of reported intervals. The
drill holes were targeted perpendicular to the expected zone
orientation.
Table 2 Drill pad location
Pad # |
UTM N |
UTM E |
Elevation(masl) |
Hole no. |
PW-1 |
6212682 |
436162 |
321 |
2181-2183, 2190-2193 |
Table 3 Grab sample results
from the Hope zone and the Woodbine prospect
Location |
Easting |
Northing |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
Hope1 |
436050 |
6212793 |
3.80 |
95.3 |
0.27 |
0.69 |
2.46 |
Hope2 |
436043 |
6212787 |
3.89 |
169.0 |
0.46 |
1.26 |
4.41 |
Hope3 |
436045 |
6212790 |
0.39 |
194.0 |
0.56 |
2.21 |
16.70 |
Hope5 |
436075 |
6212768 |
16.25 |
205.0 |
0.42 |
0.44 |
8.56 |
Hope6 |
436098 |
6212770 |
1.51 |
82.6 |
0.02 |
2.84 |
1.79 |
Hope6B |
436098 |
6212770 |
0.34 |
51.7 |
0.00 |
1.78 |
0.99 |
CascadeCreek1 |
435931 |
6212992 |
8.52 |
114.0 |
0.84 |
0.77 |
1.79 |
WB Muck Pile |
435629 |
6213005 |
0.59 |
129.0 |
0.40 |
0.40 |
18.20 |
WB Grab 1 |
435456 |
6212935 |
3.57 |
65.5 |
0.01 |
0.90 |
1.23 |
WB Grab 2 |
435456 |
6212934 |
3.30 |
124.0 |
0.03 |
2.23 |
3.07 |
WB Grab 3 |
435456 |
6212933 |
3.69 |
136.0 |
0.03 |
2.04 |
3.13 |
Figure 2 Image of a 3D section
showing the layout of the drill holes reported in this release
relative to the northeast dipping modeled zone that is being
targeted. The drill intercepts suggest that there might be two
parallel mineralized zones but the general trend of the
mineralization is confirmed by the new drill holes.
https://www.globenewswire.com/NewsRoom/AttachmentNg/28a807c6-033e-4996-a285-a136b96f4f9a
Figure 3 Image showing a 1.5cm
particle of native gold in drill core from hole P20-2183.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3b328ff5-da1e-4a0a-8907-28d568dbc336
COVID-19 Safe Operations
Protocols
In response to the COVID-19 pandemic, Ascot has
developed and adopted safe operations protocols based on the
recommendations of the British Columbia Public Health Officer and
guidance from the Association for Mineral Exploration BC. The Ascot
Covid plan is posted on the Company website at www.ascotgold.com.
The Company has proactively mandated self-quarantine protocols for
any individuals displaying any sign of potentially Covid related
symptoms including those who have been in direct contact with such
persons. Testing has been made available to anyone displaying
symptoms.
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.
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 exploration and
development 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
Gold 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.
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.
The TSX 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, including statements in respect of the closing of the
Private Placement and the use of proceeds. 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 Project; the timing of
the anticipated start of production at the Projects; the ability to
maintain throughput and production levels at the Premier Mill; the
tax rate applicable to the Company; future commodity prices; the
grade of Resources and Reserves; the ability of the Company to
convert inferred resources to other categories; the ability of the
Company to reduce mining dilution; the ability to reduce capital
costs. 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 indigenous 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; risks associated with COVID-19
including adverse impacts on the world economy, construction timing
and the availability of personnel; 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). The timing of future economic
studies; labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals, financing or in the
completion of Project as well as those factors discussed in the
Annual Information Form of the Company dated March 13, 2020 in the
section entitled "Risk Factors", under Ascot’s SEDAR profile 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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