Ascot Resources Ltd (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce spectacular
high-grade gold intercepts from the second batch of ten drill holes
(for a total of 2,820 metres) from Premier West at the Company’s
Premier Project (the “Project”). The results from these drill holes
add to the strong results reported in the news release of July 29,
2020. The impressive gold grades are close to the proposed mining
areas outlined in the feasibility study adding significant value to
the Project.
Highlights of this release include:
- 13.74g/t Au over 24.15m in hole
P20-2202including 40.78g/t Au over 6.00m in the
same hole
- 15.75g/t Au over 4.50m in hole P20-2197
- 9.91g/t Au over 4.25m in hole P20-2203
In early June, the Company started exploring the
area west of the existing Premier deposit and reported initial
results on July 29, 2020. The results in this release demonstrate
the successful systematic tracing of high-grade mineralization even
further to the west. Significant strike length is yet to be
explored (see Figure 1). Additional drilling has been conducted
with assay results pending.
Derek White, President and CEO of Ascot
commented, “Drilling at Premier West has again discovered very
high-grade gold mineralization to the northwest of the 609 and 602
resource zones at Premier. These impressive results are rewarding
our commitment to continued exploration on this property. Despite
difficult weather conditions we have two rigs operating on our less
accessible, higher elevation targets at Silver Hill and the Day
Zone. Drill core logs from these targets show alteration and
sulfide mineralogy commonly associated with precious metal
mineralization in the area with assays pending. Congratulations to
the Ascot exploration team for continuing successful exploration
efforts and growing the Company’s resources to the west of Premier.
At the same time, we are making great progress on advancing the
Project towards production.”
Drill Results
The aim of the exploration program to the west
of Premier is to determine the connection between the various
occurrences such as the Hope Zone, the Power Zone and the Woodbine
prospect further west (see Figure 1). This release summarizes the
results from two fences of drill holes completed from drill pad
PW-1 and two individual holes from previous fences. Two additional
fences of drill holes have been completed from drill pad PW-1 with
assays pending. Another drill pad (PW-2) has been established for
testing the unexplored 400 metres of strike length to the Power
Zone. The drilling from this pad will be conducted later in the
season when drilling at the higher elevation targets has been
completed.
Figure 2 shows that the mineralized zone is not
as steeply dipping as the previously modeled body that was based on
very few drill holes. The actual dip of the zone may be flattening
out towards the Hope zone. The main orientation of mineralization
at the Power Zone is sub-horizontal with a gentle westerly dip.
Further rotation of the gentle flattening trend of the dip
indicated in these latest drill results may explain how these zones
are eventually connected. The remaining 400m of strike length
towards the Power Zone may yet add significant resources in this
area.
The drill results are summarized in Table 1 and
the pad location is specified in Table 2.
Figure 1 Image of the Premier
mine area showing the location of the drill pads and various zones
discussed in this release. The white arrow originating from PW-1
shows the orientation of the westernmost fence of drill holes
reported to date determining the current edge of the extension of
mineralization from the 609 resource zone.
https://www.globenewswire.com/NewsRoom/AttachmentNg/46205e85-fa84-42b2-8cf5-d2293c5d0073
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) |
P20-2194 |
PW-1 |
220/-65 |
215.00 |
217.00 |
2.00 |
1.08 |
1.6 |
and |
|
|
234.45 |
235.70 |
1.25 |
1.50 |
15.0 |
P20-2195 |
PW-1 |
205/-46 |
176.95 |
177.85 |
0.90 |
0.90 |
8.1 |
P20-2196 |
PW-1 |
256/-46 |
248.58 |
249.58 |
1.00 |
6.76 |
3.6 |
P20-2197 |
PW-1 |
256/-53 |
236.95 |
238.00 |
1.05 |
1.28 |
2.7 |
and |
|
|
240.00 |
241.00 |
1.00 |
1.58 |
1.5 |
and |
|
|
243.00 |
254.75 |
11.75 |
8.42 |
16.4 |
incl. |
|
|
249.00 |
253.50 |
4.50 |
15.75 |
27.9 |
and |
|
|
251.95 |
253.50 |
1.55 |
28.15 |
62.2 |
P20-2198 |
PW-1 |
256/-60 |
235.70 |
236.20 |
0.50 |
4.34 |
22.1 |
and |
|
|
239.50 |
240.50 |
1.00 |
2.51 |
5.2 |
and |
|
|
250.65 |
252.65 |
2.00 |
4.19 |
3.4 |
and |
|
|
286.10 |
287.30 |
1.20 |
3.59 |
13.0 |
and |
|
|
300.60 |
302.60 |
2.00 |
4.34 |
3.5 |
P20-2199 |
PW-1 |
256/-65 |
280.50 |
283.75 |
3.25 |
1.59 |
35.9 |
and |
|
|
296.20 |
297.40 |
1.20 |
2.31 |
6.9 |
and |
|
|
329.60 |
330.60 |
1.00 |
2.89 |
9.0 |
P20-2200 |
PW-1 |
256/-70 |
242.00 |
244.00 |
2.00 |
3.55 |
2.6 |
P20-2201 |
PW-1 |
245/-46 |
251.25 |
253.25 |
2.00 |
4.99 |
5.1 |
P20-2202 |
PW-1 |
245/-55 |
228.85 |
253.00 |
24.15 |
13.74 |
50.6 |
incl. |
|
|
244.90 |
250.90 |
6.00 |
40.78 |
86.8 |
incl. |
|
|
244.90 |
246.25 |
1.35 |
97.60 |
72.9 |
and |
|
|
248.25 |
249.25 |
1.00 |
61.10 |
88.0 |
P20-2203 |
PW-1 |
245/-65 |
235.60 |
239.85 |
4.25 |
9.91 |
7.8 |
incl. |
|
|
237.70 |
239.85 |
2.15 |
16.15 |
8.7 |
and |
|
|
255.85 |
270.05 |
14.20 |
2.37 |
5.4 |
incl. |
|
|
255.85 |
259.85 |
4.00 |
5.76 |
7.0 |
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 |
2194-2203 |
Figure 2 Image of a north
looking 3D section showing the layout of the drill holes reported
in this and the previous release relative to the northeast dipping
modelled zone that is being targeted. The drill intercepts below
the modelled zone suggest that the actual dip of the mineralized
zone is flattening as it is traced to the northwest. Mineralization
is open in that direction.
https://www.globenewswire.com/NewsRoom/AttachmentNg/dfc820c1-827e-4005-8984-b5adfce8779b
Qualified Person
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.
Quality Assurance/Quality
Control
Analytical work is being carried out by ALS
Canada Ltd. (“ALS”). 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 at the ALS preparation lab
in Terrace and sent to ALS in North Vancouver for analysis. 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 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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