Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the
“Company”) is pleased to announce additional high-grade results in
step-out and exploration drillholes from the ongoing 25,000m drill
program at the Company’s Premier Gold Project (“PGP”). Before
moving to higher elevations, drilling this season to date has
focused on the area to the northwest of the Premier/Northern Light
zones. High-grade gold was intercepted from multiple drill
locations and at various depths, expanding previously identified
areas of mineralization and adding new zones.
Highlights from the drill results include:
- 21.13
g/t Au, 110.61 g/t Ag, 2.76% Pb, and >17.14% Zn over 7.00m in
hole P21-2320 drilled from pad BY-01. The gold grades in
this interval were consistent, with every 1.00m sample composite
ranging between 12.80 g/t and 28.80 g/t. A 1.00m sub-interval in
this hole exceeded the 30% Zn assay detection limit. This hole
stepped out 50m from the closest mineralized intercept of the
Northern Light resource.
- 13.18
g/t Au and 84.50 g/t Ag over 4.00m in hole P21-2312
drilled from pad GT-01, including 26.10 g/t Au and 46.00 g/t Ag
over 2.00m.
- 13.15
g/t Au and 42.60 g/t Ag over 1.00m in hole P21-2311
drilled from pad GT-01.
This news release summarizes the results from
ten surface drill holes for a total of 4,347m completed from four
drill pads. Assays are pending from an additional ten holes drilled
in this area testing the 430m wide gap area between recently
discovered mineralization and current resources (see Figure 1).
Most holes appear to have been drilled perpendicular to the
interpreted strike, and as such, true widths are anticipated to be
70–90% of reported intervals.
Derek White, President and CEO of Ascot
commented, “We are very pleased with recent drill results as they
build upon recent success in this area northwest of the Premier
deposit and have identified new areas of high-grade mineralization
outside of existing resources. We are beginning to appreciate the
scale of these new, high-grade discoveries in the area west of the
mill and the Premier resource, and are eagerly awaiting the next
round of assay results in this zone. We are particularly encouraged
by hole P21-2320 which intercepted 21 g/t Au over 7 metres, because
the gold grades were consistent throughout the interval. The same
intercept contained grades of 111 g/t Ag, 2.76% Pb, and >17% Zn,
providing further evidence of a strong base metal signature in this
area of mineralization. We expect a higher cadence of drill results
as surface drilling progresses at Woodbine and the Day Zone, and as
we add a second drill rig in the coming weeks.”
Table 1 Summary of exploration
drill results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
Pb(%) |
Zn(%) |
P21-2311 |
45/-55 |
60.80 |
61.80 |
1.00 |
13.15 |
42.60 |
no significant results |
P21-2312 |
45/-45 |
100.35 |
102.35 |
2.00 |
4.12 |
12.70 |
and |
|
135.00 |
139.00 |
4.00 |
13.18 |
84.50 |
incl. |
|
135.00 |
137.00 |
2.00 |
26.10 |
46.00 |
incl. |
|
137.00 |
139.00 |
2.00 |
0.26 |
123.00 |
P21-2313 |
190/-55 |
128.05 |
130.20 |
2.15 |
0.65 |
272.91 |
incl. |
|
128.05 |
128.60 |
0.55 |
1.20 |
539.00 |
and |
|
132.05 |
132.55 |
0.50 |
0.88 |
197.00 |
P21-2314 |
190/-75 |
112.45 |
113.45 |
1.00 |
0.16 |
110.00 |
P21-2315 |
70/-55 |
no significant results |
P21-2316 |
70/-85 |
95.00 |
95.50 |
0.50 |
0.50 |
445.00 |
P21-2317 |
200/-53 |
130.45 |
136.25 |
5.80 |
0.46 |
117.76 |
and |
|
133.90 |
134.60 |
0.70 |
1.78 |
300.00 |
P21-2318 |
245/-53 |
no significant results |
P21-2319 |
190/-50 |
84.90 |
87.00 |
2.10 |
0.17 |
56.70 |
and |
|
105.35 |
106.15 |
0.80 |
2.64 |
47.60 |
and |
|
165.50 |
175.55 |
10.05 |
1.11 |
7.77 |
incl. |
|
174.55 |
175.55 |
1.00 |
3.98 |
6.00 |
and |
|
189.00 |
190.00 |
1.00 |
1.38 |
14.00 |
P21-2320 |
190/-65 |
98.60 |
99.60 |
1.00 |
1.43 |
5.60 |
and |
|
154.70 |
156.25 |
1.55 |
2.17 |
7.00 |
and |
|
162.35 |
171.40 |
9.05 |
1.79 |
22.30 |
1.20 |
1.32 |
incl. |
|
167.45 |
168.55 |
1.10 |
4.04 |
45.70 |
2.25 |
1.81 |
and |
|
187.90 |
199.60 |
11.70 |
13.40 |
79.70 |
2.04 |
>11.39 |
incl. |
|
191.50 |
198.50 |
7.00 |
21.13 |
110.61 |
2.76 |
>17.14 |
Note: True widths are anticipated to be 70–90% of reported
intervals.
After completing the first seven drill holes at
pad NL-W01 (see News Release dated July 8, 2021), the drill rig
moved to the old Westmin core yard south of the power station to
complete geotechnical and further exploration drilling from pad
GT-01. After completing the geotechnical section, hole 2311 was
extended to test for the presence of mineralization at depth in
this location. Hole 2312 intercepted high-grade mineralization at a
depth that does not seem to be related to a known zone of
mineralization and will require follow-up drilling.
The rig then moved to pad NL-W03 in order to
connect to the intercepts from drilling at pad NL-W01 to the known
resource approximately 430m to the east. At the depth of the
expected mineralization, hole 2318 encountered a younger dyke of
significant thickness that obscured the older lithologies in this
location and therefore did not provide any additional information.
Assays are pending from an additional ten holes completed in this
area.
Drilling then moved to pad NL-W02, located
approximately 250m north of NL-W01 where drill holes 2313-2317
intercepted a zone of mineralization with high-grade silver and
highly anomalous gold grades similar to the upper zone intercepted
from pad NL-W01 (see News Release dated July 8, 2021).
The drill rig then moved to pad BY-01 where
holes 2319 and 2320 intercepted a zone of thick, high-grade
mineralization in a 50m step-out from the westernmost edge of the
Northern Lights resource. Hole P21-2320 intercepted 21.13 g/t Au,
110.61 g/t Ag, 2.76% Pb, and >17.14% Zn over 7.00m in drilled
from pad BY-01.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/254a3664-ce0b-4040-aee3-837ec8796472
Table 2 Drill pad locations
Pad # |
UTM N |
UTM E |
Elevation (masl) |
Hole no. |
GT-01 |
6212895 |
435968 |
242 |
2311–2312 |
NL-W02 |
6213722 |
436230 |
307 |
2313-2317 |
NL-W03 |
6213355 |
436384 |
371 |
2318 |
BY-01 |
6213256 |
436572 |
390 |
2319–2320 |
Qualified Person
Lawrence Tsang, P.Geo., the Company’s Senior
Geologist provides the field management for the PGP 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 ALS.
Samples are dried and weighed by ALS. 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 dissolved using four acid digestion 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 is located at the
Company’s secure facility in Stewart.
On behalf of the Board of Directors of
Ascot Resources Ltd.“Derek C. White”President &
CEO
For further information contact:David Stewart,
P.Eng.VP, Corporate Development & Shareholder
Communicationsdstewart@ascotgold.com778-725-1060 ext. 1024
About Ascot Resources Ltd.
Ascot is a Canadian-based junior exploration and
development company focused on re-starting the past-producing
Premier gold mine, located in British Columbia’s prolific Golden
Triangle. Concurrent with progressing the development of Premier,
the Company continues to successfully explore its properties for
additional high-grade underground resources. Ascot is committed to
the safe and responsible development of Premier in partnership with
Nisga’a Nation as outlined in the Benefits Agreement.
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 use of proceeds
of the Offering. 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 Gold 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 the Premier Gold Project as well as those factors
discussed in the Annual Information Form of the Company dated March
26, 2021 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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