Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF)
(“Ascot” or the “Company”) is pleased to announce additional assay
results from the 2021 exploration drill program at the Company’s
Premier Gold Project (“PGP”). This release contains the remainder
of assay results from exploration drilling at the Day Zone, as well
as assays from one hole drilled at the Woodbine target and one at
the Boneyard near the Premier mill.
Highlights from the drill results include:
- 58.60
g/t Au and 24.8 g/t Ag over 1.90m from a depth of 35m in
hole P21-2384 at the Day Zone. This is in an area where Ascot is
internally evaluating preliminary stope shapes for potential
extraction early in the mine life at Big Missouri.
- 11.22
g/t Au and 19.1 g/t Ag over 9.35m from a depth of 158m in
hole P21-2336 at the Day Zone, including 16.51 g/t Au and
29.8 g/t Ag over 5.66m. This intercept was drilled from a
pad approximately 400m south from the initial discovery holes in
2020.
- 5.48
g/t Au and 9.8 g/t Ag over 4.80m from a depth of 188m in
hole P21-2387 at the Boneyard near the Premier mill. This hole
provides further evidence of mineralization continuing beyond the
western limb of the Northern Light deposit.
This release summarizes the results from sixteen
surface drill holes at the Day Zone southwest of the Big Missouri
deposit, one drill hole at the Woodbine target west of the Premier
Deposit, and one hole from the Boneyard near the Premier mill, for
a total of 4,074 metres completed from five drill pads.
In addition, the final outstanding assay results
from the 2021 exploration season, consisting of 5,982 metres of
drilling in 28 drill holes focused on in-filling the Big Missouri
deposit, are now being received and will be released in the coming
weeks as they become available.
Derek White, President and CEO of Ascot
commented, “During the development phase at the Premier Gold
Project our exploration strategy has been quite simple: find and
expand new high-grade areas of mineralization close to existing and
planned infrastructure which will be accretive to our mine plan. In
that regard, the Day Zone continues to impress in each successive
round of drilling, with this batch being headlined by an intercept
of two ounces per tonne gold over two metres.
Since its discovery in 2020, with a modest 32
drill holes we have already outlined a number of high-grade areas
at the Day Zone across a known strike length of 550 metres, with
mineralization open to the north and south. We are confident in the
Day Zone’s potential to contribute to future resource growth on our
property and even now are internally evaluating preliminary stope
shapes for potential extraction in the early stages of the mine
life at Big Missouri.”
Day Zone Target
The Day Zone, initially discovered in 2020 (see
News Releases dated September 14, 2020, November 19, 2020, and
January 18, 2021), is located on the western side of the Big
Missouri Ridge, approximately 5 kilometres north of the Premier
mill. Given the growing number of high-grade intercepts encountered
in this area and its proximity to Big Missouri, the Day Zone is one
of the most compelling targets for resource growth and potential
mine life extension. The zone is located just 300m west of reserve
stopes at Big Missouri, and mineralization remains open to the
north and south.
Ascot recently expanded the Day Zone with a 400
metre southern step-out hole (see News Release dated November 17,
2021). A headline intercept from this current release from hole
P21-2336 of 16.51 g/t Au and 29.8 g/t Ag over 5.66m was drilled
from the same pad 400 metres south from the drilling done in 2020.
This was one of four drill holes that were oriented in easterly
directions towards planned development, intercepting mineralization
at an elevation that likely corresponds with the Big Missouri zone
on the eastern side of the ridge.
The three additional holes were drilled towards
the west following positive results in drill hole P21-2331 reported
on November 17, 2021. The drill holes intercepted anomalous gold
mineralization at several elevations confirming the southward
extension of the Day Zone into this area of very limited previous
exploration. The 400 metre gap between these holes and the 2021
drill holes is an area of very high potential for future
exploration.
Five drill holes (2380-2384) were completed from
pad Day-5 that is located at a lower elevation on the western side
of the ridge. These short holes were aimed towards high grade
intercepts from last year and yielded additional high-grade
intercepts as well as additional geological and structural
information that is required to properly interpret this relatively
new area of high-grade mineralization.
Figure 1 –
Illustration of Ascot drilling at the Day Zone to date. Drill holes
from 2021 are shown in red while drill traces from 2020 are in
black.https://www.globenewswire.com/NewsRoom/AttachmentNg/6b5868de-cab4-49de-bfde-119b32dc2c0e
Table 1 – Day
Zone drill results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P21-2333 |
270/-70 |
153.85 |
154.85 |
1.00 |
0.37 |
2.5 |
and |
|
249.55 |
252.55 |
3.00 |
0.27 |
1.3 |
and |
|
351.85 |
352.90 |
1.05 |
1.05 |
14.2 |
and |
|
395.00 |
396.70 |
1.70 |
0.44 |
1.4 |
P21-2334 |
270/-87 |
146.40 |
148.75 |
2.35 |
0.22 |
4.7 |
and |
|
194.90 |
202.90 |
8.00 |
0.18 |
1.9 |
and |
|
223.70 |
225.95 |
2.25 |
0.25 |
2.6 |
and |
|
270.35 |
276.00 |
5.65 |
0.33 |
3.4 |
P21-2335 |
252/-60 |
229.95 |
230.95 |
1.00 |
1.32 |
2.1 |
and |
|
291.80 |
293.80 |
2.00 |
1.68 |
3.5 |
and |
|
371.40 |
372.20 |
0.80 |
1.30 |
12.1 |
P21-2336 |
62/-64 |
72.24 |
73.00 |
0.76 |
1.18 |
2.5 |
and |
|
157.58 |
166.93 |
9.35 |
11.22 |
19.1 |
incl. |
|
161.27 |
166.93 |
5.66 |
16.51 |
29.8 |
incl. |
|
165.84 |
166.93 |
1.09 |
34.00 |
14.0 |
and |
|
168.93 |
170.25 |
1.32 |
1.76 |
1.1 |
and |
|
180.62 |
182.52 |
1.90 |
2.17 |
2.5 |
and |
|
184.31 |
185.31 |
1.00 |
1.23 |
1.9 |
P21-2337 |
62/-71 |
135.90 |
137.77 |
1.87 |
2.07 |
5.6 |
and |
|
138.87 |
139.97 |
1.10 |
1.23 |
4.3 |
and |
|
151.79 |
152.69 |
0.90 |
20.70 |
70.4 |
and |
|
154.01 |
154.53 |
0.52 |
1.32 |
10.2 |
and |
|
156.53 |
158.40 |
1.87 |
1.14 |
44.9 |
and |
|
160.33 |
161.53 |
1.20 |
1.29 |
4.9 |
and |
|
162.59 |
163.68 |
1.09 |
1.26 |
3.1 |
and |
|
165.70 |
166.73 |
1.03 |
1.53 |
2.5 |
P21-2338 |
50/-57 |
182.80 |
184.55 |
1.75 |
14.51 |
25.5 |
incl. |
|
182.80 |
183.55 |
0.75 |
30.50 |
54.5 |
P21-2339 |
42/-62 |
181.65 |
182.65 |
1.00 |
1.07 |
5.2 |
and |
|
185.65 |
186.65 |
1.00 |
1.14 |
1.6 |
and |
|
193.15 |
194.15 |
1.00 |
1.06 |
2.2 |
P21-2351 |
270/-70 |
215.00 |
217.00 |
2.00 |
1.35 |
2.6 |
P21-2352 |
270/-83 |
190.16 |
193.50 |
3.34 |
2.28 |
4.3 |
P21-2353 |
245/-75 |
110.10 |
113.70 |
3.60 |
1.43 |
3.2 |
incl. |
|
112.80 |
113.70 |
0.90 |
4.26 |
6.3 |
and |
|
184.20 |
186.85 |
2.65 |
6.23 |
14.2 |
P21-2354 |
145/-85 |
58.70 |
59.85 |
1.15 |
1.07 |
2.3 |
and |
|
185.40 |
186.85 |
1.45 |
3.98 |
2.9 |
and |
|
188.90 |
189.90 |
1.00 |
1.55 |
1.3 |
and |
|
195.90 |
204.15 |
8.25 |
3.93 |
5.4 |
incl. |
|
195.90 |
196.90 |
1.00 |
12.30 |
15.1 |
and |
|
210.20 |
212.20 |
2.00 |
1.58 |
1.7 |
and |
|
222.35 |
224.00 |
1.65 |
1.57 |
3.3 |
P21-2380 |
185/-70 |
14.70 |
19.00 |
4.30 |
1.07 |
2.2 |
P21-2381 |
150/-50 |
45.25 |
45.80 |
0.55 |
0.55 |
2.3 |
and |
|
75.30 |
76.25 |
0.95 |
0.57 |
3.5 |
P21-2382 |
150/-75 |
47.45 |
50.25 |
2.80 |
2.28 |
3.3 |
and |
|
79.00 |
81.00 |
2.00 |
1.19 |
1.4 |
P21-2383 |
130/-45 |
65.85 |
66.75 |
0.90 |
19.50 |
9.4 |
and |
|
72.55 |
74.25 |
1.70 |
1.14 |
3.4 |
P21-2384 |
100/-70 |
34.50 |
36.40 |
1.90 |
58.60 |
24.8 |
and |
|
40.50 |
41.50 |
1.00 |
2.58 |
1.6 |
and |
|
48.50 |
49.10 |
0.60 |
5.44 |
13.1 |
and |
|
51.50 |
52.75 |
1.25 |
2.14 |
7.1 |
and |
|
57.65 |
58.55 |
0.90 |
1.54 |
6.8 |
Note: The orientation of mineralization in this area is not
sufficiently well understood to predict true width.
Drilling at the Boneyard and
Woodbine
Earlier in the 2021 drill season, Ascot started
surface drilling at lower elevations in the area west of the
Premier deposit and near the mill building (see News Releases dated
July 8, 2021, August 9, 2021, and November 17, 2021). Following up
on the previously reported 50 metre step-out hole to the west of
the existing Northern Light resource which intercepted 21.13 g/t Au
over 7.0m in hole P21-2320, the final drill hole of the 2021
campaign, hole P21-2387, yielded a high-grade intercept
approximately 25 metres to the east. This is another area with high
potential for additional resources close to planned
infrastructure.
In 2020, the Company drilled nine exploration
holes at the Woodbine target to the west of the Premier mill,
successfully intercepting high-grade gold mineralization (see News
Release dated January 26, 2021). Ascot established a new drill pad
in 2021 in order to test gold in soil anomalies at higher
elevations that had previously remained untested. Drill hole
P21-2332 intercepted anomalous gold at two principal elevations
with the lower split into three different zones. The higher
intercept is a new zone of mineralization whereas the lower zones
roughly align with mineralization that was intercepted last year
approximately 200 metres to the southeast. The geology and
structure at the Woodbine prospect will require additional work to
fully assess its potential. Due to the logistics of operating in
the very steep terrain, the decision was made to defer additional
work at Woodbine until better access for safe operations can be
established.
Table 2 – Woodbine and Boneyard
drill results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P21-2332 |
160/-60 |
110.10 |
110.60 |
0.50 |
0.25 |
3.6 |
and |
|
375.20 |
377.20 |
2.00 |
0.20 |
0.6 |
and |
|
392.85 |
395.95 |
3.10 |
0.17 |
1.1 |
and |
|
406.45 |
410.45 |
4.00 |
0.12 |
3.4 |
P21-2387 |
180/-61 |
187.85 |
192.10 |
4.80 |
5.48 |
9.8 |
incl. |
|
187.85 |
188.85 |
1.00 |
9.52 |
6.1 |
incl. |
|
191.10 |
192.10 |
1.00 |
8.52 |
9.6 |
and |
|
199.05 |
199.55 |
0.50 |
2.41 |
34.4 |
Note: True widths are likely between 70–90% of
reported intervals in hole 2387. There is insufficient data to
determine likely true widths for drill hole 2332.
Table 3 – Drill pad
locations
Pad # |
UTM N |
UTM E |
Elevation (masl) |
Hole no. |
Day 3 |
6219366 |
436090 |
1029 |
P21-2351 to P21-2354 |
Day 4 |
6218990 |
436222 |
1032 |
P21-2333 to P21-2339 |
Day 5 |
6219352 |
435848 |
932 |
P21-2380 to P21-2384 |
WB-03 |
6213347 |
435253 |
572 |
P21-2332 |
BY-01 |
6213256 |
436572 |
390 |
P21-2387 |
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. Ascot shares trade on the TSX under the ticker AOT.
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 collaboration 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 regarding the Company’s
exploration and development plans, the success of the Projects, the
implementation of the Agreement, the benefits of the Agreement to
Nisga’a Nation, its citizens and businesses as well as the
shareholders and stakeholders of Ascot, and related matters.
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 anticipated benefits of the Agreement, 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
implementation of the Agreement, 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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