Ascot Resources Ltd. (
TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce that the 2022
exploration drilling program has started at its Premier Gold
Project (“
PGP” or the “
project”),
located on Nisga’a Nation Treaty Lands in the prolific Golden
Triangle of northwestern British Columbia. The Spring snow melt has
enabled drilling to start almost one month earlier than last year.
The 2022 exploration drilling program will
comprise approximately 18,000 metres and will be equally split
between exploration and in-fill holes. Exploration drilling will be
largely concentrated on the Sebakwe and Day Zones and in-fill
drilling will focus exclusively on the Big Missouri deposit.
Drilling will initially be conducted from surface but is
anticipated to shift to underground drill stations as development
enables access and will allow for shorter drill holes and more
precise targeting. The Company experienced extraordinary assay lab
turnaround delays last year, but turnaround times are anticipated
to be much shorter this year as a new third party assay lab is
being set up in the town of Stewart. Ascot has signed a priority
service contract with this new assay lab to enable faster
turnaround.
Derek White, President and CEO, commented,
"Given the high levels of snowfall early in the winter, we were
pleasantly surprised by the mild weather in recent months and are
excited to get an earlier start than last year on this season’s
exploration drilling program. With the new assay lab being
established in Stewart, we look forward to receiving and reporting
this year’s exploration results in a timely fashion. The expected
shorter assay turnaround times will also enable us to adapt our
drill plans more effectively as the exploration program runs its
course.
Exploration drilling will follow up on
high-priority targets at the Sebakwe and Day Zones – both of which
were only discovered in 2021 and 2020, respectively. These zones
are proximal to existing and planned underground infrastructure,
and represent the highest potential for expanding our resource and
reserve base at PGP. In-fill drilling will be concentrated on Big
Missouri with a particular focus on stope definition drilling for
the early stages of our mine plan and ramp-up phase in 2023 and
2024.”
Sebakwe Zone
At the end of the 2021 exploration drilling
season, two holes were drilled from surface at the Sebakwe Zone.
The first of these holes (P21-2385) intercepted 36.17 g/t Au and
20.6 g/t Ag over 7.10 metres, including coarse visible gold, from a
depth of 368.3 metres (see News Release dated December 15, 2021 for
more details). The new gold intercepts, in addition to sparse
historical drilling, seem to indicate the possible existence of a
third arcuate structure similar to the Premier and Northern Light
structures immediately to the south (see Figure 1). The high-grade
intercepts are located at a similar elevation to the Premier mill
building and only 600 metres to the east.
Initially, a total of 10 holes for approximately
4,000 metres of drilling are planned from last year’s pad (see
Figure 2). Holes are planned to step out around the high-grade
intercepts from holes P21-2385 and P21-2386 and will target an area
of approximately 50 metres of strike length and 50 metres of
vertical extent. Additional holes will be planned if mineralization
is encountered consistently.
Figure 1 - Sebakwe 2021 drilling overview
Figure 2 - Sebakwe 2022 drilling plan
Day Zone
The Day Zone was expanded in the 2021 drill
program (see News Releases dated November 17, 2021 and January 13,
2022 for details). The first hole, P21-2331, intercepted high-grade
gold mineralization 400 metres to the south of the previous year’s
drill holes. Another drill hole, P21-2384, intercepted 58.60 g/t Au
and 24.8 g/t Ag over 1.90 metres from a depth of 35 metres in an
area where Ascot is internally evaluating preliminary stope shapes
for potential extraction early in the mine life at Big Missouri.
With only 32 drill holes so far, Ascot has already outlined a
number of high-grade areas across a known strike length of 550
metres, with mineralization open to the north and south. A total of
24 holes drilled from four surface pads comprising approximately
2,000 metres are planned at the Day Zone this year.
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.
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 junior exploration and
development company focused on re-starting the past producing
Premier gold mine, located on Nisga’a Nation Treaty Lands, 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 and other information contained
in this press release about anticipated future events may
constitute forward-looking information under Canadian securities
laws ("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",
"targeted", "outlook", "on track" 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
exploration of the Company’s properties and management’s outlook
for the remainder of 2022. 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 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 in
Ascot's filings with Canadian securities regulators, available on
Ascot's profile on SEDAR at www.sedar.com including the Annual
Information Form of the Company dated March 21, 2022 in the section
entitled "Risk Factors". Forward-looking statements are based on
assumptions made with regard to: the estimated costs associated
with construction of the project; the timing of the anticipated
start of production at the project; 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; and
exploration plans. Forward-looking statements are based on
estimates and opinions of management at the date the statements are
made. 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 Ascot can give no assurance that such expectations will prove
to be correct. Ascot does not undertake any obligation to update
forward-looking statements. The forward-looking statements
contained in this news release is expressly qualified by this
cautionary statement.
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