Ascot Resources Ltd. (
TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the last
remaining assay results from the 2022 exploration drill program at
the Company’s Premier Gold Project (“
PGP” or the
“
project”), located on Nisga’a Nation Treaty Lands
in the prolific Golden Triangle of northwestern British Columbia.
These results are from surface drilling for in-fill and exploration
purposes at the Day Zone and the Big Missouri deposit,
approximately six kilometres north of the past-producing Premier
mill.
Highlights from the drill results
include:
- 26.56
g/t Au and 10.00 g/t Ag over 8.00m from a depth of 42.50m
in hole P22-2459 at the Day Zone, including 198.50 g/t Au
and 59.60 g/t Ag over 1.00m
- 43.30
g/t Au and 20.90 g/t Ag over 1.50m from a depth of 55.00m
in hole P22-2460 at the Day Zone
- 6.13 g/t
Au and 2.95 g/t Ag over 8.00m from a depth of 38.00m in
hole P22-2449 at the Day Zone, including 14.70 g/t Au and
4.00 g/t Ag over 2.00m
- 8.84 g/t
Au and 10.45 g/t Ag over 5.07m from a depth of 87.93m in
hole P22-2464 at the Big Missouri deposit, including 21.40
g/t Au and 20.10 g/t Ag over 1.00m
- 9.11 g/t
Au and 10.88 g/t Ag over 4.19m from a depth of 92.43m in
hole P22-2462 at the Big Missouri deposit, including 16.95
g/t Au and 20.90 g/t Ag over 1.14m
- From a total of
3,761 assays in the 2022 drill campaign, 42 assays (or 1.12%)
returned in excess of 10 g/t Au. Those 42 samples average 53 g/t
Au.
Note: True widths are estimated to be between 60% to 80% of
reported interval widths.
This release summarizes the fourth and final
batch of assay results from 2022 surface drilling at the Big
Missouri deposit, as well as all holes drilled at the Day Zone.
Twelve holes totaling 1,227 metres were drilled from two pads
(BM4/22 and BM5/22) at the Day Zone and four holes totaling 495
metres were drilled from pad BM6/22 at the Big Missouri deposit,
just south of the S1 Pit where the underground portal is located.
An overview of drill pad and hole locations is shown in Figure 1.
Summaries of assay results for the Day Zone and Big Missouri are
shown in Tables 1 and 2, respectively.
Derek White, President and CEO of Ascot
commented, “Having recently closed our financing for approximately
C$200 million to complete construction of the Premier Gold Project,
exploration results such as these are much more meaningful as they
continue to reveal high gold grades and new zones of mineralization
which could be exploited in the early years of the mine life. The
headline intercept of 199 grams per tonne is the highest-grade
interval Ascot has drilled at the Day Zone since its initial
discovery in 2020 and aligned well with the predicted orientation
of mineralization. We continue to be impressed with the resource
expansion potential and are very excited about the exploration
options for 2023 and enhancing the continuity and expansion of
resources to the west of Big Missouri.”
Figure 1
– https://www.globenewswire.com/NewsRoom/AttachmentNg/d431de2e-c03b-45a6-87e9-4a4df6f32e75
Day Zone drilling
Figure 2 shows an east-looking 3D cross section
of drilling at the Day Zone. Holes drilled from pads BM4/22 and
BM5/22 were targeting a 150 metre gap zone between previous drill
pads. Drill holes from pad BM5/22 were successful in identifying
continuity of mineralized zones from the south, as evidenced by
hole P22-2459 which intercepted 198.50 g/t Au over 1.00m and hole
P22-2460 which intercepted 43.30 g/t Au over 1.50m – both at
similar elevations as previously planned stopes.
Holes drilled from BM4/22 were successful in
identifying gold mineralization in a previously undrilled area, as
evidenced by hole P22-2449 which intercepted 14.70 g/t Au over
2.00m. Hole P22-2453 intercepted 11.75 g/t Au over 1.00m adjacent
to a previously planned stope to the north, implying an extension
of mineralization.
In addition to mineralization being identified
in the 150 metre gap zone, mineralization at the Day Zone remains
open to the north and south.
Figure 2
– https://www.globenewswire.com/NewsRoom/AttachmentNg/d2c9aa71-319b-4733-b98d-35107898db83
Figure 3
– https://www.globenewswire.com/NewsRoom/AttachmentNg/81e291f0-753f-4a6e-88e3-d130c685f809
Table 1 – Day
Zone drill results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P22-2449 |
88/-43 |
38.00 |
46.00 |
8.00 |
6.13 |
2.95 |
incl. |
|
38.00 |
40.00 |
2.00 |
14.70 |
4.00 |
and |
|
88.00 |
89.53 |
1.53 |
7.84 |
14.80 |
P22-2450 |
88/-51 |
55.62 |
59.75 |
4.13 |
1.21 |
5.85 |
P22-2451 |
106/-54 |
14.00 |
20.00 |
6.00 |
3.57 |
3.70 |
incl. |
|
14.00 |
16.00 |
2.00 |
7.74 |
7.30 |
and |
|
41.00 |
45.50 |
4.50 |
5.24 |
2.51 |
incl. |
|
43.30 |
45.50 |
2.20 |
7.74 |
2.00 |
P22-2452 |
106/-46 |
51.40 |
54.02 |
2.62 |
5.28 |
6.93 |
incl. |
|
53.00 |
54.02 |
1.02 |
9.14 |
8.30 |
and |
|
74.63 |
75.60 |
0.97 |
2.03 |
4.20 |
and |
|
84.00 |
85.13 |
1.13 |
1.97 |
3.50 |
P22-2453 |
52/-45 |
60.59 |
71.50 |
10.91 |
4.02 |
4.36 |
incl. |
|
64.50 |
65.50 |
1.00 |
11.75 |
10.70 |
P22-2454 |
54/-55 |
56.07 |
57.00 |
0.93 |
1.38 |
2.70 |
P22-2455 |
10/-75 |
8.00 |
10.00 |
2.00 |
1.42 |
4.30 |
and |
|
49.00 |
58.39 |
9.39 |
2.18 |
9.76 |
incl. |
|
57.42 |
58.39 |
0.97 |
9.02 |
29.10 |
P22-2456 |
55/-64 |
9.29 |
10.23 |
0.94 |
1.17 |
2.20 |
and |
|
52.00 |
54.00 |
2.00 |
6.89 |
5.70 |
and |
|
60.35 |
64.35 |
4.00 |
1.43 |
3.33 |
P22-2457 |
72/-45 |
4.88 |
7.00 |
2.12 |
1.53 |
2.90 |
and |
|
49.50 |
50.80 |
1.30 |
1.08 |
2.40 |
and |
|
76.74 |
77.80 |
1.06 |
1.21 |
4.70 |
P22-2458 |
93/-45 |
24.86 |
27.00 |
2.14 |
1.10 |
3.80 |
and |
|
55.00 |
59.00 |
4.00 |
1.23 |
5.53 |
and |
|
62.00 |
62.97 |
0.97 |
1.33 |
3.80 |
and |
|
69.40 |
71.50 |
2.10 |
1.45 |
4.70 |
and |
|
83.00 |
84.55 |
1.55 |
1.21 |
7.60 |
and |
|
92.61 |
96.00 |
3.39 |
1.52 |
6.69 |
P22-2459 |
110/-65 |
32.02 |
33.90 |
1.88 |
1.88 |
14.50 |
and |
|
42.50 |
50.50 |
8.00 |
26.56 |
10.00 |
incl. |
|
42.50 |
43.50 |
1.00 |
198.50 |
59.60 |
and |
|
54.50 |
55.50 |
1.00 |
1.89 |
9.90 |
and |
|
59.50 |
64.00 |
4.50 |
2.19 |
3.78 |
P22-2460 |
132/-79 |
39.18 |
40.59 |
1.41 |
2.00 |
7.40 |
and |
|
43.00 |
45.00 |
2.00 |
1.21 |
0.70 |
and |
|
55.00 |
56.50 |
1.50 |
43.30 |
20.90 |
Note: True widths are estimated to be between
60% to 80% of reported interval widths.
Big Missouri drilling
At the end of the 2022 surface drill season at
PGP, four drill holes totaling 495 metres were drilled from pad
BM6/22 at the Big Missouri deposit. These holes were meant for
in-fill and exploration purposes around existing planned stopes.
High-grade gold mineralization was intercepted in and near planned
stopes, including in hole P22-2464 which intercepted 8.84 g/t Au
over 5.07m including 21.40 g/t Au over 1.00m, and hole P22-2462
which intercepted 9.11 g/t Au over 4.19m including 16.95 g/t Au
over 1.00m.
Figure 4
– https://www.globenewswire.com/NewsRoom/AttachmentNg/d65415b4-1957-4a4b-bffd-3c39ea4d7a21
Table 2 – Big
Missouri drill results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P22-2461 |
261/-66 |
95.44 |
97.10 |
1.66 |
1.13 |
1.50 |
and |
|
129.00 |
130.15 |
1.15 |
1.83 |
1.50 |
P22-2462 |
275/-66 |
73.90 |
75.29 |
1.39 |
5.57 |
10.60 |
and |
|
92.43 |
96.62 |
4.19 |
9.11 |
10.88 |
incl. |
|
92.43 |
93.57 |
1.14 |
16.95 |
20.90 |
P22-2463 |
275/-55 |
83.08 |
84.08 |
1.00 |
3.96 |
2.40 |
and |
|
86.08 |
87.08 |
1.00 |
2.67 |
4.50 |
and |
|
101.35 |
102.35 |
1.00 |
6.97 |
5.70 |
P22-2464 |
285/-57 |
84.04 |
85.06 |
1.02 |
3.16 |
5.20 |
and |
|
87.93 |
93.00 |
5.07 |
8.84 |
10.45 |
incl. |
|
91.00 |
92.00 |
1.00 |
21.40 |
20.10 |
and |
|
104.00 |
109.75 |
5.75 |
4.47 |
4.90 |
incl. |
|
106.33 |
108.51 |
2.18 |
8.73 |
6.50 |
Note: True widths are estimated to be between
60% to 80% of reported interval widths.
Table 2 – Drill pad
locations
Pad # |
UTM N |
UTM E |
Elevation (masl) |
Hole no. |
BM4/22 |
435816 |
6219436 |
926.0 |
2449-2454 |
BM5/22 |
435845 |
6219375 |
933.0 |
2455-2460 |
BM6/22 |
436464 |
6219232 |
1,014.0 |
2461-2464 |
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, British Columbia.
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
Communications dstewart@ascotgold.com 778-725-1060 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
advancement and development of the PGP and the timing related
thereto, the exploration of the Company’s properties and
management’s outlook for the remainder of 2023 and beyond. 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 information contained in this news release is
expressly qualified by this cautionary statement.
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