Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF)
(“Ascot” or the “Company”) is pleased to announce the remaining
assay results from the 2021 drill program at the Company’s Premier
Gold Project (“PGP”) located in the Golden Triangle of northwestern
British Columbia. These drill holes targeted areas of early stopes
at the Big Missouri deposit with the aim of refining stope geometry
and orientation as well as expanding stope shapes where possible
and gathering additional grade information. The drill holes
intercepted gold mineralization at or near defined stope shapes
with numerous high-grade assays as high as 184.5 g/t gold.
Highlights from the drill results include:
- 27.52
g/t Au and 11.40 g/t Ag over 8.00m from a depth of 68.4m
in hole P21-2379, including 66.70 g/t Au and 14.20 g/t Ag over
2.00m
- 36.36
g/t Au and 24.1 g/t Ag over 4.65m from a depth of 56.4m in
hole P21-2373, including 184.50 g/t Au and 80.50 g/t Ag over 0.90m.
The interval is carried by the high-grade assay, but the width of
the mineralized zone has been selected considering base metal and
sulfide content in addition to gold and silver.
- 10.04
g/t Au and 15.91 g/t Ag over 7.00m from a depth of 139.8m
in hole P21-2358, including 14.70 g/t Au and 22.33 g/t Ag over
4.00m
- 7.25
g/t Au and 4.57 g/t Ag over 6.00m from a depth of 212.1m
in hole P21-2363, including 19.00 g/t Au and 6.10 g/t Ag over
2.00m
Derek White, President and CEO of Ascot
commented, “Big Missouri is the first deposit Ascot is planning to
mine this year and these high-grade drill results will assist the
Company in optimising initial mining activities. It is encouraging
to see that the projected stope shapes have been generally
confirmed, and in many cases extended, as we suspected they would
with additional drilling.
With a headline intercept of nearly an ounce per
tonne gold over eight metres and with assays as high as 184.5 g/t
gold, the future bodes well for the underground development at Big
Missouri. The Company continues to expect to convert Resources into
Reserves as additional drilling from surface and underground
provides more detailed information on the optimal mining
shapes.”
Big Missouri Drill Results
This release summarizes the assay results from
36 surface drill holes for a total of 6,010 metres at the Big
Missouri deposit which were drilled in September and October 2021.
Figure 1 illustrates the location of six drill pads around the S1
pit at Big Missouri. Figure 2 shows a 3D cross section illustrating
the general results of the definition drilling.
Gold was intercepted at or close to the expected
elevations which is critical for correct planning of the
development drifts. Gold grades vary from bonanza grade to highly
anomalous which is an expected result in a coarse gold system where
some drill holes do not intercept coarse gold particles. The
mineralized zones are indicated by the presence of quartz breccia
or stockwork with highly anomalous gold grades and anomalous
amounts of associated base metals such as lead and zinc.
These new drill holes tighten the drill spacing
in these areas and provide additional pierce points from which to
refine the stope shapes. The orientation and exact geometry of the
stopes will be modified in some areas as new wire frames and block
models are being generated to fine tune the mine plan for the start
of production.
Upcoming Conference
Participation
Ascot will be participating in two precious
metals investor conferences next week, with the following
details:
-
Sunday, February 27th – Stansberry Research Annual Gold
Stock Analyst Investor Day in Fort Lauderdale, Florida.
President & CEO Derek White will be presenting alongside twelve
other precious metals companies. Ascot’s presentation will start at
9:55am ET on Sunday, February 27th.
-
Sunday, February 27th to Wednesday, March 2nd – BMO
31st Global Metals & Mining
Conference in Hollywood, Florida. Ascot will be available
for one-on-one meetings with investors throughout the conference,
and Derek White will be presenting at 9:15am ET on Wednesday, March
2nd. A presentation webcast link will be made available on Ascot’s
website.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1575bcb8-fd88-4695-af40-1d079d8c211e
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/367f64b8-b0e2-433d-8b98-bd3095460645
Table 1 – Big
Missouri drill results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P21-2379 |
170/-50 |
54.50 |
76.35 |
21.85 |
11.32 |
8.5 |
incl. |
|
68.35 |
76.35 |
8.00 |
27.52 |
11.4 |
incl. |
|
68.35 |
69.35 |
1.00 |
69.60 |
40.1 |
incl. |
|
74.35 |
76.35 |
2.00 |
66.70 |
14.2 |
P21-2378 |
190/-45 |
52.50 |
58.74 |
6.24 |
3.72 |
11.3 |
incl. |
|
52.50 |
53.60 |
1.10 |
15.65 |
27.3 |
and |
|
66.44 |
72.94 |
6.50 |
3.04 |
6.4 |
incl. |
|
67.94 |
68.94 |
1.00 |
14.85 |
8.9 |
and |
|
81.92 |
82.92 |
1.00 |
3.92 |
5.9 |
and |
|
84.92 |
88.92 |
4.00 |
5.19 |
8.6 |
and |
|
93.87 |
94.87 |
1.00 |
2.93 |
4.4 |
P21-2377 |
200/-45 |
63.29 |
64.29 |
1.00 |
5.48 |
8.4 |
and |
|
71.94 |
81.56 |
9.62 |
3.25 |
12.9 |
incl. |
|
71.94 |
74.12 |
2.18 |
9.74 |
39.0 |
and |
|
89.44 |
91.44 |
2.00 |
2.07 |
11.6 |
and |
|
97.44 |
99.44 |
2.00 |
1.84 |
12.7 |
P21-2376 |
210/-50 |
59.90 |
63.50 |
3.60 |
1.18 |
3.3 |
and |
|
76.65 |
77.65 |
1.00 |
1.01 |
14.9 |
and |
|
83.65 |
90.53 |
6.88 |
0.99 |
3.0 |
P21-2375 |
245/-65 |
51.95 |
53.90 |
1.95 |
0.63 |
6.0 |
P21-2374 |
295/-68 |
54.90 |
55.90 |
1.00 |
1.32 |
22.9 |
P21-2373 |
350/-70 |
43.75 |
48.20 |
4.45 |
1.77 |
21.1 |
and |
|
56.40 |
61.05 |
4.65 |
36.36 |
24.1 |
incl. |
|
57.30 |
58.20 |
0.90 |
184.50 |
80.5 |
P21-2372 |
140/-60 |
38.31 |
43.31 |
5.00 |
1.82 |
10.7 |
P21-2371 |
180/-60 |
35.31 |
36.95 |
1.64 |
1.37 |
3.2 |
and |
|
43.76 |
44.76 |
1.00 |
7.49 |
6.3 |
P21-2370 |
210/-70 |
37.70 |
39.76 |
2.06 |
1.90 |
5.7 |
P21-2369 |
350/-62 |
200.20 |
204.50 |
4.30 |
1.84 |
3.0 |
and |
|
218.40 |
222.40 |
4.00 |
4.51 |
17.3 |
P21-2368 |
0/-67 |
74.70 |
75.80 |
1.10 |
2.18 |
3.5 |
and |
|
184.00 |
184.85 |
0.85 |
1.08 |
1.4 |
P21-2367 |
15/-75 |
197.45 |
202.45 |
5.00 |
1.95 |
10.1 |
and |
|
209.45 |
211.45 |
2.00 |
1.03 |
7.5 |
P21-2366 |
23/-63 |
180.76 |
181.76 |
1.00 |
2.98 |
14.2 |
and |
|
196.20 |
197.80 |
1.60 |
3.42 |
1.8 |
P21-2365 |
28/-70 |
183.30 |
206.30 |
23.00 |
1.86 |
7.2 |
incl. |
|
203.30 |
206.30 |
3.00 |
3.99 |
13.6 |
P21-2364 |
28/-58 |
192.00 |
194.00 |
2.00 |
4.81 |
5.3 |
and |
|
208.60 |
212.60 |
4.00 |
1.04 |
5.6 |
P21-2363 |
35/-45 |
212.10 |
218.10 |
6.00 |
7.25 |
4.6 |
incl. |
|
212.10 |
214.10 |
2.00 |
19.00 |
6.1 |
P21-2362 |
45/-47 |
201.25 |
202.55 |
1.30 |
2.43 |
20.4 |
and |
|
207.65 |
208.30 |
0.65 |
1.47 |
15.4 |
and |
|
217.30 |
219.30 |
2.00 |
4.79 |
1.5 |
and |
|
221.30 |
222.70 |
1.40 |
2.31 |
12.7 |
P21-2361 |
60/-70 |
6.18 |
8.18 |
2.00 |
1.96 |
3.1 |
and |
|
11.52 |
20.37 |
8.85 |
1.11 |
3.9 |
and |
|
154.53 |
163.68 |
9.15 |
1.51 |
8.5 |
incl. |
|
157.58 |
158.58 |
1.00 |
5.67 |
24.1 |
P21-2360 |
65/-63 |
13.67 |
14.67 |
1.00 |
1.03 |
3.5 |
and |
|
18.96 |
20.06 |
1.10 |
5.96 |
15.5 |
and |
|
154.90 |
157.27 |
2.37 |
4.07 |
11.4 |
P21-2359 |
75/-50 |
3.40 |
9.53 |
6.13 |
1.02 |
8.1 |
and |
|
19.60 |
20.97 |
1.37 |
1.57 |
8.7 |
and |
|
26.97 |
28.97 |
2.00 |
1.13 |
2.8 |
and |
|
42.25 |
43.35 |
1.10 |
1.23 |
25.2 |
and |
|
44.12 |
45.23 |
1.11 |
1.58 |
80.3 |
P21-2358 |
85/-80 |
4.93 |
6.93 |
2.00 |
6.86 |
8.4 |
and |
|
17.93 |
19.93 |
2.00 |
1.69 |
6.8 |
and |
|
139.09 |
150.83 |
11.74 |
6.83 |
15.4 |
incl. |
|
139.83 |
143.83 |
4.00 |
14.70 |
22.3 |
P21-2357 |
85/-70 |
17.17 |
19.10 |
1.93 |
5.27 |
16.7 |
and |
|
148.28 |
158.49 |
10.21 |
2.23 |
6.0 |
P21-2356 |
85/-60 |
5.54 |
9.23 |
3.69 |
1.43 |
3.1 |
and |
|
16.97 |
17.97 |
1.00 |
1.23 |
7.9 |
and |
|
155.53 |
159.53 |
4.00 |
0.50 |
6.2 |
P21-2355 |
85/-54 |
4.70 |
6.70 |
2.00 |
1.88 |
4.3 |
and |
|
10.70 |
15.63 |
4.93 |
1.23 |
4.1 |
and |
|
21.24 |
23.24 |
2.00 |
2.54 |
5.2 |
and |
|
38.98 |
40.98 |
2.00 |
1.19 |
10.4 |
and |
|
159.62 |
160.32 |
0.70 |
1.86 |
1.2 |
P21-2350 |
92/-71 |
66.34 |
68.34 |
2.00 |
2.76 |
21.0 |
and |
|
136.00 |
137.00 |
1.00 |
5.09 |
5.1 |
and |
|
180.75 |
182.75 |
2.00 |
1.10 |
1.8 |
P21-2349 |
85/-66 |
132.80 |
134.52 |
1.72 |
16.40 |
18.3 |
P21-2348 |
75/-61 |
98.62 |
99.62 |
1.00 |
2.42 |
4.9 |
P21-2347 |
15/-74 |
137.28 |
138.33 |
1.05 |
1.17 |
3.5 |
and |
|
141.29 |
142.34 |
1.05 |
1.31 |
98.1 |
and |
|
148.44 |
149.44 |
1.00 |
1.62 |
33.6 |
and |
|
151.49 |
152.58 |
1.09 |
4.62 |
5.2 |
and |
|
160.63 |
161.63 |
1.00 |
1.37 |
2.9 |
and |
|
190.16 |
191.11 |
0.95 |
1.28 |
2.1 |
and |
|
192.11 |
193.11 |
1.00 |
1.75 |
2.7 |
and |
|
194.90 |
196.23 |
1.33 |
1.24 |
5.3 |
P21-2346 |
125/-80 |
27.49 |
29.50 |
2.01 |
1.72 |
1.8 |
and |
|
35.50 |
37.50 |
2.00 |
2.11 |
1.8 |
and |
|
165.50 |
171.00 |
5.50 |
2.31 |
4.6 |
P21-2345 |
160/-75 |
4.00 |
6.00 |
2.00 |
1.93 |
211.0 |
and |
|
23.50 |
25.00 |
1.50 |
1.13 |
3.3 |
and |
|
158.25 |
159.75 |
1.50 |
1.52 |
4.7 |
and |
|
164.47 |
167.00 |
2.53 |
1.55 |
3.7 |
and |
|
177.00 |
178.00 |
1.00 |
1.19 |
1.7 |
P21-2344 |
200/-82 |
175.72 |
177.00 |
1.28 |
1.01 |
2.8 |
P21-2343 |
200/-78 |
13.00 |
14.33 |
1.33 |
1.32 |
2.3 |
and |
|
22.00 |
25.00 |
3.00 |
1.54 |
7.0 |
and |
|
180.21 |
190.00 |
9.79 |
4.82 |
7.6 |
incl. |
|
188.00 |
189.00 |
1.00 |
15.55 |
24.4 |
and |
|
198.50 |
206.35 |
7.85 |
1.10 |
3.5 |
P21-2342 |
250/-83 |
22.85 |
24.50 |
1.65 |
1.33 |
3.7 |
and |
|
176.00 |
177.68 |
1.68 |
1.04 |
9.2 |
P21-2341 |
276/-82 |
32.00 |
34.00 |
2.00 |
3.03 |
7.6 |
P21-2340 |
295/-82 |
22.15 |
24.00 |
1.85 |
1.39 |
8.2 |
and |
|
188.00 |
190.00 |
2.00 |
1.20 |
4.4 |
Note: Drill holes were aimed roughly perpendicular to the zone
of mineralization. True width for individual intervals is estimated
to range from 70-95% of the reported intervals.
Table 2 – Drill pad
locations
Pad # |
UTM N |
UTM E |
Elevation (masl) |
Hole no. |
STP1 |
6219205 |
436343 |
1064 |
P21-2347 to P21-2350 |
STP2 |
6219269 |
436348 |
1072 |
P21-2355 to P21-2361 |
STP3 |
6219282 |
435293 |
1076 |
P21-2340 to P21-2346 |
STP4 |
6219398 |
435292 |
1083 |
P21-2362 to P21-2369 |
STP5 |
6219302 |
436514 |
988 |
P21-2370 to P21-2372 |
STP6 |
6219525 |
436510 |
1007 |
P21-2373 to P21-2379 |
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 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" 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 terms, timing and closing of the
Offering and other transactions contemplated herein and the use of
proceeds. 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 26, 2021 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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