Ascot Resources Ltd. (
TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the third batch
of assay results at the Big Missouri deposit 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 Big Missouri
deposit, approximately six kilometres north of the past-producing
Premier mill.
Highlights from the drill results
include:
- 62.76
g/t Au and 27.36 g/t Ag over 7.90m from a depth of 90.00m
in hole P22-2445, including 488.00 g/t Au and 181.00 g/t Ag
over 1.00m
- 30.98
g/t Au and 9.35 g/t Ag over 3.00m from a depth of 112.00m
in hole P22-2445, including 90.70 g/t Au and 19.75 g/t Ag
over 1.00m
- 6.75 g/t
Au and 12.44 g/t Ag over 14.5m from a depth of 26.00m in
hole P22-2444, including 26.00 g/t Au and 28.30 g/t Ag over
1.43m and 28.80 g/t Au and 30.20 g/t Ag over
1.00m
- 8.03 g/t
Au and 19.13 g/t Ag over 9.52m from a depth of 23.38m in
hole P22-2441, including 44.50 g/t Au and 109.00 g/t Ag
over 1.00m
- 6.26 g/t
Au and 8.13 g/t Ag over 10.80m from a depth of 29.40m in
hole P22-2442, including 43.60 g/t Au and 30.10 g/t Ag over
1.00m
Note: True widths are estimated to be between 60% to 80% of
reported interval widths.
Drilling for the 2022 exploration season at the
Big Missouri deposit was completed in October, totaling 50 holes
and 4,752 metres. Following the first two batches of 28 drill holes
outlined in the news releases dated September 13 and October 27,
2022, this release summarizes the third batch of assay results from
the next 18 drill holes for a total of 1,798 metres from surface
pads BM–2/22 and BM–3/22. Drill holes were targeting several layers
of gold mineralization at the A Zone and the Unicorn Area of the
Big Missouri deposit in and around planned stopes to the north and
northeast of the S-1 pit.
Derek White, President and CEO of Ascot
commented, “The Big Missouri deposit continues to impress with more
bonanza-grade gold and additional occurrences of coarse, visible
gold. The headline intercept of 488 grams per tonne is the
highest-grade interval Ascot has drilled since 2017, and the
fourth-highest assay ever recorded at Big Missouri. The drill holes
from this release contain 20 assays over 10 grams per tonne gold.
Many of the high-grade intercepts were encountered within or around
existing stope shapes, and some high grades were encountered in
gaps between stope shapes – further strengthening our confidence
that there is more gold to be discovered outside the existing
resource model at Big Missouri.”
As summary of drill assays is shown in Table 1.
An overview of drill hole locations is shown in Figure 1 and a
cross section is shown in Figure 2. This release contains the assay
results from the last 5 holes drilled from pad BM–2/22 and all 13
holes drilled from pad BM–3/22, approximately 200 metres to the
northeast.
The results are headlined by hole P22-2445 which
intercepted 488.00 g/t Au and 181.00 g/t Ag over 1.00m, within a
broader interval of 62.76 g/t Au and 27.36 g/t Ag over 7.90m,
starting from a depth of 90.00m. This is the highest-grade interval
Ascot has drilled since 2017, and the fourth-highest assay ever
recorded at Big Missouri. This intercept along with an interval of
12.30 g/t Au in hole P22-2438 occurs within a group of lower grade
intercepts that had previously not been wireframed and will now
constitute a new zone of mineralization. Similarly, holes P22-2431
and P22-2434 intercepted high-grade gold in a large gap area
between stope shapes, indicating potential to add more
mineralization as mining progresses.
Figure 2 shows where the new drill holes
intercepted high-grade gold within and near planned stope shapes,
reinforcing the current wireframe geometry. This is showcased by
the 44.50 g/t Au intercept in hole P22-2441, the 26.00 g/t Au
intercept in hole P22-2444, and the 21.30 g/t Au intercept in hole
P22-2436.
The remaining outstanding assay results from the
2022 exploration drill season consist of 12 holes drilled from
underground at Big Missouri, 4 surface in-fill holes near the S1
pit at Big Missouri, and 12 holes drilled from two surface pads at
the Day Zone on the western side of the Big Missouri ridge. The
Company anticipates the receipt of all outstanding assays in early
2023.
Figure 1 –
Plan view of Big Missouri A Zone and Unicorn Area
drillinghttps://www.globenewswire.com/NewsRoom/AttachmentNg/fb0096e2-36f5-4899-83ab-e9ba44d5c275
Figure 2 –
South looking 3D cross section through drill holes at pad BM-3/22.
High grade gold was intercepted in and near planned stopes. Drill
holes also intercepted large dyke that will require modification to
the lower
stope.https://www.globenewswire.com/NewsRoom/AttachmentNg/7f74267c-5161-4c33-8fa5-fb1912891c43
Figure 3 –
Visible gold in hole P22-2445 in the 1.0m interval starting at a
depth of 113.00m and grading 90.70 g/t Au and 19.75 g/t
Aghttps://www.globenewswire.com/NewsRoom/AttachmentNg/f21b5f26-7706-4aab-be83-11a71d350e47
Table 1 – Big
Missouri drill results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P22-2431 |
30/-49 |
84.00 |
86.00 |
2.00 |
3.34 |
8.90 |
and |
|
105.12 |
109.72 |
4.60 |
5.84 |
5.59 |
P22-2432 |
61/-49 |
91.00 |
92.00 |
1.00 |
3.35 |
7.90 |
and |
|
101.51 |
103.00 |
1.49 |
2.29 |
5.10 |
P22-2433 |
71/-46 |
45.00 |
48.00 |
3.00 |
2.46 |
10.43 |
and |
|
53.87 |
59.00 |
5.13 |
1.83 |
5.41 |
and |
|
73.16 |
75.36 |
2.20 |
1.59 |
4.00 |
and |
|
83.00 |
84.00 |
1.00 |
3.72 |
4.40 |
P22-2434 |
28/-35 |
36.50 |
38.10 |
1.60 |
1.21 |
6.10 |
and |
|
52.00 |
53.50 |
1.50 |
10.07 |
6.35 |
and |
|
56.83 |
61.00 |
4.17 |
2.83 |
5.30 |
and |
|
86.19 |
87.50 |
1.31 |
1.14 |
2.80 |
P22-2435 |
98/-50 |
32.50 |
37.13 |
4.63 |
1.40 |
5.15 |
and |
|
88.00 |
90.00 |
2.00 |
1.09 |
2.30 |
P22-2436 |
240/-44 |
29.00 |
33.50 |
4.50 |
8.62 |
11.33 |
incl. |
|
30.19 |
31.50 |
1.31 |
21.30 |
17.60 |
and |
|
44.00 |
45.50 |
1.50 |
2.68 |
4.00 |
and |
|
49.50 |
50.90 |
1.40 |
2.48 |
3.40 |
P22-2437 |
250/-55 |
19.65 |
21.70 |
2.05 |
11.72 |
12.91 |
and |
|
34.65 |
36.45 |
1.80 |
1.11 |
3.90 |
and |
|
44.95 |
46.15 |
1.20 |
1.15 |
9.30 |
P22-2438 |
253/-64 |
21.07 |
24.37 |
3.30 |
6.11 |
17.97 |
and |
|
28.60 |
30.60 |
2.00 |
4.86 |
5.10 |
and |
|
68.35 |
70.35 |
2.00 |
1.24 |
8.60 |
and |
|
88.35 |
90.35 |
2.00 |
12.30 |
10.60 |
and |
|
96.52 |
97.92 |
1.40 |
3.20 |
19.60 |
P22-2439 |
274/-82 |
16.21 |
18.26 |
2.05 |
5.56 |
5.40 |
P22-2440 |
274/-88 |
12.70 |
14.67 |
1.97 |
1.68 |
5.90 |
and |
|
163.73 |
165.73 |
2.00 |
2.09 |
2.10 |
P22-2441 |
272/-45 |
23.38 |
32.90 |
9.52 |
8.03 |
19.13 |
incl. |
|
31.90 |
32.90 |
1.00 |
44.50 |
109.00 |
P22-2442 |
292/-45 |
29.40 |
40.20 |
10.80 |
6.26 |
8.13 |
incl. |
|
36.00 |
37.00 |
1.00 |
43.60 |
30.10 |
P22-2443 |
313/-45 |
40.90 |
44.85 |
3.95 |
1.68 |
3.01 |
P22-2444 |
354/-45 |
26.00 |
40.50 |
14.50 |
6.75 |
12.44 |
incl. |
|
26.00 |
27.43 |
1.43 |
26.00 |
28.30 |
and |
|
38.50 |
39.50 |
1.00 |
28.80 |
30.20 |
and |
|
47.50 |
48.50 |
1.00 |
1.08 |
3.80 |
P22-2445 |
205/-60 |
30.81 |
32.43 |
1.62 |
1.61 |
3.70 |
and |
|
80.00 |
83.58 |
3.58 |
8.34 |
2.83 |
incl. |
|
80.00 |
82.00 |
2.00 |
13.55 |
3.80 |
and |
|
90.00 |
97.90 |
7.90 |
62.76 |
27.36 |
incl. |
|
92.00 |
93.00 |
1.00 |
488.00 |
181.00 |
and |
|
112.00 |
115.00 |
3.00 |
30.98 |
9.35 |
incl. |
|
113.00 |
114.00 |
1.00 |
90.70 |
19.75 |
P22-2446 |
226/-50 |
19.00 |
24.19 |
5.19 |
4.77 |
13.72 |
and |
|
42.60 |
43.71 |
1.11 |
32.40 |
17.60 |
and |
|
110.50 |
112.70 |
2.20 |
2.32 |
4.50 |
P22-2447 |
233/-84 |
12.25 |
20.00 |
7.75 |
3.25 |
4.78 |
incl. |
|
14.00 |
16.00 |
2.00 |
7.41 |
6.60 |
and |
|
41.54 |
43.70 |
2.16 |
2.89 |
2.00 |
P22-2448 |
228/-70 |
18.87 |
24.85 |
5.98 |
6.32 |
34.44 |
incl. |
|
18.87 |
19.69 |
0.82 |
20.40 |
192.00 |
and |
|
51.50 |
53.50 |
2.00 |
1.05 |
2.70 |
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. |
BM-2/22 |
436530 |
6219505 |
997.3 |
P22-2431 to P22-2435 |
BM-3/22 |
436671 |
6219676 |
997.5 |
P22-2436 to P22-2448 |
The Big Missouri deposit hosts a probable
reserve of 809 kt grading 7.15 g/t Au and 12.2 g/t Ag and
containing 186 koz Au and 317 koz Ag, an indicated resource of
1,116 kt grading 8.36 g/t Au and 16.9 g/t Ag and containing 300 koz
Au and 607 koz Ag, and an inferred resource of 1,897 kt grading
8.34 g/t Au and 14.7 g/t Ag and containing 508 koz Au and 896 koz
Ag. These reserves and resources are outlined in the NI 43-101
technical report entitled “Premier & Red Mountain Gold Project
Feasibility Study NI 43-101 Technical Report, British Columbia”,
dated May 22, 2020, with an effective date of April 15, 2020.
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
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
pursuit of alternative project financing solutions, 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 2022 and 2023. 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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