Ascot Resources Ltd.: Completion of Dilworth 2008 Exploration Program
November 19 2008 - 2:13PM
Marketwired Canada
Ascot Resources Ltd. (TSX VENTURE:AOT) (the "Company") is pleased to announce
the completion of the 2008 exploration program on its Dilworth gold-silver
property near the town of Stewart in northern British Columbia. The property
lies in the heart of the mineral-rich Stewart Mining Camp, which includes the
former Silbak-Premier and Big Missouri gold-silver mines, as well as Mountain
Boy/Pinnacle's nearby Silver Coin gold-silver property. All analytical data has
been received from the drilling and surface work and are presented below.
The company's multi-faceted exploration program consisted of airborne
geophysical surveys, extensive rock, stream and soil sampling, geological
mapping and drilling. Several mineralized zones and geophysical targets were
explored. From north to south these are the Tangerine, Chicago North and South,
Annalise, Big K, Below Road, Hammer, Paulette, Yellowstone, Gerry's, Chalet,
Snow Show, 49, Occidental, Viper, Sparky and Anaconda.
The table below lists the significant trenching results.
Significant Trenching Results
-----------------------------------------------------------
Width Au Ag Pb Zn
Zone Trench (m) (g/t) (g/t) (%) (%)
-----------------------------------------------------------
Tangerine T08-26 10.00 1.37 218.0 5.13 less
than
0.20
-----------------------------------------------------------
Chicago South T08-35 4.00 0.73 41.3 less less
than than
0.20 0.20
--------------------------------------------
T08-36 7.00 1.50 123.6 less less
than than
0.20 0.20
--------------------------------------------
T08-38 6.00 6.79 137.3 0.80 1.66
--------------------------------------------
T08-39 3.00 2.38 318.0 0.20 0.20
--------------------------------------------
T08-44 4.00 5.89 143.9 less less
than than
0.20 0.20
includes 1.00 20.73 198.0 less less
than than
0.20 0.20
---------------------------------------------
T08-44 3.00 0.89 67.5 less less
than than
0.20 0.20
--------------------------------------------
T08-45 1.00 3.53 155.0 0.22 less
than
0.20
-----------------------------------------------------------
Annalise T08-69 7.00 3.23 161.3 0.27 0.28
includes 1.00 11.90 454.8 0.98 0.83
includes 1.00 6.67 412.0 0.49 0.52
-----------------------------------------------------------
Hammer T08-40 4.00 8.35 494.4 0.25 0.44
--------------------------------------------
T08-41 4.00 4.66 236.9 less less
than than
0.20 0.20
--------------------------------------------
T08-47 3.00 8.10 43.3 0.47 less
than
0.20
--------------------------------------------
T08-48 3.00 1.73 35.6 0.39 1.65
-----------------------------------------------------------
Paulette T08-12 11.00 1.44 12.3 less less
than than
0.20 0.20
--------------------------------------------
T08-49 4.00 0.89 31.8 1.95 1.60
--------------------------------------------
T08-15 4.00 0.53 27.6 1.40 0.97
-----------------------------------------------------------
Gerry's T08-66 10.00 1.13 33.4 0.71 0.96
includes 4.00 1.62 69.7 1.33 1.67
-----------------------------------------------------------
Snow Show T08-11 6.00 0.26 23.5 less less
than than
0.20 0.20
--------------------------------------------
T08-11 6.00 0.34 38.9 less less
than than
0.20 0.20
-----------------------------------------------------------
49 T08-05 2.00 9.57 11.1 less less
than than
0.20 0.20
--------------------------------------------
T08-05 2.00 0.88 893.5 less 0.35
than
0.20
--------------------------------------------
T08-18 6.00 2.52 60.8 0.75 0.33
-----------------------------------------------------------
Bee T08-53 8.00 1.16 279.9 less 0.21
than
0.20
--------------------------------------------
T08-54 5.00 1.00 371.6 less less
than than
0.20 0.20
-----------------------------------------------------------
Sparky T08-52 4.00 1.92 687.8 0.44 0.80
--------------------------------------------
T08-56 6.00 1.33 51.6 less less
than than
0.20 0.20
--------------------------------------------
includes 1.00 5.21 23.8 less less
than than
0.20 0.20
-----------------------------------------------------------
The major component of the 2008 exploration program consisted of 63 diamond
drill holes totalling 10,886 meters. Drilling focused on determining the extent
of previously known mineralized areas. As well, new targets resulting from
prospecting, trench sampling, geophysical surveys and soil sampling were drill
tested. Numerous, moderate grade, gold-silver intersections as well as several
wide zones of low-grade gold up to 117 meters in length were identified. The
accompanying table summarizes the drilling results. Intersections are reported
as core length and do not necessarily represent true widths of mineralized
zones.
Significant Drill Intersections
--------------------------------------------------------------------------
Hole From To Length Au Ag Pb Zn
Zone No. (m) (m) (m) (g/t) (g/t) (%) (%)
--------------------------------------------------------------------------
Tangerine HL08-51 49.74 53.74 4.00 1.41 89.1 0.33 0.78
-----------------------------------------------------------
HL08-52 - No Significant Results
--------------------------------------------------------------------------
Chicago North HL08-01, 02 - No Significant Results
--------------------------------------------------------------------------
Chicago South HL08-29 2.90 25.50 22.60 1.08 52.7 0.42 0.71
includes 2.90 10.00 7.10 2.64 129.1 1.33 2.21
-----------------------------------------------------------
HL08-30 3.55 6.23 2.68 2.38 243.4 0.34 0.43
-----------------------------------------------------------
HL08-31 0.25 14.00 13.75 2.22 164.2 0.42 0.85
--------------------------------------------------------------------------
Annalise HL08-42 14.68 16.65 1.97 16.87 13.7 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-43 16.03 17.50 1.47 5.75 3.9 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-43 31.00 32.27 1.27 12.77 16.2 0.23 0.72
-----------------------------------------------------------
HL08-44 - No Significant Results
--------------------------------------------------------------------------
Big K HL08-55 255.60 264.60 9.00 1.00 12.0 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-53, 54 - No Significant Results
--------------------------------------------------------------------------
Below Road HL08- 18 237.27 239.60 2.33 3.21 18.2 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-16, 17 - No Significant Results
--------------------------------------------------------------------------
Hammer HL08-36 15.52 26.22 10.70 1.22 30.2 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-61 164.30 168.50 4.20 3.75 10.6 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-62 90.77 93.90 3.13 1.25 32.0 1.03 2.31
-----------------------------------------------------------
HL08-62 125.84 128.05 2.21 3.20 129.1 0.26 0.51
--------------------------------------------------------------------------
Paulette HL08-59 27.22 38.72 11.50 1.24 4.1 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-59 76.70 79.70 3.00 1.33 less less less
than than than
0.1 0.20 0.20
-----------------------------------------------------------
HL08-60 37.06 40.12 3.06 1.55 4.3 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-60 100.21 102.21 2.00 9.48 2.3 less less
than than
0.20 0.20
--------------------------------------------------------------------------
Yellowstone HL08-06 17.20 33.00 15.80 0.86 524.7 0.26 0.60
includes 21.20 24.43 3.23 2.18 2516.1 1.18 2.64
-----------------------------------------------------------
HL08-07 19.50 23.70 4.20 1.01 453.0 0.39 0.87
-----------------------------------------------------------
HL08-08 115.00 142.38 27.38 0.53 2.2 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-12 125.00 189.42 64.42 0.75 2.6 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-13 10.00 13.00 3.00 1.49 15.7 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-14 36.00 55.00 19.00 0.74 143.0 0.01 0.23
includes 51.00 52.00 1.00 5.86 2531.0 0.75 1.61
-----------------------------------------------------------
HL08-15, 26 - No Significant Results
--------------------------------------------------------------------------
Chalet HL08-03 20.40 51.90 31.50 0.65 76.6 less less
than than
0.20 0.20
-----------------------------------------------------------
includes 20.40 29.60 9.20 1.15 254.4 less 0.53
than
0.20
-----------------------------------------------------------
includes 24.60 26.60 2.00 3.67 1117.5 0.66 2.19
-----------------------------------------------------------
HL08-03 127.40 128.40 1.00 5.36 1.3 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-04 4.00 7.00 3.00 3.83 7.9 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-04 24.20 28.40 4.20 1.31 572.1 0.26 0.71
-----------------------------------------------------------
HL08-04 206.50 208.50 2.00 0.94 176.6 0.64 0.72
-----------------------------------------------------------
HL08-47 248.50 251.75 3.25 1.81 21.5 0.61 1.20
-----------------------------------------------------------
HL08-47 334.00 335.00 1.00 10.96 304.0 0.31 1.23
-----------------------------------------------------------
HL08-05 - No Significant Results
--------------------------------------------------------------------------
Gerry's HL08-45 59.50 126.45 66.95 0.49 2.8 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-46 92.90 163.72 70.82 0.50 8.7 less less
than than
0.20 0.20
--------------------------------------------------------------------------
Snow Show HL08-20 56.48 61.32 4.84 0.95 19.8 0.23 0.90
-----------------------------------------------------------
HL08-23 144.20 162.80 18.60 0.57 2.9 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-24 23.00 29.00 6.00 0.94 5.1 less 0.85
than
0.20
-----------------------------------------------------------
HL08-24 53.00 83.00 30.00 0.72 10.2 0.44 0.87
includes 75.00 78.00 3.00 4.07 41.7 1.96 2.09
-----------------------------------------------------------
HL08-33 87.50 89.00 1.50 6.55 3.9 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-37 148.60 166.00 17.40 0.56 4.5 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-38 49.90 78.05 28.15 0.45 2.5 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-38 94.86 123.78 28.92 0.53 2.3 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-38 151.96 167.90 15.94 0.53 2.4 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-19, 21, 22, 25, 32, 34 - No Significant Results
--------------------------------------------------------------------------
49 HL08-11 3.22 26.60 23.38 0.48 4.7 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-35 23.52 141.33 117.81 0.36 2.1 less less
than than
0.20 0.20
includes 24.75 49.32 24.57 0.56 2.6 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-09, 10, 48, 49, 50, 63 - No Significant Results
--------------------------------------------------------------------------
Oxidental HL08-27 75.00 77.00 2.00 7.89 3.8 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-28 - No Significant Results
--------------------------------------------------------------------------
Viper HL08-56, 57 - No Significant Results
--------------------------------------------------------------------------
Sparky HL08-39 9.40 12.25 2.85 2.21 1.7 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-39 44.60 46.60 2.00 71.52 80.9 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-39 120.00 125.55 5.55 2.64 6.2 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-40 - No Significant Results
--------------------------------------------------------------------------
Anaconda HL08-58 - No Significant Results
--------------------------------------------------------------------------
The surface sampling program consisted of 540 chip samples collected from over
seventy trenches as well as prospecting samples. A new discovery, the Tangerine
zone, yielded significant gold-silver grades associated with a lead-zinc
mineralized structure. This zone was intersected by drilling at a downhole depth
of 50 metres.
Chicago South was drilled this year at a different orientation with promising
results. In this area, gold-silver mineralization was encountered in six
trenches over a span of 130 metres in a west-southwest direction. Further south,
the Hammer zone yielded some of the best surface precious metal grades of the
program. Drilling intersected mineralization to downhole depths of up to 165
metres indicating that this zone has considerable vertical extent.
Another new discovery, the Annalise zone, is situated approximately 200 metres
northwest of the Hammer zone. Trench sampling yielded grades up to 11.9 g/t Au
and 455 g/t Ag. The two holes that targeted this zone intersected mineralization
with one hole returning 16.87 g/t Au over a core length of 1.97 metres.
The Paulette zone, located westerly and 300 metres from the Hammer zone, is
another new discovery. Semi-massive base metal sulphide mineralization has been
traced in several trenches over an east-west trend of nearly 150 metres.
Drilling intersected similar widths and grades as the trenches.
Drilling also identified very large zones of low-grade gold mineralization. This
first became evident in the Yellowstone zone where hole HL08-12 intersected 64.4
metres grading 0.75 g/t gold. Holes HL08- 45 and 46 (Gerry's zone) returned 60
m+ intersections grading approximately 0.50 g/t Au.
The Snow Show, also discovered in 2008, consists of several-metre zones of
lead-zinc sulphide mineralization. Drilling yielded encouraging grades with hole
HL08-24 returning two distinct mineralized zones. Hole HL08-38 intersected gold
mineralization (0.5 g/t Au) across widths of nearly 30 metres.
The historic "49" area was explored along strike by step-out drilling to the
northwest and southeast. Hole HL08-35 located 225 metres to the east southeast
of the Snow Show zone is notable for an exceptionally long (117 m) intersection
of low-grade gold mineralization.
Three deep NQ2 holes were drilled with a larger drill to test mineralization at
depth. These holes were HL0847, HL0855 and HL0858. With the exception of a
one-metre intersection of 10.96 g/t Au in HL08-47, these holes did not intersect
significant mineralization.
Aeroquest International Ltd conducted the airborne Mag/EM and radiometric
surveys. The surveys covered 469 and 504 line-kilometres respectively. Mr. Rob
Shives (GamX Inc.) carried out interpretation and target definition of the
airborne data. Both surveys covered the entire Dilworth property as well as
southerly extensions over the former Silbak-Premier and Big Missouri mines and
the nearby Martha Ellen deposit. The mines south of the property display strong
radiometric anomalies. The survey over the western portion of the Dilworth
property revealed distinct, elongate, high potassium and depleted thorium (high
K/Th ratio) signatures.
The soil sampling program included 347 soils collected along three contour lines
on the western slope of the property above the Granduc road. A detailed soil
grid was established over the Viper zone, an area defined by a strong potassium
signature and gold-silver soil geochemical anomalies. In general, strong gold
soil anomalies correlate well with potassium anomalies. Follow-up prospecting in
the immediate area resulted in the discovery of arsenopyrite bearing float
grading up to 146 g/t Au and 2,271 g/t Ag. Drilling failed to intersect similar
mineralization thus leaving the geochemical-radiometric anomalies unexplained.
Stream sediments were collected from all creeks and streams on the west and east
boundaries of the property. Results showed anomalous gold on the western side of
the property correlating to the area of exploration between the Chicago and
Sparky zones.
Gerry Ray, P.Geo, carried out detailed geological mapping of the mineralized
areas in order to assist with interpretation and exploration of the mineral
occurrences on the property. This work will be used in conjunction with the
geochemical-radiometric surveys to target future exploration work.
The 2008 exploration program confirmed and discovered numerous zones of high
grade, silica-hosted precious metal mineralization scattered over a 2.6 by 1
kilometre area. Many of the richer zones are enveloped by wide haloes of
lower-grade gold values that could represent bulk-tonnage targets. Particular
areas of interest for future programs include the ground south of the Chicago
South to the Yellowstone zone including the Hammer and Annalise, the Snow Show,
and the Sparky zone the latter of which returned high grade gold in core and is
proximal to strong gold-in-soil anomalies.
Quality Assurance/Quality Control
Analytical work was carried out by Assayers Canada in Vancouver, BC. Quality
assurance and quality control programs include the use of analytical blanks and
standards in addition to the labs own internal quality assurance program.
Samples containing greater than 200 g/t silver and greater than 10,000 ppm (1%)
lead and zinc are routinely re-assayed. Identified or suspected metallic gold or
silver are subjected to "metallics" assays. Sampling and storage are at the
company's secure facility in Stewart with weekly sample shipments made to
Assayers Canada.
Sue Deane and Warner Gruenwald, P. Geo provided the field management for the
Dilworth exploration program. Warner Gruenwald, designated as the Qualified
Person (QP) as defined by National Instrument 43-101 has reviewed the technical
information contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS OF ASCOT RESOURCES LTD.
Robert A. Evans, Director
Statements contained in this news release that are not historical fact, such as
statements regarding the economic prospects of Ascot's projects, Ascot's future
plans or future revenues, timing of development or potential expansion or
improvements, are forward-looking statements. Such forward-looking statements
are subject to risks and uncertainties which could cause actual results to
differ materially from estimated results. Such risks and uncertainties include,
but are not limited to, Ascot's ability to raise sufficient capital to fund
development, changes in economic conditions or financial markets, changes in
prices for Ascot's mineral products or increases in input costs, litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments in Canada or the United States, technological and
operational difficulties or inability to obtain permits encountered in
connection with our exploration and development activities, labour relations
matters, and changing foreign exchange rates.
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