Ascot Resources Ltd. Acquires the Mt. Margaret Property
March 10 2010 - 4:05PM
Marketwired
Ascot Resources Ltd. ("Ascot") (TSX VENTURE: AOT) is very pleased
to announce the signing of an Option Agreement to purchase all of
the interests of the Mt. Margaret property held by General Moly
Inc. in the St. Helens Mining district of Skamania county in
Washington state.
The Mt. Margaret property covers a large portion of the
undeveloped resource known as the Mt. Margaret deposit. This is one
of the largest of the Cu-Mo-Au-Ag calc-alkaline porphyries of
Miocene age in Washington state. Since discovery in 1969 Duval
Corporation conducted numerous exploration programs and
mine/metallurgical studies on Mt. Margaret deposit until the
eruption of Mt. St. Helens halted all fieldwork in 1980.
The Mt. Margaret porphyry copper-molybdenum-gold-silver deposit
is located 22.5 km southwest of Randle Washington in Skamania
county. The Mt. Margaret deposit was discovered by Duval
Corporation in 1969 and was actively explored annually from
1971-1980. By 1980, a total of 105 diamond drill holes totaling
20,729 metres had been completed. This work defined a geological
resource, at a 0.33% CuEq cut-off of 523 million tonnes grading
0.36% Cu, 0.011% Mo, 0.24 g/t Au and 1.6 g/t Ag(i) containing 4.1
billion pounds of copper, 4.04 million ounces gold and substantial
resources of molybdenum and silver. This drilling is based largely
on vertical drilling with holes often spaced in excess of 150
meters apart. A few examples of these historic drill holes which
commonly shut down in mineralization include:
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Hole # From m's To m's Interval m's Cu %
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DDH-25 39.6 183.5 143.9 0.54
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DDH-29 6.7 195.7 189.0 0.80
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incl. 45.7 195.7 150.0 1.01
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DDH-31 17.1 153.9 136.8 0.64
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incl. 76.2 103.6 27.4 1.77
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DDH-40 12.5 159.4 146.9 0.63
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incl. 48.8 91.4 42.6 1.02
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DDH-44 9.1 250.8 241.7 0.62
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incl. 76.2 103.6 27.4 1.36
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DDH-55 3.1 228.0 224.9 0.51
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DDH-61 5.8 200.3 194.5 0.60
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DDH-78 45.7 385.9 340.2 0.64
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incl. 298.7 385.9 87.2 0.95
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DDH-90 1.3 409.7 408.4 0.50
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DDH-91 6.1 288.0 281.9 0.71
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incl. 121.9 204.2 82.3 1.17
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Ascot plans a surface exploration program for 2010, upon
receiving necessary permitting, to expand and confirm the historic
geological resource "non 43-101 compliant" stated by Duval, dated
1980 (Taylor) using a 0.33% CuEq cutoff; quoted below:
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Mt. Margaret Geological Resource (i) -Source (CIM Special Volume 37, 1986)
---------------------------------------------------------------------------
Cu Mo Gold Silver
Grade Grade Grade Grade
Tonnes (%) (%) g/t g/t
---------------------------------------------------------------------------
Geological Resource 523MT 0.36 0.011 0.24 1.6
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(i) Geological Resources for the Mt. Margaret deposit are
referenced in CIM Special Volume 37 as well as several USGS and GSC
databases. These historical resource estimates predate the
implementation of National Instrument 43-101 ("NI 43-101")
guidelines and are not compliant with current accepted reserve and
resource classifications as set forth by Canadian Institute of
Mining and Metallurgy, Aug 20, 2000 (CIM Guidelines). The Mt.
Margaret resource estimates are considered relevant as they have
been calculated on the basis of 20,729 metres of diamond drilling
in 105 drill holes, However, Ascot has not completed the work
necessary to have the historical estimate verified by a Qualified
Person as a current mineral resource or mineral reserve estimate.
The Company is not treating the estimate as a current NI 43-101
defined resource or reserve estimate and the historical estimate
should not be relied upon. There is no current economic evaluation
that demonstrates the potential economic viability of the stated
resources therefore none of the geological resources should be
considered "reserves" under current CIM Guidelines.
In order for the Company to purchase all of the interests of the
Mt. Margaret property held by General Moly Inc. it must make the
following payments:
1) $100,000 US on signing
2) $300,000 US fifteen months from the date of signing
3) $1,600,000 US twenty seven months from the date of
signing.
General Moly Inc. will retain a 1.5% Net Smelter Return.
The Qualified Person responsible for review of the technical
data in this news release is Graeme Evans, P.Geo. Mr. Graeme Evans
is independent of the Company and a qualified person for the
purposes of NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF ASCOT RESOURCES LTD.
John A. Toffan, President and Director
This news release contains certain forward-looking information
concerning the business of Ascot Resources Ltd. (the
"Corporation"). All statements, other than statements of historical
fact, included herein including, without limitation; statements
about the exploration of the Mt. Margaret Property and completion
of the acquisition of the Mt. Margaret Property, are
forward-looking statements. These forward-looking statements are
based on the opinions of management at the date the statements are
made and are based on assumptions and subject to a variety of risks
and uncertainties and other factors that could cause actual events
to differ materially from those projected in forward-looking
statements. Important factors that could cause actual results to
differ materially from the Corporation's expectations include
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 native groups in the
exploration and development of properties and the issuance of
required permits; the need to obtain additional financing to
explore and develop properties and uncertainty as to the
availability and terms of future financing; the possibility of
delay in exploration programs and uncertainty of meeting
anticipated program milestones; uncertainty as to timely
availability of permits and other governmental approvals. The
Corporation is under no obligation to update forward-looking
statements if circumstances or management's opinions should change,
except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking
statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Ascot Resources Ltd. John A. Toffan President and
Director (604) 684-8950 (604) 684-9877 (FAX)
www.ascotresources.ca
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