Ascot Resources Ltd (TSX.V: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce initial results
from its 2019 drill program at the Premier Project
(“
Premier”) near Stewart in northwestern British
Columbia.
Highlights of this release include:
- 1.0m of 66.30g/t Au in hole P19-1891 at Big
Missouri
- 1.90m of 16.20g/t Au in hole P18-1891 at Big
Missouri
- 2.45m of 9.41g/t Au in hole P19-1876 at the
Northern Lights
In late April, the Company announced the
commencement of its 2019 drill program and related development
activities. This news release summarizes the results from the first
eighteen drill holes at Northern Lights near the Premier mill and
Big Missouri, five kilometres north of the mill.
Derek White, President and CEO of Ascot
Resources commented: “The 2019 drill program is off to a very good
start and excellent progress is being made on a number of parallel
development activities at the site. The Company commenced drilling
in April at Northern Lights and once the snow cleared in mid-May,
moved to the Big Missouri Ridge where to date approximately 13,500
metres of drilling have been completed. In addition, Ascot
completed a follow-up geophysical survey on some very exciting
exploration targets that we will be drilling as soon as possible.
Ascot has also progressed a significant amount of engineering and
environmental studies as we continue to advance our Mines Act
Permit Amendment application at Premier and engineering studies
both at Red Mountain and Premier. This is a very busy and exciting
year for Ascot and I look forward to more promising results as we
continue to progress the development and exploration of this part
of the Golden Triangle.”
Big Missouri
Twelve drill holes, comprising 2,375 metres,
were completed in two fans to the southwest of the historic S1 pit
(see Figure 1). The results from these drill holes are summarized
in Table 1 and the pad locations are listed in Table 3. The best
hole is P19-1891 that intercepted high-grade gold
mineralization at three different elevations. The first layer is
the Province zone that starts almost at surface, the second layer
is the Big Missouri zone at 150-160m depth and the third layer is
the deep zone another 40m deeper. The Big Missouri zone coincides
with the bottom of the S1 pit and constitutes the zone that was
mined by Westmin in the 1990s. The three layers of mineralization
are very well established by numerous drill holes and have been
modeled for the resource estimate of December 2018 (see Ascot news
release of December 3, 2018). The drill holes are adding new
intercepts to upgrade the classification of the resource at Big
Missouri. We expect to complete this phase of the drill program
shortly and move our focus south towards the Silver Coin
property.
Figure 1 Image of the S1 area
at Big Missouri looking west showing the location of the drill pads
discussed in this release. The drill holes for each pad are listed
in Table 3.
https://ascotgold.com/site/assets/files/4676/2019-06-27-aot-nrm.jpg
Table 1 Summary of drill
results from Big Missouri
Hole # |
pad |
azimuth/dip |
From (m) |
To(m) |
Width(m) |
Au (g/t) |
Ag (g/t) |
P19-1880 |
19 BM-3 |
90/-69 |
56.87 |
58.00 |
1.13 |
9.68 |
69.00 |
also |
|
|
64.00 |
66.00 |
2.00 |
2.99 |
381.00 |
also |
|
|
173.00 |
175.00 |
2.00 |
9.57 |
<1.00 |
P19-1881 |
19BM-3 |
90/-75 |
194.00 |
203.00 |
9.00 |
2.08 |
5.22 |
incl. |
|
|
197.00 |
198.00 |
1.00 |
5.24 |
5.00 |
P19-1882 |
19BM-3 |
90/-80 |
154.50 |
155.50 |
1.00 |
2.93 |
1.00 |
also |
|
|
164.45 |
167.45 |
3.00 |
2.94 |
3.67 |
P19-1883 |
19BM-3 |
90/-85 |
165.30 |
169.30 |
4.00 |
5.58 |
3.50 |
P19-1884 |
19BM-3 |
90/-89 |
163.40 |
164.35 |
0.95 |
1.14 |
<1.00 |
also |
|
|
169.70 |
171.70 |
2.00 |
1.19 |
<1.00 |
also |
|
|
173.70 |
175.70 |
2.00 |
1.01 |
<1.00 |
P19-1885 |
19BM-3 |
270/-69 |
192.25 |
194.15 |
1.90 |
1.38 |
4.00 |
also |
|
|
200.20 |
202.10 |
1.90 |
1.48 |
<1.00 |
P19-1886 |
19BM-3 |
270/-75 |
169.20 |
171.40 |
2.20 |
2.83 |
6.00 |
also |
|
|
190.00 |
192.00 |
2.00 |
6.54 |
11.00 |
also |
|
|
198.00 |
199.00 |
1.00 |
2.39 |
8.00 |
Table 1 Continued
Hole # |
pad |
azimuth/dip |
From (m) |
To(m) |
Width(m) |
Au (g/t) |
Ag (g/t) |
P19-1891 |
19BM-5 |
90/-72 |
4.30 |
5.30 |
1.00 |
66.30 |
23.00 |
also |
|
|
153.05 |
160.90 |
7.85 |
5.05 |
4.18 |
incl. |
|
|
159.00 |
160.90 |
1.90 |
16.20 |
11.00 |
also |
|
|
181.50 |
195.00 |
13.50 |
4.48 |
4.61 |
incl. |
|
|
181.50 |
182.70 |
1.20 |
33.20 |
15.00 |
also |
|
|
201.20 |
202.20 |
1.00 |
7.22 |
8.00 |
P19-1892 |
19BM-5 |
90/-77 |
153.45 |
155.45 |
2.00 |
1.30 |
3.00 |
also |
|
|
164.45 |
166.45 |
2.00 |
1.16 |
2.00 |
P19-1893 |
19BM-5 |
90/-82 |
160.10 |
161.15 |
1.05 |
1.49 |
6.00 |
also |
|
|
164.30 |
165.30 |
1.00 |
2.12 |
3.00 |
also |
|
|
168.30 |
170.80 |
2.50 |
4.75 |
5.68 |
also |
|
|
192.00 |
193.30 |
1.30 |
18.10 |
17.00 |
P19-1894 |
19BM-5 |
90/-88 |
3.70 |
5.70 |
2.00 |
3.77 |
5.00 |
also |
|
|
23.50 |
27.70 |
4.20 |
2.91 |
5.90 |
also |
|
|
172.20 |
174.25 |
2.05 |
5.86 |
13.00 |
P19-1895 |
19BM-5 |
270/-85 |
19.90 |
21.90 |
2.00 |
2.05 |
26.00 |
True width is believed to be approximately
70-90% of reported intercepts.
Northern Lights
Six holes (see Table 3 for pad location) were
drilled at the western edge of Northern Lights zone very close to
the Premier mill building. This area is located approximately 5km
south of the S1 pit area discussed above. The Northern Lights zone
is as yet, poorly defined at its western end by a small number of
drill holes. Hole P19-1876 intercepted high-grade gold
mineralization within a previously modeled zone (see Figure 2) and
will contribute to a possible upgrade of the resource
classification in this area. The other five holes are step-out
holes testing the presence of mineralization towards the contact
with the overlying Betty Creek formation. Four holes intercepted
anomalous gold mineralization in the expected position but
mineralization appears to be weakening in the direction of the
contact to the overlying formation. Drill results from Northern
Lights are summarized in Table 2.
Table 2 Summary of the drill
results from the Northern Lights zone
Hole # |
pad |
azimuth/dip |
From (m) |
To(m) |
Width(m) |
Au (g/t) |
Ag (g/t) |
P19-1874 |
NL-1 |
200/-68 |
166.60 |
169.60 |
3.00 |
0.25 |
1.33 |
P19-1875 |
NL-1 |
200/-75 |
154.95 |
155.95 |
1.00 |
3.42 |
20 |
P19-1876 |
NL-1 |
176/-86 |
162.15 |
177.70 |
15.55 |
2.47 |
24.69 |
incl. |
|
|
170.20 |
174.70 |
4.50 |
6.49 |
73.89 |
incl. |
|
|
170.20 |
172.65 |
2.45 |
9.41 |
114.82 |
P19-1877 |
NL-1 |
216/-57 |
No significant intercept |
P19-1878 |
NL-1 |
220/-68 |
150.20 |
154.15 |
3.95 |
1.46 |
4.63 |
P19-1879 |
NL-1 |
340/-82 |
191.00 |
195.13 |
4.13 |
0.35 |
1.12 |
True width is believed to be approximately
70-90% of reported intercepts.
Figure 2 Image of 3D view of
drill holes at the western edge of Northern Lights looking east.
The intercepts in holes P19-1876 and P19-1875 fall within a
previously modeled zone of gold mineralization that is tracking
towards the new intercept in hole P19-1878.
https://ascotgold.com/site/assets/files/4676/2019-06-27-aot-nrm2.jpg
Table 3 Drill pad locations
Pad # |
UTM N |
UTM E |
Elevation |
Hole no. |
NL-1 |
6212971 |
436673 |
455 |
1874-1879 |
19BM-3 |
6219225 |
436335 |
1066 |
1880-1886 |
19BM-5 |
6219275 |
436289 |
1075 |
1891-1895 |
Exploration
In late 2018, the Company successfully
established a geophysical signature over the known mineralized
zones at Premier and subsequently identified geophysical targets
elsewhere on the property (see Ascot news release of November 13,
2018). In May and June of 2019, the Company conducted additional
geophysical profiles in order to determine strike and dip of the
initial 2018 targets for optimal drill orientation. A large amount
of data has been collected along an additional 30,000m of
geophysical profiles and the processing of this data is nearly
completed. Drill testing of these targets that have significant
potential for new discoveries is commencing in the next two
weeks.
Engineering Studies
With the successful acquisition of IDM Mining
Ltd (“IDM”) (see Ascot news release of March 28,
2019), Ascot now owns four key resource areas on two properties
near Stewart, B.C., all with substantial historical underground
workings.
IDM published a feasibility study for Red
Mountain in 2017 which was stale dated by subsequent drilling on
the property in 2018. The Company is progressing a resource update
which will include the results from the successful 2018 drilling
program that discovered multiple new zones (see IDM news release of
January 22, 2019). The resulting resource will be the base of an
updated feasibility study for Red Mountain.
In addition, the Company is undertaking advanced
engineering studies related to the Mines Act Permit Amendment and
Environmental Management Act Amendment for the Premier site in
order to re-activate the Company’s mining permit to “Active”
status. These activities are comprehensive and significant progress
has been made to date on the respective projects.
Quality Assurance/Quality
Control
Lawrence Tsang, P. Geo, the Company’s Senior
Geologist provides the field management for the Premier 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.
Analytical work is being carried out by SGS
Canada Inc (“SGS”). 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 SGS.
Samples are dried and weighed by SGS. They are
then crushed to 75% passing 2mm, with 250g split and pulverized to
85% passing 75µm. Samples are processed on site by a mobile lab
supplied by SGS and run by SGS personnel. All splits are sent to
SGS in Burnaby. There, all samples are digested using aqua-regia
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 are at
the Company’s secure facility in Stewart.
For more information about the Company, please
refer to the Company’s profile on SEDAR at www.sedar.com or
www.ascotgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ASCOT RESOURCES LTD.
“Derek C. White”, President and
CEO
For further information
contact:Kristina Howe VP, Investor Relations 778-725-1060
ext 1019 / khowe@ascotgold.com
About Ascot Resources
Ltd. Ascot is a Canadian-based junior exploration
company focused on re-starting the past producing historic Premier
gold mine, located in British Columbia's Golden Triangle. The
Company continues to define high-grade resources for underground
mining with the near-term goal of converting the underground
resources into reserves, while continuing to explore nearby targets
on its Premier/Dilworth and Silver Coin properties (collectively
referred to as the Premier project). Ascot's acquisition of IDM
Mining added the high-grade gold and silver Red Mountain project to
its portfolio and positions the Company as a leading consolidator
of high- quality assets in the Golden Triangle.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release.
Cautionary Statement Regarding
Forward-Looking Information
All statements, trend analysis and other
information contained in this press release about anticipated
future events or results constitute 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. 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 the Ascot can give no assurance that such
expectations will prove to be correct. 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 the
risks, uncertainties and other factors identified in the Ascot’s
periodic filings with Canadian securities regulators, and
assumptions made with regard to: the estimated costs associated
with construction of the Premier and Red Mountain Projects; the
timing of the anticipated start of production at the Premier and
Red Mountain Projects; the ability to maintain throughput and
production levels at the Premier Mill; and the Companies' ability
to achieve the synergies expected as a result of the Transaction.
Forward-looking statements are subject to business and economic
risks and uncertainties and other factors that could cause actual
results of operations to differ materially from those contained in
the forward-looking statements. Important factors that could cause
actual results to differ materially from Ascot’s expectations
include 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 native 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; and other risk factors as detailed
from time to time and additional risks identified in Ascot’s
filings with Canadian securities regulators on SEDAR in Canada
(available at www.sedar.com). Forward-looking statements are based
on estimates and opinions of management at the date the statements
are made. Ascot does not undertake any obligation to update
forward-looking statements.
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