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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