Ascot Resources Ltd. (
TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the second 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:
- 31.92
g/t Au and 22.21 g/t Ag over 10.69m from a depth of 90.00m
in hole P22-2428, including 330.00 g/t Au and 192.00 g/t Ag
over 1.00m
- 15.91
g/t Au and 31.50 g/t Ag over 8.00m from a depth of 90.50m
in hole P22-2420, including 35.50 g/t Au and 65.20 g/t Ag
over 2.00m
- 19.65
g/t Au and 23.10 g/t Ag over 1.67m from a depth of 58.83m
in hole P22-2430
- 6.04 g/t
Au and 6.53 g/t Ag over 4.03m from a depth of 48.50m in
hole P22-2430, including 21.70 g/t Au and 8.40 g/t Ag over
1.00m
- 11.70
g/t Au and 9.70 g/t Ag over 2.00m from a depth of 67.00m
in hole P22-2429
Drilling has been completed for the 2022
exploration season at the Big Missouri deposit for a total of 50
holes and 4,752 metres. Following the first batch of 15 drill holes
outlined in the News Release dated September 13, 2022, this release
summarizes the second batch of assay results from the next 13 drill
holes for a total of 1,265 metres from surface pads BM–1/22 and
BM–2/22. Drill holes were targeting several layers of gold
mineralization at the A Zone of the Big Missouri deposit in and
around planned stopes to the north of the S-1 pit.
Derek White, President and CEO of Ascot
commented, “As drilling has recently wrapped up for this year’s
exploration season, we continue to receive high-grade assay results
from the Big Missouri deposit. The headline intercept of 32 grams
per tonne over 11 metres included a bonanza-grade intercept of 330
grams per tonne over 1 metre which contained coarse, visible gold.
While we are pleased with these high grades, we are even more
encouraged that the majority of the intercepts were encountered
within or close to existing block model wireframes and in potential
extensions of those wireframes, further validating the resource
model at the Premier Gold Project. Combined with our recently
announced positive grade reconciliation results from the
underground development sampling program, this bolsters our
confidence in the quality of the resource model.”
An overview of drill hole locations is shown in
Figure 1 and a cross section is shown in Figure 2. Following the
completion of the previously released 15 holes from pad BM–1/22, a
further 10 holes were drilled from the same pad, mostly towards the
east. In this release are also the assay results from the first 3
holes drilled from pad BM–2/22, which is approximately 15 metres
northeast from pad BM–1/22.
The results are headlined by hole P22-2428 which
intercepted 330.00 g/t Au and 192.00 g/t Ag over 1.00m, within a
broader interval of 31.92 g/t Au and 22.21 g/t Ag over 10.69m,
starting from a depth of 90.00m. This high-grade intercept occurs
inside a pre-existing wireframe and along a potential extension of
a planned stope shape following the dip of the mineralization in
that area. This drill intercept also encountered visible gold as
shown in Figure 3. The reported width of the mineralized interval
of 10.69m is supported by anomalously high sulfur and base metals
as well as a background gold grade in excess of 1 g/t outside of
the 330 g/t sub-interval.
Further support is shown in Figure 2 where the
new drill holes intercepted high-grade gold within the boundaries
of planned stope shapes, reinforcing the current wireframe
geometry. This is showcased by the 21.70 g/t Au and 19.65 g/t Au
intercepts in hole P22-2430, the 11.70 g/t Au intercept in hole
P22-2429, and the 5.27 g/t Au intercept in hole P22-2428.
An additional 5 holes were drilled from the pad
BM–2/22, with assay results pending. Another 13 holes were drilled
from a third surface pad to the north, and 4 holes were drilled
from a fourth pad to the south. Drilling was recently completed
from surface at the Day Zone on the western side of the Big
Missouri ridge, where a total of 12 holes were drilled.
Figure 1 – Plan
view of Big Missouri A Zone drilling is available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/cd42274b-0c23-4d39-9ca5-df577497bbd3
Figure 2 –
North-looking cross section view of Big Missouri A Zone drilling
from pad BM–2/22 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ab3ec4d-6623-4368-b38b-b593df8ca5d6
Figure 3 –
Visible gold in hole P22-2428 in the 1.0m interval grading 330.00
g/t Au and 192.00 g/t Ag is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6561bc92-8a2a-46d5-9141-75178dd36056
Figure 4 –
Visible gold in hole P22-2430 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a5d9ab61-3027-40f9-a24e-16b1fb1607b4
Table 1 – Big
Missouri drill results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P22-2418 |
40/-79 |
35.02 |
36.02 |
1.00 |
1.54 |
7.50 |
and |
|
40.02 |
43.36 |
3.34 |
1.11 |
14.27 |
and |
|
76.80 |
77.75 |
0.95 |
1.74 |
3.70 |
P22-2419 |
56/-51 |
42.00 |
43.49 |
1.49 |
0.80 |
7.60 |
P22-2420 |
70/-50 |
43.95 |
47.46 |
3.51 |
1.95 |
7.03 |
and |
|
54.70 |
58.18 |
3.48 |
1.45 |
4.20 |
and |
|
90.50 |
98.50 |
8.00 |
15.91 |
31.50 |
incl. |
|
90.50 |
92.50 |
2.00 |
35.50 |
65.20 |
and |
|
110.25 |
115.86 |
5.61 |
3.49 |
3.82 |
incl. |
|
114.30 |
115.86 |
1.56 |
8.06 |
6.40 |
P22-2421 |
71/-60 |
35.54 |
36.64 |
1.10 |
1.74 |
21.50 |
and |
|
38.55 |
39.40 |
0.85 |
1.42 |
4.70 |
and |
|
44.25 |
45.05 |
0.80 |
1.44 |
4.70 |
and |
|
47.45 |
53.75 |
6.30 |
1.91 |
5.13 |
and |
|
58.58 |
60.58 |
2.00 |
1.23 |
4.05 |
P22-2422 |
72/-63 |
37.77 |
43.13 |
5.36 |
1.37 |
4.73 |
and |
|
47.59 |
49.43 |
1.84 |
3.38 |
10.10 |
and |
|
52.50 |
53.78 |
1.28 |
1.13 |
4.30 |
and |
|
106.68 |
110.60 |
3.92 |
2.68 |
3.07 |
incl. |
|
109.60 |
110.60 |
1.00 |
8.73 |
5.50 |
P22-2423 |
81/-53 |
33.51 |
37.57 |
4.06 |
3.93 |
22.94 |
incl. |
|
33.51 |
35.13 |
1.62 |
8.31 |
28.30 |
and |
|
71.20 |
73.20 |
2.00 |
8.36 |
6.20 |
and |
|
140.80 |
146.77 |
5.97 |
1.41 |
6.44 |
and |
|
151.85 |
154.85 |
3.00 |
2.75 |
4.48 |
incl. |
|
151.85 |
152.85 |
1.00 |
4.87 |
4.80 |
P22-2424 |
109/-53 |
34.50 |
40.26 |
5.76 |
2.34 |
16.17 |
incl. |
|
34.50 |
35.90 |
1.40 |
5.83 |
59.00 |
and |
|
107.00 |
109.00 |
2.00 |
7.05 |
13.10 |
P22-2425 |
138/-50 |
47.00 |
48.55 |
1.55 |
0.88 |
4.20 |
P22-2426 |
157/-74 |
20.86 |
22.00 |
1.14 |
2.19 |
9.30 |
and |
|
38.00 |
39.00 |
1.00 |
6.26 |
4.70 |
P22-2427 |
155/-49 |
38.00 |
43.00 |
5.00 |
4.49 |
4.22 |
incl. |
|
38.00 |
39.00 |
1.00 |
8.94 |
7.60 |
and |
|
50.07 |
54.57 |
4.50 |
2.09 |
7.88 |
and |
|
59.00 |
60.50 |
1.50 |
1.87 |
5.90 |
and |
|
65.00 |
67.00 |
2.00 |
1.53 |
7.40 |
P22-2428 |
300/-60 |
37.17 |
39.00 |
1.83 |
5.27 |
3.35 |
and |
|
90.00 |
100.69 |
10.69 |
31.92 |
22.21 |
incl. |
|
90.00 |
91.00 |
1.00 |
330.00 |
192.00 |
and incl. |
|
94.16 |
100.69 |
6.53 |
1.53 |
5.46 |
P22-2429 |
330/-60 |
67.00 |
69.00 |
2.00 |
11.70 |
9.70 |
and |
|
75.70 |
77.00 |
1.30 |
1.89 |
5.80 |
and |
|
79.00 |
81.00 |
2.00 |
1.04 |
20.80 |
P22-2430 |
348/-50 |
40.50 |
41.65 |
1.15 |
5.81 |
10.40 |
and |
|
48.50 |
52.53 |
4.03 |
6.04 |
6.53 |
incl. |
|
49.45 |
50.45 |
1.00 |
21.70 |
8.40 |
and |
|
58.83 |
60.50 |
1.67 |
19.65 |
23.10 |
Note: Reported intercepts are estimated to be between 60% to 80%
of true width.
Table 2 – Drill pad
location
Pad # |
UTM N |
UTM E |
Elevation (masl) |
Hole no. |
BM-1/22 |
6219486 |
436514 |
995 |
P22-2418 to P22-2427 |
BM-2/22 |
6219505 |
436530 |
997 |
P22-2428 to P22-2430 |
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
Communications dstewart@ascotgold.com 778-725-1060 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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