Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the
“Company”) is pleased to announce the discovery of new high-grade
copper, gold, and silver mineralization at the Company’s Premier
Gold Project (“PGP”). These are the first drill results from this
year’s 25,000m exploration program, which is aimed at testing new,
high-priority targets as well as following up on last year’s
drilling successes. Initial drilling has intercepted a shallow zone
of gold-silver mineralization and a deeper zone of high-grade
copper-silver mineralization.
Highlights from the drill results include:
- 6.57 g/t Au and 14.3 g/t Ag
(6.78 g/t AuEq) over 1.20m in hole P21-2304
- 0.81 g/t Au and 407.0 g/t Ag
(6.74 g/t AuEq) over 1.25m in hole P21-2302
- 0.70 g/t Au and 373.0 g/t Ag
(6.13 g/t AuEq) over 2.00m in hole P21-2303,
including 0.90 g/t Au and 596.0 g/t Ag (9.58 g/t
AuEq) over 1.00m
- 0.10 g/t Au and 311.0 g/t Ag
(4.63 g/t AuEq) over 1.00m in hole P21-2306
- 0.17 g/t Au, 137.8 g/t Ag, 3.62%
Cu, 0.65% Zn (8.43 g/t AuEq or 5.16%
CuEq) over 4.00m in hole P21-2305, including 0.26 g/t Au,
191.0 g/t Ag, 5.78% Cu, 1.30% Zn (13.14 g/t AuEq
or 8.05% CuEq) over 1.75m
- 0.16 g/t Au, 137.0 g/t Ag, 1.98%
Cu, 0.22% Zn (5.49 g/t AuEq or 3.36%
CuEq) over 1.45m in hole P21-2306
Note: AuEq and CuEq calculated using spot prices of US$1,805/oz
Au, US$26.30/oz Ag, US$4.30/lb Cu, and US$1.34/lb Zn.
This news release summarizes the results from
seven drill holes for a total of 1,839m completed from surface
approximately 350m west of the Premier mill targeting geophysical
anomalies. There is an unexplored gap of approximately 430m between
the new intercepts and the nearest resources at PGP (see Figure 1).
Follow-up drilling is continuing in this area to test expansion
potential to the north and at depth.
Derek White, President and CEO of Ascot
commented, “We are excited about these new exploration discoveries
at PGP. We are particularly encouraged that our geophysical
targeting methods are proving successful in identifying new
mineralized zones. While base metals including copper and zinc have
not been the focus for Ascot, we are intrigued to have drilled new
high-grade sulfide mineralization at depth and welcome the
optionality of further similar discoveries. Production at the
Premier mine dates back as far as 1918 and gold and silver were
historically produced alongside copper and other base metals, so
the discovery thereof is not altogether surprising. We are eager to
proceed with follow-up drilling this year to test the extents and
continuity of this mineralization, among other high-priority
targets.”
Shallow Gold-Silver
Mineralization
Initial exploration drilling this year was
targeting a geophysical induced polarization (“IP”) anomaly to the
west of the mill and at a greater depth than established resources
at PGP (see Figure 1). All seven drill holes intercepted
gold-silver mineralization at approximately 65–75m depth (Table 1),
before some holes intercepted a deeper, broad zone of sulfides in
quartz breccia. This mineralization was intercepted near the middle
of the IP anomaly being targeted (Figure 2). Therefore, while the
gold grades were not as high as typically encountered at PGP, this
method of blind discovery is proving to be very effective and will
continue to be employed across various other IP anomalies
throughout the property. In addition, in contrast to some of the
lower gold grades, these intercepts encountered much higher silver
grades than normal at PGP, and silver is the dominant precious
metal in most holes. It is too early to determine the true widths
of these intervals, but the Company is planning subsequent drill
holes to more accurately assess the structures controlling
mineralization in this area.
Table 1 Summary of exploration
drill results from the shallow gold-silver mineralization
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
AuEq(g/t) |
P21-2302 |
170/-50 |
73.50 |
74.75 |
1.25 |
0.81 |
407.0 |
6.74 |
P21-2303 |
170/-70 |
48.90 |
50.90 |
2.00 |
1.61 |
13.4 |
1.80 |
and |
|
54.90 |
58.90 |
4.00 |
0.37 |
125.9 |
2.20 |
and |
|
63.15 |
65.15 |
2.00 |
0.70 |
373.0 |
6.13 |
including |
|
64.15 |
65.15 |
1.00 |
0.90 |
596.0 |
9.58 |
P21-2304 |
170/-85 |
42.65 |
43.85 |
1.20 |
6.57 |
14.3 |
6.78 |
and |
|
70.00 |
71.00 |
1.00 |
0.30 |
16.5 |
0.54 |
P21-2305 |
195/-50 |
71.30 |
72.30 |
1.00 |
0.75 |
94.0 |
3.58 |
and |
|
76.20 |
76.70 |
0.50 |
0.20 |
115.0 |
1.88 |
P21-2306 |
195/-55 |
67.60 |
68.60 |
1.00 |
0.10 |
311.0 |
4.63 |
P21-2307 |
185/-45 |
78.30 |
79.30 |
1.00 |
0.04 |
40.0 |
0.62 |
P21-2308 |
205/-55 |
73.00 |
74.00 |
1.00 |
0.44 |
230.0 |
3.79 |
True width is uncertain as there is not enough information about
the orientation of mineralization in this area. AuEq calculated
using spot prices of US$1,805/oz Au and US$26.30/oz Ag.
High-Grade Copper
Mineralization
After intercepting the shallow gold-silver
horizon, drill hole P21-2305 continued deeper towards a second IP
anomaly and intercepted over 16m of sulfides in quartz breccia
mineralization starting at approximately 250m down-hole. This zone
is in an untested horizon which is approximately at the same level
as the deepest known mineralization in the 6-Level Zone at the
past-producing Premier underground mine. A follow-up drill hole
also intercepted high-grade copper mineralization with anomalous
silver and zinc grades in the same location (Table 2) and
established a southeast strike with a moderate dip to the
northeast. The continuation of this strike points at the Premier
deposit and the style of mineralization appears very similar. The
new sulfide zone displays high copper and silver grades along with
zinc with anomalous gold content. The discovery of strong sulfide
mineralization in this location opens a large untested area for
exploration in all directions from the location of the new drill
pad.
Mining at PGP is well documented starting from
1918 and alongside gold and silver, base metals were also mined
including copper, zinc, and lead at both the Premier and Big
Missouri deposits. In the early 1990’s, the previous operator
Westmin encountered areas of high base metal/low gold grades at the
Silver Coin deposit but left them unexploited due to only having a
gold CIL circuit process plant at the time. Even at Ascot’s more
recently discovered Silver Hill Prospect, combined zinc-lead grades
of over 11% have been found in grab samples. In Ascot’s press
release earlier this year highlighting the Woodbine prospect, many
intercepts returned assay values ranging from 1-3% zinc (see News
Release dated January 26, 2021). Therefore, the Premier property
has a long-established history of base metals presence, and the
Company believes this latest discovery is a continuation and
augmentation of that narrative. Notwithstanding the potential base
metals optionality, Ascot remains focused on our high-grade gold
and silver reserves, resources, and exploration prospects.
Table 2 Summary of exploration
drill results from the deep base metal mineralization
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
Cu(%) |
Zn(%) |
AuEq(g/t) |
CuEq(%) |
P21-2305 |
195/-50 |
259.95 |
263.95 |
4.00 |
0.17 |
137.8 |
3.62 |
0.65 |
8.43 |
5.16 |
including |
|
262.20 |
263.95 |
1.75 |
0.26 |
191.0 |
5.78 |
1.30 |
13.14 |
8.05 |
P21-2306 |
195/-55 |
254.70 |
256.15 |
1.45 |
0.16 |
137.0 |
1.98 |
0.22 |
5.49 |
3.36 |
True width is uncertain as there is not enough information about
the orientation of mineralization in this area. AuEq and CuEq
calculated using spot prices of US$1,805/oz Au, US$26.30/oz Ag,
US$4.30/lb Cu, and US$1.34/lb Zn.
Figure 1 Plan view of the PGP
site showing the location of drill pad NL-W01 in relation to the
mill building and existing resources. The red line sketches one of
the drill traces and the two yellow stars show the approximate
location of the two intercepted zones.
Photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d88a92f3-9d14-4454-8a7a-b76b3f5b5b0c
Figure 2 Cross section of
chargeability inversion showing drill traces of the drill holes
discussed in this release. Intervals with >30g/t silver and one
high-grade gold intercept are highlighted along the drill traces.
The drill holes have been drilled in different directions and are
projected onto the plane of the cross section.
Photo accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/1355d54d-1133-48bd-b5e6-b4d537af4c5b
Table 3 Drill pad location
Pad # |
UTM N |
UTM E |
Elevation (masl) |
Hole no. |
NL-W01 |
436190 |
6213490 |
296 |
2302-2308 |
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 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 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.com+1 (647) 294-8361
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. 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 partnership 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, 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, including statements in respect of the use of proceeds
of the Offering. 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 Gold Project; the timing of the
anticipated start of production at the Projects; 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. 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 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 and additional risks identified in
Ascot’s filings with Canadian securities regulators on SEDAR in
Canada (available at www.sedar.com). The timing of future economic
studies; labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals, financing or in the
completion of the Premier Gold Project as well as those factors
discussed in the Annual Information Form of the Company dated March
26, 2021 in the section entitled "Risk Factors", under Ascot’s
SEDAR profile 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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