Ascot Resources Ltd (TSX.V: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the fifth set of
results from its 2019 drill program at the Premier Project
(“
Premier”) near Stewart in northwestern British
Columbia.
Highlights of this release include:
- 69.00g/t Au over 0.85m in hole P19-1981 at Big
Missouri
- 12.80g/t Au over 1.54in hole P19-1985 at Big
Missouri
- 11.80g/t Au over 2.0m in hole P19-1991 at Big
Missouri
The Company commenced its 2019 drill program in
April and has released four batches of results so far. This news
release summarizes the results from the fifth batch of 23 drill
holes of the 2019 program. All holes were drilled in the vicinity
of the S1 pit at the Big Missouri Ridge located about 5km to the
north of the Premier mill.
Derek White, President and CEO of Ascot
Resources commented, “One of our goals in 2019 was to improve the
confidence and knowledge of our resources by drilling closely
spaced drill patterns required for economic studies and future
financing requirements. The results to date speak for
themselves as we continue to report high-grade hits in the
mineralized zones. With the infill drilling nearing completion, our
focus is shifting to exploration drilling in highly prospective
areas outside of our known resources.”
Drill Results
This news release presents the results from 23
drill holes, comprising 3,321 metres of drilling, completed from
five separate pads to the west (19BM-09) and northeast (19BM-22,
19BM-23, 19BM-24 and 19BM-37) of the historic S1 pit (see Figure
2). The results from these drill holes are summarized in Table 1
and the pad locations are listed in Table 2.
The drill holes from pad 19BM-09 complete a
large infill pattern that seeks to upgrade the classification of
the mineralized zone to the west and southwest of the S1 pit where
Westmin mined the Big Missouri zone in the 1990s until the strip
ratio became prohibitive in this pit. The aim of the program was to
consolidate the resources in this area and to define a contiguous
resource for underground mining purposes. The infill program is
necessary to upgrade a part of the inferred resources at Premier to
the indicated category in order to qualify these resources for
conversion to reserves in upcoming engineering studies prior to
project financing. Under current regulations inferred resources are
not eligible to be converted to reserves in the course of a
feasibility study.
The drill holes from the other four pads aim to
achieve the same purpose on the other side of the existing pit.
Mineralization in this area is relatively close to surface and has
previously not been defined as well as the area to the west of the
pit. The infill drilling has established contiguous zones in this
area and continues to hit high-grade gold at predictable
depths.
At the time of writing the drilling at Big
Missouri has been completed and two rigs are turning at Silver Coin
where over 80% of the infill pattern is completed. Initial drill
results from this area that was acquired by Ascot in late 2018
should be available for reporting shortly. One drill rig is
currently turning at the Prew zone near the Premier mill and a
second rig will be added there when it has completed its tasks at
Silver Coin. The fourth rig is testing exploration targets.
Figure 1 Image of the S1 pit
area at Big Missouri looking northwest showing the location of the
drill pads discussed in this release. The drill holes for each pad
are listed in Table 2.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0b50e84c-d042-4e52-8d90-d8516c6eb19c
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) |
P19-1978 |
19-BM9 |
090/-78 |
162.80 |
163.90 |
1.10 |
3.73 |
7.0 |
also |
|
|
187.80 |
190.10 |
2.30 |
1.42 |
6.0 |
P19-1979 |
19-BM9 |
090/-87 |
187.60 |
197.60 |
10.00 |
1.35 |
2.8 |
incl. |
|
|
189.60 |
191.60 |
2.00 |
2.41 |
4.0 |
P19-1980 |
19-BM24 |
270/-43 |
23.80 |
25.15 |
1.35 |
1.63 |
11.0 |
also |
|
|
36.26 |
37.26 |
1.00 |
1.14 |
24.0 |
P19-1981 |
19-BM24 |
270/-64 |
14.56 |
16.56 |
2.00 |
1.70 |
16.5 |
also |
|
|
18.50 |
19.50 |
1.00 |
1.56 |
16.0 |
also |
|
|
24.10 |
26.10 |
2.00 |
1.33 |
5.5 |
also |
|
|
34.10 |
35.10 |
1.00 |
1.63 |
9.0 |
also |
|
|
89.20 |
90.05 |
0.85 |
69.00 |
51.5 |
also |
|
|
144.17 |
148.17 |
4.00 |
1.97 |
4.5 |
P19-1982 |
19-BM24 |
270/-89 |
8.61 |
12.61 |
4.00 |
1.92 |
6.1 |
incl. |
|
|
8.61 |
9.61 |
1.00 |
4.99 |
9.5 |
also |
|
|
17.61 |
18.61 |
1.00 |
3.56 |
9.0 |
also |
|
|
23.62 |
24.62 |
1.00 |
6.66 |
8.0 |
also |
|
|
145.65 |
147.65 |
2.00 |
4.48 |
11.0 |
P19-1983 |
19-BM24 |
090/-60 |
12.09 |
13.09 |
1.00 |
9.51 |
14.0 |
also |
|
|
125.40 |
127.40 |
2.00 |
3.74 |
8.8 |
also |
|
|
161.35 |
162.16 |
0.81 |
4.20 |
3.0 |
also |
|
|
179.16 |
180.16 |
1.00 |
2.26 |
3.0 |
P19-1984 |
19-BM24 |
090/-78 |
17.98 |
19.98 |
2.00 |
2.48 |
12.5 |
also |
|
|
23.90 |
24.90 |
1.00 |
2.03 |
8.0 |
also |
|
|
99.76 |
101.76 |
2.00 |
7.67 |
4.0 |
P19-1985 |
19-BM22 |
360/-81 |
64.00 |
65.54 |
1.54 |
12.80 |
15.0 |
also |
|
|
80.00 |
81.21 |
1.21 |
6.69 |
19.0 |
also |
|
|
99.00 |
103.50 |
4.50 |
1.54 |
20.0 |
also |
|
|
115.00 |
117.00 |
2.00 |
2.74 |
7.0 |
P19-1986 |
19-BM22 |
275/-53 |
72.00 |
73.00 |
1.00 |
1.80 |
11.0 |
P19-1987 |
19-BM22 |
225/-43 |
43.45 |
44.45 |
1.00 |
1.67 |
33.0 |
P19-1988 |
19-BM22 |
210/-72 |
77.44 |
81.00 |
3.56 |
1.28 |
6.9 |
also |
|
|
93.00 |
94.27 |
1.27 |
5.42 |
4.0 |
P19-1989 |
19-BM22 |
185/-75 |
89.17 |
93.50 |
4.33 |
1.53 |
18.8 |
P19-1990 |
19-BM22 |
085/-69 |
55.54 |
57.00 |
1.46 |
2.62 |
11.0 |
also |
|
|
95.22 |
102.41 |
7.19 |
3.85 |
20.5 |
incl. |
|
|
96.32 |
99.36 |
3.04 |
6.34 |
33.0 |
P19-1991 |
19-BM23 |
285/-43 |
18.00 |
52.00 |
34.00 |
2.04 |
9.7 |
incl. |
|
|
24.19 |
26.00 |
1.81 |
5.56 |
3.0 |
and |
|
|
44.00 |
46.00 |
2.00 |
11.80 |
8.0 |
P19-1992 |
19-BM22 |
078/-80 |
71.85 |
75.64 |
3.79 |
2.35 |
15.6 |
Table 1 Continued
Hole # |
pad |
azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au (g/t) |
Ag (g/t) |
P19-1993 |
19-BM37 |
326/-59 |
124.05 |
125.30 |
1.25 |
9.03 |
14.0 |
also |
|
|
146.50 |
150.50 |
4.00 |
1.25 |
3.5 |
P19-2001 |
19-BM37 |
090/-82 |
126.40 |
129.40 |
3.00 |
1.41 |
3.0 |
P19-2002 |
19-BM37 |
083/-52 |
89.05 |
91.05 |
2.00 |
1.26 |
18.0 |
P19-2003 |
19-BM37 |
066/-47 |
15.37 |
17.37 |
2.00 |
2.38 |
28.0 |
also |
|
|
57.14 |
59.14 |
2.00 |
1.82 |
8.0 |
also |
|
|
96.42 |
110.95 |
14.53 |
2.96 |
24.5 |
incl. |
|
|
96.42 |
97.42 |
1.00 |
6.27 |
45.0 |
and |
|
|
108.91 |
110.95 |
2.04 |
9.06 |
15.0 |
also |
|
|
116.50 |
118.50 |
2.00 |
2.15 |
5.0 |
P19-2004 |
19-BM37 |
050/-58 |
78.60 |
80.60 |
2.00 |
1.32 |
23.0 |
|
|
|
|
|
|
|
|
P19-2006 |
19-BM23 |
090/-80 |
13.60 |
20.00 |
6.40 |
2.11 |
8.7 |
incl. |
|
|
18.00 |
20.00 |
2.00 |
4.47 |
9.0 |
P19-2007 |
19-BM23 |
270/-76 |
14.21 |
15.21 |
1.00 |
3.95 |
7.0 |
also |
|
|
61.30 |
62.86 |
1.56 |
8.36 |
9.0 |
P19-2008 |
19-BM23 |
270/-86 |
73.67 |
75.67 |
2.00 |
4.68 |
14.0 |
also |
|
|
100.95 |
102.95 |
2.00 |
3.09 |
6.0 |
True width is believed to be approximately 70-90% of reported
intercepts. The drill hole numbers that are missing in the sequence
have assays pending.
Table 2 Drill pad locations
Pad # |
UTM N |
UTM E |
Elevation |
Hole no. |
19BM-09 |
6219375 |
436295 |
1082 |
1978, 1979 |
19BM-22 |
6219540 |
436778 |
954 |
1985-1990, 1992 |
19BM-23 |
6219575 |
436662 |
979 |
1991, 2006-2008 |
19BM-24 |
6219625 |
436673 |
989 |
1980-1984 |
19BM-37 |
6219775 |
436772 |
1018 |
1993, 2001-2004 |
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.
ON BEHALF OF THE BOARD OF DIRECTORS OFASCOT RESOURCES
LTD.
“Derek C. White”, President and
CEO
For further information contact:Kristina Howe
VP, Investor Relations 778-725-1060 / 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.
Ascot Resources (TSXV:AOT)
Historical Stock Chart
From Jul 2024 to Aug 2024
Ascot Resources (TSXV:AOT)
Historical Stock Chart
From Aug 2023 to Aug 2024