Ascot Resources Ltd. (TSX:
AOT;
OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce additional assay
results from the 2021 exploration drill program at the Company’s
Premier Gold Project (“PGP”). This release summarizes assays from
the Company’s first two drill holes this year on the Sebakwe Zone
near existing resources and the Premier mill building, along with
an overview and background on the Sebakwe Zone itself.
Highlights from the drill results include:
- 36.17
g/t Au and 20.6 g/t Ag over 7.10m from a depth of 368.3m
in hole P21-2385, including 103.00 g/t Au and 26.5 g/t Ag over
1.00m and 139.50 g/t Au and 80.1 g/t Ag over 1.00m
- 29.60
g/t Au and 5.3 g/t Ag over 1.00m from a depth of 328.5m in
hole P21-2385 – only 39m above the aforementioned 7.10m
interval
- 39.00
g/t Au and 28.5 g/t Ag over 0.90m from a depth of 324.5m
in hole P21-2386
Derek White, President and CEO of Ascot
commented, “In similar fashion to the Day Zone and Premier West,
the Sebakwe Zone represents yet another exciting opportunity for
Ascot to discover accretive, high-grade mineralization close to
existing infrastructure and current underground resources. Given
the sparse historical drilling, the mapped structural geometry, and
the strong IP signature, we knew Sebakwe was highly prospective for
high-grade gold mineralization. However, we were still pleasantly
surprised by the impressive result of 36.2 g/t over 7.1m, including
two very high-grade sub-intervals grading over 100 g/t and
containing coarse visible gold.
Given the similarities to the structurally
controlled Premier and Northern Light deposits adjacent to the
south, our hypothesis is that Sebakwe could potentially be a third
repeat of the same structure. While we only completed two drill
holes at Sebakwe this year, the results were outstanding and this
zone will be followed up on in a much more meaningful way in next
year’s exploration program.”
Sebakwe Zone
Two exploration drill holes (total of 820m) were
completed in October 2021 targeting mineralization in the Sebakwe
Zone to the north of established resources of the Premier deposit.
Gold mineralization at Premier is hosted in two arcuate structures
as depicted in Figure 1. The new drill holes targeted an area where
historical drill holes from the 1920s and 1930s were completed, but
did not have accurate location or survey information. These
historical drill holes, and now the new holes, seem to indicate the
possible existence of a third structure to the north of the two
known structures.
The new drill holes intersected the prospective
andesite stratigraphy at a depth of 290m (hole 2385) and 270m (hole
2386), respectively. Gold mineralization was intercepted at a
vertical depth to topography of approximately 200m and at a similar
elevation as the mill building approximately 600m to the west. The
mineralized zone has an apparent dip of approximately 40 degrees to
the north (see Figure 2) and is located about 150m to the north of
the deepest part of the Northern Light structure, but the distance
to an equivalent location on that structure may be as far as 500m
which coincides with the distance between the Premier structure and
the Northern Light structure.
The topography immediately above the Sebakwe
Zone is very steep and given the gradually increasing depth of the
Betty Creek Formation cover rock, this area was seldom drilled in
the property’s history. The intercepts in the new drill holes
confirm the results from historical drilling and open up exciting
possibilities to establish additional high-grade resources in this
area. The 2022 exploration program will aim to establish additional
drill platforms to test the strike and dip extent of the Sebakwe
Zone.
Figure 1 Location map of the
new Sebakwe drill holes. The established gold mineralization in the
Premier and Northern Light structures to the south are illustrated
by blocks in the Indicated and Inferred category (Ascot PGP
Resource, Bird 2020).
https://www.globenewswire.com/NewsRoom/AttachmentNg/ea9aff38-f893-4398-bb96-a5fa374e60cd
Figure 2 Cross section showing
the new Sebakwe drill holes superimposed on an induced polarization
section illustrating that the location of mineralization is
coinciding with a chargeability feature in the geophysical
data.
https://www.globenewswire.com/NewsRoom/AttachmentNg/b238a22f-9e71-4a7a-9f4d-845d1c7a6033
Figure 3 Visible gold
occurrences in drill hole P21-2385 at approximately 370m depth.
https://www.globenewswire.com/NewsRoom/AttachmentNg/8fc5ce9c-2132-4867-b1ed-74f7afa6b73e
Table 1 Sebakwe drill
results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P21-2385 |
160/-52 |
314.80 |
319.00 |
4.20 |
1.69 |
6.1 |
incl. |
|
314.80 |
315.80 |
1.00 |
3.41 |
12.6 |
and |
|
328.45 |
329.45 |
1.00 |
29.60 |
5.3 |
and |
|
360.25 |
362.35 |
2.10 |
7.04 |
2.3 |
and |
|
367.28 |
378.50 |
11.22 |
23.35 |
15.8 |
incl. |
|
368.30 |
375.40 |
7.10 |
36.17 |
20.6 |
incl. |
|
368.30 |
369.30 |
1.00 |
103.00 |
26.5 |
incl. |
|
372.30 |
373.30 |
1.00 |
139.50 |
80.1 |
P21-2386 |
160/-55 |
298.00 |
300.00 |
2.00 |
2.09 |
3.7 |
and |
|
316.40 |
317.40 |
1.00 |
3.10 |
152.0 |
and |
|
324.50 |
325.40 |
0.90 |
39.00 |
28.5 |
and |
|
335.90 |
336.90 |
1.00 |
3.41 |
4.3 |
and |
|
340.00 |
341.00 |
1.00 |
3.16 |
3.2 |
and |
|
366.00 |
367.00 |
1.00 |
4.61 |
5.2 |
and |
|
370.95 |
372.05 |
1.10 |
4.60 |
4.6 |
Note: If the interpreted northerly dip of the mineralized zone
is correct, reported intercepts are close to true width. However,
there is limited information available for this area and
interpretations will have to be confirmed by additional
drilling.
Table 2 Drill pad location
Pad # |
UTM N |
UTM E |
Elevation (masl) |
Hole no. |
Seb-01 |
6213667 |
437149 |
607 |
P21-2385, P21-2386 |
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, 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 regarding the Company’s
exploration and development plans, the success of the Projects, the
implementation of the Agreement, the benefits of the Agreement to
Nisga’a Nation, its citizens and businesses as well as the
shareholders and stakeholders of Ascot, and related matters.
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 anticipated benefits of the Agreement, 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
implementation of the Agreement, 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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