Ascot Resources Ltd. (
TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the second batch
of assay results 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 exploration drilling at the emerging
Sebakwe Zone, approximately 600 metres east of the past-producing
Premier mill.
Highlights from the drill results include:
- 11.83
g/t Au and 56.3 g/t Ag over 2.73m, including
20.10 g/t Au and 82.4 g/t Ag over
1.40m, from a depth of 335.47m in hole P22-2394
- 6.33
g/t Au and 6.6 g/t Ag over 3.20m, including 11.25
g/t Au and 10.7 g/t Ag over 1.60m, from a depth of 290.10m
in hole P22-2396
- 8.25
g/t Au and 15.7 g/t Ag over 1.45m from a depth of 290.55m
in hole P22-2400
The Company had initially planned on drilling 10
new holes totaling approximately 4,000 metres at Sebakwe as a part
of the 2022 exploration drilling program, but based on encouraging
visual indications of mineralization and structure, this was
increased to 15 holes totaling 6,110 metres. Following the first
batch of six drill holes released previously (see News Release
dates July 14, 2022) which included bonanza-grade gold of 193 g/t,
this release summarizes results from the remaining nine surface
drill holes totaling 3,633 metres.
Derek White, President and CEO of Ascot
commented, “Following on our previous drilling success at Sebakwe,
we have now increased the mineralized strike length fivefold from
70 metres to 350 metres, with mineralization still open in several
directions. In just 15 holes drilled this season, we have achieved
our main objectives in establishing the high-grade tenor,
identifying more coarse, visible gold, and growing the mineralized
zone with step-out drilling. We look forward to the future of the
Sebakwe Zone and continuing to demonstrate it as an accretive,
near-mine exploration success and potential to grow our resource
base for development near planned underground infrastructure.
We have advanced underground development at Big
Missouri over 450 metres to date and have reached initial
mineralized areas, allowing for detailed face sampling. Drilling is
ongoing at Big Missouri and we have been encouraged by multiple
occurrences of visible gold in the drill core. We will report the
corresponding assays as they become available.”
Sebakwe Exploration
An overview of drill hole locations is shown in
Figure 1 and assay results are summarized in Table 1. Consistent
with previous holes drilled at Sebakwe, each of the nine holes from
this batch intercepted the targeted quartz-breccia structures with
sulfide mineralization and all have encountered anomalous gold
mineralization. Drill results are headlined by hole P22-2394 which
intercepted 20.10 g/t Au and 82.4 g/t Ag over 1.40m, within a
broader interval of 2.73m grading 11.83 g/t Au and 56.3 g/t Ag,
starting from a depth of 335.47m. Drill holes P22-2398 to P22-2402
were drilled along strike towards the northeast. With these new
drill results, mineralization has been extended along strike from
70 metres to 350 metres.
Initial modeling work based on the Sebakwe Zone
drill results has identified at least two zones of gold
mineralization, as shown in Figure 1. These zones have been modeled
with a north westerly dip and are located under the Lesley Creek to
the east of the Premier mill. These veins are concentrated in the
more densely drilled area towards the southwestern end of Sebakwe
along a strike length of approximately 120 metres and a down dip
extent of 100 metres. The presence of similar vein zones in the
northeastern end of Sebakwe is observed, but must be followed up
with more drilling to confirm dimensions, continuity, and
grade.
Figure 1 – East-looking image of the
current drill pattern at Sebakwe indicating the drill holes
reported in this release is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e9e6b3eb-0c8c-4803-a39e-5e1e8efdf46e.
Two preliminary zones of gold mineralization have been modeled with
a north westerly dip under Lesley Creek to the east of the Premier
mill.
Table 1 – Sebakwe drill
results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P22-2394 |
160/-56 |
297.95 |
310.10 |
12.15 |
1.50 |
11.6 |
incl. |
|
306.10 |
310.10 |
4.00 |
3.10 |
21.6 |
incl. |
|
306.10 |
308.10 |
2.00 |
4.46 |
38.8 |
and |
|
314.97 |
316.97 |
2.00 |
1.55 |
2.1 |
and |
|
335.47 |
338.20 |
2.73 |
11.83 |
56.3 |
incl. |
|
335.47 |
336.87 |
1.40 |
20.10 |
82.4 |
P22-2395 |
150/-50 |
260.05 |
260.97 |
0.92 |
1.55 |
2.4 |
and |
|
322.42 |
332.57 |
10.15 |
0.81 |
3.5 |
incl. |
|
331.07 |
332.57 |
1.50 |
1.33 |
4.9 |
and |
|
359.75 |
361.90 |
2.15 |
1.12 |
4.3 |
P22-2396 |
160/-53 |
290.10 |
293.30 |
3.20 |
6.33 |
6.6 |
incl. |
|
291.70 |
293.30 |
1.60 |
11.25 |
10.7 |
and |
|
316.89 |
319.59 |
2.70 |
1.42 |
6.2 |
and |
|
343.93 |
345.51 |
1.58 |
1.18 |
4.3 |
and |
|
356.50 |
363.95 |
7.45 |
1.99 |
10.4 |
incl. |
|
361.95 |
363.95 |
2.00 |
3.26 |
13.6 |
and |
|
403.24 |
405.24 |
2.00 |
1.87 |
1.9 |
P22-2397 |
160/-56 |
274.99 |
276.49 |
1.50 |
4.37 |
3.7 |
and |
|
301.93 |
302.93 |
1.00 |
2.08 |
19.8 |
P22-2398 |
140/-55 |
291.69 |
293.48 |
1.79 |
2.29 |
18.1 |
and |
|
302.89 |
304.70 |
1.81 |
1.08 |
7.9 |
and |
|
326.86 |
328.86 |
2.00 |
1.22 |
3.9 |
P22-2399 |
142/-58 |
257.00 |
259.00 |
2.00 |
1.25 |
6.8 |
and |
|
278.77 |
279.20 |
0.43 |
2.70 |
21.0 |
and |
|
318.00 |
319.00 |
1.00 |
1.17 |
3.7 |
and |
|
320.32 |
322.00 |
1.68 |
1.25 |
5.0 |
and |
|
331.83 |
335.00 |
3.17 |
1.81 |
15.9 |
and |
|
379.00 |
381.00 |
2.00 |
1.06 |
3.1 |
P22-2400 |
125/-59 |
236.00 |
237.00 |
1.00 |
1.02 |
11.9 |
and |
|
277.85 |
292.00 |
14.15 |
1.51 |
7.2 |
and |
|
290.55 |
292.00 |
1.45 |
8.25 |
15.7 |
and |
|
306.00 |
307.50 |
1.50 |
1.03 |
5.0 |
and |
|
361.00 |
365.00 |
4.00 |
1.06 |
5.0 |
P22-2401 |
75/-62 |
264.00 |
268.50 |
4.50 |
1.71 |
4.5 |
and |
|
340.80 |
342.00 |
1.20 |
2.32 |
7.6 |
and |
|
364.50 |
365.50 |
1.00 |
1.28 |
6.1 |
P22-2402 |
72/-48 |
273.00 |
274.00 |
1.00 |
1.06 |
21.4 |
and |
|
284.00 |
285.58 |
1.58 |
1.22 |
3.8 |
and |
|
286.51 |
288.00 |
1.49 |
1.02 |
7.2 |
and |
|
290.35 |
294.00 |
3.65 |
1.74 |
3.2 |
Note: Drill holes appear to intersect the targeted structures at
high angles suggesting that reported intercepts are likely between
70% to 90% of true width
Table 2 – Drill pad
location
Pad # |
UTM N |
UTM E |
Elevation (masl) |
Hole no. |
Seb-01 |
6213670 |
437150 |
607 |
P22-2394 to P22-2402 |
Big Missouri Exploration
Surface drilling is currently being conducted at
the Big Missouri deposit for in-fill and step-out purposes, and
assays are anticipated in the coming weeks. Multiple occurrences of
visible gold have been identified in the core, boding well for the
pending results (see Figure 2). To date 27 holes have been
completed for a total of 2,384 metres at Big Missouri.
Development work at the S1 portal is progressing
well with over 450 metres of development completed to date,
consisting of 85 metres on the main ramp, 223 metres on the A Zone
access and 30 metres on the crosscut into mineralization, with the
remainder in underground infrastructure. The face in the
mineralization crosscut has been slashed on an azimuth targeting a
surface drillhole about 25 metres away. Sampling is being
done on each round in the A Zone, and a more comprehensive
underground development release will be forthcoming when assay
results are received.
Figure 2 – Visible gold in core from Big
Missouri drill hole P22-2428 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f5b3271f-35a9-4ede-ae3c-02d1aae9a42e
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
Communicationsdstewart@ascotgold.com778-725-1060 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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