Ascot Resources Ltd. (
TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the first 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:
- 71.28
g/t Au and 23.00 g/t Ag over 2.00m from a depth of 57.74m
in hole P22-2405, including 136.50 g/t Au and 39.7 g/t Ag
over 1.00m
- 5.09 g/t
Au and 6.60 g/t Ag over 12.00m from a depth of 37.50m in
hole P22-2404, including 7.17 g/t Au and 6.70 g/t Ag over
7.50m
- 3.28 g/t
Au and 7.40 g/t Ag over 14.65m from a depth of 78.31m in
hole P22-2412, including 15.74 g/t Au and 6.8 g/t Ag over
2.51m
- 16.55
g/t Au and 25.40 g/t Ag over 2.00m from a depth of 57.00m
in hole P22-2406, including 29.90 g/t Au and 47.0 g/t Ag
over 1.00m
To date, 46 holes have been completed for a
total of 4,260 metres at the Big Missouri deposit this season. This
release summarizes the assay results from the first 15 drill holes
for a total of 1,195 metres from surface pad BM–1/22. Drill holes
were targeting the A Zone of the Big Missouri deposit in planned
stoping areas, potential extensions of stopes, and gaps in previous
drilling on the deposit.
Derek White, President and CEO of Ascot
commented, “This season’s drill program at Big Missouri is
important as it enables us to refine and gain more confidence on
our initial stoping areas for underground mining. We are pleased to
see high-grade intercepts and visible gold encountered in the first
batch of assay results from this area. The drilling revealed
various locations where planned stope shapes can be extended, where
existing stope shape geometry was confirmed, and provide useful
information in previously undrilled gaps in the historical
database.
We look forward to seeing continued success from
the drill program at Big Missouri this season, and in combination
with ongoing underground development and sampling, vastly improving
the confidence in our geological model at PGP as we advance towards
production.”
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.
An overview of drill hole locations is shown in
Figure 2 and a cross section is shown in Figure 3. The results are
headlined by hole P22-2405 which intercepted 136.50 g/t Au and 39.7
g/t Ag over 1.00m, within a broader interval of 2.00m grading 71.28
g/t Au and 23.00 g/t Ag, starting from a depth of 57.74m – just
below a planned stope shape. This drill intercept also encountered
visible gold as shown in Figure 4.
As shown in Figure 3, these drill results show
strong potential for the planned stope shapes to be extended by
high-grade intercepts such as the 10.70 g/t Au intercept in hole
P22-2407, the 7.49 g/t Au and 5.10 g/t Au intercepts in holes
P22-2412 and P22-2410, respectively, and the 15.74 g/t Au and 7.90
g/t Au intercepts near the bottom of holes P22-2412 and P22-2410,
respectively. Many of these potential stope extensions also occur
at the predicted locations based on mineralization wireframe
geometry, which strengthens confidence in the geological model.
In various locations, 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 7.17 g/t Au intercept in hole P22-2407 and the
29.90 g/t Au and 10.90 g/t Au intercepts in hole P22-2406.
Ten more holes were drilled from the same pad,
mostly towards the east, with assay results pending. Two additional
surface pads were established to the north, from which an
additional 21 holes were drilled. Currently, drilling is being
carried out from surface at the Day Zone on the western side of the
Big Missouri ridge.
Figure 1 –
Northwest looking overview of Big Missouri ridge showing drill pad
location is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cfd8d6a3-28a6-4100-a09d-920ea50b542f
Figure 2 –
Plan view of Big Missouri A Zone drilling is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/638f1898-66fd-4506-a068-95e253188407
Figure 3 –
North-northwest looking cross section view of Big Missouri A Zone
drilling is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/482c012a-450a-49e2-a8d0-08d98185d15b
Figure 4 –
Visible gold in hole P22-2405 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/613e1305-ab56-4753-aae1-2e87a581aeaa
Table 1 – Big
Missouri drill results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P22-2403 |
180/-50 |
33.50 |
35.50 |
2.00 |
1.03 |
6.9 |
and |
|
55.00 |
59.50 |
4.50 |
1.16 |
8.8 |
and |
|
62.79 |
65.00 |
2.21 |
2.00 |
4.5 |
P22-2404 |
180/-79 |
21.88 |
23.00 |
1.12 |
1.32 |
4.3 |
and |
|
25.00 |
26.00 |
1.00 |
1.47 |
5.1 |
and |
|
31.52 |
32.50 |
0.98 |
1.54 |
9.4 |
and |
|
37.50 |
49.50 |
12.00 |
5.09 |
6.6 |
incl. |
|
42.00 |
49.50 |
7.50 |
7.17 |
6.7 |
incl. |
|
42.00 |
43.50 |
1.50 |
15.10 |
15.4 |
P22-2405 |
211/-70 |
22.50 |
23.50 |
1.00 |
1.05 |
22.7 |
and |
|
28.50 |
29.50 |
1.00 |
1.04 |
6.4 |
and |
|
34.50 |
36.50 |
2.00 |
1.54 |
7.6 |
and |
|
45.00 |
46.59 |
1.59 |
1.29 |
4.8 |
and |
|
49.50 |
51.00 |
1.50 |
1.16 |
3.7 |
and |
|
57.74 |
59.74 |
2.00 |
71.28 |
23.0 |
incl. |
|
58.74 |
59.74 |
1.00 |
136.50 |
39.7 |
P22-2406 |
212/-62 |
26.00 |
28.50 |
2.50 |
4.81 |
12.0 |
incl. |
|
26.00 |
27.50 |
1.50 |
6.88 |
13.1 |
and |
|
41.00 |
45.00 |
4.00 |
3.54 |
10.5 |
incl. |
|
43.70 |
45.00 |
1.30 |
4.98 |
7.2 |
and |
|
57.00 |
59.00 |
2.00 |
16.55 |
25.4 |
incl. |
|
57.00 |
58.00 |
1.00 |
29.90 |
47.0 |
and |
|
68.50 |
71.93 |
3.43 |
5.66 |
5.7 |
incl. |
|
68.50 |
70.00 |
1.50 |
10.90 |
9.9 |
P22-2407 |
214/-50 |
34.50 |
39.15 |
4.65 |
6.32 |
43.1 |
incl. |
|
37.50 |
39.15 |
1.65 |
10.70 |
70.8 |
and |
|
49.50 |
54.00 |
4.50 |
2.00 |
4.5 |
and |
|
66.20 |
67.00 |
0.80 |
1.53 |
4.0 |
P22-2408 |
228/-59 |
38.00 |
45.22 |
7.22 |
1.87 |
10.6 |
incl. |
|
40.00 |
41.00 |
1.00 |
4.03 |
10.5 |
and |
|
51.50 |
54.50 |
3.00 |
1.97 |
12.0 |
incl. |
|
53.50 |
54.50 |
1.00 |
3.36 |
7.1 |
and |
|
63.00 |
67.87 |
4.87 |
1.85 |
8.6 |
and |
|
84.50 |
86.50 |
2.00 |
3.44 |
12.0 |
incl. |
|
84.50 |
85.50 |
1.00 |
4.32 |
15.9 |
P22-2409 |
250/-50 |
38.50 |
39.50 |
1.00 |
1.72 |
5.7 |
and |
|
51.83 |
61.12 |
9.29 |
1.00 |
5.3 |
P22-2410 |
257/-50 |
55.50 |
60.50 |
5.00 |
2.32 |
4.6 |
incl. |
|
55.50 |
56.50 |
1.00 |
5.10 |
4.9 |
and |
|
81.00 |
82.00 |
1.00 |
7.90 |
8.5 |
P22-2411 |
259/-74 |
51.00 |
53.00 |
2.00 |
4.04 |
20.1 |
and |
|
67.00 |
68.00 |
1.00 |
1.01 |
3.6 |
and |
|
82.00 |
83.00 |
1.00 |
2.15 |
6.0 |
P22-2412 |
267/-48 |
61.00 |
64.29 |
3.29 |
3.64 |
8.7 |
incl. |
|
63.00 |
64.29 |
1.29 |
7.49 |
6.5 |
and |
|
78.31 |
92.96 |
14.65 |
3.28 |
7.4 |
incl. |
|
90.45 |
92.96 |
2.51 |
15.74 |
6.8 |
P22-2413 |
271/-48 |
53.00 |
56.00 |
3.00 |
1.98 |
11.3 |
P22-2414 |
277/-59 |
59.00 |
62.00 |
3.00 |
1.00 |
2.3 |
P22-2415 |
305/-72 |
41.12 |
44.12 |
3.00 |
1.04 |
6.3 |
P22-2416 |
30/-75 |
39.15 |
41.15 |
2.00 |
1.60 |
33.0 |
P22-2417 |
41/-54 |
40.65 |
42.65 |
2.00 |
0.53 |
5.8 |
and |
|
47.24 |
49.04 |
1.80 |
9.75 |
14.6 |
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 |
P22-2403 to P22-2417 |
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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