Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the
“Company”) is pleased to announce additional assay results from
exploration drill holes from the 2021 drill program at the
Company’s Premier Gold Project (“PGP”). This release summarizes
assays from the first drill hole at the Day Zone near the Big
Missouri deposit and the balance of drill results from near the
Premier deposit. Importantly, the new drill hole at the Day Zone
has expanded mineralization approximately 400 metres to the south.
Highlights from the drill results include:
- 4.13 g/t
Au and 3.5 g/t Ag over 2.46m from 291m depth in hole
P21-2331, including 7.73 g/t Au and 4.1 g/t Ag over 0.96m
at the Day Zone
- 17.05
g/t Au and 43 g/t Ag over 0.70m from 51m depth in hole
P21-2323 in the area west of the Premier deposit
This release summarizes the results from ten
surface drill holes west of the Premier deposit and one drill hole
south of the Day Zone, for a total of 2,795m completed from four
drill pads. As the winter season and snow accumulation has begun at
site, drilling activities have wrapped up for the 2021 season. A
total of 18,074 metres were drilled from surface. The 2021 drill
program originally planned for 25,000 metres however permit delays
restricted the start of underground drilling. Assay results for a
total of 57 holes and 10,875 metres of drilling are still pending
from the Woodbine target, the Day Zone, the Big Missouri deposit,
and the Sebakwe target.
Derek White, President and CEO of Ascot
commented, “Since its initial discovery last year and through very
modest amounts of additional drilling, the Day Zone has quickly
evolved into one of our most prospective targets for potential
resource growth near planned development. This is especially
important for our strategy to increase mine life given the Day
Zone’s proximity to the Big Missouri and Silver Coin deposits,
which will be exploited in the early years of our mine plan. The
400-metre step-out hole to the south of the Day Zone highlights the
size potential of this area, and we eagerly await assay results
from an additional 7 holes drilled from the same pad. Assay results
have taken much longer to process this year. We are looking forward
to assays from both Big Missouri and Sebakwe, where visible gold
was observed in drill core. As the Company continues to work with
provincial permitting regulators, we look forward to getting final
permits to progress development and underground drilling.”
Day Zone Target
The Day Zone, initially discovered in 2020 (see
News Releases dated September 14, 2020, November 19, 2020, and
January 18, 2021), is located on the western side of the Big
Missouri Ridge, approximately 5 kilometres north of the Premier
mill. Given the high-grade intercepts encountered in this area and
its proximity to Big Missouri – the first deposit to be exploited
in the Company’s mine plan – the Day Zone is one of the most
compelling targets for resource growth and potential mine life
extension. The Day Zone is located just 300m west of reserve stopes
at Big Missouri, and mineralization remains open to the north and
south.
The first assay results from the Day Zone
drilling program in 2021 come from a 400m southern step-out hole.
Hole P21-2331 intercepted 4.13 g/t Au and 3.5 g/t Ag over 2.46m
starting at a depth of 291m. Gold mineralization was intercepted at
four different elevations that roughly correspond to known
elevations of mineralization elsewhere at Big Missouri. The new
drill hole is exploring an area of sparse geological information
very close to the planned development drift from the Big Missouri
deposit to the Silver Coin deposit. Additional drill holes from the
same pad have been completed in order to establish the orientation
of mineralization in this area (see Figure 1). Assays from these
holes are pending and will be reported as they become available.
The 400m of strike extent between hole P21-2331 and the Day Zone
drill holes reported last year will be investigated in order to
establish continuity of mineralization. The mineralization at the
Day Zone has now been intercepted over a combined strike length of
550m and remains open to the north and to the south.
Figure 1 Illustration of the
location of drill hole P21-2331 in relation to last year’s drilling
from drill pads Day-1 through Day-3. Planned underground
development is shown in blue. Additional 2021 drill holes with
assays pending from pad Day-4 are shown in dark green.
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1aff1a4a-94b7-45c5-ad32-d790616e5d5d
Table 1 Day Zone drill
results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P21-2331 |
270/-62 |
42.53 |
43.98 |
1.45 |
1.49 |
1.8 |
and |
|
140.95 |
141.95 |
1.00 |
0.99 |
0.8 |
and |
|
291.15 |
293.61 |
2.46 |
4.13 |
3.5 |
incl. |
|
291.15 |
292.11 |
0.96 |
7.73 |
4.1 |
and |
|
354.15 |
355.12 |
0.97 |
1.55 |
1.1 |
Note: The orientation of mineralization in this area is not
sufficiently well understood to predict true width.
Premier Deposit Drilling
Earlier in the 2021 drill season, Ascot started
surface drilling at lower elevations in the area west of the
Premier deposit and near the mill building (see News Releases dated
July 8, 2021 and August 9, 2021). Following up on the previously
reported 50 metre step-out hole to the west of the existing
resource at Northern Light which intercepted 21.13 g/t Au over 7.0m
in hole P21-2320, a further ten holes totaling 2,404m were drilled
along the implied extension of that limb.
The new drill holes were completed in an area
with no previous drilling, targeting the projected extension of the
Northern Light Zone at Premier. One additional high-grade intercept
was encountered in hole P21-2323 that intercepted 17.05 g/t Au and
43 g/t Ag over 0.70m at the edge of a Tertiary dyke in the
overlying Betty Creek formation.
Drill holes 2321, 2322, 2323 and 2324
intercepted sulfide mineralization in quartz breccia with highly
anomalous gold values at roughly the expected depth without
duplicating the spectacular results from drill hole 2320 a little
further east. The next three drill holes did not return any
significant results while drill holes 2328 and 2330 intercepted
anomalous gold again. Both holes were drilled at a very steep dip
and the results suggest that the mineralization may trend further
to the north rather than the west as anticipated. This area of the
deposit is concealed by younger volcanic cover and geological
information is obtained exclusively from drill holes. Additional
work in the future will be designed to establish the correct trace
of the main trend of mineralization and its potential connection to
the intercepts further west reported earlier in the year. The
hydrothermal system appears to extend to the west of the
established resource areas offering exciting potential for
additional discoveries very close to the mine infrastructure.
Table 2 Premier deposit drill
results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P21-2321 |
190/-50 |
184.55 |
185.60 |
1.05 |
2.36 |
23.3 |
P21-2322 |
190/-65 |
152.00 |
153.00 |
1.00 |
0.71 |
11.2 |
P21-2323 |
190/-70 |
51.05 |
51.75 |
0.70 |
17.05 |
43.3 |
and |
|
146.75 |
147.75 |
1.00 |
0.62 |
22.5 |
P21-2324 |
225/-60 |
156.10 |
158.00 |
1.90 |
0.21 |
2.1 |
P21-2325 |
225/-65 |
No significant intercept |
P21-2326 |
225/-45 |
No significant intercept |
P21-2327 |
225/-77 |
No significant intercept |
P21-2328 |
260/-75 |
215.16 |
219.16 |
4.00 |
0.56 |
1.2 |
P21-2329 |
195/-68 |
No significant intercept |
P21-2330 |
195/-82 |
199.85 |
200.85 |
1.00 |
0.45 |
1.8 |
Note: True widths are anticipated to be 70–90% of reported
intervals.
Table 3 Drill pad locations
Pad # |
UTM N |
UTM E |
Elevation (masl) |
Hole no. |
Boneyard2 |
6213215 |
436521 |
391 |
2321-2324 |
Boneyard3 |
6213210 |
436464 |
391 |
2325-2328 |
Boneyard4 |
6213275 |
436385 |
369 |
2329-2330 |
Day4 |
6218985 |
436221 |
1032 |
2331 |
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. 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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