Ascot Resources Ltd. (
TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the first 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 near the past-producing Premier mill, and with assays
of up to 193 g/t gold, continue to highlight the high-grade tenor
of the Sebakwe Zone.
Highlights from the drill results include:
- 193.00
g/t Au and 41.8 g/t Ag over 1.0m from a depth of 315m in
hole P22-2393
- 17.78
g/t Au and 20.1 g/t Ag over 3.0m from a depth of 366m in
hole P22-2393, including 51.00 g/t Au and 54.6 g/t Ag over
1.0m
- 4.77
g/t Au and 18.2 g/t Ag over 4.5m from a depth of 331m in
hole P22-2393, including 12.10 g/t Au and 34.5 g/t Ag over
1.6m
- 25.90
g/t Au and 21.0 g/t Ag over 1.0m from a depth of 413m in
hole P22-2389
This release summarizes the results from six
surface drill holes totaling 2,477 metres at the emerging Sebakwe
Zone, approximately 600 metres east of the Premier mill building.
After drilling two holes in 2021 on this zone, one of which
intercepted 36.17 g/t gold over 7.1 metres (see News Release dated
December 15, 2021), the Company had initially planned on drilling
10 new holes totaling approximately 4,000 metres as a part of the
2022 exploration drilling program. As drilling progressed, based on
encouraging visual indications of mineralization and structure, the
drill program was increased to 15 holes totaling 6,091 metres at
the Sebakwe Zone.
Derek White, President and CEO of Ascot
commented, “The Sebakwe Zone continues to impress with its
high-grade pedigree and growth potential. Hole P22-2393 intercepted
193 g/t gold over 1.0m, representing the highest-grade drilled by
Ascot in recent years. In such a short timeframe, Ascot has now
defined visual mineralization at the Sebakwe Zone in multiple
parallel vein structures over a strike extent of 70 metres and a
vertical extent of 120 metres. Given its proximity to the Premier
mill and planned underground mine development, Sebakwe is a
compelling target for low-cost, accretive resource growth. The
geometrical similarities to the Premier and Northern Light deposits
adjacent to the south are so far reaffirming our hypothesis that
the Sebakwe Zone is a third parallel mineralized structure.”
An updated three-dimensional model of the
Sebakwe Zone drill results can be found at the link below or by
visiting Ascot’s website. The model shows drill results from 2021,
the new results released today, and the remaining holes completed
for which assays are pending.
https://vrify.com/decks/11811
An overview of drill hole locations is shown in
Figure 1. Drill results were headlined by hole P22-2393 which
intercepted bonanza-grade gold of 193.00 g/t over 1.0m (Figure 2).
The depth of that intercept corresponds well with a 6.64 g/t gold
intercept in hole P22-2389, a 39.00 g/t gold intercept from hole
P21-2386, and a 29.60 g/t gold intercept from hole P21-2385,
indicating the potential continuity of that mineralized vein
structure. Hole P22-2393 also intercepted high-grade mineralization
at two other distinct depths, indicating the presence of multiple
parallel vein structures. This corresponds well with the
mineralization styles of the Premier and Northern Light
deposits.
Each of the eight reported Sebakwe drill holes
from 2021 and 2022 have intercepted the targeted quartz-breccia
structures with sulfide mineralization and all have encountered
anomalous gold mineralization, with the exception of hole P22-2390
which was stopped short due to hitting an underground void, likely
an historic exploration tunnel. Assay results are pending for the
remaining nine holes drilled this year. Most of these holes were
drilled with wider step-out spacing towards the east, targeting a
strike extent of approximately 400 metres for the Sebakwe Zone.
Figure 1 – Northwest looking image of
the current drill pattern at Sebakwe showing completed and planned
drill holes is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1dbde506-d4b7-4bc9-aefe-38ee5d5c31e4.
The approximate location of the visible gold intercept is indicated
as well.
Figure 2 – Visible gold in hole P22-2393
at the Sebakwe Zone is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b90b4020-a8a4-4c7d-bc52-604bfa0e5e40
Table 1 –
Sebakwe drill results
Hole # |
Azimuth/dip |
From(m) |
To(m) |
Width(m) |
Au(g/t) |
Ag(g/t) |
P22-2388 |
167/-52 |
357.00 |
361.00 |
4.00 |
2.05 |
3.3 |
and |
|
376.21 |
377.50 |
1.29 |
1.01 |
73.0 |
and |
|
392.05 |
394.00 |
1.95 |
1.71 |
3.5 |
P22-2389 |
165/-55 |
304.00 |
308.00 |
4.00 |
1.24 |
3.7 |
and |
|
316.00 |
322.00 |
6.00 |
2.57 |
10.1 |
incl. |
|
320.00 |
322.00 |
2.00 |
6.64 |
4.0 |
and |
|
340.16 |
341.48 |
1.32 |
1.41 |
5.2 |
and |
|
345.00 |
347.00 |
2.00 |
1.17 |
4.1 |
and |
|
350.79 |
353.00 |
2.21 |
2.09 |
1.4 |
and |
|
358.67 |
359.67 |
1.00 |
1.98 |
6.1 |
and |
|
364.00 |
366.00 |
2.00 |
3.30 |
8.0 |
and |
|
377.08 |
378.00 |
0.92 |
1.08 |
3.0 |
and |
|
413.00 |
414.00 |
1.00 |
25.90 |
21.0 |
P22-2390 |
|
Hit void at 298.09m before reaching targeted zones |
P22-2391 |
171/-51 |
391.00 |
392.00 |
1.00 |
3.61 |
212.0 |
P22-2392 |
160/-50 |
324.00 |
325.00 |
1.00 |
1.52 |
3.1 |
and |
|
332.00 |
333.00 |
1.00 |
1.19 |
4.3 |
and |
|
363.40 |
364.50 |
1.10 |
1.64 |
6.6 |
and |
|
399.70 |
413.00 |
13.30 |
1.07 |
4.7 |
incl. |
|
411.00 |
413.00 |
2.00 |
2.29 |
5.0 |
and |
|
416.00 |
417.00 |
1.00 |
1.26 |
3.9 |
P22-2393 |
160/-54 |
272.15 |
274.15 |
2.00 |
1.19 |
1.3 |
and |
|
300.76 |
304.44 |
3.68 |
1.40 |
6.5 |
and |
|
307.44 |
309.44 |
2.00 |
5.04 |
12.5 |
and |
|
315.44 |
316.44 |
1.00 |
193.00 |
41.8 |
and |
|
320.85 |
321.85 |
1.00 |
5.95 |
2.8 |
and |
|
322.85 |
324.03 |
1.18 |
1.67 |
3.5 |
and |
|
331.06 |
335.60 |
4.54 |
4.77 |
18.2 |
incl. |
|
333.99 |
335.60 |
1.61 |
12.10 |
34.5 |
and |
|
366.15 |
369.15 |
3.00 |
17.78 |
20.1 |
incl. |
|
366.15 |
367.15 |
1.00 |
51.00 |
54.6 |
and |
|
396.69 |
399.69 |
3.00 |
1.40 |
7.0 |
and |
|
414.80 |
415.52 |
0.72 |
1.15 |
17.0 |
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 |
P22-2388 to P22-2393 |
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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