Ascot Resources Ltd. (TSX: AOT) (OTCQX: AOTVF) is pleased to announce the second batch of assay results at the Big Missouri deposit from the 2022 exploration drill program at the Company’s Premier Gold 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:

• 31.92 g/t Au and 22.21 g/t Ag over 10.69m from a depth of 90.00m in hole P22-2428, including 330.00 g/t Au and 192.00 g/t Ag over 1.00m
• 15.91 g/t Au and 31.50 g/t Ag over 8.00m from a depth of 90.50m in hole P22-2420, including 35.50 g/t Au and 65.20 g/t Ag over 2.00m
• 19.65 g/t Au and 23.10 g/t Ag over 1.67m from a depth of 58.83m in hole P22-2430
• 6.04 g/t Au and 6.53 g/t Ag over 4.03m from a depth of 48.50m in hole P22-2430, including 21.70 g/t Au and 8.40 g/t Ag over 1.00m
• 11.70 g/t Au and 9.70 g/t Ag over 2.00m from a depth of 67.00m in hole P22-2429

Drilling has been completed for the 2022 exploration season at the Big Missouri deposit for a total of 50 holes and 4,752 metres. Following the first batch of 15 drill holes outlined in the News Release dated September 13, 2022, this release summarizes the second batch of assay results from the next 13 drill holes for a total of 1,265 metres from surface pads BM–1/22 and BM–2/22. Drill holes were targeting several layers of gold mineralization at the A Zone of the Big Missouri deposit in and around planned stopes to the north of the S-1 pit.

Derek White, President and CEO of Ascot commented, “As drilling has recently wrapped up for this year’s exploration season, we continue to receive high-grade assay results from the Big Missouri deposit. The headline intercept of 32 grams per tonne over 11 metres included a bonanza-grade intercept of 330 grams per tonne over 1 metre which contained coarse, visible gold. While we are pleased with these high grades, we are even more encouraged that the majority of the intercepts were encountered within or close to existing block model wireframes and in potential extensions of those wireframes, further validating the resource model at the Premier Gold Project. Combined with our recently announced positive grade reconciliation results from the underground development sampling program, this bolsters our confidence in the quality of the resource model.”

An overview of drill hole locations is shown in Figure 1 and a cross section is shown in Figure 2. Following the completion of the previously released 15 holes from pad BM–1/22, a further 10 holes were drilled from the same pad, mostly towards the east. In this release are also the assay results from the first 3 holes drilled from pad BM–2/22, which is approximately 15 metres northeast from pad BM–1/22.

The results are headlined by hole P22-2428 which intercepted 330.00 g/t Au and 192.00 g/t Ag over 1.00m, within a broader interval of 31.92 g/t Au and 22.21 g/t Ag over 10.69m, starting from a depth of 90.00m. This high-grade intercept occurs inside a pre-existing wireframe and along a potential extension of a planned stope shape following the dip of the mineralization in that area. This drill intercept also encountered visible gold as shown in Figure 3. The reported width of the mineralized interval of 10.69m is supported by anomalously high sulfur and base metals as well as a background gold grade in excess of 1 g/t outside of the 330 g/t sub-interval.

Further support is shown in Figure 2 where 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 21.70 g/t Au and 19.65 g/t Au intercepts in hole P22-2430, the 11.70 g/t Au intercept in hole P22-2429, and the 5.27 g/t Au intercept in hole P22-2428.

An additional 5 holes were drilled from the pad BM–2/22, with assay results pending. Another 13 holes were drilled from a third surface pad to the north, and 4 holes were drilled from a fourth pad to the south. Drilling was recently completed from surface at the Day Zone on the western side of the Big Missouri ridge, where a total of 12 holes were drilled.

Figure 1 – Plan view of Big Missouri A Zone drilling is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/cd42274b-0c23-4d39-9ca5-df577497bbd3

Figure 2 – North-looking cross section view of Big Missouri A Zone drilling from pad BM–2/22 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/8ab3ec4d-6623-4368-b38b-b593df8ca5d6

Figure 3 – Visible gold in hole P22-2428 in the 1.0m interval grading 330.00 g/t Au and 192.00 g/t Ag is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/6561bc92-8a2a-46d5-9141-75178dd36056

Figure 4 – Visible gold in hole P22-2430 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/a5d9ab61-3027-40f9-a24e-16b1fb1607b4

Table 1 – Big Missouri drill results

Note: Reported intercepts are estimated to be between 60% to 80% of true width.

Table 2 – Drill pad location

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.

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. 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.

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. 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.