Ascot Resources Ltd (TSX: AOT) (OTCQX: AOTVF) is pleased to announce additional high-grade gold intercepts at the Day Zone of the Company’s Premier Gold Project. These results are highly significant as the Day Zone is in a strategic location approximately 300 metres west of reserves and resources at the Big Missouri deposit and 5 kilometres north of the Premier mill (see Figure 1).

Highlights from the Day Zone include:

• 59g/t Au over 3.62m in hole P20-2217
• 31g/t Au over 5.60m in hole P20-2245

The intercepts reported in this release succeeded in connecting the Day Zone with the known zones of the Big Missouri deposit to the east (see Figure 2). This area holds very high potential for additional near mine resources. The Company is awaiting assays from nine more drill holes that were completed from two additional drill pads.

Derek White, President and CEO of Ascot commented, “It is very exciting that we continue to hit mineralization in every drill hole in this area. The new drill holes have connected the west side of the ridge to the known resources at the Big Missouri deposit that are included in our feasibility mine plan. There is high potential to expand the mineralization to the north and south and add additional resources close to planned underground infrastructure which could ultimately extend the mine life at Premier. We are looking forward to additional results from the Day Zone, Silver Hill and the Woodbine prospect.”

Table 1 Summary of drill results from the Day Zone

True width is uncertain as there is not enough information about the orientation of mineralization in this area

Day Zone

The Company has completed 16 drill holes from three drill pads for a total of 3,619 metres at the Day Zone and reported initial drill success from three holes from Pad 1 in a news release on September 17, 2020. Drilling intercepted high-grade gold mineralization at the Day Zone on the west side of the Big Missouri Ridge (see Figure 1) approximately 300m west of planned underground workings in this area.

This release summarizes results of four additional drill holes from the Day-1 pad, testing the extent of mineralization to the north (hole P20-2215) and south (hole P20-2216) and the connection to known mineralization to the east (holes P20-2217 and P20-2245) in the Big Missouri deposit.

Drill holes 2215 and 2216 intercepted the same apparently east dipping zone of mineralization as holes 2212 and 2213 that were reported previously (see Figure 2). Drill holes 2217 and 2245 were oriented to the east to test the sizeable gap between the mineralization in hole 2216 and the Big Missouri deposit. Both holes intercepted high-grade mineralization closing the gap between the Day Zone and the Big Missouri deposit. The difference in dip direction in the western part of the ridge (Day Zone) and the eastern part (Big Missouri deposit) suggest the presence of faulting and possible block rotation which will require additional investigation to be fully understood. It is important to note that every drill hole from drill pad Day-1 hit gold mineralization and it is clear that this area will be a priority target for follow up work in 2021 to add additional resources close to mining infrastructure.

Figure 1 Image of the Premier Gold Project showing the location of the Day Zone in relation to the Premier, Silver Coin and Big Missouri deposits. The location of the three drill pads (Day-1 through Day-3) are sketched in along with the location of the cross section in Figure 2.

Figure 2 North looking cross-section through the Big Missouri Ridge illustrating the three known zones at the Big Missouri deposit in the east (Province, Big Missouri and Deep) and drill pad Day-1 of the emerging Day Zone in the west. The new drill holes 2217 and 2245 intercepted high grade mineralization in the gap between the two areas. There is a variety of possibilities how the intercepts are connected requiring additional drilling in the future to fully assess the potential of the area. Drill holes in this release are labeled in red.

Figure 3 Image of visible gold grain in drill core from drill hole P20-2216 at a depth of 171.49m down the hole. The gold particle occurs in a quartz breccia interval and is associated with pyrite.

Table 2 Drill pad location

Qualified Person

Lawrence Tsang, P. Geo., the Company’s Senior Geologist provides the field management for the Premier exploration program. John Kiernan, P. Eng., Chief Operating Officer of the Company is the Company’s Qualified Person 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 digested using aqua-regia 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 are at the Company’s secure facility in Stewart.

About Ascot Resources Ltd.

Ascot is a Canadian-based exploration and development company focused on re-starting the past producing historic Premier gold mine, located in British Columbia’s Golden Triangle.  The Company continues to define high-grade resources for underground mining with the near-term goal of converting the underground resources into reserves, while continuing to explore nearby targets on its Premier/Dilworth and Silver Coin properties (collectively referred to as the Premier Gold Project).  Ascot’s acquisition of IDM Mining added the high-grade gold and silver Red Mountain Project to its portfolio and positions the Company as a leading consolidator of high-quality assets in the Golden Triangle.