Ascot Resources Ltd. (TSX: AOT) (OTCQX: AOTVF) is pleased to announce additional high-grade results in step-out and exploration drillholes from the ongoing 25,000m drill program at the Company’s Premier Gold Project. Before moving to higher elevations, drilling this season to date has focused on the area to the northwest of the Premier/Northern Light zones. High-grade gold was intercepted from multiple drill locations and at various depths, expanding previously identified areas of mineralization and adding new zones.

Highlights from the drill results include:

• 21.13 g/t Au, 110.61 g/t Ag, 2.76% Pb, and >17.14% Zn over 7.00m in hole P21-2320 drilled from pad BY-01. The gold grades in this interval were consistent, with every 1.00m sample composite ranging between 12.80 g/t and 28.80 g/t. A 1.00m sub-interval in this hole exceeded the 30% Zn assay detection limit. This hole stepped out 50m from the closest mineralized intercept of the Northern Light resource.
• 13.18 g/t Au and 84.50 g/t Ag over 4.00m in hole P21-2312 drilled from pad GT-01, including 26.10 g/t Au and 46.00 g/t Ag over 2.00m.
• 13.15 g/t Au and 42.60 g/t Ag over 1.00m in hole P21-2311 drilled from pad GT-01.

This news release summarizes the results from ten surface drill holes for a total of 4,347m completed from four drill pads. Assays are pending from an additional ten holes drilled in this area testing the 430m wide gap area between recently discovered mineralization and current resources (see Figure 1). Most holes appear to have been drilled perpendicular to the interpreted strike, and as such, true widths are anticipated to be 70–90% of reported intervals.

Derek White, President and CEO of Ascot commented, “We are very pleased with recent drill results as they build upon recent success in this area northwest of the Premier deposit and have identified new areas of high-grade mineralization outside of existing resources. We are beginning to appreciate the scale of these new, high-grade discoveries in the area west of the mill and the Premier resource, and are eagerly awaiting the next round of assay results in this zone. We are particularly encouraged by hole P21-2320 which intercepted 21 g/t Au over 7 metres, because the gold grades were consistent throughout the interval. The same intercept contained grades of 111 g/t Ag, 2.76% Pb, and >17% Zn, providing further evidence of a strong base metal signature in this area of mineralization. We expect a higher cadence of drill results as surface drilling progresses at Woodbine and the Day Zone, and as we add a second drill rig in the coming weeks.”

Table 1 Summary of exploration drill results

Note: True widths are anticipated to be 70–90% of reported intervals.

After completing the first seven drill holes at pad NL-W01 (see News Release dated July 8, 2021), the drill rig moved to the old Westmin core yard south of the power station to complete geotechnical and further exploration drilling from pad GT-01. After completing the geotechnical section, hole 2311 was extended to test for the presence of mineralization at depth in this location. Hole 2312 intercepted high-grade mineralization at a depth that does not seem to be related to a known zone of mineralization and will require follow-up drilling.

The rig then moved to pad NL-W03 in order to connect to the intercepts from drilling at pad NL-W01 to the known resource approximately 430m to the east. At the depth of the expected mineralization, hole 2318 encountered a younger dyke of significant thickness that obscured the older lithologies in this location and therefore did not provide any additional information. Assays are pending from an additional ten holes completed in this area.

Drilling then moved to pad NL-W02, located approximately 250m north of NL-W01 where drill holes 2313-2317 intercepted a zone of mineralization with high-grade silver and highly anomalous gold grades similar to the upper zone intercepted from pad NL-W01 (see News Release dated July 8, 2021).

The drill rig then moved to pad BY-01 where holes 2319 and 2320 intercepted a zone of thick, high-grade mineralization in a 50m step-out from the westernmost edge of the Northern Lights resource. Hole P21-2320 intercepted 21.13 g/t Au, 110.61 g/t Ag, 2.76% Pb, and >17.14% Zn over 7.00m in drilled from pad BY-01.

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/254a3664-ce0b-4040-aee3-837ec8796472

Table 2 Drill pad locations

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.

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.