Ascot Resources Ltd. (TSX: AOT) (OTCQX: AOTVF) is pleased to announce the discovery of new high-grade copper, gold, and silver mineralization at the Company’s Premier Gold Project. These are the first drill results from this year’s 25,000m exploration program, which is aimed at testing new, high-priority targets as well as following up on last year’s drilling successes. Initial drilling has intercepted a shallow zone of gold-silver mineralization and a deeper zone of high-grade copper-silver mineralization.

Highlights from the drill results include:

• 6.57 g/t Au and 14.3 g/t Ag (6.78 g/t AuEq) over 1.20m in hole P21-2304
• 0.81 g/t Au and 407.0 g/t Ag (6.74 g/t AuEq) over 1.25m in hole P21-2302
• 0.70 g/t Au and 373.0 g/t Ag (6.13 g/t AuEq) over 2.00m in hole P21-2303, including 0.90 g/t Au and 596.0 g/t Ag (9.58 g/t AuEq) over 1.00m
• 0.10 g/t Au and 311.0 g/t Ag (4.63 g/t AuEq) over 1.00m in hole P21-2306
• 0.17 g/t Au, 137.8 g/t Ag, 3.62% Cu, 0.65% Zn (8.43 g/t AuEq or 5.16% CuEq) over 4.00m in hole P21-2305, including 0.26 g/t Au, 191.0 g/t Ag, 5.78% Cu, 1.30% Zn (13.14 g/t AuEq or 8.05% CuEq) over 1.75m
• 0.16 g/t Au, 137.0 g/t Ag, 1.98% Cu, 0.22% Zn (5.49 g/t AuEq or 3.36% CuEq) over 1.45m in hole P21-2306

Note: AuEq and CuEq calculated using spot prices of US$1,805/oz Au, US$26.30/oz Ag, US$4.30/lb Cu, and US$1.34/lb Zn.

This news release summarizes the results from seven drill holes for a total of 1,839m completed from surface approximately 350m west of the Premier mill targeting geophysical anomalies. There is an unexplored gap of approximately 430m between the new intercepts and the nearest resources at PGP (see Figure 1). Follow-up drilling is continuing in this area to test expansion potential to the north and at depth.

Derek White, President and CEO of Ascot commented, “We are excited about these new exploration discoveries at PGP. We are particularly encouraged that our geophysical targeting methods are proving successful in identifying new mineralized zones. While base metals including copper and zinc have not been the focus for Ascot, we are intrigued to have drilled new high-grade sulfide mineralization at depth and welcome the optionality of further similar discoveries. Production at the Premier mine dates back as far as 1918 and gold and silver were historically produced alongside copper and other base metals, so the discovery thereof is not altogether surprising. We are eager to proceed with follow-up drilling this year to test the extents and continuity of this mineralization, among other high-priority targets.”

Shallow Gold-Silver Mineralization

Initial exploration drilling this year was targeting a geophysical induced polarization anomaly to the west of the mill and at a greater depth than established resources at PGP (see Figure 1). All seven drill holes intercepted gold-silver mineralization at approximately 65–75m depth (Table 1), before some holes intercepted a deeper, broad zone of sulfides in quartz breccia. This mineralization was intercepted near the middle of the IP anomaly being targeted (Figure 2). Therefore, while the gold grades were not as high as typically encountered at PGP, this method of blind discovery is proving to be very effective and will continue to be employed across various other IP anomalies throughout the property. In addition, in contrast to some of the lower gold grades, these intercepts encountered much higher silver grades than normal at PGP, and silver is the dominant precious metal in most holes. It is too early to determine the true widths of these intervals, but the Company is planning subsequent drill holes to more accurately assess the structures controlling mineralization in this area.

Table 1 Summary of exploration drill results from the shallow gold-silver mineralization

True width is uncertain as there is not enough information about the orientation of mineralization in this area.
AuEq calculated using spot prices of US$1,805/oz Au and US$26.30/oz Ag.

High-Grade Copper Mineralization

After intercepting the shallow gold-silver horizon, drill hole P21-2305 continued deeper towards a second IP anomaly and intercepted over 16m of sulfides in quartz breccia mineralization starting at approximately 250m down-hole. This zone is in an untested horizon which is approximately at the same level as the deepest known mineralization in the 6-Level Zone at the past-producing Premier underground mine. A follow-up drill hole also intercepted high-grade copper mineralization with anomalous silver and zinc grades in the same location (Table 2) and established a southeast strike with a moderate dip to the northeast. The continuation of this strike points at the Premier deposit and the style of mineralization appears very similar. The new sulfide zone displays high copper and silver grades along with zinc with anomalous gold content. The discovery of strong sulfide mineralization in this location opens a large untested area for exploration in all directions from the location of the new drill pad.

Mining at PGP is well documented starting from 1918 and alongside gold and silver, base metals were also mined including copper, zinc, and lead at both the Premier and Big Missouri deposits. In the early 1990’s, the previous operator Westmin encountered areas of high base metal/low gold grades at the Silver Coin deposit but left them unexploited due to only having a gold CIL circuit process plant at the time. Even at Ascot’s more recently discovered Silver Hill Prospect, combined zinc-lead grades of over 11% have been found in grab samples. In Ascot’s press release earlier this year highlighting the Woodbine prospect, many intercepts returned assay values ranging from 1-3% zinc (see News Release dated January 26, 2021). Therefore, the Premier property has a long-established history of base metals presence, and the Company believes this latest discovery is a continuation and augmentation of that narrative. Notwithstanding the potential base metals optionality, Ascot remains focused on our high-grade gold and silver reserves, resources, and exploration prospects.

Table 2 Summary of exploration drill results from the deep base metal mineralization

True width is uncertain as there is not enough information about the orientation of mineralization in this area.
AuEq and CuEq calculated using spot prices of US$1,805/oz Au, US$26.30/oz Ag, US$4.30/lb Cu, and US$1.34/lb Zn.

Figure 1 Plan view of the PGP site showing the location of drill pad NL-W01 in relation to the mill building and existing resources. The red line sketches one of the drill traces and the two yellow stars show the approximate location of the two intercepted zones.

Photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/d88a92f3-9d14-4454-8a7a-b76b3f5b5b0c

Figure 2 Cross section of chargeability inversion showing drill traces of the drill holes discussed in this release. Intervals with >30g/t silver and one high-grade gold intercept are highlighted along the drill traces. The drill holes have been drilled in different directions and are projected onto the plane of the cross section.

Photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/1355d54d-1133-48bd-b5e6-b4d537af4c5b

Table 3 Drill pad location

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 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 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 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.