Ascot Resources Ltd (TSX: AOT) (OTCQX: AOTVF) is pleased to announce the results from twenty-seven drill holes completed in the Silver Coin deposit of Ascot’s Premier Gold Project near Stewart in northwestern British Columbia.

Highlights of this release include:

• 52.67g/t gold over 3.59m in hole P19-2079
• 16.56g/t gold over 4.00m in hole P19-2081

The Silver Coin deposit, acquired in 2018, is located approximately five kilometres to the north of the Premier mill. This release contains the results from the third set of drill holes from the 10,500 metre 2019 drill campaign at the site. The deposit was mined in 1991 producing 102,500 tonnes at a grade of 8.88g/t Au with an average gold recovery of 92.9 percent.

Derek White, President and CEO of Ascot commented, “We are proud to report the third successive set of very impressive drill results from Silver Coin. This set of holes generated over a dozen intercepts above 9g/t Au over one metre or more.  

The multiple high-grade intercepts from the deposit were highlighted by an exceptional intercept of one metre at 184g/t gold in P19-2019. This deposit is but one of several deposits at Premier that demonstrate the remarkable potential of the project.  Our engineers continue to work very hard to deliver a mine development plan that will allow Ascot to realize this potential for its shareholders.”

Drill Results

This news release presents the results from 27 drill holes, comprising 3,860 metres of drilling from 10 separate pads. The holes tested the central and southern parts of Silver Coin. In the central part the drill holes intercepted mineralization at predictable intervals confirming the model in the areas of high drill density. The peripheral parts of Silver Coin still require more drilling going forward.

Given our exploration success the Company re-opened the southern access portal at Silver Coin. This will permit future infill drilling campaigns to be conducted from existing underground infrastructure.  This will be more cost effective as holes will be shorter, facilitating a higher drill density compared to a surface program in difficult topography.

The results from the third set of Silver Coin drill holes are summarized in Table 1 and the pad locations are listed in Table 2.

Figure 1 Image of the Silver Coin deposit showing the locations of drill collars and drill holes described in this release relative to the existing underground infrastructure. Pad locations are listed in Table 2.

Figure 1 https://ascotgold.com/site/assets/files/4740/fig1-1200-dec-2-2019.jpg

Table 1 Summary of drill results from Silver Coin

True width is estimated to be approximately 70-90% of reported intercepts. The drill holes that are missing in the sequence have not been drilled at Silver Coin and will be reported in subsequent releases.

Table 2 Drill pad locations

Quality Assurance/Quality Control

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 (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.

Analytical work is being carried out by SGS Canada Inc (“SGS”). 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 SGS.

Samples are dried and weighed by SGS. They are then crushed to 75% passing 2mm, with 250g split and pulverized to 85% passing 75µm. Samples are processed on site by a mobile lab supplied by SGS and run by SGS personnel. All splits are sent to SGS in Burnaby. 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 junior exploration 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 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.