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Ascot Reports Spectacular Intercept of 40.78 g/t Gold Over 6 Metres at Premier West

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Ascot Resources Ltd (TSX: AOT) (OTCQX: AOTVF)  is pleased to announce spectacular high-grade gold intercepts from the second batch of ten drill holes (for a total of 2,820 metres) from Premier West at the Company’s Premier Project. The results from these drill holes add to the strong results reported in the news release of July 29, 2020. The impressive gold grades are close to the proposed mining areas outlined in the feasibility study adding significant value to the Project.

 

Highlights of this release include:

 

  • 13.74g/t Au over 24.15m in hole P20-2202

    including 40.78g/t Au over 6.00m in the same hole

  • 15.75g/t Au over 4.50m in hole P20-2197
  • 9.91g/t Au over 4.25m in hole P20-2203

 

In early June, the Company started exploring the area west of the existing Premier deposit and reported initial results on July 29, 2020. The results in this release demonstrate the successful systematic tracing of high-grade mineralization even further to the west. Significant strike length is yet to be explored (see Figure 1). Additional drilling has been conducted with assay results pending.

 

Derek White, President and CEO of Ascot commented, “Drilling at Premier West has again discovered very high-grade gold mineralization to the northwest of the 609 and 602 resource zones at Premier. These impressive results are rewarding our commitment to continued exploration on this property. Despite difficult weather conditions we have two rigs operating on our less accessible, higher elevation targets at Silver Hill and the Day Zone. Drill core logs from these targets show alteration and sulfide mineralogy commonly associated with precious metal mineralization in the area with assays pending. Congratulations to the Ascot exploration team for continuing successful exploration efforts and growing the Company’s resources to the west of Premier. At the same time, we are making great progress on advancing the Project towards production.”

 

Drill Results

 

The aim of the exploration program to the west of Premier is to determine the connection between the various occurrences such as the Hope Zone, the Power Zone and the Woodbine prospect further west (see Figure 1). This release summarizes the results from two fences of drill holes completed from drill pad PW-1 and two individual holes from previous fences. Two additional fences of drill holes have been completed from drill pad PW-1 with assays pending. Another drill pad (PW-2) has been established for testing the unexplored 400 metres of strike length to the Power Zone. The drilling from this pad will be conducted later in the season when drilling at the higher elevation targets has been completed.

 

Figure 2 shows that the mineralized zone is not as steeply dipping as the previously modeled body that was based on very few drill holes. The actual dip of the zone may be flattening out towards the Hope zone. The main orientation of mineralization at the Power Zone is sub-horizontal with a gentle westerly dip. Further rotation of the gentle flattening trend of the dip indicated in these latest drill results may explain how these zones are eventually connected. The remaining 400m of strike length towards the Power Zone may yet add significant resources in this area.

 

The drill results are summarized in Table 1 and the pad location is specified in Table 2.

 

Figure 1 Image of the Premier mine area showing the location of the drill pads and various zones discussed in this release. The white arrow originating from PW-1 shows the orientation of the westernmost fence of drill holes reported to date determining the current edge of the extension of mineralization from the 609 resource zone.

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/46205e85-fa84-42b2-8cf5-d2293c5d0073

 

Table 1 Summary of exploration drill results from Premier West

 

Hole # pad azimuth/dip From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t)
P20-2194 PW-1 220/-65 215.00 217.00 2.00 1.08 1.6
and     234.45 235.70 1.25 1.50 15.0
P20-2195 PW-1 205/-46 176.95 177.85 0.90 0.90 8.1
P20-2196 PW-1 256/-46 248.58 249.58 1.00 6.76 3.6
P20-2197 PW-1 256/-53 236.95 238.00 1.05 1.28 2.7
and     240.00 241.00 1.00 1.58 1.5
and     243.00 254.75 11.75 8.42 16.4
incl.     249.00 253.50 4.50 15.75 27.9
and     251.95 253.50 1.55 28.15 62.2
P20-2198 PW-1 256/-60 235.70 236.20 0.50 4.34 22.1
and     239.50 240.50 1.00 2.51 5.2
and     250.65 252.65 2.00 4.19 3.4
and     286.10 287.30 1.20 3.59 13.0
and     300.60 302.60 2.00 4.34 3.5
P20-2199 PW-1 256/-65 280.50 283.75 3.25 1.59 35.9
and     296.20 297.40 1.20 2.31 6.9
and     329.60 330.60 1.00 2.89 9.0
P20-2200 PW-1 256/-70 242.00 244.00 2.00 3.55 2.6
P20-2201 PW-1 245/-46 251.25 253.25 2.00 4.99 5.1
P20-2202 PW-1 245/-55 228.85 253.00 24.15 13.74 50.6
incl.     244.90 250.90 6.00 40.78 86.8
incl.     244.90 246.25 1.35 97.60 72.9
and     248.25 249.25 1.00 61.10 88.0
P20-2203 PW-1 245/-65 235.60 239.85 4.25 9.91 7.8
incl.     237.70 239.85 2.15 16.15 8.7
and     255.85 270.05 14.20 2.37 5.4
incl.     255.85 259.85 4.00 5.76 7.0

 

True width is estimated to be 70-90% of reported intervals. The drill holes were targeted perpendicular to the expected zone orientation.

 

Table 2 Drill pad location

 

Pad # UTM N UTM E Elevation (masl) Hole no.
PW-1 6212682 436162 321 2194-2203

 

Figure 2 Image of a north looking 3D section showing the layout of the drill holes reported in this and the previous release relative to the northeast dipping modelled zone that is being targeted. The drill intercepts below the modelled zone suggest that the actual dip of the mineralized zone is flattening as it is traced to the northwest. Mineralization is open in that direction.

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/dfc820c1-827e-4005-8984-b5adfce8779b

 

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 (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 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 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.

 

Posted August 20, 2020

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