Ascot Resources Ltd (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the results from
twenty-seven (27) drill holes completed in the Silver Coin deposit
of Ascot’s Premier Gold Project (“
Premier”) 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
Hole # |
pad |
azimuth/dip |
From (m) |
To(m) |
Width(m) |
Au (g/t) |
Ag (g/t) |
P19-2053 |
SC-12 |
90/-49 |
57.35 |
58.35 |
1.00 |
6.48 |
24.0 |
also |
|
|
98.00 |
106.60 |
8.60 |
4.59 |
18.4 |
incl. |
|
|
98.00 |
99.00 |
1.00 |
18.20 |
34.0 |
also |
|
|
137.45 |
139.75 |
2.30 |
9.93 |
29.3 |
P19-2054 |
SC-12 |
90/-61 |
109.72 |
111.72 |
2.00 |
5.35 |
24.0 |
also |
|
|
147.10 |
148.30 |
1.20 |
4.46 |
45.0 |
P19-2055 |
SC-07 |
70/-66 |
No significant intercept |
P19-2056 |
SC-07 |
125/-82 |
80.95 |
83.00 |
2.05 |
1.17 |
5.0 |
P19-2057 |
SC-07 |
260/-57 |
159.80 |
161.80 |
2.00 |
2.93 |
6.0 |
also |
|
|
196.40 |
199.40 |
3.00 |
15.04 |
76.3 |
incl. |
|
|
196.40 |
197.40 |
1.00 |
36.90 |
99.0 |
also |
|
|
215.60 |
220.80 |
5.20 |
3.13 |
20.7 |
incl. |
|
|
215.60 |
216.60 |
1.00 |
5.66 |
47.0 |
P19-2058 |
SC-07 |
246/-50 |
49.00 |
50.00 |
1.00 |
4.59 |
16.0 |
also |
|
|
60.45 |
61.85 |
1.40 |
5.00 |
26.0 |
also |
|
|
118.15 |
120.15 |
2.00 |
3.20 |
5.0 |
also |
|
|
138.70 |
139.75 |
1.05 |
9.39 |
53.0 |
P19-2059 |
SC-07 |
238/-72 |
94.00 |
95.95 |
1.95 |
15.65 |
39.1 |
P19-2060 |
SC-07 |
238/-62 |
145.00 |
146.00 |
1.00 |
3.19 |
11.0 |
also |
|
|
147.00 |
148.00 |
1.00 |
32.50 |
58.0 |
also |
|
|
212.95 |
213.95 |
1.00 |
6.89 |
133.0 |
P19-2061 |
SC-07 |
220/-80 |
43.00 |
43.90 |
0.90 |
2.04 |
6.0 |
P19-2063 |
SC-17 |
140/-63 |
64.00 |
65.50 |
1.50 |
3.06 |
21.3 |
P19-2064 |
SC-17 |
60/-79 |
75.50 |
77.50 |
2.00 |
5.19 |
15.0 |
also |
|
|
143.00 |
145.00 |
2.00 |
14.70 |
17.0 |
also |
|
|
155.00 |
156.00 |
1.00 |
4.20 |
111.0 |
P19-2065 |
SC-17 |
310/-84 |
48.20 |
49.00 |
0.80 |
3.78 |
42.0 |
also |
|
|
248.00 |
249.94 |
1.94 |
6.82 |
20.0 |
P19-2066 |
SC-11 |
270/-82 |
7.60 |
8.28 |
0.68 |
6.71 |
5.0 |
also |
|
|
101.52 |
103.52 |
2.00 |
4.11 |
17.0 |
also |
|
|
112.61 |
114.24 |
1.63 |
4.61 |
87.5 |
also |
|
|
121.67 |
123.67 |
2.00 |
6.45 |
15.0 |
P19-2072 |
SC-14 |
40/-55 |
No significant intercept |
P19-2073 |
SC-14 |
50/-78 |
6.62 |
7.62 |
1.00 |
4.78 |
150.0 |
P19-2074 |
SC-28 |
270/-65 |
No significant intercept |
P19-2076 |
SC-18 |
270/-54 |
90.26 |
92.26 |
2.00 |
3.12 |
16.0 |
also |
|
|
100.35 |
101.35 |
1.00 |
4.07 |
32.0 |
P19-2077 |
SC-18 |
270/-73 |
83.50 |
85.07 |
1.57 |
5.45 |
13.0 |
also |
|
|
89.73 |
91.37 |
1.64 |
2.31 |
5.0 |
also |
|
|
108.84 |
110.84 |
2.00 |
2.88 |
1.0 |
also |
|
|
123.04 |
125.04 |
2.00 |
5.49 |
18.0 |
P19-2078 |
SC-18 |
270/-81 |
116.10 |
121.76 |
5.66 |
4.17 |
4.4 |
P19-2079 |
SC-18 |
90/-67 |
83.81 |
85.40 |
1.59 |
17.30 |
29.0 |
also |
|
|
103.22 |
106.81 |
3.59 |
52.67 |
32.8 |
incl. |
|
|
105.82 |
106.81 |
0.99 |
184.00 |
94.0 |
also |
|
|
138.34 |
142.34 |
4.00 |
2.75 |
3.0 |
P19-2080 |
SC-27 |
279/-62 |
55.00 |
57.00 |
2.00 |
3.94 |
1.0 |
P19-2081 |
SC-27 |
75/-77 |
51.21 |
53.21 |
2.00 |
3.46 |
4.0 |
also |
|
|
99.14 |
103.14 |
4.00 |
16.56 |
10.5 |
P19-2082 |
SC-31 |
102/-47 |
No significant intercept |
P19-2083 |
SC-31 |
105/-65 |
No significant intercept |
P19-2084 |
SC-28 |
270/-83 |
88.06 |
93.76 |
5.70 |
6.69 |
19.0 |
incl. |
|
|
92.76 |
93.76 |
1.00 |
20.20 |
36.0 |
P19-2085 |
SC-28 |
90/-40 |
95.88 |
102.32 |
6.44 |
4.16 |
32.9 |
incl. |
|
|
101.32 |
102.32 |
1.00 |
10.70 |
78.0 |
P19-2086 |
SC-03 |
43/-57 |
45.70 |
47.05 |
1.35 |
4.18 |
56.0 |
also |
|
|
55.35 |
56.90 |
1.55 |
11.10 |
30.0 |
also |
|
|
96.05 |
97.00 |
0.95 |
8.77 |
35.0 |
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
Pad # |
UTM N |
UTM E |
Elevation |
Hole no. |
SC-03 |
6218234 |
435867 |
950 |
2086 |
SC-07 |
6218142 |
435926 |
1010 |
2055-2061 |
SC-11 |
6218025 |
435875 |
1011 |
2066 |
SC-12 |
6218000 |
435865 |
1009 |
2053, 2054 |
SC-14 |
6217945 |
435910 |
1021 |
2072, 2073 |
SC-17 |
6217857 |
435688 |
984 |
2063-2065 |
SC-18 |
6217850 |
435813 |
1006 |
2076-2079 |
SC-27 |
6217718 |
435628 |
969 |
2080, 2081 |
SC-28 |
6217725 |
435823 |
1014 |
2074, 2084, 2085 |
SC-31 |
6217661 |
435578 |
941 |
2082, 2083 |
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.
For more information about the Company, please
refer to the Company’s profile on SEDAR at www.sedar.com or visit
the Company’s web site at www.ascotgold.com, or for a virtual tour
visit www.vrify.com under Ascot Resources.
ON BEHALF OF THE BOARD OF DIRECTORS OFASCOT RESOURCES
LTD.
“Derek C. White”, President and
CEO
For further information contact:Kristina Howe
VP, Investor Relations 778-725-1060 / khowe@ascotgold.com
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.
The TSX Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this
release.
Cautionary Statement Regarding
Forward-Looking InformationAll statements, trend analysis
and other information contained in this press release about
anticipated future events or results constitute forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as “seek”, “anticipate”,
“believe”, “plan”, “estimate”, “expect” and “intend” and statements
that an event or result “may”, “will”, “should”, “could” or “might”
occur or be achieved and other similar expressions. All statements,
other than statements of historical fact, included herein are
forward-looking statements. Although Ascot believes that the
expectations reflected in such forward-looking statements and/or
information are reasonable, undue reliance should not be placed on
forward-looking statements since the Ascot can give no assurance
that such expectations will prove to be correct. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements, including the
risks, uncertainties and other factors identified in the Ascot’s
periodic filings with Canadian securities regulators, and
assumptions made with regard to: the estimated costs associated
with construction of the Premier and Red Mountain Projects; the
timing of the anticipated start of production at the Premier and
Red Mountain Projects; the ability to maintain throughput and
production levels at the Premier Mill. Forward-looking statements
are subject to business and economic risks and uncertainties and
other factors that could cause actual results of operations to
differ materially from those contained in the forward-looking
statements. Important factors that could cause actual results to
differ materially from Ascot’s expectations include risks
associated with the business of Ascot; risks related to exploration
and potential development of Ascot’s projects; business and
economic conditions in the mining industry generally; fluctuations
in commodity prices and currency exchange rates; uncertainties
relating to interpretation of drill results and the geology,
continuity and grade of mineral deposits; the need for cooperation
of government agencies and native groups in the exploration and
development of properties and the issuance of required permits; the
need to obtain additional financing to develop properties and
uncertainty as to the availability and terms of future financing;
the possibility of delay in exploration or development programs and
uncertainty of meeting anticipated program milestones; uncertainty
as to timely availability of permits and other governmental
approvals; and other risk factors as detailed from time to time and
additional risks identified in Ascot’s filings with Canadian
securities regulators on SEDAR in Canada (available at
www.sedar.com). Forward-looking statements are based on estimates
and opinions of management at the date the statements are made.
Ascot does not undertake any obligation to update forward-looking
statements.
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