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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 To Width Au Ag
(m) (m) (m) (g/t) (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 75um. 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 OF
ASCOT 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 Information
All 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 mate rially 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 minin g 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. As cot does not undertake any obligation to update forward-looking statements.
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