Ascot Resources Ltd.: Additional High-grade Intercepts at Silver Coin Including 13.14g/t Au Over 4.10 Metres

by ahnationtalk on October 9, 201911 Views

Vancouver, B.C. October 9, 2019 — Ascot Resources Ltd (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce the second set of drill results from the Silver Coin deposit. Silver Coin was acquired in October 2018 and is located approximately 5km to the north of the Premier mill at Ascot’s Premier Project (“Premier”) near Stewart in northwestern British Columbia.

Highlights of this release include:

  • 13.14g/t Au over 4.10m in hole P19-2027 at Silver Coin
  • 17.35g/t Au over 2.55m in hole P19-2033 at Silver
  • 9.96g/t Au over 4.45m in hole P19-2031 at Silver Coin

The results in this news release summarize a portion of the 10,500m program at the Silver Coin deposit. The Company has completed in excess of 50,000m of drilling at its Premier Project in 2019.

Derek White, President and CEO of Ascot commented, “The Silver Coin deposit continues to deliver high-grade intercepts for Ascot. Our team is busy integrating the new resources into our operational plans. The known mineralization at Silver Coin occupies a relatively small part of the larger property. The surrounding area holds high potential for exploration and our drilling in September has included some targets away from the established resources. We will continue to report the results from this promising asset as they become available.”

Drill Results

This news release presents the results from 16 drill holes, comprising 2,241 metres of drilling, completed from four separate pads at the central (SC-15) and southern parts (SC-19, 23, 26) of the Silver Coin deposit. The results from these drill holes are summarized in Table 1 and the pad locations are listed in Table 2. The remaining drill results (about 70%) from Silver Coin will be reported as they become available.

Ascot acquired the Silver Coin deposit in late October 2018. The deposit hosts high-grade gold mineralization similar to Premier and Big Missouri (similar host rocks and ore mineralogy). The existing underground infrastructure at Silver Coin (see Figure 1) greatly simplifies access to high-grade mineralization in a re-start scenario.

Mineralization in the deposit was modeled following the acquisition and resulted in an updated resource estimate in December 2018. The core of the deposit is drilled at a sufficient density to classify the majority of resources in the indicated category. The periphery of the deposit and selected parts of the core are not densely drilled with mineralization open in several modeled zones.

The drill results in this release demonstrate that less well drilled parts of the deposit are well mineralized with multiple intercepts in excess of 10g/t Au. Additional drilling will have to be conducted around the intercepts that are not in previously modeled zones in order to determine the existence of a new continuous zone that can be modeled rather than isolated intercepts.

Figure 1 Image of the Silver Coin area showing the location of the drill collars discussed in this release. The image also shows access roads and existing underground infrastructure at Silver Coin relative to the new drill holes. The pad coordinates are listed in Table 2.

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)
P19-2027 SC-19 120/-68 119.00 130.73 11.73 7.62 36.4
incl. 121.40 125.50 4.10 13.14 40.6
P19-2028 SC-19 160/-73 25.00 27.00 2.00 4.28 24.0
also 51.50 56.50 5.00 9.51 78.0
incl. 53.50 55.50 2.00 16.95 88.0
P19-2029 SC-19 250/-61 77.00 79.00 2.00 2.10 3.0
also 169.31 171.14 1.83 3.89 11.5
P19-2031 SC-15 330/-79 172.00 176.45 4.45 9.96 6.1
incl. 172.00 173.45 1.45 26.60 11.0
also 187.00 189.00 2.00 2.63 4.0
P19-2033 SC-15 115/-75 66.80 68.75 1.95 8.89 23.5
incl. 67.85 68.75 0.90 16.10 17.0
also 93.75 96.75 3.00 4.12 17.0
also 102.25 104.80 2.55 17.35 74.2
incl. 104.25 104.80 0.55 69.10 124.0
also 159.25 160.50 1.25 2.04 5.5
also 193.00 195.00 2.00 2.58 3.0
P19-2034 SC-15 155/-83 133.00 135.00 2.00 3.03 4.0
also 172.00 189.00 17.00 1.75 6.1
also 203.00 205.00 2.00 9.67 204.0
also 235.00 237.00 2.00 4.86 3.0
P19-2035 SC-26 270/-53 22.85 25.50 2.65 5.77 7.4
also 31.00 32.00 1.00 5.34 25.0
also 34.00 35.00 1.00 5.19 9.0
also 41.32 42.14 0.82 4.01 24.0
also 59.85 62.75 2.90 3.43 27.5
P19-2036 SC-26 270/-66 24.00 25.00 1.00 3.07 5.0
P19-2040 SC-23 90/-73 72.54 74.50 1.96 2.93 10.0
P19-2041 SC-23 90/-87 39.00 41.00 2.00 2.71 6.0
also 129.50 131.50 2.00 9.10 4.0
P19-2043 SC-23 45/-62 62.00 65.00 3.00 3.26 35.2
P19-2044 SC-23 10/-81 141.00 143.00 2.00 1.31 5.0
P19-2045 SC-23 312/-67 54.50 56.50 2.00 4.57 3.0
P19-2046 SC-23 290/-55 93.80 94.80 1.00 3.70 8.0
also 104.50 106.50 2.00 13.70 7.0
also 108.50 110.50 2.00 2.90 4.0
P19-2047 SC-23 270/-63 97.50 99.50 2.00 4.29 6.0
P19-2048 SC-23 240/-57 88.00 89.00 1.00 1.34 3.5

True width is believed to be approximately 70-90% of reported intercepts. The drill holes that are missing in the sequence have been reported previously.

Table 2 Drill pad locations

Pad # UTM N UTM E Elevation Hole no.
SC-15 6217950 435842 1008 2031, 2033, 2034
SC-19 6217825 435754 985 2027-2029
SC-23 6217776 435647 977 2040, 2041, 2043-2048
SC-26 6217725 435717 1008 2035, 2036

Exploration Update

In the month of September, the Company conducted exploration in several areas of the property. Two IP profiles were completed in the Silver Hill area to the north of Long Lake. The area was also prospected a several hand samples were collected. Given the outcropping veins at surface it was possible to design a pad and drill test the mineralization at depth. Drill core from these holes has been cut and shipped to the lab. Assays are currently pending.

Additional holes were drilled at the Terminus zone to the northeast of the Silver Coin resource. Core has been processed and assays are pending.

In the course of geotechnical drilling at Premier, gold mineralization was intercepted by a horizontal drill hole approximately 50-60m from the planned portal location more than 100m from the closest modeled gold zone at Premier. New gold mineralization in the path of planned development is very advantageous justifying additional drill holes to investigate the extent of mineralization in this area. The core from the geotechnical drill hole has been processed and assays are pending. The Company is excited to report results from these activities as they become available.

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.

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

NT4

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