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Exceptional Silver Grades In Grab Samples At The Silver Hill Prospect And New Gold Zone At Premier Portal

by ahnationtalk on November 8, 201919 Views

Vancouver, B.C. November 7, 2019 — Ascot Resources Ltd (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce results from surface exploration at the Silver Hill Prospect, nine kilometres north of the Premier mill. Two surface grab samples returned results as follows:

Table 1

Assays from four diamond drill holes recently completed on the target are pending.

Silver Hill

Ascot field crews identified a series of sulfide veins and quartz stockwork in outcrop near the historical Silver Hill prospect at the northern end of Long Lake (see figure 2). The vein system can be traced at surface over a strike of more than 200 metres and a width of more than 20 metres. Upon visual identification of electrum in hand samples, Ascot prioritized exploration drilling to this location and completed four diamond drill holes for a combined total of 816 metres.

In addition to the drill holes, the Company completed two Induced Polarization (“IP”) geophysical profiles to the north of the showing. The IP profiles generated several chargeability and resistivity anomalies that will be investigated during the next field season.

The Silver Hill mineralization consists of quartz veins with sphalerite, galena, pyrite, electrum (visually identified) and a platy silver sulfide, possibly polybasite (see figure 1). The veins occur at the edge of Tertiary dykes that are intruding the older volcano-sedimentary package which hosts gold mineralization in the Premier mine area further south.

The Silver Hill prospect is likely situated at a higher stratigraphic level in the transition between volcanic and sedimentary rocks. This stratigraphic position hosts volcanogenic massive sulfide deposits such as Eskay Creek elsewhere in the Golden Triangle.

Figure 1 Image of a grab sample from the Silver Hill showing north of Long Lake. Sulfide mineralization and quartz are clearly visible. The red circle highlights a grain that is visually identified as electrum (alloy of gold and silver).

Premier Portal Discovery – Drilling Results Pending

Over the course of the past two drill seasons, the Company has had success discovering gold to the immediate west of the Premier deposit. Geotechnical drilling near a proposed portal location at Premier intercepted a potential new gold zone that is located along the western projection of the 609 and 602 zones.

Drill hole P19-2166 was drilled almost horizontally along the axis of a proposed portal location. While logging the hole, an Ascot geologist spotted a quartz vein with sphalerite, pyrite and visible gold towards the bottom of the hole. The core was subsequently cut and sent off for assay returning the following result:

Table 2

The hole intersected gold mineralization at 53 metres from the proposed portal location, roughly 150 metres away from the closest known gold zone at Premier.

The Company immediately dedicated a drill rig to further test the discovery towards the west. Results from these follow-up drill holes are pending.

Figure 2 Map of the Premier Project area showing the location of the Silver Hill prospect in a trend of several historical silver showings and the location of the gold hit described in the body of this release.

Upcoming Events

Derek White, President and CEO of Ascot Resources and Lars Beggerow, VP Geoscience and Exploration, will be at the International Precious Metals & Commodities Show in Munich, Germany on November 8th and 9th 2019 at the MVG Museum, Ständlerstraße 20.  Please visit booth 22 to get an update on Ascot in person.

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 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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