Mr. Derek White reports
ASCOT DISCOVERS ADDITIONAL HIGH-GRADE GOLD AT BIG MISSOURI AND PREMIER/NORTHERN LIGHTS
Drilling at Ascot Resources Ltd.'s Big Missouri continues to identify new gold mineralization while drilling at Premier/Northern Lights demonstrates that this area of the current resource still has room to grow. Notable intercepts in this release include:
4.29 metres of 8.07 grams per tonne gold equivalent (AuEq*) in hole P18-1661 at Big Missouri;5.5 m of 7.74 g/t AuEq in hole P18-1665 at Big Missouri;Two m of 9.91 g/t AuEq in hole P18-1648 at the 602 zone at Premier/Northern Lights;Two 2m of 10.34 g/t AuEq in hole P18-1651 at the 602 zone at Premier/Northern Lights.
Derek White, president and chief executive officer of Ascot Resources, commented: "We are excited to see these new intercepts at Big Missouri that will help us outline high-grade resources in that area. In addition, the value of the existing infrastructure has been further enhanced by the successful holes in the Premier area that highlight the potential to expand the zones of the May 10, 2018, resource."
The company is working toward recommencing underground production at the Premier site near Stewart, B.C., using existing facilities and infrastructure (mill building, tailings facility, underground development and power line). As a first step, the company completed a maiden underground resource at Premier/Northern Lights and reported the results on May 10, 2018. The current drill program commenced on April 16, 2018, and is an integral part of the second step in the process. The program is designed to extend mineralized zones at Premier/Northern Lights; convert current resources from inferred to indicated in existing zones (including the 602 zone); and to delineate high-grade zones in the Big Missouri/Martha Ellen area located five km farther north. The overall purpose is to add to the existing resource base to support initial engineering studies that commenced in June, 2018.
This news release summarizes the results of nine drill holes at Big Missouri and 21 drill holes in the Premier/Northern Lights area. The drill holes at Big Missouri were drilled to the southwest of the S1 pit while drill holes at Premier/Northern Lights were targeted on extensions of the 602 and Prew zones. Four holes were drilled in the Lunchroom zone and seven exploration holes targeted the Sebakwe zone to the northeast of Northern Lights outside of the current resource area.
Big Missouri
The holes at Big Missouri were drilled from two separate pads (BM5 and BM2) and intercepted mineralization on two different elevations. Six of the nine holes intercepted the Province zone, a flat-lying breccia body near surface while the main target at Big Missouri is the deeper Big Missouri breccia zone that is usually intercepted at a depth of 150 m to 180 m. This zone is the continuation of the mineralized horizon that was successfully mined in the S1 pit.
All drill holes intercepted the breccia zone at anticipated depth, but there also appears to be a northeast-southwesterly trend that controls the high-grade zones within the breccia bodies. Detailed characteristics of this trend will have to be investigated more fully by future drill holes or possibly geophysical techniques. Drill results from Big Missouri are summarized in the "Summary of the drill results from nine drill holes at Big Missouri" table.
* For equivalency calculation refer to footnotes of the "Summary of the drill results from nine drill holes at Big Missouri" table.
SUMMARY OF THE DRILL RESULTS FROM NINE DRILL HOLES AT BIG MISSOURIHole No. From (m) To (m) Width (m) Au (g/t) Ag (g/t) AuEq (g/t)P18-16531.52 9.007.48 1.063.9 1.09 incl. 4.00 5.301.30 2.268.8 2.32 also176.00 181.975.97 2.383.0 2.40 P18-16586.1021.00 14.90 1.545.0 1.57 incl.19.0021.002.00 8.162.9 8.18 P18-16594.5724.00 19.43 1.764.8 1.79 incl. 8.6618.009.34 3.026.9 3.07 incl. 8.6610.001.3411.60 12.011.68P18-1660 No significant interceptP18-1661151.71 156.004.29 7.99 11.3 8.07 incl. 153.00 154.401.4020.90 26.621.08P18-1662 28.0033.575.57 1.02 15.3 1.12 also 55.5056.501.00 7.34469.010.52also152.00 154.002.00 2.95 15.2 3.05 P18-1663 30.0036.006.00 1.36 31.4 1.57 incl.34.0036.002.00 2.899.2 2.95 also170.00 173.313.31 3.79 14.9 3.89 P18-1664196.74 220.00 23.26 1.275.2 1.31 incl. 200.45 202.001.5514.25 11.614.33P18-1665161.00 166.505.50 7.714.3 7.74 incl. 165.50 166.501.0033.40 12.333.48also224.00 228.004.00 4.27 18.0 4.39 Gold equivalence was calculated using a ratio of 65:1 Ag:Au and Ag recovery of 45.2 per cent.True width is believed to be approximately 80 to 90 per cent of reported intercepts.
Lunchroom
Four drill holes were targeted on the Lunchroom zone below the Premier open pit, five kilometres to the south of Big Missouri. These holes were drilled parallel to the dip of the mineralized zones using oriented drill core in order to obtain structural information for the high-grade veins that are hosting the majority of the coarse gold/electrum at Premier. The drill core from these holes will also be used for confirmatory metallurgical optimization test work in the course of continuing engineering studies. The holes intersected high-grade mineralization and provide material from one of the zones that will be targeted early in the anticipated mine life. Drill results from the Lunchroom zone are summarized in Table 2.
DRILL RESULTS FROM THE LUNCHROOM ZONE AT PREMIER/NORTHERN LIGHTSHole No. From (m) To (m) Width (m) Au (g/t) Ag (g/t) AuEq (g/t)P18-1639106.00126.8020.8012.14 20.712.28incl. 111.00112.00 1.0069.50 10.769.57incl. 113.00114.00 1.0047.10 34.347.33incl. 125.60126.80 1.2077.60 41.077.88P18-1640106.00113.50 7.5010.03 38.310.29incl. 106.00107.00 1.0046.20 69.046.67incl. 112.50113.50 1.0023.30 22.823.45P18-1641 81.50 83.50 2.00 3.255.1 3.2895.40 Hit historical stope P18-1646132.00171.0039.00 6.307.5 6.35 incl. 132.00134.00 2.0020.60 19.620.73incl. 152.00169.1017.1010.589.210.64incl. 152.00154.00 2.0029.50 14.029.59incl. 156.00158.00 2.0027.10 21.627.25incl. 166.00168.10 2.1014.85 15.114.95Gold equivalence was calculated using a ratio of 65:1 Ag:Au and Ag recovery of 45.2 per cent.The holes in this table were drilled parallel to the dip for structural and metallurgical analysis of the zone and display dip extent and not true thickness.
602 and Prew
Several holes were drilled in the 602 zone and its extensions as well as the Prew zone in the Premier/Northern Lights area. Holes P18-1648 through P18-1651 were aimed at the northern down-dip extent of the 602 zone and intercepted mineralization at the expected depth. Hole P18-1648 intercepted very good grade at two different elevations, extending one of the higher elevation subzones of 602 by about 50 m. Three more holes (P18-1627, P18-1628 and P18-1666) were drilled toward the north-northwest and did not intercept the breccia zone, possibly running parallel to the zone due to limited options for pad locations in this area. The best potential for extending the 602 zone appears to be toward the west-northwest where surface access was difficult due to the topography and heavy vegetation. Pads have now been constructed to explore in this area and results from this work will be reported in the future.
A fan of five drill holes was completed at the down-dip edge of the Prew zone in Northern Lights. Holes P18-1655 and P18-1656 intersected mineralization at the expected depth and extend the mineralization in this area by about 60 m to the northwest. Hole P18-1654 intercepted the breccia zone but did not encounter significant mineralization while holes P18-1657 and P18-1658 represent significant step outs of 200m and more where there is little control on which way the zone is striking and dipping. Surface drilling in this area is hampered by the limitations on drill pad locations due to previous open-pit mining activities (steep waste dumps) similar to the limitations at 602. The good drill results from both 602 and Prew demonstrate that several zones of the May 10, 2018, resource are still open along strike and down dip. Future exploration in these areas will best be conducted from underground infrastructure in order to improve precision of targeting and save metreage. Drill results from 602 and Prew are summarized in the "Drill results from the 602 and Prew zones at Premier/Northern Lights" table.
DRILL RESULTS FROM THE 602 AND PREW ZONES AT PREMIER/NORTHERN LIGHTSHole No. From (m) To (m) Width (m) Au (g/t) Ag (g/t) AuEq (g/t)P18-1648 280.40281.401.0020.50 52.320.85also 302.00304.002.00 9.859.0 9.91 P18-1649 282.60289.006.40 1.556.5 1.59 P18-1650 298.70300.702.00 1.105.4 1.14 P18-1651 261.80271.009.20 4.536.9 4.58 incl.261.80263.802.0010.305.510.34also 299.00301.002.00 9.41 12.7 9.50 P18-1655 194.50201.006.50 2.656.8 2.70 incl.196.50197.601.1014.30 21.214.44also 275.00281.006.00 1.772.7 1.79 incl.279.00280.001.00 9.492.8 9.51 P18-1656 266.00268.002.00 6.91 15.8 7.02 also 274.10279.105.00 4.75 14.6 4.85 incl.276.10277.101.00 8.80 10.7 8.87Gold equivalence was calculated using a ratio of 65:1 Ag:Au and Ag recovery of 45.2 per cent.True width is believed to be approximately 80 to 90 per cent of reported intercepts.
Sebakwe
The modelled zones in the Premier/Northern Lights resource area are either part of the Premier fault zone (602, 609, Lunchroom, Obscene and Premier Main) or of the Northern Lights fault zone (Ben, Prew and Northern Lights Main). In the very northeastern corner of the Premier/Northern Lights area, there is an old stope area that suggests that there may be a third fault zone to the north of the Northern Lights fault plane. This area is called Sebakwe and as part of the brownfield exploration program, seven holes were drilled into this not-well-understood area. The "Drill results from exploration holes in the Sebakwe area" table shows that three of the holes intercepted mineralized breccia with highly anomalous gold and silver. Four more holes (P18-1698 to P18-1701) were drilled in a wide stepout to the northeast of the area of known mineralization. These holes did not intersect the targeted fault plane possibly due to incorrect assumptions for the orientation of the plane. The successful holes indicate that there is an entire fault plane to the north of Northern Lights that warrants exploration and holds potential for high-grade zones comparable with the ones at Premier and Northern Lights. The company will employ geophysical techniques to define future drill targets in this area. The possibility of additional mineralized zones to the north of the known mineralization in the five km gap between Premier/Northern Lights and Big Missouri remains high.
The "Drill results from exploration holes in the Sebakwe area" table shows drill results from exploration holes in the Sebakwe area.
Hole No. From (m) To (m) Width (m) Au (g/t) Ag (g/t) AuEq (g/t)P18-1618218.10 220.001.90 3.414.1 3.44 also242.60 244.101.50 3.66 26.6 3.84 P18-1619197.00 201.004.00 2.256.5 2.29 incl. 199.00 201.002.00 3.157.0 3.20 P18-1623341.00 347.006.00 2.98 10.9 3.05 incl. 345.40 347.001.60 6.34 41.6 6.62 also370.00 372.302.30 4.61 23.0 4.77 Gold equivalence was calculated using a ratio of 65:1 Ag:Au and Ag recovery of 45.2 per cent.The orientation of the targeted zone is not well defined. True width is believed to be approximately 50 to 80 per cent of reported intercepts.
Graeme Evans, PGeo, and Lawrence Tsang, PGeo, the company's project geologists, provide the field management for the Premier exploration program. Graeme Evans, non-independent consulting geologist, 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 Global and SGS Canada Inc. 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 ALS and SGS.
At ALS and SGS, samples are dried and weighed. They are then crushed to 75 per cent passing two millimetres, with a 250-gram split and pulverized to 85 per cent passing 75 micrometres. Since early June, samples are crushed and split on site by a mobile lab supplied by SGS and run by SGS personnel. All samples are digested using aqua regia with an ICP-AES finish and fire assay with AA finish for gold. Samples over 100 parts per million silver are digested with aqua regia and then volumetrically diluted before an ICP-AES or AA finish (up to 1,500 ppm). Samples over 1,500 ppm silver are fire assayed with a gravimetric finish. Samples over 10 ppm gold are fire assayed with a gravimetric finish. Identified or suspected metallic gold or silver is subjected to metallics assays. Sampling and storage are at the company's secure facility in Stewart.
About Ascot Resources Ltd.
Ascot Resources is a gold-and-silver-focused exploration company with a portfolio of advanced and grassroots projects in the Golden Triangle region of British Columbia. The company's flagship Premier project is a near-term high-grade advanced exploration project with large upside potential. Ascot is poised to be the next Golden Triangle producer with an experienced and successful exploration, development and operating team, coupled with a highly regarded major shareholder.
We seek Safe Harbor.
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