Ascot Resources Ltd (TSXV: AOT) (“Ascot” or the “Company”) is pleased to announce that during 2017 379 holes were drilled for a total 118,800 metres. The goal of the program was to follow up on high-grade targets from previous drill programs including the newly discovered Ben and Prew subzones in the Northern Lights area. Work included a combination of broadly spaced drilling to outline targets, as well as tighter drill spacing on specific higher-grade areas for inclusion in a new resource estimate. The Company is expecting assay results from 72 holes between now and early December which completes the 2017 program.
As per details in a previous release, the Company has engaged David Rennie of Roscoe Postle Associates Inc. (“RPA”) as the qualified person to assist management in the development of the new resource estimate. The new resource estimate will provide the basis for a PEA to explore mining opportunities utilizing the existing mine and plant infrastructure.
Recent Drilling Highlights:
- The new Prew Subzone continues to deliver good results specifically hole P17-1506 which had an interval grading 10.57 g/t Au over 6.00 metres including 22.10 g/t Au over 2.00 metres and P17-1493 which had an interval of 15.90 g/t Au over 4.22 metres including 46.70 g/t Au over 1.00 m. The Prew Subzone (named in memory of Mr. Mike Prew) remains open along strike and has been traced for 500 metres down plunge, with a general width of 150-200 metres.
- In the Ben Subzone, currently being drilled for resource definition purposes, hole P17-1529 returned 7.37 g/t Au over 4.9 metres, which included 36.00g/t Au over 0.87 metres. Hole P17-1533 in higher grade area returned 71.90 g/t Au over 1.00 m. This higher-grade area in the Ben subzone has been traced down plunge for 700 metres with a general width of 200 metres.
- In the Northern Lights West zone, hole P17-1498 returned 3.85 g/t Au, 90.0 g/t Ag and 5.09% Zn over 15.4 metres including 9.18 g/t Au over 2.00 metres. This steeply dipping limb has been traced for 400+ metres of strike length with 150-200 metres of dip length.
- New 2017 drill highlights include:
True widths are believed to be 70-90% of intersected widths in the Premier area.
(*) samples cut to 1opt or 34.29 g/t Au.
This is the 9th results release for 2017 drill season and includes 62 holes P17-1470-1533 inclusive (P17-1527 & 1530 still pending). The balance of drilling consisting of 72 holes P17-1534-1603 are awaiting assay results and will be released as these are finalized.
Detailed results table, locations and figures can be viewed at the following Ascot link: www.ascotgold.com
Graeme Evans, P. Geo and Lawrence Tsang, P. Geo provide the field management for the Premier exploration program. Graeme Evans, designated as the Qualified Person (QP) as defined by National Instrument 43-101 has reviewed and approved the technical contents of this news release on behalf of Ascot Resources Ltd.
Quality Assurance/Quality Control
Analytical work is being carried out by ALS Lab Group. Quality assurance and quality control programs include the use of analytical blanks and standards and duplicates in addition to the labs own internal quality assurance program. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. Identified or suspected metallic gold or silver are subjected to “metallics” assays. Also for extreme high gold grades a concentrate analysis is performed with a fire assay and gravimetric finish accurate up to 999985 ppm Au limit (ALS Au-CON01) method. Sampling and storage are at the company’s secure facility in Stewart with bi-weekly sample shipments made to ALS Labs Terrace prep site.
ASCOT RESOURCES LTD.
Per: Derek C. White
Derek C. White, President and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release relative to markets 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, including, without limitation; statements regarding the exploration and mineralization potential of the Premier property, are forward-looking statements. 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 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; and uncertainty as to timely availability of permits and other governmental approvals. 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 except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
View Complete Drill Results Table
Northern Lights Zones Drill Map Plan
Premier Mine Area Drill Plan Map
Premier Martha Ellen Area Drill Plan Map
Premier Area Drill Cross Section E105
Premier Area Drill Cross Section E110
Premier Area Drill Cross Section E140
Premier Area Drill Cross Section E155
Premier Area Drill Cross Section E170
Premier Area Drill Cross Section E175
Premier Area Drill Cross Section W090