The Mount Margaret porphyry copper-molybdenum-gold-silver deposit is located 22.5 km southwest of the town of Randle in Skamania County in the south west of Washington State. The project can be accessed from the north via route 131 south from Highway US-12 at Randle which is located approximately 140 km southeast of Olympia, Washington.
Ascot obtained property title to the 50% undivided private mineral interests on private land package MS-708 with the government of the United States owning the other 50% interest. Ascot has the right to earn a 100% interest subject to a 1.5% NSR and a negotiated federal royalty.
The project is located in the High Cascades mountain range which are part of Cascade Volcanic Arc of south western Washington State. Mount Margaret is a calc-alkalic porphyry deposit hosted in Upper Tertiary volcanic and intrusive rocks.
The deposit occupies the contact metamorphic and other transitional and altered rocks associated with the eastern part of the Spirit Lake Pluton and created mineralization within fractures of the bedrock consisting of quartz, calcite, gouge, and wall rock fragments containing disseminated cubic pyrite grains. accompanied with chalcopyrite, sphalerite, galena, gold, silver and molybdenite.
The deposit was discovered by the Duval Corporation in 1969 with subsequent active exploration from 1971-1980 including a total of 105 diamond drill holes totaling 20,729 metres. In addition to the drilling, other exploration activities took place as well as a preliminary metallurgical program. Geological Resources for the Mt. Margaret deposit are referenced in CIM Special Volume 37 as well as several USGS and GSC databases. The historic geological resource is “non 43-101 compliant” stated by Duval, dated 1980 (Taylor) using a 0.33% CuEq cut-off (as show in the table below). Ascot has not completed the work necessary to have the historical estimate verified by a Qualified Person as a current mineral resource or mineral reserves estimate. The Company is not treating the estimate as a current NI-43-101 defined resource or reserve estimate and the historical estimate should not be relied upon. There is no current economic evaluation that demonstrates the potential economic viability of the stated resources.
|Mt. Margaret Geological Resource* –Source (CIM Special Volume 37, 1986)|
|All are non “43-101”||Tonnes||Cu Grade
|Geological Resource (Duval 1980)||523.0 MT||0.36||0.011||0.24||1.6||0.33% CuEq||0.56% Cu|
Geological Resources for the Mt. Margaret deposit are referenced in CIM Special Volume 37 as well as several USGS and GSC data bases. These historical resources estimates predate the implementation of National Instrument 43-101 (“N3-101”) guidelines and are not compliant with current accepted reserve and resource classifications as set forth by Canadian Institute of Mining and Metallurgy, Aug, 20, 2000 (CIM Guidelines).
Management plans to prepare a NI 43-101 compliant resource on the property. In order to do this, the Company needs to do further exploration drilling. In 2011, Ascot submitted two prospecting Permit Applications as a 63-hole drill proposal to the United States Forest Service (“USFS”) and the Bureau and Land Management (“BLM”).
On February 8, 2018, the United States Forest Service (“USFS”) released a Final Decision Notice & Finding of No Significant Impact related to these two prospecting permits that were submitted by Ascot USA Inc., a wholly owned subsidiary of Ascot Resources Ltd. The decision is based on the detailed analysis of potential environmental impacts that are contained within a Modified Environmental Assessment related to the prospecting permits.