Ascot drills 31.92 g/t gold over 10.69 metres at Premier, British Columbia

Ascot Resources Ltd. [AOT-TSX; AOTVF-OTCQX] reported the second batch of assay results at the Big Missouri deposit from the 2022 exploration drill program at the 100%-owned Premier gold project (PGP), located on Nisga’a Nation Treaty Lands north of Stewart in the prolific Golden Triangle of northwestern British Columbia.

These results are from surface drilling for in-fill and exploration purposes at the Big Missouri deposit, approximately 6 km north of the past-producing Premier mill.

Highlights from the drill results include 31.92 g/t gold and 22.21 g/t silver over 10.69 metres from a depth of 90.00 metres in hole P22-2428, including 330.00 g/t gold and 192.00 g/t silver over 1.00 metre.

Hole P22-2420 returned 15.91 g/t Au and 31.50 g/t Ag over 8.00 metres from a depth of 90.50 metres, including 35.50 g/t Au and 65.20 g/t Ag over 2.00 metres.

Hole P22-2430 returned 19.65 g/t Au and 23.10 g/t Ag over 1.67 metres from a depth of 58.83 metres. Hole P22-2430 also returned 6.04 g/t Au and 6.53 g/t Ag over 4.03 metres from a depth of 48.50 metres, including 21.70 g/t Au and 8.40 g/t Ag over 1.00 metre.

Hole P22-2429 returned 11.70 g/t Au and 9.70 g/t Ag over 2.00 metres from a depth of 67.00 metres.

Drilling has been completed for the 2022 exploration season at the Big Missouri deposit for a total of 50 holes and 4,752 metres. Following the first batch of 15 drill holes outlined in the News Release dated September 13, 2022, this release summarizes the second batch of assay results from the next 13 drill holes for a total of 1,265 metres from surface pads BM-1/22 and BM-2/22. Drill holes were targeting several layers of gold mineralization at the A Zone of the Big Missouri deposit in and around planned stopes to the north of the S-1 pit.

Derek White, President and CEO, commented, “As drilling has recently wrapped up for this year’s exploration season, we continue to receive high-grade assay results from the Big Missouri deposit. The headline intercept of 32 g/t gold over 11 metres included a bonanza-grade intercept of 330 g/t over 1 metre which contained coarse, visible gold.

“While we are pleased with these high grades, we are even more encouraged that the majority of the intercepts were encountered within or close to existing block model wireframes and in potential extensions of those wireframes, further validating the resource model at the Premier Gold Project. Combined with our recently announced positive grade reconciliation results from the underground development sampling program, this bolsters our confidence in the quality of the resource model.”

The results are headlined by hole P22-2428 which intercepted 330.00 g/t gold and 192.00 g/t silver over 1.00 metre, within a broader interval of 31.92 g/t gold and 22.21 g/t silver over 10.69 metres, starting from a depth of 90.00 metres. This high-grade intercept occurs inside a pre-existing wireframe and along a potential extension of a planned stope shape following the dip of the mineralization in that area. This drill intercept also encountered visible gold.

The new drill holes intercepted high-grade gold within the boundaries of planned stope shapes, reinforcing the current wireframe geometry. This is showcased by the 21.70 g/t gold and 19.65 g/t gold intercepts in hole P22-2430, the 11.70 g/t gold intercept in hole P22-2429, and the 5.27 g/t gold intercept in hole P22-2428.

An additional 5 holes were drilled from the pad BM-2/22, with assay results pending. Another 13 holes were drilled from a third surface pad to the north, and 4 holes were drilled from a fourth pad to the south. Drilling was recently completed from surface at the Day Zone on the western side of the Big Missouri ridge, where a total of 12 holes were drilled.

The Big Missouri deposit hosts a probable reserve of 809 kt grading 7.15 g/t gold and 12.2 g/t silver and containing 186 koz gold and 317 koz silver, an indicated resource of 1,116 kt grading 8.36 g/t gold and 16.9 g/t silver and containing 300 koz gold and 607 koz silver, and an inferred resource of 1,897 kt grading 8.34 g/t gold and 14.7 g/t silver and containing 508 koz gold and 896 koz silver.

Ascot is a Canadian junior exploration and development company focused on re-starting the past producing Premier gold mine. Concurrent with progressing the development of Premier, the company continues to successfully explore its properties for additional high-grade underground resources.