Ascot releases more impressive drill results

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Ascot Resources Ltd. [AOT-TSXV, OTVF-OTCQX] on Monday released more impressive drill results from the Silver Coin deposit at Ascot’s Premier Gold Project in northwestern British Columbia.

The company said highlights from 30 drill holes (3,783 metres) reported in Monday’s press release included 30.81 g/t gold over 6.69 metres in hole P19-2137, and 28.96 g/t gold over 3.20 metres in hole P19-2136.

The results released on Monday are the fourth and final batch of drill holes from an 11,000-metre program that targeted the Silver Coin deposit.

Ascot shares slipped on the news, falling 1% or $0.01 to 92 cents on volume of 306,951. The shares are currently trading in a 52-week range of 44.5 cents and $1.36.

The Premier-Dilworth project is located 25 kilometres north of Stewart in the prolific Golden Triangle area. The project is separated into two separate properties, including the northern Dilworth area and the southern Premier area, which contains what was once the largest gold mine in North America. The Premier underground mine closed in 1952 after producing 2.0 million ounces of gold and 45 million ounces of silver.

The Silver Coin deposit, acquired in 2018, is located approximately five kilometres to the north of the Premier mill. It was mined in 1991, producing 102,500 tonnes at a grade of 8.88 g/t gold with an average recovery of 92.9%.

Monday’s drill results are from holes that were designed to test the northern and southernmost parts of the deposit.

“This concludes results from our 2019 drill campaign at PGP,” said Ascot President and CEO Derek White. “This last set of holes produced some outstanding results for the company with thick high-grade intercepts,” he said.

Overall at Silver Coin, the company reported 34 individual intercepts over 10 g/t gold, including one exceptional 273 g/t gold interval. White said the new intercepts underpin a better understanding and predictability of the geological model and provides Ascot a stronger base to work from for the development of the forthcoming updated resource statement and feasibility study.

Ascot acquired IDM Mining in March, 2019, in a bid to consolidate Ascot’s Premier Gold Project with IDM’s Red Mountain project, thus creating a leading high-grade gold development and exploration company in northwestern British Columbia’s Golden Triangle region.

Ascot said at the time that its near-term strategic goal is to define a new high-grade resource for underground mining, while continuing to explore nearby targets on its Premier-Dilworth properties near Stewart.

Aside from Premier-Dilworth, the company has two other projects, including Swamp Point, an aggregate project located in B.C. on the Portland Canal, and Mt. Margaret, a porphyry copper-molybdenum-gold-silver deposit located in Washington State, U.S.A.

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