Ascot Resources drills 193 g/t gold over 1.0 metre at Premier, British Columbia

Ascot Resources Ltd. [AOT-TSX; AOTVF-OTCQX] reported the first batch of assay results from the 2022 exploration drill program at the 100%-owned Premier gold project, located on Nisga’a Nation treaty lands in the prolific Golden Triangle of northwestern British Columbia.

These results are from surface exploration drilling at the emerging Sebakwe zone near the past-producing Premier mill, and with assays of up to 193 g/t gold, continue to highlight the high-grade tenor of the Sebakwe Zone.

Highlights from the drill results include 193.00 g/t gold and 41.8 g/t silver over 1.0 metre from a depth of 315 metres in hole P22-2393. Hole P22-2393 returned 17.78 g/t gold and 20.1 g/t silver over 3.0 metres from a depth of 366 metres, including 51.00 g/t gold and 54.6 g/t silver over 1.0 metres.

Hole P22-2393 returned 4.77 g/t gold and 18.2 g/t silver over 4.5 metres from a depth of 331 metres, including 12.10 g/t gold and 34.5 g/t silver over 1.6 metres. Hole P22-2389 returned 25.90 g/t gold and 21.0 g/t silver over 1.0 metres from a depth of 413 metres.

This release summarizes the results from six surface drill holes totaling 2,477 metres at the emerging Sebakwe Zone, approximately 600 metres east of the Premier mill building. After drilling two holes in 2021 on this zone, one of which intercepted 36.17 g/t gold over 7.1 metres, the company had initially planned on drilling 10 new holes totaling approximately 4,000 metres as a part of the 2022 exploration drilling program. As drilling progressed, based on encouraging visual indications of mineralization and structure, the drill program was increased to 15 holes totaling 6,091 metres at the Sebakwe Zone.

Derek White, President and CEO, commented, “The Sebakwe Zone continues to impress with its high-grade pedigree and growth potential. Hole P22-2393 intercepted 193 g/t gold over 1.0 metres, representing the highest-grade drilled by Ascot in recent years. In such a short timeframe, Ascot has now defined visual mineralization at the Sebakwe Zone in multiple parallel vein structures over a strike extent of 70 metres and a vertical extent of 120 metres. Given its proximity to the Premier mill and planned underground mine development, Sebakwe is a compelling target for low-cost, accretive resource growth. The geometrical similarities to the Premier and Northern Light deposits adjacent to the south are so far reaffirming our hypothesis that the Sebakwe Zone is a third parallel mineralized structure.”

An updated three-dimensional model of the Sebakwe Zone drill results can be found at the link below or by visiting Ascot’s website. The model shows drill results from 2021, the new results released today, and the remaining holes completed for which assays are pending.

An overview of drill hole locations is shown in Figure 1. Drill results were headlined by hole P22-2393 which intercepted bonanza-grade gold of 193.00 g/t over 1.0 metre. The depth of that intercept corresponds well with a 6.64 g/t gold intercept in hole P22-2389, a 39.00 g/t gold intercept from hole P21-2386, and a 29.60 g/t gold intercept from hole P21-2385, indicating the potential continuity of that mineralized vein structure. Hole P22-2393 also intercepted high-grade mineralization at two other distinct depths, indicating the presence of multiple parallel vein structures. This corresponds well with the mineralization styles of the Premier and Northern Light deposits.

Each of the eight reported Sebakwe drill holes from 2021 and 2022 have intercepted the targeted quartz-breccia structures with sulfide mineralization and all have encountered anomalous gold mineralization, with the exception of hole P22-2390 which was stopped short due to hitting an underground void, likely an historic exploration tunnel. Assay results are pending for the remaining nine holes drilled this year. Most of these holes were drilled with wider step-out spacing towards the east, targeting a strike extent of approximately 400 metres for the Sebakwe Zone.

Ascot is focused on re-starting the past-producing Premier gold mine.