Ascot Resources drills 71.28 g/t gold over 2 metres at Premier, British Columbia

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Ascot Resources Ltd. [AOT-TSX; AOTVF-OTCQX] reported the first 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 in the prolific Golden Triangle of northwestern British Columbia. These results are from surface drilling for infill and exploration purposes at the Big Missouri deposit, approximately 6 km north of the past-producing Premier mill.

Highlights include 71.28 g/t gold and 23.00 g/t silver over 2.00 metres from a depth of 57.74 metres in hole P22-2405, including 136.50 g/t gold and 39.7 g/t silver over 1.00 metres.

P22-2404 returned 5.09 g/t gold and 6.60 g/t silver over 12.00 metres from a depth of 37.50 metres, including 7.17 g/t gold and 6.70 g/t silver over 7.50 metres.

P22-2412 returned 3.28 g/t gold and 7.40 g/t silver over 14.65 metres from a depth of 78.31 metres, including 15.74 g/t gold and 6.8 g/t silver over 2.51 metres.

P22-2406 returned 16.55 g/t gold and 25.40 g/t silver over 2.00 metres from a depth of 57.00 metres, including 29.90 g/t gold and 47.0 g/t silver over 1.00 metre.

To date, 46 holes have been completed for a total of 4,260 metres at the Big Missouri deposit this season. This release summarizes the assay results from the first 15 drill holes for a total of 1,195 metres from surface pad BM-1/22. Drill holes were targeting the A Zone of the Big Missouri deposit in planned stoping areas, potential extensions of stopes, and gaps in previous drilling on the deposit.

Derek White, President and CEO, commented, “This season’s drill program at Big Missouri is important as it enables us to refine and gain more confidence on our initial stoping areas for underground mining. We are pleased to see high-grade intercepts and visible gold encountered in the first batch of assay results from this area. The drilling revealed various locations where planned stope shapes can be extended, where existing stope shape geometry was confirmed, and provide useful information in previously undrilled gaps in the historical database.

“We look forward to seeing continued success from the drill program at Big Missouri this season, and in combination with ongoing underground development and sampling, vastly improving the confidence in our geological model at PGP as we advance towards production.”

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

The results are headlined by hole P22-2405 which intercepted 136.50 g/t Au and 39.7 g/t Ag over 1.00m, within a broader interval of 2.00m grading 71.28 g/t Au and 23.00 g/t Ag, starting from a depth of 57.74m – just below a planned stope shape. This drill intercept also encountered visible gold.

These drill results show strong potential for the planned stope shapes to be extended by high-grade intercepts such as the 10.70 g/t Au intercept in hole P22-2407, the 7.49 g/t Au and 5.10 g/t Au intercepts in holes P22-2412 and P22-2410, respectively, and the 15.74 g/t Au and 7.90 g/t Au intercepts near the bottom of holes P22-2412 and P22-2410, respectively. Many of these potential stope extensions also occur at the predicted locations based on mineralization wireframe geometry, which strengthens confidence in the geological model.

In various locations, 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 7.17 g/t Au intercept in hole P22-2407 and the 29.90 g/t Au and 10.90 g/t Au intercepts in hole P22-2406.

Ten more holes were drilled from the same pad, mostly towards the east, with assay results pending. Two additional surface pads were established to the north, from which an additional 21 holes were drilled. Currently, drilling is being carried out from surface at the Day Zone on the western side of the Big Missouri ridge.

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

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