Mr. Derek White reports
ASCOT DRILLING AT UNICORN INTERSECTS MORE HIGH-GRADE GOLD
Ascot Resources Ltd.'s diamond drilling at the Unicorn area near the Big Missouri ridge has intercepted high-grade gold mineralization. The 2018 drill program is now complete and results are being integrated into a resource update for the entire property including Premier/Northern Lights and all parts of the Big Missouri ridge. Highlights of this release include:
1.57 metres of 80.22 grams per tonne gold and 30.0 grams per tonne silver in hole P18-1831 at Unicorn; 3.50 metres of 14.95 grams per tonne gold and 49.4 grams per tonne silver in hole P18-1817 at Unicorn; 2.30 metres of 14.53 grams per tonne gold and 9.0 grams per tonne silver in hole P18-1829 at Unicorn; 2.00 metres of 8.35 grams per tonne gold and 5.0 grams per tonne silver in hole P18-1804 at the Province zone.
Derek White, president and chief executive officer of Ascot Resources, commented: "We are very pleased with the results of the 2018 drill campaign and look forward to incorporate the new intercepts into our upcoming resource update. Ascot will have three distinct areas with a potential resource base, including the recently acquired Silver Coin project, the high-grade resources at Premier/Northern Lights and the various areas at the Big Missouri ridge. We are also excited about the exceptional exploration potential of our large land package and look forward to test numerous targets in 2019. Many of these high-priority targets are potential extensions of our three resource areas while some have developed from our recently completed geophysical IP [induced polarization] survey."
The company is working toward gathering sufficient data to apply for permit amendments to recommence underground production at the Premier site near Stewart, B.C., using existing facilities and infrastructure (mill building, tailings facility, haul road, underground infrastructure and power line). The 2018 drill program comprised 45,848 metres of drilling in 237 drill holes and an additional 1,835 metres of hydrogeology drilling. The program is an integral part in the process of expanding the existing high-grade resource base that will be used in the engineering studies that commenced in the second quarter of 2018.
This news release summarizes the results from 30 drill holes at Unicorn and the Province zones at the Big Missouri ridge located approximately seven kilometres to the north of the Premier mill building.
Unicorn
The Unicorn area is located to the northeast of the S1 pit immediately to the east of the topographic feature that is the Big Missouri ridge. High-grade gold mineralization has been identified in various parts of this wide area at a minimum of two different elevations in a similar arrangement to the Big Missouri ridge where three zones of gold mineralization (Province at the top of the ridge, Big Missouri approximately 150 metres below and an unnamed deep zone a further 100 metres down) are stacked on top of each other.
Five drill holes (P18-1827 to P18-1831) were completed from pad BM21 located to the northeast of the S1 pit. These holes intersected quartz breccia with gold mineralization at three different elevations --close to surface, at around 100-metre depth and around 160-metre depth. The breccia zones are moderately dipping toward the west.
The northern part of the Unicorn area was tested by 19 drill holesfrom three different pads (UN02, UN03 andUN05) and intersected several mineralized zones. The geometry of the mineralization in this area is more complex than at the BM21 pad location as local faults are disrupting continuity of the breccia zones. Drill results from Unicorn are summarized in the attached table.
SUMMARY OF THE DRILL RESULTS FROM UNICORNHole No. From ToWidth Au Ag AuEq (m)(m)(m)(g/t)(g/t)(g/t)P18-179565.0069.50 4.50 1.49 12.8 1.58P18-179674.9577.40 2.45 1.935.9 1.97 107.00 121.0014.00 1.793.4 1.81Including107.00 109.00 2.00 6.856.0 6.89P18-1797 1.2010.50 9.30 3.58 16.1 3.69Including1.20 2.85 1.6519.29 40.419.56Also48.6052.20 3.60 2.49 11.7 2.57Also83.8087.55 3.75 4.42 25.9 4.60Also 132.90 133.90 1.00 4.13 17.0 4.25P18-1798 145.00 155.4010.40 2.10 13.2 2.19Including151.30 154.53 3.23 4.01 22.4 4.16P18-180572.6078.00 5.40 2.67 54.6 3.04Including 72.6075.00 2.40 4.82 54.0 5.19Also 128.00 140.0012.00 3.145.5 3.18Including132.00 134.00 2.00 8.868.0 8.91P18-180615.6019.00 3.40 1.42 18.9 1.55Also 114.90 116.00 1.10 6.84 19.0 6.97P18-180789.4590.40 0.95 2.83 18.0 2.95P18-1808Including103.00 108.00 5.00 1.083.0 1.10Also 130.90 140.00 9.10 1.165.3 1.20P18-1815 No significant interceptP18-1816 5.20 6.20 1.00 5.07 21.0 5.21P18-181713.0014.00 1.0052.94 83.053.50Also90.70 139.0048.30 2.139.4 2.19Including102.00 120.5018.50 4.89 19.5 5.02Including107.00 110.50 3.5014.95 49.415.28Including109.50 110.50 1.0031.66 27.031.84Also 145.00 147.00 2.00 3.487.0 3.53P18-1818 7.0010.80 3.80 1.875.5 1.91Also 107.10 133.5026.40 1.613.3 1.63Including111.60 125.0013.40 2.533.4 2.55Including122.50 125.00 2.50 6.766.6 6.80P18-181970.2072.40 2.20 2.116.5 2.15 132.00 136.00 4.00 3.425.0 3.45P18-182016.4018.60 2.20 1.98 16.0 2.09 126.00 128.00 2.00 1.102.0 1.11P18-182174.0076.00 2.00 3.77 93.0 4.40P18-182241.3044.90 3.60 2.34 10.0 2.41P18-1823 No significant interceptP18-1824 121.70 128.00 6.30 1.614.2 1.64Including121.70 123.60 1.90 3.723.0 3.74P18-1826 4.00 5.00 1.00 1.67 23.0 1.83Also 154.95 159.15 4.20 1.225.3 1.26Including154.95 155.95 1.00 4.058.0 4.10P18-182711.3025.8014.50 1.574.8 1.60Including 11.3016.80 5.50 2.696.2 2.73Also47.0051.00 4.00 1.765.5 1.80Also 105.75 151.4945.74 1.056.8 1.10Also 105.75 116.3010.55 2.54 12.9 2.63Including112.00 113.00 1.00 9.209.0 9.26Also 147.00 151.49 4.49 2.28 12.1 2.36P18-182810.1028.8018.70 1.946.9 1.99Including 11.1014.10 3.00 4.079.7 4.14Including 18.5519.60 1.0516.36 23.016.52Also 167.40 171.40 4.00 2.345.8 2.38P18-1829 6.8029.7022.90 2.587.8 2.63Including 25.4027.70 2.3014.539.014.59Also 166.86 168.00 1.1414.11 37.014.36P18-1830 6.7341.0034.27 1.079.3 1.13Including 27.0029.00 2.00 6.626.0 6.66P18-183127.5029.50 2.00 5.57 10.0 5.64Also 132.50 133.50 1.0017.49 13.017.58Including134.50 136.07 1.5780.22 30.080.42Notes: Gold equivalence was calculated using a ratio of 65:1 (silver:gold) and silver recovery of 45.2 per cent. True width is believed to be approximately 70 per cent to 90 per cent of reported intercepts.
Province
The Province zone is the topmost of the three known mineralized zones at the Big Missouri ridge located at the crest of the ridge and at the same elevation as the North Star prospect further north (see news release of September 25, 2018). Following very encouraging results from this mineralized breccia horizon, six additional drill holes (P18-1799 to P18-1804) were completed from pad BM27 (see figure 1). All six holes intercepted mineralization close to surface. This material is easily accessible and provides another location for potential mill feed in a possible future restart scenario of the Premier mill. Drill results from the Province zone are summarized in Table 2.
SUMMARY OF THE DRILL RESULTS FROM THE PROVINCE ZONE AT BIG MISSOURI Hole No. From ToWidth Au Ag AuEq (m)(m)(m)(g/t)(g/t)(g/t)P18-1799 3.00 8.00 5.00 1.86 21.6 2.01 Including3.00 4.00 1.00 5.83 59.0 6.23 P18-1800 2.0017.0015.00 1.158.9 1.21 Including5.00 7.00 2.00 2.73 19.0 2.86 Also40.0042.00 2.00 3.402.0 3.41 P18-1801 0.0031.0031.00 1.74 19.0 1.87 Including0.0018.0018.00 2.67 23.4 2.83 Including0.00 5.00 5.00 4.14 51.8 4.49 P18-1802 0.00 8.00 8.00 2.20 51.0 2.55 P18-1803 1.00 5.00 4.00 4.00 27.3 4.18 P18-1804 2.1340.2338.10 1.20 23.4 1.36 Including 10.0021.0011.00 2.49 32.7 2.71 Including 19.0021.00 2.00 8.355.0 8.38 Notes: Gold equivalence was calculated using a ratio of 65:1 (silver:gold) and silver recovery of 45.2 per cent. True width is believed to be approximately 70 per cent to 90 per cent of reported intercepts.
Quality assurance/quality control
Lawrence Tsang, PGeo, the company's senior geologist provides the field management for the Premier exploration program. John Kiernan, PEng, chief operating officer of the company, is the company's qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.
Analytical work is being carried out by SGS Canada Inc. Ascot's quality assurance/quality control program includes the use of analytical blanks to monitor for cross-contamination, certified reference material standards to assess analytical accuracy and duplicate samples to quantify sampling precision. This is in addition to the internal quality assurance program employed by SGS.
Samples are dried and weighed by SGS. They are then crushed to 75 per centpassing two millimetres, with 250 grams split and pulverized to 85 per cent passing 75 micrometres. Since early June, samples are crushed and split on site by a mobile lab supplied by SGS and run by SGS staff. All samples are digested using aqua regia with an ICP-AES finish and fire assay with AA finish for gold. Samples over 100 parts perm illionsilver are digested with aqua regia and then volumetrically diluted before an ICP-AES or AA finish (up to 1,500 parts per million). Samples over 1,500 parts per million silver are fire assayed with a gravimetric finish. Samples over 10 parts per million gold are fire assayed with a gravimetric finish. Identified or suspected metallic gold or silver are subjected to metallics assays. Sampling and storage are at the company's secure facility in Stewart.
About Ascot Resources Ltd.
Ascot Resources is a gold-and-silver-focused exploration company with a portfolio of advanced and grassroots projects in the Golden Triangle region of British Columbia. The company's flagship Premier project is a near-term high-grade advanced exploration project with large upside potential.
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