Mr. Derek White reports
INITIAL 2018 DRILL RESULTS FROM THE 602 ZONE SHOW ROBUST HIGH-GRADE GOLD MINERALIZATION AT PREMIER-DILWORTH PROJECT
Ascot Resources Ltd. has released initial drilling results of the first 11 holes from the 602 zone at the company's flagship Premier-Dilworth project. Several holes intercepted wide intervals of high-grade gold mineralization including 12.1 metres of 11.65 grams per tonne gold in hole P18-1605 and 9.61 mof 24.64 g/t gold in hole P18-1609.
Derek White, president and chief executive officer of Ascot Resources, commented: "Ascot is encouraged with these recent infill drill results in terms of both thickness and grade in the 602 zone. This helps to build our confidence in the robustness of our geological model, the planned mining approach and associated mining methods that will be used in the 602 zone. Given the positive results, the company is considering additional drilling in this area."
The company is working toward recommencing underground production at the Premier site near Stewart, B.C., using existing facilities and infrastructure (mill, power and tailings facilities, underground development, and road access). As a first step, the company completed a maiden underground resource at Premier/Northern Lights and reported the results on May 7, 2018. The next step is currently in progress and includes the 2018 drill program that commenced on April 16, 2018. The program is designed to extend mineralized zones at Premier/Northern Lights, converting existing resources from inferred to indicated in existing zones (including the 602 zone), and delineate high-grade zones in the Big Missouri/Martha Ellen area located five km farther north. The overall purpose is adding to the existing resource base to support initial engineering studies.
The 2018 drill campaign commenced with an infill program at the 602 zone in the Premier/Northern Lights area located on the southern part of the property. The infill program consists of 15 drill holes and is now complete. The 602 zone, which has not been previously mined, is likely to be accessed first in a restart scenario due to its proximity to the main underground portal.
The drill holes generally intercepted the targeted zones at the projected depth and confirm the robustness of the modelled zones that underpin the recently completed resource. The wide intercepts in holes P18-1604 and P18-1605 increased the width of the modelled zone while drill holes P18-1620 and P18-1622 intercepted mineralization in the hangingwall of the main 602 body and will likely extend the hangingwall subzone laterally in the next resource update for the 602 zone.
The results of the first 11 holes are summarized in the associated table. The drill hole locations are listed on the company's website. Results from the remaining four holes of the 602 zone infill program are pending and will be reported in due course.
The associated table summarizes the 2018 drill results from the 602 zone as of May 27, 2018.
Hole From ToWidth AuAgAuEq(m)(m)(m)(g/t) (g/t) (g/t)P18-1604102/-83303.00 308.70 5.70 3.5511.53.63incl.303.00 304.75 1.75 7.17 7.37.22P18-160597/-78 294.00 317.3023.30 6.7069.57.17incl.298.90 311.0012.1011.65 122.1 12.48incl.298.90 305.00 6.1020.9438.2 21.20incl.298.90 299.90 1.0099.40 155.0100.45P18-160697/-71 298.10 311.9013.80 5.0310.55.10incl.298.10 304.50 6.40 8.3617.38.48incl.300.10 303.00 2.9011.1311.8 11.21P18-160777/-81 302.50 305.50 3.00 1.98 9.62.05also 304.00 305.50 1.50 3.3812.73.47P18-1608282/-78 95.2096.40 1.20 0.46 1,140.08.18 323.10 327.00 3.90 2.05 8.12.10incl.323.10 324.00 0.90 4.01 6.94.06P18-1609272/-81340.00 349.61 9.6124.64 9.2 24.70incl.345.40 346.40 1.00 213.0057.0213.39P18-1610249/-73 no significant interceptP18-1611227/-81306.50 308.00 1.50 2.5117.42.63also 315.00 316.00 1.00 2.37 7.02.42also 321.00 323.00 2.00 2.1311.22.21P18-1620159/-58272.00 278.00 6.0010.2510.1 10.32incl.274.00 276.00 2.0020.4039.6 20.67also.295.00 299.00 4.00 2.96 77.283.48P18-1621149/-51272.70 273.90 1.20 7.5954.87.96also 309.50 311.50 2.00 6.43 4.56.46P18-1622144/-53270.60 280.50 9.90 5.4317.45.55incl.270.60 272.64 2.0415.5554.7 15.92also 300.00 302.87 2.87 2.73178.513.94Gold equivalence (AuEq) was calculated using a ratio of 65:1 Ag:Au and silver (Ag) recovery of 45.2 per cent.True width is believed to be approximately 80 to 90 per cent of reported intercepts.
Drill holes P18-1607 and P18-1611 did not intercept the modelled 602 zone at the anticipated pierce point due to unexpected drill hole deviation. Drill hole P18-1610 intercepted the targeted lithology and encountered anomalous gold grades of non-reportable tenor.
The observed deviation in drill holes P18-1607 and P18-1611 highlight the need for infill drilling from the underground infrastructure to precisely target the modeled zones for improved definition.
The 602 zone and the more steeply dipping 609 zone are open to the northwest and there is considerable potential to extend mineralization toward the main underground portal. Exploration holes in this area will be completed later in the season when weather conditions improve and the drill pads are no longer covered in snow.
The 2018 drill program is progressing well. There are currently five drill rigs in operation, one at Premier and four at the Big Missouri zone, five kilometres to the north. The Big Missouri zone is located at considerably higher elevation and snow cover is still limiting operations there. As the snowmelt continues, additional areas will be available for follow-up drilling in the central part of the property.
Graeme Evans, PGeo, and Lawrence Tsang, PGeo, the company's project geologists provide the field management for the Premier exploration program. Graeme Evans, consulting geologist, is the company's qualified person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.
Quality assurance/quality control
Analytical work is being carried out by ALS Lab Group. Quality assurance and quality control programs include the use of analytical blanks and standards and duplicates in addition to the labs own internal quality assurance program. All samples were analyzed using multidigestion with ICP (inductively coupled plasma) finish and fire assay with AA (atomic absorption) finish for gold. Samples over 100 parts per million silver were reanalyzed using four-acid digestion with an ore-grade AA finish. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. Identified or suspected metallic gold or silver is subjected to metallics assays. For extreme high gold grades, a concentrate analysis is performed with a fire assay and gravimetric finish accurate up to 999,985 ppm Au limit (ALS Au-CON01) method. Sampling and storage are at the company's secure facility in Stewart with biweekly sample shipments made to ALS Labs Terrace prep site.
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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