Mr.Derek White reports
ASCOT INTERCEPTS HIGH-GRADE ZONES AT BIG MISSOURI
Ascot Resources Ltd.'s drilling at a second target area, the Big Missouri ridge, located approximately five kilometres north of the Premier/Northern Lights area, has intercepted high-grade zones. The most notable intercepts are 7.3 metres of 15.34 grams per tonne gold equivalent (AuEq) in hole P18-1652 and seven m of 10.34 g/t AuEq in hole P18-1617. Ascot is currently undertaking a drill program north of the Premier/Northern Lights area as part of developing a second high-grade resource.
Derek White, president and chief executive officer of Ascot Resources, commented: "Ascot is excited about the initial drill results from the Big Missouri area, especially to the southwest of the old S1 pit. These results clearly demonstrate the potential to outline high-grade zones in this area that can be valuable additions to the resource base at Premier/Northern Lights. The company's vision of restarting the Premier mill with sufficient feed has just received a strong boost by these excellent results from Big Missouri."
The company is working toward recommencing underground production at the Premier site near Stewart, B.C., using existing facilities and infrastructure (mill building, tailings facility, underground development, power and road access). As a first step, the company completed a maiden high-grade underground resource at Premier/Northern Lights and reported the results on May 10, 2018. The second step in the process is the 2018 drill program that commenced on April 16, 2018. The program is designed to extend mineralized zones at the Premier/Northern Lights area, convert current resources from inferred to indicated in existing zones (including the 602 zone), and to delineate high-grade zones in the Big Missouri/Martha Ellen area. The overall purpose is to increase the existing resource base in support of initial engineering studies that commenced in June, 2018.
This news release summarizes the results from the first batch of 25 drill holes at Big Missouri. This area is connected to the Premier/Northern Lights area by an eight-kilometre haul road that leads to the Premier mill building. The Big Missouri ridge hosts gold mineralization over a strike length of more than 6,000 metres. The mineralization is very similar to that in the Premier/Northern Lights area and has produced a significant number of high-grade intercepts that indicate the presence of material suitable for underground operations. The existing drill spacing at Big Missouri is fairly wide and will require higher resolution to outline high-grade zones.
An image on the company's website shows the location of the first four drill pads at Big Missouri. Drilling commenced in early May after the haul road was cleared of snow and initial pad locations became available. The drill program progresses from south to north as pads at higher elevation are cleared for operation. The purpose of the drill holes from the first four pads was to follow up a number of high-grade intercepts from previous drilling and to test the back of the high wall of the S1 pit that could be easily accessed from the floor of the pit. The S1 pit was mined by Westmin Resources in the early 1990s.
Drilling started at pad BM3 with four holes (P18-1612 through P18-1615) aimed to the northwest into the back wall of the S1 pit. The holes intercepted the gently west-dipping mineralized zone and identified gold mineralization at relatively shallow depth, extending the mineralized zone from the open pit. Two holes (P18-1616, P18-1617) were drilled toward the southeast and intercepted high-grade mineralization to the south of the pit. Hole P18-1617 intercepted seven m of 10.34 g/t AuEq. This high-grade zone is open to the south and southeast and will require additional drilling for better definition.
Pad 5 is the origin of nine drill holes (P18-1636 through P18-1638, P18-1642 through P18-1645, P18-1647, P18-1652) that were aimed toward several historical high-grade intercepts to the southwest of the S1 pit. With the exception of P18-1644, all drill holes intercepted significant mineralization. The best results from this pad came in hole P18-1645 which hit five m of 15.01 g/t AuEq from 101 m and in hole P18-1652 intercepting 7.3 m of 15.34 g/t AuEq from 206.50 m.
The seven drill holes (P18-1629 through P18-1635) from pad 7 form a fan that tested approximately 600 m of dip extent to the west of the S1 pit. The drill holes consistently hit gold mineralization with grades improving toward the west.
Three holes (P18-1624 through P18-1626) were drilled to the east from pad 4, testing an area around a previous high-grade intercept. Two of the holes intercepted significant mineralization at two different elevations. The mineralized area close to surface is called the Province zone on top of the ridge and may be amenable to open-pit extraction. The lower horizon is the Big Missouri zone and should be accessible through the S1 pit or through the existing underground structure.
Detailed drill results for all holes are listed in the associated table.
SUMMARY OF THE DRILL RESULTS FROM THEFIRST BATCH OF 25 HOLES AT BIG MISSOURI Hole No.FromTo WidthAuAgAuEq (m) (m) (m) (g/t) (g/t) (g/t)P18-1612 68.93 81.00 12.071.764.201.79incl.78.00 81.003.003.824.703.85incl.78.00 79.001.006.508.906.56also157.58162.725.141.327.901.37P18-1613 56.10 58.001.901.828.001.87P18-1614 45.75 50.755.002.685.302.72incl.45.75 46.751.009.753.109.77P18-1615 40.00 45.005.001.72 12.901.81also136.85141.254.401.181.701.19P18-1616 27.70 46.70 19.001.235.301.27incl.33.70 39.706.003.129.603.19incl.34.70 36.702.007.98 24.408.15P18-1617 29.20 52.25 23.053.234.303.26incl.31.25 38.257.00 10.289.50 10.34incl.34.25 35.251.00 48.40 19.00 48.53P18-16246.108.202.102.923.502.94also 53.10 54.501.402.637.302.68also111.00113.002.002.565.902.60also119.00121.002.002.506.902.55also157.50164.206.701.254.901.28incl. 161.00162.001.004.165.004.19P18-1625no significant interceptP18-16262.308.005.701.863.901.89incl. 4.905.901.005.65 10.205.72also 78.00 80.002.004.034.004.06P18-1629207.90226.65 18.752.065.302.10incl. 212.90217.905.004.014.304.04incl. 212.90213.901.008.593.608.61P18-1630200.80215.60 14.802.114.802.14incl. 200.80204.804.003.524.803.55P18-1630200.80215.60 14.802.114.802.14incl. 200.80204.804.003.524.803.55incl. 211.80212.601.804.555.204.59P18-1631195.50232.00 36.501.147.501.19incl. 211.00222.70 11.702.398.502.45incl. 213.00215.302.306.658.306.71P18-1632191.00210.45 19.451.193.801.22incl. 191.00192.001.003.472.203.48incl. 199.20201.202.002.385.302.42incl. 208.20210.452.252.225.802.26P18-1633193.60195.602.001.346.801.39also245.55248.002.451.26 10.501.33P18-1634178.55187.559.003.44 27.703.63incl. 178.55182.554.006.10 47.106.42incl. 178.55179.551.00 10.95 39.50 11.22P18-1635224.00242.00 18.003.17 10.503.24incl. 224.00226.002.00 11.106.40 11.14incl. 240.00242.002.008.41 21.008.55P18-1636 19.30 21.001.702.566.702.61also 64.00 65.901.902.506.102.54also 86.00 87.901.903.61418.006.44P18-1637no significant interceptP18-16381.529.007.481.904.401.93incl. 3.907.003.103.965.504.00also 82.40 83.401.007.82257.009.56P18-16423.309.005.702.186.402.22incl. 5.307.001.704.23 12.404.31P18-1643141.40143.502.10 12.458.80 12.51P18-1644no significant interceptP18-1645 86.00 92.006.001.44172.202.61also101.00106.005.00 14.87 20.50 15.01incl. 103.00104.401.40 51.30 54.00 51.67P18-1647169.00173.304.301.564.301.59P18-1652156.00174.50 18.509.484.009.51incl. 172.50174.502.00 83.40 22.00 83.55also192.00234.00 42.003.305.003.33incl. 206.50213.807.30 15.279.73 15.34incl. 208.40209.501.10 81.70 30.40 81.91Gold equivalence was calculated using a ratio of 65:1 Ag:Au and Ag recovery of 45.2 per cent.True width is believed to be approximately 80 to 90 per cent of reported intercepts.The drill holes that are missing from the numbering sequence were drilled at Premier and will be reported separately.
The 2018 drill program is progressing well. There are currently five drill rigs in operation at Big Missouri and Martha Ellen. Snow removal is under way allowing all pad locations to be available in the near future.
Qualified person
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 lab's 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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