Mr. Derek Whitereports
ASCOT HITS HIGH-GRADE GOLD NEAR SURFACE IN ALL TEN HOLES AT THE NORTH STAR PROSPECT
Ascot Resources Ltd.'s drilling at the North Star prospect has intercepted high-grade gold mineralization with individual intervals greater than 10 grams per tonne gold in every drill hole that was completed. Additional high-grade intercepts were added in the Big Missouri zone. Ten holes were completed at the Martha Ellen prospect. Highlights of this release include:
8.90 metres of 9.85 grams per tonne gold and 104.8 grams per tonne silver in hole P18-1785 at North Star; 12.38 metres of 8.91 grams per tonne gold and 22.9 grams per tonne silver in hole P18-1789 at North Star; 6.50 metres of 15.14 grams per tonne gold and 14.23 grams per tonne silver in hole P18-1765 at the Big Missouri zone; 1.55 metres of 27.89 grams per tonne gold and 14.0 grams per tonne silver in hole P18-1778 at the Big Missouri zone.
Derek White, president and chief executive officer of Ascot Resources, commented: "The spectacular near-surface intercepts at North Star add another area for easily accessible potential resources at the Big Missouri ridge. We are very excited about follow-up drilling in this promising area."
The company is working toward gathering sufficient data to apply for permits 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 current drill 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 32 drill holes at North Star, Big Missouri, Unicorn and Martha Ellen. All four areas are located at the Big Missouri ridge between five kilometres and seven kilometres to the north of the Premier/Northern Lights resource area and the Premier mill building.
North Star prospect
The North Star prospect is located approximately 500 metres to the north of the S1 pit at the Big Missouri ridge on Ascot's Premier-Dilworth property. Ten holes were drilled in a starfish pattern from one drill pad (NS01) that was designed to test the continuity of previously known mineralization near surface in that area. All 10 drill holes were drilled to a depth of approximately 70 metres and intersected high-grade gold mineralization with grades in excess of 10 grams per tonne gold. The mineralization is hosted in a gently west-dipping quartz breccia zone and surrounding quartz stockwork with a thickness ranging from 15 metres to 35 metres. Within this zone, there are high-grade shoots that provide the intervals in excess of 10 grams per tonne gold. The North Star mineralization occurs at roughly the same elevation as the more thoroughly explored Province zone to the south and may represent an extension of that zone to the north. Given the impressive results in this area, additional drill pads have been designed in order to explore the extent of the mineralization at North Star that is open in several directions. Drill results from the North Star prospect are summarized in an attached table.
SUMMARY OF THE DRILL RESULTS FROM NORTH STARHole No.From ToWidth Au Ag AuEq(m)(m)(m)(g/t)(g/t)(g/t)P18-17851.5228.0026.48 3.87 39.0 4.13Including17.2026.10 8.90 9.85104.810.56Including22.2024.20 2.0021.39117.522.19P18-17864.8021.0016.20 4.84 18.4 4.96Including13.9016.80 2.9013.52 84.814.10Including13.9014.85 0.9522.51 81.023.06Including15.8516.80 0.9513.08 10.013.15P18-17871.5019.6018.10 1.07 17.8 1.19Including 4.00 7.50 3.50 2.30 16.0 2.41also 55.0069.5014.50 2.656.4 2.69Including56.9059.00 2.1014.40 21.014.54P18-17881.2336.0034.77 2.77 15.0 2.87Including13.1022.00 8.90 5.79 29.4 5.99Including13.1014.20 1.1011.04200.012.39Including20.0022.00 2.0015.26 11.015.33P18-17891.5232.8031.28 4.34 15.8 4.45Including 1.5213.9012.38 8.91 22.9 9.07Including 1.52 4.00 2.4818.96 31.019.17Including12.6013.90 1.3014.81 59.015.21P18-17902.4445.3042.86 2.238.2 2.29Including 4.5019.0014.50 4.07 15.7 4.18Including 7.5011.50 4.00 7.81 35.3 8.05Including 7.50 8.50 1.0011.12 45.011.42P18-17911.8337.6035.77 2.468.7 2.52Including 1.8316.0014.17 4.77 15.4 4.87Including11.7013.80 2.1012.96 31.013.17P18-17922.2019.0016.80 4.23 16.3 4.34Including12.0016.00 4.0011.06 40.811.34Including12.0013.00 1.0020.24 94.020.88Including15.0016.00 1.0013.87 41.014.15P18-17932.4431.6429.20 2.88 19.9 3.01Including 8.5518.51 9.96 6.81 49.7 7.15Including 8.5510.50 1.9519.53 29.019.73P18-17947.0029.0922.09 2.36 10.0 2.43Including17.0820.42 3.34 9.29 33.9 9.52Including18.0019.00 1.0011.03 39.011.29 Notes: Gold equivalence was calculated using a ratio of 65:1 (silver/gold) and a silver recovery of 45.2 per cent. True width is believed to be approximately 80 per cent to 90 per cent of reported intercepts.
Big Missouri
Six holes (P18-1761 to P18-1766) were drilled from pad BM12 to the west of the S1 pit. All six holes intercepted andesite-hosted quartz breccia and quartz stockwork at the expected elevation of the Big Missouri zone. Gold grades vary from moderate to spectacular, with hole P18-1765 intercepting 90.56 grams per tonne gold over a one-metre interval.
Six holes (P18-1777 to P18-1782) were completed from pad BM22 to the north of the S1 pit. The drill holes at this pad straddle the Big Missouri zone to the west and the Unicorn zone to the east and northeast. These zones are separated by a north-south-striking fault that can be traced at surface. The elevation of pad BM22 is approximately 100 metres lower than the previously reported pads on top of the ridge. The Big Missouri zone is therefore intercepted at a depth of 50 metres to 60 metres compared with the holes drilled from higher elevation.
The 2018 drill results from Big Missouri continue to be very encouraging as high-grade zones are identified within the moderate grade envelope. While drilling is continuing at Big Missouri, the area is being modelled at a two-gram-per-tonne-gold-equivalent cut-off in anticipation of a resource update later in the year.
Drill results from Big Missouri are summarized in an attached table.
SUMMARY OF THE DRILL RESULTS FROM THE BIG MISSOURI ZONE Hole No.From ToWidth Au Ag AuEq(m)(m)(m)(g/t)(g/t)(g/t)P18-1761200.10 203.15 3.05 1.435.7 1.47P18-1762209.00 211.00 2.00 4.298.0 4.34P18-1763174.00 195.0021.00 2.176.7 2.22Including 180.20 182.20 2.0011.57 20.511.71 P18-1764177.00 181.66 4.66 1.422.2 1.43P18-1765183.00 205.1322.13 5.006.5 5.04Including 185.00 191.50 6.5015.1414.2315.24 Including 187.50 188.50 1.0090.56 46.090.87 P18-1766172.00 200.0028.00 1.126.4 1.16Including 174.00 176.00 2.00 4.163.0 4.18Including 198.00 200.00 2.00 4.19 10.0 4.26P18-1777No significant interceptP18-1778 47.2548.80 1.5527.89 14.027.98 P18-1779No significant interceptP18-1780 65.3071.30 6.00 2.813.7 2.84Also 97.20 102.41 5.21 4.444.2 4.47Including 101.00 102.41 1.4113.989.014.04 P18-1781 43.0049.00 6.00 2.82 12.0 2.90Including48.0049.00 1.0011.73 28.011.92 P18-1782 93.0095.00 2.00 2.43 16.0 2.54 Notes: Gold equivalence was calculated using a ratio of 65:1 (silver/gold) and a silver recovery of 45.2 per cent. True width is believed to be approximately 80 per cent to 90 per cent of reported intercepts.
Martha Ellen
The Martha Ellen prospect is a further 1,350 metres to the north of the North Star prospect described herein. Historical drilling has identified high-grade gold mineralization over a strike length of more than 1,000 metres, some of it very close to surface. Similar to the intent at North Star, 10 drill holes were completed from one drill pad in a starfish pattern. All holes intercepted a subhorizontal quartz breccia zone with surrounding quartz stockwork at a depth of approximately 20 metres. Gold mineralization is generally anomalous and there are several good intercepts.
One drill pad represents only a spot sample for a mineralized zone with a strike length of over 1,000 metres, but, given that Martha Ellen is located at a greater distance to the Big Missouri haul road and the mill building, detailed exploration of this area has a lower priority than the follow-up of the very good results at North Star. Drill results from Martha Ellen are summarized in an attached table.
SUMMARY OF THE DRILL RESULTS FROM MARTHA ELLENHole No.From ToWidth Au Ag AuEq(m)(m)(m)(g/t)(g/t)(g/t)P18-1767 33.5038.50 5.00 1.06 28.8 1.26Also 48.5049.50 1.00 3.02 14.0 3.11P18-1768 26.4528.70 2.25 3.17 66.2 3.62P18-1769 44.0057.0013.00 1.23 25.3 1.40Including55.0057.00 2.00 2.20 14.0 2.29P18-1770 21.4038.8017.40 1.45 42.9 1.74Including26.2030.80 4.60 3.84146.0 4.83Including27.8529.57 1.72 8.88300.010.91 P18-1771 26.3531.90 5.55 0.847.5 0.89P18-1772 No significant interceptP18-1773 19.6038.6019.00 0.858.2 0.91Including21.6027.60 6.00 1.747.2 1.79Including25.6026.60 1.00 5.19 14.0 5.28P18-1774 No significant interceptP18-1775 39.8544.30 4.45 0.98 22.1 1.13P18-1776 52.0054.00 2.00 2.18 21.0 2.32 Notes: Gold equivalence was calculated using a ratio of 65:1 (silver/gold) and a silver recovery of 45.2 per cent. True width is believed to be approximately 80 per cent to 90 per cent of reported intercepts.
Quality assurance/quality control
Lawrence Tsang, PGeo, the company's project 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 and 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-gram 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 per millionsilver 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 metallic 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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