Mr. Derek White reports
IP SURVEY IDENTIFIES PRIORITY ANOMALY SOUTHWEST OF PREMIER PIT
An induced polarization test survey at Ascot Resources Ltd.'s Premier pit has successfully detected known mineralization.
Derek White, president and chief executive officer of Ascot Resources, commented: "I was pleasantly surprised with the success of this test survey and how well it shows areas of known gold mineralization. The test survey also identified a previously unknown anomaly to the southwest of the Premier pit, which the company intends to follow up with drill testing in September and October. IP provides the company with a powerful exploration tool to directly detect mineralized structures that are below cover. The company is undertaking a 10,000-metre survey both to the south of the Premier pit to the Alaska border (3.5 kilometres) and to the north toward Big Missouri Ridge (six km) where high-grade gold mineralization is also known. There is an abundance of untested highly prospective ground on our 65-square-kilometre property and I look forward to the results of the full IP survey."
The induced polarization method has proven to be an effective tool to find anomalous areas of sulphide mineralization that are often associated with gold and base metal deposits. At the Premier site, although gold itself may not be directly detectable by IP, all of the known gold-rich zones contain 2 per cent to 15 per cent disseminated pyrite, a mineral that is easily detectable by IP. Results of the initial test surveys suggest this gold-pyrite association will provide the company with important data for expanding the known mineralized zones and discovering new untested target areas.
The company designed a test profile covering the western edge of the known gold-hosting structures near the Premier open pit in order to test the effectiveness of this technique. Simcoe Geoscience of Newmarket, Ont., conducted a wireless pole-dipole time domain IP survey over the test profile with a station spacing of 50 m. The survey successfully detected the known mineralization and also outlined three anomalies that need to be investigated further.
John Kiernan, PEng, chief operating officer of the company, 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.
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. Ascot is poised to be the next Golden Triangle producer with an experienced and successful exploration, development and operating team, coupled with a highly regarded major shareholder.
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