Ascot Resources Ltd.: Updated Resource Estimate at Premier Has Indicated Resources at Big Missouri and Martha Ellen Grading M...
31 Marzo 2014 - 7:00AM
Marketwired Canada
Ascot Resources Ltd. (TSX VENTURE:AOT) (the "Company") is pleased to announce
that Ronald G. Simpson, P.Geo. (Geosim Services Inc.), has completed an updated
independent National Instrument 43-101 compliant mineral resource estimate for
the Company's Premier-Dilworth Gold-Silver Project located near Stewart, British
Columbia.
Highlights for the 2014 mineral resource estimate include:
-- New mineral resources estimates, covering the Big Missouri, Martha Ellen
and Dilworth areas, within optimized pit shells, at a cut-off grade of
0.3 g/t gold equivalent (AuEq) of 2.830 million ounces AuEq at a grade
of 0.94 g/t AuEq in the indicated category and 1.804 million ounces AuEq
at a grade of 0.71 g/t AuEq in the inferred category.
-- Indicated resource at Big Missouri of 2.007 million ounces AuEq at a
grade of 1.01 g/t AuEq.
-- Indicated resource at Martha Ellen of 0.354 million ounces AuEq at a
grade of 1.32 g/t AuEq.
-- Sensitivity to cut-off grades indicates the system remains robust with
higher grade cut-offs.
-- Big Missouri and Martha Ellen deposits have a significant increase in
gold grades compared to the Feb.12, 2013 resource while the new Dilworth
deposit adds substantial silver to the resource. All reported with
higher cut-off grades.
The new and updated mineral resource estimates are based on data from 647 core
holes (141,166 m) completed by Ascot since 2007 from three target areas: the Big
Missouri deposit, Martha Ellen deposit and the Dilworth deposit. All three
target areas remain open for expansion as shallow dipping sheets within a six
square kilometer area and are believed to be portions of one large continuous
system. This latest resource represents approximately 20% of the total target
area.
These targets have the advantage of having favorable moderate topography and
developed infrastructure from previous mine operations and a new hydroelectric
project at Long Lake on the property.
The new and updated mineral resource estimates are summarized in the following
table:
Mineral Resources reported at a 0.3 g/t AuEq cut off.
----------------------------------------------------------------------------
Average Grades Contained oz (000's)
Tonnes -------------------- --------------------
Class Deposit 000's Au g/t Ag g/t AuEq Au Ag AuEQ
----------------------------------------------------------------------------
Big Missouri 61,859 0.91 5.8 1.01 1,810 11,535 2,007
----------------------------------------------------------------
Martha Ellen 8,345 1.15 9.9 1.32 309 2,656 354
Indicated ----------------------------------------------------------------
Dilworth 23,298 0.48 8.8 0.63 357 6,592 469
----------------------------------------------------------------
Total 93,502 0.82 6.9 0.94 2,475 20,783 2,830
----------------------------------------------------------------------------
Big Missouri 34,665 0.74 8.0 0.88 825 8,916 976
----------------------------------------------------------------
Martha Ellen 3,236 0.70 11.6 0.90 73 1,207 93
Inferred ----------------------------------------------------------------
Dilworth 41,377 0.45 6.1 0.55 596 8,115 734
----------------------------------------------------------------
Total 79,278 0.59 7.2 0.71 1,494 18,238 1,804
----------------------------------------------------------------------------
1-Mineral Resources have an effective Date March 31, 2014; Ronald G. Simpson,
P.Geo., is the Qualified Person responsible for the Mineral Resource estimates.
2-Mineral Resources are reported inside optimized pit shells using a gold
equivalent grade of 0.3 g/t.
3-Tonnages are rounded to the nearest thousand tonnes; grades are rounded to two
decimal places for Au and two for Ag. Rounding as required by reporting
guidelines may result in apparent summation differences between tonnes, grade
and contained metal content.
The mineral resource estimate is based on a three geologic block models. A
combination of lithologic, structural and grade domain models were used to
constrain grade estimation. Block dimensions were 10 by 10 by 10 metres. Density
values assigned to the principal lithologies are based on 2,044 specific gravity
measurements of pulp samples.
Gold and silver grade estimation was carried out by the inverse distance
weighting method to the third power (ID3) using 2 metre downhole drill hole
composites. Only data from Ascot from Ascot programs was used in grade
estimation. Data from historical drilling programs (pre-2007) was used to assist
in modeling of lithologic and grade domains.
Classified blocks have been constrained by a Lerch-Grossman optimized pit shell
using a gold price of $1,400 per ounce and a silver price of $24 per ounce. Cost
Assumptions for pit optimization included processing + G & A at $10.00/t and
mining at $2.00/t. Assumed metal recovery factors were 92% for gold 65% for
silver. Pit slope was set at 45 degrees.
The following tables show the sensitivity of the Premier-Dilworth Mineral
Resource to a range of cut-off grades with the Base Case highlighted. These
cases represent application of cut-off grades to classified blocks in the
resource model and do not represent different pit optimizations.
Sensitivity to Cut-off
Combined Indicated
----------------------------------------------------------------------------
COG g/t Tonnes AuEQ 0z Au 0z Ag 0z AuEQ
AuEq 000's Au g/t Ag g/t g/t 000's 000's 000's
----------------------------------------------------------------------------
0.25 96,180 0.80 6.8 0.92 2,484 21,150 2,845
0.30 93,502 0.82 6.9 0.94 2,475 20,783 2,830
0.35 87,809 0.86 7.1 0.98 2,425 20,115 2,767
0.40 79,938 0.92 7.5 1.04 2,352 19,174 2,678
0.45 71,923 0.97 7.8 1.11 2,252 17,974 2,557
0.50 64,030 1.05 8.2 1.19 2,157 16,795 2,442
1.00 24,184 1.81 11.1 2.00 1,410 8,657 1,558
2.00 6,682 3.46 14.4 3.70 743 3,098 796
3.00 3,156 4.90 14.8 5.15 497 1,504 523
----------------------------------------------------------------------------
Combined Inferred
----------------------------------------------------------------------------
COG g/t Tonnes AuEQ 0z Au 0z Ag 0z AuEQ
AuEq 000's Au g/t Ag g/t g/t 000's 000's 000's
----------------------------------------------------------------------------
0.25 81,493 0.58 7.0 0.70 1,508 18,449 1,822
0.30 79,278 0.59 7.2 0.71 1,494 18,238 1,804
0.35 73,056 0.61 7.5 0.74 1,443 17,517 1,742
0.40 62,597 0.67 8.1 0.80 1,341 16,333 1,619
0.45 52,181 0.72 8.9 0.88 1,216 14,952 1,470
0.50 42,440 0.80 9.9 0.97 1,094 13,453 1,323
1.00 11,690 1.50 14.6 1.75 563 5,469 656
2.00 2,362 3.12 17.8 3.42 237 1,352 260
3.00 873 4.96 13.7 5.19 139 383 146
----------------------------------------------------------------------------
Ascot is planning an aggressive 2014 drill program over all three target areas
(Big Missouri, Martha Ellen and Dilworth). In addition Ascot now has a working
database for the Premier mine area, which contains 4,453 historic drill holes.
This database will allow Ascot to outline and test high grade underground
targets in the old mine area.
Qualified Persons
The Independent Qualified Persons as defined by NI 43-101 for the purpose of
this news release are Mr. Ronald G. Simpson, P.Geo., of Geosim Services Inc. The
contents of this press release have been reviewed and approved by Mr. Simpson.
Graeme Evans, P.Geo., is the Company Qualified Person responsible for the
supervision of the drilling programs. Mr. Evans has also reviewed and approved
the contents of this news release.
An updated mineral resource report will be filed on SEDAR within 45 days of this
news release.
On Behalf of the Board of Directors
ASCOT RESOURCES LTD.
John A. Toffan, President and Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press
release relative to markets about anticipated future events or results
constitute forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect" and "intend" and statements that an
event or result "may", "will", "should", "could" or "might" occur or be achieved
and other similar expressions. All statements, other than statements of
historical fact, included herein, including, without limitation; the completion
of the Offering on the terms set forth herein, the anticipated closing date of
the Offering and the use of proceeds from the Offering are forward looking
statements. Forward-looking statements are subject to business and economic
risks and uncertainties and other factors that could cause actual results of
operations to differ materially from those contained in the forward-looking
statements. Important factors that could cause actual results to differ
materially from the Company's expectations include fluctuations in commodity
prices and currency exchange rates; uncertainties relating to interpretation of
drill results and the geology, continuity and grade of mineral deposits; the
need for cooperation of government agencies and native groups in the exploration
and development of properties and the issuance of required permits; the need to
obtain additional financing to develop properties and uncertainty as to the
availability and terms of future financing; the possibility of delay in
exploration or development programs and uncertainty of meeting anticipated
program milestones; and uncertainty as to timely availability of permits and
other governmental approvals. Forward-looking statements are based on estimates
and opinions of management at the date the statements are made. The Company does
not undertake any obligation to update forward-looking statements except as
required by applicable securities laws. Investors should not place undue
reliance on forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ascot Resources Ltd.
(604) 379-1170
www.ascotresources.ca
Ascot Resources (TSXV:AOT)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Ascot Resources (TSXV:AOT)
Gráfica de Acción Histórica
De May 2023 a May 2024
