Ascot Resources Intersects 78.77 Meters of 20.31 (2.70 Cut) Grams Per Tonne Gold in New Zone at Premier
15 Julio 2014 - 8:00AM
Marketwired Canada
Highlights of Release:
-- Drilling has commenced in a new target area around the old Premier Mine.
Local high grade values up to 1395.0 g/t Gold and 739.0 g/t Silver were
intersected over 1.0m in P14-594.
-- Drilling has also commenced, for 2014, in the Big Missouri area. Early
drilling has intersected high grade values including 536.0 g/t Gold and
191.0 g/t Silver over 1.0m in P14-591.
Ascot Resources Ltd. (TSX:AOT) is pleased to announce that wide zones of gold
and silver mineralization continue to be encountered in all target areas of the
Premier property. This property, which covers more than one hundred square
kilometres near the town of Stewart in northwest BC, includes the old Premier
Mine, a past producer of 2.1 MOz Au and 44.9 MOz Ag.
After more than two years of compilation of extensive historic data, Ascot has
commenced drilling at the old Premier Mine site itself, which is located at the
south end of the project area, approximately six kilometers south of Big
Missouri. This new target is outside of any of Ascots present resource areas
(Big Missouri, Martha Ellen and Dilworth). This area is a separate system and
the priority is to define the potential for higher grade underground
mineralization. Despite a number of lost holes due to encountering old workings
or difficult ground conditions, the new drilling demonstrates the continuity of
the main Premier system with wider intervals of stockwork veining, containing
gold and silver values cored by higher grades in quartz breccia bodies.
New 2014 highlights include:
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Width Au Au Cut Ag
Hole # Zone From m's To m's m's (g/t) (g/t) (g/t)
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P14-584 Premier 151.00 222.00 71.00 1.73 1.73 16.4
Glory Hole
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(hit incl. 162.42 179.00 16.58 2.39 2.39 44.8
stope)
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incl. 168.50 170.00 1.50 10.35 10.35 244.0
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also incl. 198.00 205.00 7.00 9.45 9.45 25.7
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incl. 202.00 205.00 3.00 19.48 19.48 45.8
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P14-585 Premier 104.00 182.50 78.50 2.01 2.01 46.2
Glory Hole
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also incl. 107.70 121.70 14.00 5.81 5.81 203.3
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incl. 119.70 121.70 2.00 37.00 37.00 1370.0
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also incl. 163.90 173.40 9.50 5.32 5.32 22.2
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incl. 170.40 172.40 2.00 22.10 22.10 48.6
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P14-588 Premier 83.42 168.40 66.78 1.56 1.56 9.6
-West
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incl. 83.42 119.70 18.08 3.51 3.51 14.7
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also incl. 84.50 85.50 1.00 13.20 13.20 48.7
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P14-589 Premier 73.00 105.00 32.00 1.10 1.10 8.9
-West
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incl. 103.00 105.00 2.00 11.90 11.90 37.1
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also incl. 128.00 144.66 16.66 1.02 1.02 24.0
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P14-591 Province incl. 135.00 233.94 98.94 5.80 0.73(i) 4.1
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incl. 135.00 171.00 36.00 15.53 1.60(i) 8.2
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incl. 170.00 171.00 1.00 536.00 34.29(i) 191.0
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P14-592 Premier 93.65 150.00 56.35 2.00 2.00 9.6
-West
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incl. 122.00 140.48 18.48 4.79 4.79 10.4
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incl. 122.00 124.00 2.00 28.30 28.30 69.8
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P14-594 Premier 59.91 138.68 78.77 20.31 2.70(i) 21.4
-West
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incl. 59.91 71.00 11.09 4.47 4.47 14.1
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also incl. 59.91 64.00 4.09 7.95 7.95 25.2
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incl. 110.00 125.00 15.00 5.95 5.95 22.6
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also incl. 114.00 123.00 9.00 7.48 7.48 20.7
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also incl. 130.00 133.00 3.00 468.00 14.61(i) 276.8
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incl. 130.00 131.00 1.00 1395.00 34.29(i) 739.0
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P14-596 Premier 10.00 72.00 62.00 4.94 2.23(i) 20.3
-West
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incl. 24.70 54.50 29.80 9.98 4.35(i) 38.6
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incl. 28.85 40.00 11.15 25.05 10.00(i) 72.6
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incl. 28.85 30.50 1.65 102.50 34.29(i) 335.0
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also 36.00 37.00 1.00 89.60 34.29(i) 353.0
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True widths are generally believed to be 60-75% of intersected widths in the
Premier area and 90-95% in the Big Missouri area. ((i)) samples cut to 1opt or
34.29 g/t Au
The database for the Premier mine area contains 4453 historic drill holes and
extensive level and stope plans. This will allow Ascot to outline and test high
grade underground targets which remain across much of the mine area including
the main Premier Mine, BC Silver, Sebakwe and Northern Lights. This area was
being actively investigated by Westmin in the 1980's and 1990's who were
developing potential resources up to 1996, but has seen little follow up since
that time. Review of the historic data shows underground production from
1918-1968 was 4.29MT grading 13.40 g/t Au and 297.0 g/t Ag generally using a 8.6
g/t Au cutoff. Very high grade sections were mined in the early years such as in
the "Glory Hole" with an example being 1922 production of 88,828 tonnes
averaging a recovered grade of 43.3 g/t Au and 1492.1 g/t Ag (MEMPR -Minfile
104B 054). A recent grab sample collected by Ascot of electrum bearing quartz
breccia mineralization in the "Glory Hole" area returned a grade of 113.00 g/t
Au and 18,778.0 g/t Ag supporting the high grade tenor in the area.
At the beginning of 2009, before compiling the database, Ascot drilled 11
shallow holes along the western ramp of the Premier Pit (see Ascot release Sept.
22, 2009). These holes consistently encountered the steeply dipping western zone
mineralization.
2009 Highlights included:
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From Length Au Ag
Hole # UTM E UTM N Az./Dip Zone (m) To (m) (m) (g/t) (g/t)
----------------------------------------------------------------------------
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P09-001 436663 6212359 045/-55 Premier Pit 13.00 36.90 23.90 2.39 16.0
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includes 28.20 34.60 6.40 7.94 16.1
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also 31.60 33.60 2.00 19.95 36.9
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P09-002 436662 6212355 045/-65 Premier Pit 21.50 46.20 24.70 6.85 16.8
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includes 41.50 45.20 3.70 40.43 50.2
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also 57.50 65.85 8.35 1.69 9.3
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P09-003 436676 6212342 045/-45 Premier Pit 5.50 29.90 24.40 0.93 10.8
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includes 27.50 29.90 2.40 7.12 30.5
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P09-007 436648 6212357 045/-45 Premier Pit 2.13 35.00 32.87 2.09 12.2
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includes 23.50 32.80 9.30 6.67 21.4
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also 27.50 29.50 2.00 25.17 38.9
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P09-008 436648 6212357 045/-55 Premier Pit 5.00 36.20 31.20 1.16 17.5
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includes 25.00 36.20 11.20 2.82 38.3
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includes 33.00 36.20 3.20 4.56 56.3
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P09-009 436648 6212357 045/-65 Premier Pit 43.75 73.00 29.25 3.34 20.3
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includes 59.50 65.00 5.50 9.67 32.8
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P09-011 436634 6212361 045/-65 Premier Pit 34.50 50.85 16.35 2.34 41.7
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includes 47.50 50.85 3.35 6.37 61.6
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True widths are generally believed to be 60-75% of intersected widths. (i)Assay
values are not cut.
Drilling has also now commenced on the Big Missouri area for 2014. Wide zones of
gold and silver mineralization continue to be encountered in all of the target
areas demonstrating bulk tonnage potential in a generally flat sheet like
orientation containing higher grade quartz breccia bodies. Drilling on Big
Missouri and Martha Ellen is planned to expand these systems outside of the 2014
resource area.
This release covers results for the first set of 18 holes for 2014 (P-14-579 to
596). Detailed results table, locations and figures can be viewed at the
following Ascot link: www.ascotresources.ca
Graeme Evans, P. Geo and Lawrence Tsang, P.Geo are providing the field
management for the Premier exploration program. Graeme Evans, designated as the
Qualified Person (QP) as defined by National Instrument 43-101 has prepared the
technical information in 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 multi-digestion with ICP finish and fire assay with
AA finish for gold. Samples over 100 ppm 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 are subjected to "metallics" assays. Sampling and storage are at the
company's secure facility in Stewart with bi-weekly sample shipments made to ALS
Labs Terrace prep site.
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.
John A. Toffan
President and Director
(604) 379-1170
www.ascotresources.ca
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