AOTVF - Ascot Intercepts High-Grade Gold at the Big Missouri Deposit Including 27.5 g/t Gold Over 8.0 Metres and 36.4 g/t Gold Over 4.7 Metres

February, 22 2022 07:00 AM Ascot Resources Ltd

VANCOUVER, British Columbia, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce the remaining assay results from the 2021 drill program at the Company’s Premier Gold Project (“PGP”) located in the Golden Triangle of northwestern British Columbia. These drill holes targeted areas of early stopes at the Big Missouri deposit with the aim of refining stope geometry and orientation as well as expanding stope shapes where possible and gathering additional grade information. The drill holes intercepted gold mineralization at or near defined stope shapes with numerous high-grade assays as high as 184.5 g/t gold.

Highlights from the drill results include:

27.52 g/t Au and 11.40 g/t Ag over 8.00m from a depth of 68.4m in hole P21-2379, including 66.70 g/t Au and 14.20 g/t Ag over 2.00m
36.36 g/t Au and 24.1 g/t Ag over 4.65m from a depth of 56.4m in hole P21-2373, including 184.50 g/t Au and 80.50 g/t Ag over 0.90m. The interval is carried by the high-grade assay, but the width of the mineralized zone has been selected considering base metal and sulfide content in addition to gold and silver.
10.04 g/t Au and 15.91 g/t Ag over 7.00m from a depth of 139.8m in hole P21-2358, including 14.70 g/t Au and 22.33 g/t Ag over 4.00m
7.25 g/t Au and 4.57 g/t Ag over 6.00m from a depth of 212.1m in hole P21-2363, including 19.00 g/t Au and 6.10 g/t Ag over 2.00m

Derek White, President and CEO of Ascot commented, “Big Missouri is the first deposit Ascot is planning to mine this year and these high-grade drill results will assist the Company in optimising initial mining activities. It is encouraging to see that the projected stope shapes have been generally confirmed, and in many cases extended, as we suspected they would with additional drilling.

With a headline intercept of nearly an ounce per tonne gold over eight metres and with assays as high as 184.5 g/t gold, the future bodes well for the underground development at Big Missouri. The Company continues to expect to convert Resources into Reserves as additional drilling from surface and underground provides more detailed information on the optimal mining shapes.”

Big Missouri Drill Results

This release summarizes the assay results from 36 surface drill holes for a total of 6,010 metres at the Big Missouri deposit which were drilled in September and October 2021. Figure 1 illustrates the location of six drill pads around the S1 pit at Big Missouri. Figure 2 shows a 3D cross section illustrating the general results of the definition drilling.

Gold was intercepted at or close to the expected elevations which is critical for correct planning of the development drifts. Gold grades vary from bonanza grade to highly anomalous which is an expected result in a coarse gold system where some drill holes do not intercept coarse gold particles. The mineralized zones are indicated by the presence of quartz breccia or stockwork with highly anomalous gold grades and anomalous amounts of associated base metals such as lead and zinc.

These new drill holes tighten the drill spacing in these areas and provide additional pierce points from which to refine the stope shapes. The orientation and exact geometry of the stopes will be modified in some areas as new wire frames and block models are being generated to fine tune the mine plan for the start of production.

Upcoming Conference Participation

Ascot will be participating in two precious metals investor conferences next week, with the following details:

Sunday, February 27 ^th – Stansberry Research Annual Gold Stock Analyst Investor Day in Fort Lauderdale, Florida. President & CEO Derek White will be presenting alongside twelve other precious metals companies. Ascot’s presentation will start at 9:55am ET on Sunday, February 27 ^th .
Sunday, February 27 ^th to Wednesday, March 2 ^nd – BMO 31 ^st Global Metals & Mining Conference in Hollywood, Florida. Ascot will be available for one-on-one meetings with investors throughout the conference, and Derek White will be presenting at 9:15am ET on Wednesday, March 2 ^nd . A presentation webcast link will be made available on Ascot’s website.

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1575bcb8-fd88-4695-af40-1d079d8c211e

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/367f64b8-b0e2-433d-8b98-bd3095460645

Table 1 – Big Missouri drill results

Hole #
Azimuth /dip
From (m)
To (m)
Width (m)
Au (g/t)
Ag (g/t)
P21-2379
170/-50
54.50
76.35
21.85
11.32
8.5
incl.

68.35
76.35
8.00
27.52
11.4
incl.

68.35
69.35
1.00
69.60
40.1
incl.

74.35
76.35
2.00
66.70
14.2
P21-2378
190/-45
52.50
58.74
6.24
3.72
11.3
incl.

52.50
53.60
1.10
15.65
27.3
and

66.44
72.94
6.50
3.04
6.4
incl.

67.94
68.94
1.00
14.85
8.9
and

81.92
82.92
1.00
3.92
5.9
and

84.92
88.92
4.00
5.19
8.6
and

93.87
94.87
1.00
2.93
4.4
P21-2377
200/-45
63.29
64.29
1.00
5.48
8.4
and

71.94
81.56
9.62
3.25
12.9
incl.

71.94
74.12
2.18
9.74
39.0
and

89.44
91.44
2.00
2.07
11.6
and

97.44
99.44
2.00
1.84
12.7
P21-2376
210/-50
59.90
63.50
3.60
1.18
3.3
and

76.65
77.65
1.00
1.01
14.9
and

83.65
90.53
6.88
0.99
3.0
P21-2375
245/-65
51.95
53.90
1.95
0.63
6.0
P21-2374
295/-68
54.90
55.90
1.00
1.32
22.9
P21-2373
350/-70
43.75
48.20
4.45
1.77
21.1
and

56.40
61.05
4.65
36.36
24.1
incl.

57.30
58.20
0.90
184.50
80.5
P21-2372
140/-60
38.31
43.31
5.00
1.82
10.7
P21-2371
180/-60
35.31
36.95
1.64
1.37
3.2
and

43.76
44.76
1.00
7.49
6.3
P21-2370
210/-70
37.70
39.76
2.06
1.90
5.7
P21-2369
350/-62
200.20
204.50
4.30
1.84
3.0
and

218.40
222.40
4.00
4.51
17.3
P21-2368
0/-67
74.70
75.80
1.10
2.18
3.5
and

184.00
184.85
0.85
1.08
1.4
P21-2367
15/-75
197.45
202.45
5.00
1.95
10.1
and

209.45
211.45
2.00
1.03
7.5
P21-2366
23/-63
180.76
181.76
1.00
2.98
14.2
and

196.20
197.80
1.60
3.42
1.8
P21-2365
28/-70
183.30
206.30
23.00
1.86
7.2
incl.

203.30
206.30
3.00
3.99
13.6
P21-2364
28/-58
192.00
194.00
2.00
4.81
5.3
and

208.60
212.60
4.00
1.04
5.6
P21-2363
35/-45
212.10
218.10
6.00
7.25
4.6
incl.

212.10
214.10
2.00
19.00
6.1
P21-2362
45/-47
201.25
202.55
1.30
2.43
20.4
and

207.65
208.30
0.65
1.47
15.4
and

217.30
219.30
2.00
4.79
1.5
and

221.30
222.70
1.40
2.31
12.7
P21-2361
60/-70
6.18
8.18
2.00
1.96
3.1
and

11.52
20.37
8.85
1.11
3.9
and

154.53
163.68
9.15
1.51
8.5
incl.

157.58
158.58
1.00
5.67
24.1
P21-2360
65/-63
13.67
14.67
1.00
1.03
3.5
and

18.96
20.06
1.10
5.96
15.5
and

154.90
157.27
2.37
4.07
11.4
P21-2359
75/-50
3.40
9.53
6.13
1.02
8.1
and

19.60
20.97
1.37
1.57
8.7
and

26.97
28.97
2.00
1.13
2.8
and

42.25
43.35
1.10
1.23
25.2
and

44.12
45.23
1.11
1.58
80.3
P21-2358
85/-80
4.93
6.93
2.00
6.86
8.4
and

17.93
19.93
2.00
1.69
6.8
and

139.09
150.83
11.74
6.83
15.4
incl.

139.83
143.83
4.00
14.70
22.3
P21-2357
85/-70
17.17
19.10
1.93
5.27
16.7
and

148.28
158.49
10.21
2.23
6.0
P21-2356
85/-60
5.54
9.23
3.69
1.43
3.1
and

16.97
17.97
1.00
1.23
7.9
and

155.53
159.53
4.00
0.50
6.2
P21-2355
85/-54
4.70
6.70
2.00
1.88
4.3
and

10.70
15.63
4.93
1.23
4.1
and

21.24
23.24
2.00
2.54
5.2
and

38.98
40.98
2.00
1.19
10.4
and

159.62
160.32
0.70
1.86
1.2
P21-2350
92/-71
66.34
68.34
2.00
2.76
21.0
and

136.00
137.00
1.00
5.09
5.1
and

180.75
182.75
2.00
1.10
1.8
P21-2349
85/-66
132.80
134.52
1.72
16.40
18.3
P21-2348
75/-61
98.62
99.62
1.00
2.42
4.9
P21-2347
15/-74
137.28
138.33
1.05
1.17
3.5
and

141.29
142.34
1.05
1.31
98.1
and

148.44
149.44
1.00
1.62
33.6
and

151.49
152.58
1.09
4.62
5.2
and

160.63
161.63
1.00
1.37
2.9
and

190.16
191.11
0.95
1.28
2.1
and

192.11
193.11
1.00
1.75
2.7
and

194.90
196.23
1.33
1.24
5.3
P21-2346
125/-80
27.49
29.50
2.01
1.72
1.8
and

35.50
37.50
2.00
2.11
1.8
and

165.50
171.00
5.50
2.31
4.6
P21-2345
160/-75
4.00
6.00
2.00
1.93
211.0
and

23.50
25.00
1.50
1.13
3.3
and

158.25
159.75
1.50
1.52
4.7
and

164.47
167.00
2.53
1.55
3.7
and

177.00
178.00
1.00
1.19
1.7
P21-2344
200/-82
175.72
177.00
1.28
1.01
2.8
P21-2343
200/-78
13.00
14.33
1.33
1.32
2.3
and

22.00
25.00
3.00
1.54
7.0
and

180.21
190.00
9.79
4.82
7.6
incl.

188.00
189.00
1.00
15.55
24.4
and

198.50
206.35
7.85
1.10
3.5
P21-2342
250/-83
22.85
24.50
1.65
1.33
3.7
and

176.00
177.68
1.68
1.04
9.2
P21-2341
276/-82
32.00
34.00
2.00
3.03
7.6
P21-2340
295/-82
22.15
24.00
1.85
1.39
8.2
and

188.00
190.00
2.00
1.20
4.4

Note: Drill holes were aimed roughly perpendicular to the zone of mineralization. True width for individual intervals is estimated to range from 70-95% of the reported intervals.

Table 2 – Drill pad locations

Pad #
UTM N
UTM E
Elevation (masl)
Hole no.
STP1
6219205
436343
1064
P21-2347 to P21-2350
STP2
6219269
436348
1072
P21-2355 to P21-2361
STP3
6219282
435293
1076
P21-2340 to P21-2346
STP4
6219398
435292
1083
P21-2362 to P21-2369
STP5
6219302
436514
988
P21-2370 to P21-2372
STP6
6219525
436510
1007
P21-2373 to P21-2379

Qualified Person

Lawrence Tsang, P.Geo., the Company’s Senior Geologist provides the field management for the PGP exploration program. John Kiernan, P.Eng., 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.

Quality Assurance/Quality Control

Analytical work is being carried out by ALS Canada Ltd. (“ALS”). 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 ALS.

Samples are dried and weighed by ALS. They are then crushed to 75% passing 2mm, with 250g split and pulverized to 85% passing 75µm. Samples are processed at the ALS preparation lab in Terrace and sent to ALS in North Vancouver for analysis. There, all samples are dissolved using four acid digestion with an ICP-AES finish and fire assay with AA finish for gold. Samples over 100ppm silver are digested with aqua regia and then volumetrically diluted before an ICP-AES or AA finish (up to 1,500ppm). Samples over 1,500ppm silver are fire assayed with a gravimetric finish. Samples over 10ppm gold are fire assayed with a gravimetric finish. Identified or suspected metallic gold or silver are subjected to “metallics” assays. Sampling and storage is located at the Company’s secure facility in Stewart.

On behalf of the Board of Directors of Ascot Resources Ltd.
“Derek C. White”
President & CEO

For further information contact:
David Stewart, P.Eng.
VP, Corporate Development & Shareholder Communications
dstewart@ascotgold.com
778-725-1060 ext. 1024

About Ascot Resources Ltd.

Ascot is a Canadian-based junior exploration and development company focused on re-starting the past-producing Premier gold mine, located in British Columbia’s prolific Golden Triangle. Ascot shares trade on the TSX under the ticker AOT. Concurrent with progressing the development of Premier, the Company continues to successfully explore its properties for additional high-grade underground resources. Ascot is committed to the safe and responsible development of Premier in collaboration with Nis g a’a Nation as outlined in the Benefits Agreement.

For more information about the Company, please refer to the Company’s profile on SEDAR at www.sedar.com or visit the Company’s web site at www.ascotgold.com , or for a virtual tour visit www.vrify.com under Ascot Resources.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

All statements and other information contained in this press release about anticipated future events may constitute forward-looking information under Canadian securities laws ("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 are forward-looking statements, including statements in respect of the terms, timing and closing of the Offering and other transactions contemplated herein and the use of proceeds. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks associated with the business of Ascot; risks related to exploration and potential development of Ascot's projects; business and economic conditions in the mining industry generally; 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 indigenous 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; uncertainty as to timely availability of permits and other governmental approvals; risks associated with COVID-19 including adverse impacts on the world economy, construction timing and the availability of personnel; and other risk factors as detailed from time to time in Ascot's filings with Canadian securities regulators, available on Ascot's profile on SEDAR at www.sedar.com including the Annual Information Form of the Company dated March 26, 2021 in the section entitled "Risk Factors". Forward-looking statements are based on assumptions made with regard to: the estimated costs associated with construction of the Project; the timing of the anticipated start of production at the Project; the ability to maintain throughput and production levels at the Premier Mill; the tax rate applicable to the Company; future commodity prices; the grade of Resources and Reserves; the ability of the Company to convert inferred resources to other categories; the ability of the Company to reduce mining dilution; the ability to reduce capital costs; and exploration plans. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Although Ascot believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Ascot can give no assurance that such expectations will prove to be correct. Ascot does not undertake any obligation to update forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Company Name:	Ascot Resources Ltd
Stock Symbol:	AOTVF
Market:	OTC
Website:	ascotgold.com

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