Ascot Achieves Positive Grade Reconciliation From Undergound Development Sampling Program At The Big Missouri Deposit

Vancouver, B.C. October 17, 2022 — Ascot Resources Ltd.?(TSX: AOT; OTCQX: AOTVF)?(“Ascot” or the “Company”) is pleased to announce initial positive grade reconciliation between muck samples and the block model grade from underground development at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. These results are from underground development sampling at the Big Missouri deposit, approximately six kilometres north of the past-producing Premier mill.

Highlights from the grade reconciliation program include:

• Combined results from ore drives 1 and 2 yielded overall 9% positive grade reconciliation from muck samples compared to the resource block model
• As expected, the Company encountered high variability in development round grades often associated with high-grade epithermal gold deposits
• Initial results suggest good potential to increase mined grades by continuously improving external mining dilution

Derek White, President and CEO of Ascot commented,?“The ability to commence underground development this year has been transformative for Ascot. Mining development rates have exceeded expectations, benefiting from good rock quality. In accessing the first stoping areas in the A Zone of the Big Missouri deposit, we continue to enhance our understanding of the mineralization at the Premier Gold Project.

We are especially pleased that in our initial underground sampling, notwithstanding a high degree of variability as expected with this style of mineralization, we have had 9% positive reconciliation on gold grade compared to the block model. In addition, by continuously improving our mining selectivity, we believe the mined grades can be further improved.”

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