Ascot Expands Mineralization at the Sebakwe Zone to a Strike Length of 350 Metres
Ascot Resources Ltd.
Responsibly advancing the high-grade, fully-permitted Premier Gold Project in northwest B.C. | TSX: AOT OTCQX: AOTVF
Vancouver, B.C. August 22, 2022 — Ascot Resources Ltd.?(TSX: AOT; OTCQX: AOTVF)?(“Ascot” or the “Company”) is pleased to announce the second batch of assay results from the 2022 exploration drill program 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 surface exploration drilling at the emerging Sebakwe Zone, approximately 600 metres east of the past-producing Premier mill.
Highlights from the drill results include:
The Company had initially planned on drilling 10 new holes totaling approximately 4,000 metres at Sebakwe as a part of the 2022 exploration drilling program, but based on encouraging visual indications of mineralization and structure, this was increased to 15 holes totaling 6,110 metres. Following the first batch of six drill holes released previously (see News Release dates July 14, 2022) which included bonanza-grade gold of 193 g/t, this release summarizes results from the remaining nine surface drill holes totaling 3,633 metres.
Derek White, President and CEO of Ascot commented,?“Following on our previous drilling success at Sebakwe, we have now increased the mineralized strike length fivefold from 70 metres to 350 metres, with mineralization still open in several directions. In just 15 holes drilled this season, we have achieved our main objectives in establishing the high-grade tenor, identifying more coarse, visible gold, and growing the mineralized zone with step-out drilling. We look forward to the future of the Sebakwe Zone and continuing to demonstrate it as an accretive, near-mine exploration success and potential to grow our resource base for development near planned underground infrastructure.
We have advanced underground development at Big Missouri over 450 metres to date and have reached initial mineralized areas, allowing for detailed face sampling. Drilling is ongoing at Big Missouri and we have been encouraged by multiple occurrences of visible gold in the drill core. We will report the corresponding assays as they become available.”
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Sebakwe Exploration
An overview of drill hole locations is shown in Figure 1 and assay results are summarized in Table 1. Consistent with previous holes drilled at Sebakwe, each of the nine holes from this batch intercepted the targeted quartz-breccia structures with sulfide mineralization and all have encountered anomalous gold mineralization. Drill results are headlined by hole P22-2394 which intercepted 20.10 g/t Au and 82.4 g/t Ag over 1.40m, within a broader interval of 2.73m grading 11.83 g/t Au and 56.3 g/t Ag, starting from a depth of 335.47m. Drill holes P22-2398 to P22-2402 were drilled along strike towards the northeast. With these new drill results, mineralization has been extended along strike from 70 metres to 350 metres.
Initial modeling work based on the Sebakwe Zone drill results has identified at least two zones of gold mineralization, as shown in Figure 1. These zones have been modeled with a north westerly dip and are located under the Lesley Creek to the east of the Premier mill. These veins are concentrated in the more densely drilled area towards the southwestern end of Sebakwe along a strike length of approximately 120 metres and a down dip extent of 100 metres. The presence of similar vein zones in the northeastern end of Sebakwe is observed, but must be followed up with more drilling to confirm dimensions, continuity, and grade.
Figure 1 – East-looking image of the current drill pattern at Sebakwe indicating the drill holes reported in this release. Two preliminary zones of gold mineralization have been modeled with a north westerly dip under Lesley Creek to the east of the Premier mill.