The Premier property covers more than one hundred square kilometres near the town of Stewart in northwest BC, and includes the old Premier Mine, a past producer of 2.1 MOz Au and 44.9 MOz Ag.
Highlights of Release:
- In this second set of results for 2017, many of the drill highlights are coming from a new portion of the Northern Lights Main zone. A number of results in this release are from this new zone and include P17-1269 with 1135.00 g/t Au over 0.50 meters within a wider interval grading 36.31 g/t Au (uncut) over 16.15 meters. Another hole in this target area, P17-1271, returned 84.2 g/t Au over 1.50 meters within a broader zone of 4.45 g/t Au (uncut) over 32.00 meters. Present drilling shows this gently northwest dipping zone to have continuous higher grade mineralization over a present strike length of 450+ meters with a typical dip length of 200+ meters. This zone remains open in all directions and several visible gold intersections have been obtained, presently three Ascot drill rigs are testing and expanding this central area.
- Recent drilling has extended the Northern Lights Main zone updip into an area covered by old waste dumps. Drilling to date has been encountering more complex sulphide rich quartz breccias in a more focused structural setting. These early holes have extended this mineralization a further 200 meters updip and the new extension remains open on strike. Assays for this area are pending.
- Good results are also coming from the unexplored down dip extension of the 602 zone. An example in this release is hole P17-1278 which returned 17.60 g/t Au over 2.00 meters within a broader zone of 3.68 g/t Au over 12.00 meters.
- Recent in-house modelling indicates much of the Premier area drilled to date would be amenable to a large scale open pit operation. Although this would result in a lower overall grade it would contain a significantly higher gold/silver resource compared to just selectively mining the higher grade underground targets. This new modelling demonstrates the flexibility of the Premier system as either a high grade underground target or as an open pit target or a combination of both. Further studies will be needed to determine the optimum approach moving forward.
- New drill highlights include:
|Hole #||Zone||From m’s||To m’s||Width m’s||Au|
|P17-1274||609 & 602||124.05||158.00||33.95||1.34||1.34||6.7||0.98|
|P17-1278||609 & 602||125.30||167.30||42.00||1.25||1.25||3.0||0.29|
|P17-1287||609 & 602||96.50||113.90||17.40||2.05||2.05||3.8||0.11|
True widths are believed to be 70-90% of intersected widths in the Premier area.(*) samples cut to 1opt or 34.29 g/t Au.
This release is the second for the 2017 season reporting 22 holes P17-1268-25-1290 (excluding P17-1273 in the 1st release). At present, six Ascot owned drill rigs are operating on the property. To date 112 holes have been completed in 34,893 meters of drilling. 46 drill holes are presently pending results and results will be released as they become available. Detailed results table, locations and figures can be viewed at the following Ascot link: www.ascotgold.com
Graeme Evans, P. Geo and Lawrence Tsang, P. Geo provide 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. Also for extreme high gold grades a concentrate analysis is performed with a fire assay and gravimetric finish accurate up to 999985 ppm Au limit (ALS Au-CON01) method. 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.
Per: John A. Toffan
John A. Toffan, President and Director
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; statements regarding the exploration and mineralization potential of the Premier property, 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 Ascot’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. Ascot 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.