Multiple Au, Ag, base metal epithermal properties
Located short distance north of Stewart, BC by road
105 sq km includes past producers Premier and Big Missouri
Bulk tonnage mineral and high grade historical (1996) resources
High grade trends identified within all resources
Extensive drilling of nearly 200 holes by Ascot since 2014
Ascot Resources Ltd. has two option agreements in the Premier Camp covering more than one hundred square kilometers, including the historic Premier mine, located 15 km’s by road north of Stewart B.C.in the “Golden Triangle” district. Since 2007 Ascot has spent over $40 Million and has drilled over 290,000 m’s in 1300 diamond drill holes. Work from 2007-2013 concentrated on the northern portion of the camp in the Big Missouri, Martha Ellen and Dilworth areas but since 2014 work has focused on the Premier Mine area.
Mineralization in the camp consists of Au, Ag +/- Pb, Zn bearing quartz breccia bodies with peripheral quartz stockwork, within sericite altered and silicified host rocks in structural zones 30-150 meters in width. Mineralization is transitional from intrusive related gold/silver mineralization to epithermal in character. Host rocks consist of the lower Jurassic, Unuk andesites and high level Premier porphyry intrusives. Extensive areas, of Premier porphyries are closely spatially and temporally related to the mineralization in all areas of the camp.
At the north end of the camp, a generally flat mineralized system is amenable to open pit mining. As of early 2014 Ascot has outlined a pit constrained resource of 2.475 MOz Au and 20.873 MOz Ag in the indicated category and 1.494 MOz Au and 18.238 MOz Ag in the inferred category. High grade portions are also present within this resource area. To date only about 30% of the northern target areas have been drill tested.
The Premier mine area is located at the southern end of the property approximately six kilometers south of the northern target area. The Premier mine produced from 1918-1996 a total of 2.11 MOz Au and 44.9 MOz Ag along with some Pb, Zn and Cu recovery. Historic compilation work outlines an area 1800 meters in strike length with portions extending 1600 meters in dip length which remains open to the north in this target area.
Most of the gold values in the camp are associated with electrum but a later visible gold event is quite widespread particularly in the Premier mine area. In 2016 Ascot has been defining a resource area proximal to the historic Premier Mine and expanding the mineralized system in the Northern Lights and Sebakwe areas. In 2014 – 2016 a number of intersections grading 100-14,394.5 g/t Au have come from these target areas. These targets are attractive very high grade gold-silver targets similar to the original Glory Hole subzone mined in 1922-1928 which produced approximately 1.2 MT grading 28.6 g/t Au and 600 g/t Ag. The historic database has 694 holes containing > 1.0 opt Au throughout the project supporting the presence of high grade gold throughout the properties.
The Premier/Dilworth option agreements have been amended several times. Ascot has now made all required payments except the final payment of $6,850,000 which is due by June 30, 2017. Once the option is exercised the optionors will hold two net smelter royalties, one for 1% and one for 5%. The 5% net smelter royalty can be bought out at any time for $13,700,000.