Mt. Margaret: Copper in Washington State

Overview

The Mount Margaret porphyry copper-molybdenum-gold-silver deposit is located 22.5 km southwest of Randle Washington in Skamania county in Southwest Washington State.  The project can be accessed from east-west Highway US-12, from Randle, located ~ 57 miles southeast of Olympia, Washington.

Ascot obtained property title to the 50 percent undivided private mineral interests on the lands on a private land package MS-708 and the government of the United States owns the other 50 percent interest. Ascot has the right to earn a 100% interest subject to a 1.5 NSR and a negotiated federal royalty.

Regional Geology

The project is located in a High Cascades mountain range which are part of Casada Volcanic Arc of south western Washington state. The Mt Margaret deposit is porphyry deposit which is believed to be a porphyriticcalc-silicate system. The surrounding rocks are upper tertiary volcanics and intrusives.

Mineralization

Rock formations in the deposit include eastern portions of the Spirit Lake Pluton and the contact metamorphic and other transitional and altered rocks associated with intrusion of the Spirit Lake Pluton into the early Cascade Mountain volcanic created mineralization within fractures of the bedrock factures consist of quartz, calcite, gouge, and wall rock fragments containing disseminated cubic pyrite grains. accompanied with chalcopyrite sphalerite galena, gold, silver and molybdenite.

History of the Property

The project area has had human activity for over 100 years and the deposit was discovered by the Duval Corporation in 1969 and was actively explored from 1971-1980. By 1980, a total of 105 diamond drill holes totaling 20,729 metres had been completed including exploration programs and mine/metallurgical studies. Duval established a historic resource in 1986 Geological Resources for the Mt. Margaret deposit and are referenced in CIM Special Volume 37 as well as several USGS and GSC databases. The historic geological resource is “non 43-101 compliant” stated by Duval, dated 1980 (Taylor) using a 0.33% Cu Eq cutoff (as show in the table below). Ascot has not completed the work necessary to have the historical estimate verified by a Qualified Person as a current mineral resource or mineral reserves estimate. The Company is not treating the estimate as a current NI-43-101 defined resource or reserve estimate and the historical estimate should not be relied upon. There is no current economic evaluation that demonstrates the potential economic viability of the stated resources.

Mt. Margaret Geological Resource* –Source(CIM Special Volume 37, 1986)    
All are non “43-101” Tonnes Cu  Grade
(%)
Mo Grade
(%)
Gold Grade
gt
Silver Grade
gt
Cuttoff CuEq Grade
Geological Resource (Duval 1980) 523.0 MT 0.36 0.011 0.24 1.6 0.33% CuEq 0.56% Cu

Geological Resources for the Mt. Margaret deposit are referenced in CIM Special Volume 37 as well as several USGS and GSC data bases. These historical resources estimates predate the implementation of National Instrument 43-101 (“N3-101”) guidelines and are not compliant with current accepted reserve and resource classifications as set forth by Canadian Institute of Mining and Metallurgy, Aug, 20, 2000 (CIM Guidelines).

Management’s Outlook

Management plans to prepare a NI 43-101 compliant resource on the property. In order to do this, the Company needs to do further exploration drilling.  In 2011, Ascot submitted two prospecting Permit Applications as a 63-hole drill proposal to the United States Forest Service (“USFS”) and the Bureau and Land Management (“BLM”).

On February 8, 2018, the United States Forest Service (“USFS”) released a Final Decision Notice & Finding of No Significant Impact related to these two prospecting permits that were submitted by Ascot USA Inc., a wholly owned subsidiary of Ascot Resources Ltd.  The decision is based on the detailed analysis of potential environmental impacts that are contained within a Modified Environmental Assessment related to the prospecting permits.

The USFS decision provides consent to the Bureau of Land Management (“BLM”) to issue two hardrock mineral prospecting permit applications on National Forest System lands. Ascot will now wait for the BLM to issue its decision regarding whether to issue the prospecting permits.

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