Ascot Resources Ltd (AOTVF)

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Ascot Reports Initial Drill Results From Silver Coin Deposit, Including 11.44g/t Au Over Six Metres

VANCOUVER, British Columbia, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Ascot Resources Ltd (TSX.V: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce excellent drill results from the Silver Coin deposit that was acquired in October 2018. The Silver Coin deposit is just to the south of Big Missouri and forms part of the contiguous Ascot property. Both deposits are located approximately 5km to the north of the Premier mill and are part of Ascot’s Premier Project (“Premier”) near Stewart in northwestern British Columbia.

Highlights of this release include:

11.44g/t Au over 6.00m in hole P19-2025 at Silver Coin

5.58g/t Au over 14.08m in hole P19-2024 at Silver Coin

6.45g/t Au over 4.06m in hole P19-2039 at Silver Coin

The results in this news release summarize the first batch of drill holes from a 10,500m program at the Silver Coin deposit. To date, the Company has completed in excess of 40,000m of drilling at its Premier Project.

Derek White, President and CEO of Ascot Resources commented, “We are extremely pleased with the initial results from the Silver Coin deposit. These results indicate that our technical team assessed the potential of the deposit correctly leading to an independent resource estimate that more than doubled the amount of contained gold. We are confident that Silver Coin will be a strong contributor to our efforts of re-starting production at the Premier mill. We can see significant exploration upside at Silver Coin as there are several historical drill holes with high-grade gold intercepts outside of the core area of the deposit.”

Drill Results

This news release presents the results from 8 drill holes, comprising 1,026 metres of drilling, completed from four separate pads at the central (SC-15) and southern parts (SC-17, 23, 24) of the Silver Coin deposit. The results from these drill holes are summarized in Table 1 and the pad locations are listed in Table 2.

Ascot acquired the Silver Coin deposit in late October 2018. The deposit hosts high-grade gold mineralization comparable to Premier and Big Missouri. The existing underground infrastructure at Silver Coin (see Figure 1) greatly simplifies access to high-grade mineralization in a re-start scenario. The deposit was previously mined by Tenajon Resources when the ore was toll processed at the Premier mill. The deposit produced approximately 100,000 tonnes of ore from the Facecut-35 stope (see Figure 1) with an average grade of 8.9g/t Au with a gold recovery of almost 93%. The mineralization in the stope area is sub-vertical and is characterized by elevated zinc content.

Previous workers have extrapolated the sub-vertical nature of the stope to other parts of the deposit. In addition to the vertical mineralization, Ascot has identified sub-horizontal gold-bearing quartz breccia zones that are very similar to those observed at Big Missouri just to the north where high-grade gold zones dip gently to the west. The drilling reported in this release confirms the presence of sub-horizontal zones of mineralization as the high-grade intercepts largely conform with zones that were modeled horizontally during the most recent resource estimate in December 2018.

The drill holes contain a number of wide intercepts highlighted by individual assays of gold grades above 10g/t Au. The Ascot drilling this year intercepted visible gold in multiple holes at Silver Coin which has not been common historically in contrast to Premier where visible gold is a frequent occurrence. The Company is very encouraged by these early results and is looking forward to additional batches of drill results from this recently acquired deposit.

Figure 1 Image of the Silver Coin area showing the location of the drill collars discussed in this release. The image also shows access roads and existing underground infrastructure at Silver Coin relative to the new drill holes. The drill holes for each pad are listed in Table 2.

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