Ascot Increases Indicated Resources at Premier Gold Project by 60%

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Overig advies 17/01/2020 06:53
Vancouver, B.C. January 15, 2020 – Ascot Resources Ltd (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce an updated Resource Estimate for the Premier Gold Project (“PGP”) including the Silver Coin, Big Missouri and Premier deposits (see Table 1 below). The Company, previously released an updated Red Mountain Project (“RMP”) Resource Estimate dated November 22, 2019.

Highlights:

Resources at Premier Gold Project contained precious metals are:
•Indicated Category: 1,066,000 ounces of gold and 4,669,000 ounces of silver
•Inferred Category: 1,180,000 ounces of gold and 4,673,000 ounces of silver

Ascot’s combined resources for the Premier1 and Red Mountain2 Projects have total contained precious metals as follows:
•Measured & Indicated Category: 1,849,000 ounces of gold and 6,824,000 ounces of silver
•Inferred Category: 1,250,000 ounces of gold and 4,769,000 ounces of silver

Since late 2017, Ascot management turned its focus towards developing high-grade underground resources. Starting with limited high-grade underground resources, Ascot now has a substantial amount of high-grade resources from four deposits, which could feed the centrally located Premier mill (see Figure 1 below). In 2019, the Company completed over 53,000 metres of drilling, of which 43,000 metres was focused on an infill drill program to improve the confidence level and classification of the Premier Gold Project resource from the Inferred Category to the Indicated Category. The Company now has an updated NI 43-101 compliant Resource Estimate for the Premier Gold Project based on this drilling.

Derek White, President and CEO of Ascot commented, "I am pleased with our progress and the large increase in tonnage, grade and contained gold and silver in the Indicated Category at the Premier Gold Project. We convincingly achieved our goal of rapidly creating a strong base of Measured and Indicated Resources as the basis for developing a mine plan for the project. We have scheduled the release of our feasibility study by the end of March, 2020."

All drilling at the Premier Gold Project to date was undertaken from surface which is less expensive than underground drilling. A significant portion of future infill programs will likely be conducted from underground. The reduction in Inferred Resources at Premier was a result of the upgrading a portion of the Inferred Resource to the Indicated category. The remainder of the resource in the Inferred Category is available to be upgraded to the Measured and Indicated Categories with a future drill program.
1.43-101 Technical Report to be filed in 45 days as noted in Table 1
2.43-101 Technical Report dated November 22, 2019 (at 3.0g/t cut-off grade) Red Mountain M&I 3.19Mt @ 7.63g/t Au and 21.0g/t Ag, Red Mountain Inferred 0.4Mt @ 5.32g/t Au and 7.3g/t Ag

2020 Mineral Resource Estimate at Premier Gold Project

In August of 2019, the Company engaged Ms. Sue Bird, P.Eng. of Bird Resource Consulting Corp. (“BRCC”) to prepare an updated Mineral Resource estimate for the Premier Project. The new estimate incorporates the drill results form the 2019 field season and required an update to the modeled mineralized zones and the modelling methodology for Premier, Big Missouri and Silver Coin to accommodate the results from the new drill holes in these three areas.

Table 1: Mineral Resources at PGP reported at a 3.5g/t AuEq cut-off (effective date of December 12, 2019).
see & red more on
https://ascotgold.com/news-releases/2020/ascot-increases-indicated-resources-at-premier-gold-project-by-60/



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