Vancouver, B.C. August 19, 2020 — Ascot Resources Ltd (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce spectacular high-grade gold intercepts from the second batch of ten drill holes (for a total of 2,820 metres) from Premier West at the Company’s Premier Project (the “Project”). The results from these drill holes add to the strong results reported in the news release of July 29, 2020. The impressive gold grades are close to the proposed mining areas outlined in the feasibility study adding significant value to the Project.

Highlights of this release include:
•13.74g/t Au over 24.15m in hole P20-2202
including 40.78g/t Au over 6.00m in the same hole
•15.75g/t Au over 4.50m in hole P20-2197
•9.91g/t Au over 4.25m in hole P20-2203

In early June, the Company started exploring the area west of the existing Premier deposit and reported initial results on July 29, 2020. The results in this release demonstrate the successful systematic tracing of high-grade mineralization even further to the west. Significant strike length is yet to be explored (see Figure 1). Additional drilling has been conducted with assay results pending.

Derek White, President and CEO of Ascot commented, “Drilling at Premier West has again discovered very high-grade gold mineralization to the northwest of the 609 and 602 resource zones at Premier. These impressive results are rewarding our commitment to continued exploration on this property. Despite difficult weather conditions we have two rigs operating on our less accessible, higher elevation targets at Silver Hill and the Day Zone. Drill core logs from these targets show alteration and sulfide mineralogy commonly associated with precious metal mineralization in the area with assays pending. Congratulations to the Ascot exploration team for continuing successful exploration efforts and growing the Company’s resources to the west of Premier. At the same time, we are making great progress on advancing the Project towards production.”

Drill Results

The aim of the exploration program to the west of Premier is to determine the connection between the various occurrences such as the Hope Zone, the Power Zone and the Woodbine prospect further west (see Figure 1). This release summarizes the results from two fences of drill holes completed from drill pad PW-1 and two individual holes from previous fences. Two additional fences of drill holes have been completed from drill pad PW-1 with assays pending. Another drill pad (PW-2) has been established for testing the unexplored 400 metres of strike length to the Power Zone. The drilling from this pad will be conducted later in the season when drilling at the higher elevation targets has been completed.

Figure 2 shows that the mineralized zone is not as steeply dipping as the previously modeled body that was based on very few drill holes. The actual dip of the zone may be flattening out towards the Hope zone. The main orientation of mineralization at the Power Zone is sub-horizontal with a gentle westerly dip. Further rotation of the gentle flattening trend of the dip indicated in these latest drill results may explain how these zones are eventually connected. The remaining 400m of strike length towards the Power Zone may yet add significant resources in this area.

The drill results are summarized in Table 1 and the pad location is specified in Table 2.

Figure 1 Image of the Premier mine area showing the location of the drill pads and various zones discussed in this release. The white arrow originating from PW-1 shows the orientation of the westernmost fence of drill holes reported to date determining the current edge of the extension of mineralization from the 609 resource zone.

see & read more on
https://ascotgold.com/news-releases/2020/ascot-reports-spectacular-intercept-of-40.78-g-t-gold-over-6-metres-at-premier-west/