Vancouver, B.C. June 25, 2020 — Ascot Resources Ltd (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce the 2020 exploration program at the Company’s Premier Gold Project (“PGP”) and the Red Mountain Project (“RMP”) near Stewart in northwestern British Columbia.
The Company has developed and implemented a COVID-19 plan to ensure the safety of employees as well as the community of Stewart where the exploration team is based as opposed to a remote camp operation. The Company is conducting its program utilizing local contractors and temporary employees with a minimum of travel from and to the community.
Ascot commenced exploration drilling at its Premier Gold Project site in early June 2020. Exploration activities this season will consist of prospecting, geophysics and drill testing of a variety of different exploration targets at PGP and RMP.
The focus of the program is on four highly prospective exploration areas, Premier West, Silver Hill, Lost Valley and Woodbine. The sequence of the drilling will be determined by the timing of access to snow covered areas at higher elevation. The Company expects to be able to move the drilling activities to Silver Hill and Lost Valley in early July, moving back to lower elevations in the fall. The initial drill meterage for 2020 is expected to be approximately 15,000 metres. The program will be expanded if results warrant additional holes.
The exploration drilling started at the lower elevation western extension of the Premier deposit following up some exciting drill results from 2019. To date, one fan of four drill holes has been completed (1000 metres of drilling) and work on the second fan of drill holes has commenced. The drill holes intercepted quartz breccia with sulfide mineralization (see Figure 1). The core has been logged and processed. Assays are pending and will be reported when they become available. In addition, prospecting has commenced at Woodbine to the west of Cascade Creek (see Figure 2) where gold in soil samples outlines two highly anomalous areas.
At Silver Hill, the Company is targeting the contact between volcanic and sedimentary units that is prospective for volcanogenic massive sulfide mineralization. Showings in the area have yielded very high silver grades that require systematic follow up.
Derek White, President and CEO of Ascot commented, “We have several very promising exploration targets and are very pleased to be able to execute a field program this year. After the extensive infill drill program in 2019, we have shifted our focus towards exploration of new target areas while at the same time progressing the re-start of the Premier Mill. We are looking forward to sharing results from our upcoming field season with our shareholders.”
Exploration at PGP
The initial focus at PGP will be at the western edge of the Premier deposit. A geotechnical drill hole in 2019 discovered gold mineralization approximately 150 metres to the west of the closest previously modeled zone and additional drill holes later in the year successfully intercepted mineralization in the same area. The Company is confident that additional resources can be defined by executing a thoughtfully designed infill program in this area. The elevation here is relatively low compared to other areas of the property making this a good location for the start of field activities, while snow clears at higher elevations.
Figure 1 Multi-stage silica breccia with massive sulfides hosted in andesite from current drilling at Premier West. Assays for this interval are pending.
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