Ascot Resources Ltd.

Ascot Resources Ltd.

August 08, 2008 16:05 ET

Ascot Resources Ltd.: Dilworth 2008 Exploration Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2008) - Ascot Resources Ltd. (the "Company") (TSX VENTURE:AOT) is pleased to announce results received to date from its 2008 exploration program on its Dilworth gold-silver property near the town of Stewart in northern British Columbia.

Diamond drilling is progressing well with 30 holes completed to date in 2008. The program is currently focusing on determining the extent of several gold-silver zones in the southwest portion of the property. From north to south these are the Chicago, Hammer, Yellowstone, 49er, Below Helen and Oxidental Zones. They occur over a distance of 1.5 kilometres. Another mineralized zone, referred to as "Below the Road", located 500 metres west of the Chicago is also being explored. The Yellowstone is a new exploration area resulting from the Company's purchase agreement to acquire three crown grants - Old Timer, Butte and Yellowstone (Nov 8, 2007). Acquisition of the crown grants compliments the Company's exploration plans by having created a contiguous and uninterrupted claim block.

Results for the first 15 drill holes are shown in the following table. Lengths reported are the core length and do not represent the true width of mineralized zones. For comparative purposes results are also shown as gold equivalent using gold and silver prices of $850 and $15/ounce respectively or an Au:Ag ratio of approximately 57:1.

From To Length Au Ag equiv
Zone Hole No. (m) (m) (m) g/t g/t (g/t)
Chicago North HL08-01, No significant results
Yellowstone HL08-03 20.40 29.60 9.20 1.15 254.4 5.61
includes 24.60 26.60 2.00 3.67 1117.5 23.28
HL08-03 127.40 128.40 1.00 5.36 1.3 5.38
Yellowstone HL08-04 4.00 7.00 3.00 3.83 7.9 3.97
HL08-04 24.20 28.40 4.20 1.31 572.1 11.35
HL08-04 206.50 208.50 2.00 0.94 176.6 4.04
Yellowstone HL08-05 23.20 26.70 3.50 0.37 76.8 2.03
Yellowstone HL08-06 21.20 24.43 3.23 2.18 2516.1 46.32
Yellowstone HL08-07 19.50 23.70 4.20 1.01 453.0 8.96
Yellowstone, HL08-08 No significant results
49er to 11
Yellowstone HL08-12 125.00 189.42 64.42 0.70 2.3 0.74
Yellowstone HL08-13 10.00 13.00 3.00 1.49 15.7 1.77
Yellowstone HL08-14 36.00 55.00 19.00 0.74 143.0 3.25
Yellowstone includes 51.00 52.00 1.00 5.86 2531.0 50.26
Yellowstone HL08-15 No significant results

The 2008 drilling program has intersected multi-gram gold-silver mineralization ranging from one metre to nearly 10 metres wide in the Yellowstone area. Drill holes HL08-12 and 14 are significant in that they intersected unusually wide intervals of lower grade gold mineralization that occur between the higher-grade zones in drill holes HL08-03 and HL08-06/07. Further exploration in this area is planned.

An aggressive program of surface sampling is also underway to evaluate the numerous historic trenches and mineral occurrences. To date over 40 sites have been identified and sampled. Recent prospecting resulted in the discovery of several new mineral occurrences. Drill testing of these new zones is planned.

Trench ID Length (m) Au g/t Ag g/t (i)Au equiv (g/t)
49er (Trench 5) 2.0 9.57 11.1 9.76
49er (Trench 5) 2.0 0.88 893.5 16.56
Snow Showing 6.0 0.26 23.5 0.67
Snow Showing 6.0 0.34 38.9 1.02

In June, 2008 Aeroquest International completed a detailed airborne magnetic and electromagnetic survey over the entire property. Mr. Rob Shives (GamX Inc.), the company's geophysical consultant, reviewed the data in order to identify prospective exploration targets. In early July a field examination revealed several magnetic and electromagnetic anomalies that will be investigated and, if warranted, drill tested. Mr. Shives also conducted a ground gamma ray spectrometric survey of the property mineralization and nearby mineral deposits. This revealed radiometric (potassium) responses near some Dilworth property mineralized zones as well as on the former Silbak-Premier gold-silver mine situated 10 kilometres south of the property. These responses may reflect alteration zones that could delineate existing as well as new mineralized zones. Mr. Shives has therefore recommended an airborne radiometric survey as part of the 2008 program. Hiring of a geophysical contractor is underway.

As previously announced the company has retained Mr. Gerry Ray, P. Geo to conduct detailed mapping of the geology and mineral occurrences on the Dilworth property. This work in conjunction with the geophysical surveys, trenching, prospecting and drilling will be compiled to provide a better understanding of the mineral potential of the property. Further results of the 2008 exploration program will be released as they become available. The locations of the drilling and trenches will soon be available on the company's website at

Quality Assurance/Quality Control

Analytical work is being carried out by Assayers Canada in Vancouver, BC. Quality assurance and quality control programs include the use of analytical blanks and standards in addition to the labs own internal quality assurance program. Samples containing greater than 200 g/t silver and greater than 10,000 ppm (1%) lead and zinc are routinely re-assayed. Identified or suspected metallic gold or silver are subjected to "metallics" assays. Sampling and storage are at the company's secure facility in Stewart with weekly sample shipments made to Assayers Canada.

Sue Deane and Warner Gruenwald, P. Geo are providing the field management for the Dilworth exploration program. Warner Gruenwald, designated as the Qualified Person (QP) as defined by National Instrument 43-101 has prepared the technical information in this news release.



Robert A. Evans, Director

Statements contained in this news release that are not historical fact, such as statements regarding the economic prospects of Ascot's projects, Ascot's future plans or future revenues, timing of development or potential expansion or improvements, are forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, Ascot's ability to raise sufficient capital to fund development, changes in economic conditions or financial markets, changes in prices for Ascot's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Canada or the United States, technological and operational difficulties or inability to obtain permits encountered in connection with our exploration and development activities, labour relations matters, and changing foreign exchange rates.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Ascot Resources Ltd.
    Robert A. Evans
    (604) 684-8950
    (604) 684-9877 (FAX)