Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

November 23, 2009 16:26 ET

Ascot Resources Ltd. Discovers New Gold Zones at Premier

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2009) - Ascot (TSX VENTURE:AOT) is pleased to provide the drill results for the balance of the 2009 drill campaign on the Premier property, optioned from Boliden Ltd. (see June 15, 2009 press release). The 2009 program consisted of prospecting and trenching of historic showings on the property as well as diamond drilling (48 holes totaling 7465.30m) on fifteen different historic zones, some previously untested. Previous reporting (September 22, 2009) had released initial results up to drill hole P09-029.

The 2009 drill campaign was designed as an initial test of as many targets as the season permitted, to determine the epithermal gold mineralization potential of a steep dipping systems versus the historic Westmin 'flat lying cherty tuff' model. The present drilling has confirmed mineralization is steeply dipping, and is open at depth and on strike, many of these targets have experienced little or no prior drill testing. See accompanying property map for locations.

The drill targets for the last part of the 2009 program included:

Province:

Two holes P09-29 and 030 were the only holes in the 2009 program to test between the surface, Province mineralization and the underlying Big Missouri mineralization. The previously reported hole P09-29 intersected a 11.0 meter interval grading 50.51 g/t gold. Hole P09-30 is located 150 meters SE of hole P09-29 and intersected several mineralized gold zones supporting a steeper mineralized structural control connecting the Province mineralization to underlying Big Missouri mineralization. This opens up depth potential as well as strike potential on this system.

Martha Ellen-Montana:

The 2009 drilling in the Martha Ellen area was designed to test areas further east from the historic deposit, testing below the large Premier porphyry body on the east side(P09-31-36). Mineralization shows a relationship with the Premier porphyry with mineralized zones within the dyke and in some cases below the dyke along east dipping contacts not previously well recognized. While gold grades are erratic wide intervals of silver mineralization were encountered within good epithermal style mineralization perhaps indicating metal zonation to silver dominant in this area. Some examples of higher silver zones include P09-34 at 54.00-67.00 meters (13.00 meters) averaging 55.6 g/t Ag and at 87.00-91.00 meters (4.00 meters) averaging 89.5 g/t Ag.

Unicorn:

The Unicorn zone has been traced on surface for a strike length of 1.5 km's N-S towards the S1 zone, which was drilled earlier in the year. Three holes were drilled across the structure in the central portion of the Unicorn zone during the 2009 program. Holes P09-40, 41 and 42 were spaced approximately 100 meters apart to test across this structure and in all cases encountered multiple mineralized zones that are open for expansion. This area is stratigraphically high in the volcanic complex and epithermal veins contain low silver and base metal values and also previously unrecognized Premier Porphyry dykes were encountered. This area was in the past considered small due to limited fault bounded areas of flat lying "cherty tuff" now simply recognized as silicification proximal to epithermal veining in a steeper dipping system. This zone remains open down dip and along strike.

Rambler:

This structural zone connects the Unicorn/Big Missouri area to the Martha Ellen area over a strike length of 1.5 kilometers. Extensive surface mineralization is present but no historic drilling was found so three holes spaced approximately 300 meters apart tested this structure in 2009 (P09-37, 43, 44). All three holes encountered epithermal style gold mineralization and this area remains open in all directions.

Golden Crown:

This area has seen limited historical work and is located between the Province/Big Missouri area to the north and Silver Coin to the south along the anomaly creek fault. Two holes tested a single east-west section near the adit in 2009 (P09-45, 46). Both holes encountered gold mineralized zones supporting steeply west dipping mineralized zones in a North-South striking system. This zone remains open to depth and for a strike length of approximately 700 meters into the Province area.

The 2009 drilling has accomplished the objectives of the program to develop a working "Premier style" epithermal targeting system and to demonstrate good gold potential on a number of untested or poorly tested historic zones on the property. In numerous cases steeply dipping structurally controlled mineralized zones show good depth potential and in many cases show good strike potential linking many of the historic showings together. The Premier Gold Mine is a historical producer of 2 million ounces of gold and 42.8 million ounces of silver, until operations were suspended in 1996. These positive 2009 results will be followed up in an expanded program for the 2010 season.

ZoneHole No.From(m)To(m)Length(m)Au(g/t)
ProvinceP09-03033.8035.802.000.78
also 43.8045.802.001.01
also 114.20124.2010.000.47
also 218.00248.0030.000.56
incl. 224.00226.002.003.30
Martha EllenP09-03176.0078.002.001.12
also 85.0087.002.001.21
also 174.00186.0012.000.35
also 198.00200.002.001.91
Martha EllenP09-032100.39100.730.3420.56
Martha EllenP09-033103.00110.007.000.89
Martha EllenP09-036145.75146.390.6414.43
RamblerP09-03762.7964.001.212.93
also 130.00133.003.000.49
also 139.16139.910.751.84
Silver TipP09-03875.9076.300.403.01
Silver TipP09-03927.7028.200.501.47
also 44.4045.401.0010.01
UnicornP09-04016.3017.301.003.39
also 23.3026.102.801.07
also 31.6032.300.701.98
also 47.50103.0055.501.32
incl. 48.5056.107.601.63
incl. 92.60103.0010.404.09
incl. 99.00103.004.007.34
also 129.00130.001.004.51
also 149.30161.3012.001.86
incl. 151.30153.302.005.34
UnicornP09-04119.0020.001.001.29
also 47.0052.005.000.42
UnicornP09-04233.2034.851.650.78
also 98.2099.651.451.37
also 106.40126.4920.091.43
incl. 119.00120.581.5810.62
also 150.50152.532.030.80
also 189.30191.302.001.21
also 223.30246.3423.041.80
incl. 228.30232.304.005.81
RamblerP09-04351.0052.001.001.19
also 121.40137.0015.600.57
also 176.00177.001.000.97
also 194.80211.8017.000.35
also 234.70235.701.006.65
RamblerP09-044214.30247.2032.900.87
incl. 214.64230.1015.461.27
Golden CrownP09-04517.6018.601.006.02
also 44.6054.6010.000.69
also 65.9066.901.000.82
Golden CrownP09-04682.0087.005.000.58
also 111.00114.003.000.83
also 127.37134.006.632.76

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 GIT, Leif Bjornson, P. Geo and Graeme Evans, P. Geo are providing the field management for the Premier exploration program. Graeme Evans, designated as the Qualified Person (QP) as defined by National Instrument 43-101 has prepared the technical information in this news release.

ON BEHALF OF THE BOARD OF DIRECTORS OF ASCOT RESOURCES LTD.

John A. Toffan, President and 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.

To view the map associated with this press release, please click on the following link: http://media3.marketwire.com/docs/aot1123.pdf

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

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