Ascot Resources Ltd.

TSX VENTURE : AOT


Ascot Resources Ltd.

November 14, 2012 11:32 ET

Ascot Drills 1.00 Meter of 126.5 Grams Per Tonne Gold and 622 Grams Per Tonne Silver at Big Missouri

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) - Ascot Resources Ltd. (TSX VENTURE:AOT) has completed its 2012 drilling at Premier which was spread over three areas, the Big Missouri, the Martha Ellen and the Sparky zone at Dilworth. Hole #426 has recently returned a narrow high grade gold hit from the Calcite Cut zone in the Big Missouri area averaging 126.5 g/t gold and 622 g/t Ag over a 1.00 meter interval contained in quartz breccias (3.69 opt gold, 18.1 opt silver over 3.28 feet).

Drilling encountered widespread gold and silver mineralization in all three areas and the geometry of mineralization continues to develop as gently dipping sheets in all the zones as part of a large coherent mineralized system. Drilling has now been extended over a distance of 5.5 kilometers and continues to demonstrate very good continuity.

New Highlights include:

Hole # Zone Comment From m's To m's Width m's Au
(g/t)
Ag
(g/t)
PR-12-390 Province 136.45 211.69 75.24 1.89 6.4
incl. 136.45 197.83 61.38 2.28 7.2
incl. 188.00 197.83 9.83 9.81 12.4
incl. 188.00 190.90 2.90 22.00 10.2
PR- 12-398 Province 161.44 184.00 22.56 1.11 4.9
PR-12-402 Sparky 102.00 114.00 12.00 5.12* 10.3
incl. 108.29 110.00 1.71 64.80 37.0
PR-12-403 Province 164.50 220.00 55.50 1.41 4.5
incl. 210.00 212.00 2.00 17.30 6.6
PR-12-405 Sparky 133.42 162.00 28.58 1.07 22.9
PR-12-419 Martha Ellen 105.00 121.00 16.00 1.84 11.8
PR-12-420 Martha Ellen 101.58 142.00 40.42 1.51 17.9
incl. 104.00 114.00 10.00 4.19 58.8
PR-12-422 Sparky 47.08 78.6 31.52 1.37 11.2
incl. 47.08 49.00 1.92 19.60 8.5
PR-12-425 Calcite Cut 1.52 28.35 26.83 1.31 6.3
incl. 1.52 10.50 8.98 3.15 15.9
incl. 4.50 6.00 1.50 14.95 84.6
PR-12-426 Calcite Cut 1.22 27.00 25.87 1.82* 29.5
incl. 1.22 12.00 10.78 4.17* 69.0
incl. 2.86 3.86 1.00 126.50 622.0
PR-12-428 Province 0.00 24.00 24.00 2.04 7.2
also 171.18 176.79 5.61 9.01 10.3
incl. 172.50 174.00 1.50 24.20 18.0
PR-12-429 Province 6.00 24.96 18.96 1.63 2.8
incl. 6.00 8.00 2.00 13.85 2.4
PR-12-430 Province 0.00 49.00 49.00 1.54 5.7
incl. 0.00 35.00 35.00 2.11 7.5
incl. 30.00 31.85 1.85 13.55 6.2

* Cut to 1 opt Au

In 2012, Ascot completed 166 drill holes (P12-267 to 432) for a total of 36,942 metres. The initial 124 holes were reported in two previous news releases, this current release covers the final 42 holes. Wide zones of gold and silver mineralization continue to be encountered in many of the areas demonstrating bulk tonnage potential in a generally flat sheet like orientation with higher gold and silver grades in zones within broad gold envelopes. Estimated true widths are generally 10-20% less than reported drill widths, as holes fan across gently dipping sheets. An updated resource for 2012 has been contracted to P&E Mining Consultants Inc. to be completed in the first quarter of 2013. Detailed results table, locations, azimuths and dips and figures can be viewed at the following Ascot link: www.ascotresources.ca

Graeme Evans, P. Geo and Leif Bjornson, 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.

Quality Assurance/Quality Control

Analytical work is being carried out by ALS Lab Group. Quality assurance and quality control programs include the use of analytical blanks and standards and duplicates in addition to the labs own internal quality assurance program. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. 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 bi-weekly sample shipments made to ALS Labs Terrace prep site.

On Behalf of the Board of Directors

ASCOT RESOURCES LTD.

John A. Toffan, President and Director

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation; the completion of the Offering on the terms set forth herein, the anticipated closing date of the Offering and the use of proceeds from the Offering are forward looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

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

Contact Information

  • Ascot Resources Ltd.
    John A. Toffan
    President and Director
    (604) 684-8950
    (604) 684-9877 (FAX)
    www.ascotresources.ca