Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

June 24, 2015 13:34 ET

Ascot Investigating Potential for Selective High Grade Mining at Premier

SURREY, BRITISH COLUMBIA--(Marketwired - June 24, 2015) - Ascot Resources Ltd. (TSX VENTURE:AOT) -

Highlights of Release:

  • In 2014 Ascot reported several 1,000 g/t Au intersections, the most spectacular of which was hole P-14-707 which assayed 14,394.5 g/t over .75 of a meter. These 1,000 gram plus intersections are in relatively close proximity to each other. Ascot is now testing the continuity of mineralization in the immediate area and investigating the potential for selective high grade mining. This is analogous to the mining of the historic "glory hole zone" in the early 1910's.

  • Recent drilling at Premier, in the upper main zone has demonstrated that higher grade mineralization is present including P15-751 which returned a 1.63 m interval grading 73.40 g/t Au and 1,880 g/t Ag within a wider well mineralized quartz breccia body. This intersection is approximately 75 meters updip from the P14-706 intersection which returned 216.00 g/t Au and 4720.0 g/t Ag over 0.88 m.

  • Drilling in the west zone is expanding the known mineralization beyond the historic drilling and workings in to new areas and is demonstrating good continuity. Hole P-15-788 returned four individual high grade intersections including 189.50 g/t Au over 0.90 m.

The Premier property covers more than one hundred square kilometres near the town of Stewart in northwest BC, and includes the old Premier Mine, a past producer of 2.1 MOz Au and 44.9 MOz Ag.

Work in 2015 will concentrate exclusively on the Premier Mine Area of the property. Historic work and Ascot drilling indicate mineralization is focussed in a structural zone ranging from 30-150 meters in thickness which contains mineralized quartz stockwork, cored by one to four higher grade quartz breccia bodies. Individual quartz breccia zones range in thickness from 2.0-50.0 meters and generally contain higher gold and silver grades along with Pb and Zn values. This system has a known strike length of 1600+ meters and a dip length of up to 1500 meters but a majority of the target area has only been loosely tested from underground, with most work dating back to the 1920-30's. This target area is outside of any of Ascot's present resource areas (Big Missouri, Martha Ellen and Dilworth). This area is a separate system and the priority is to define the potential for higher grade underground mineralization.

New highlights include:

Hole # Zone From m's To m's Width m's Au
(g/t)
Au Cut*
(g/t)
Ag
(g/t)
Zn %
P15-751 Upper Main Zone 48.38 65.00 16.62 7.82 3.99* 229.4 0.17
incl. 52.32 57.00 4.68 27.02 13.40* 722.6 0.59
incl. 52.32 53.95 1.63 73.40 34.29* 1880.0 1.64
also 155.00 161.00 6.00 1.75 1.75 261.2 0.33
incl. 159.00 161.00 2.00 4.63 4.63 659.0 0.67
P15-760 Main Zone 284.80 316.30 31.50 1.65 1.65 7.1 0.74
incl. 305.70 314.80 9.10 2.83 2.83 9.3 1.15
incl. 313.30 314.80 1.50 11.75 11.75 12.0 0.17
P15-764 Main Zone 199.00 236.45 37.45 1.97 1.97 35.5 1.38
incl. 202.00 231.32 29.32 2.29 2.29 42.1 1.69
incl. 202.00 207.13 5.13 8.49 8.49 50.6 4.68
incl. 205.00 206.00 1.00 18.10 18.10 59.2 2.70
P15-765 Main Zone 195.00 307.24 112.24 1.08 1.08 10.2 0.52
incl. 213.00 235.00 22.00 1.99 1.99 23.3 2.11
incl. 213.00 221.89 8.89 2.43 2.43 33.2 3.80
incl. 216.00 219.00 3.00 4.58 4.58 48.9 6.28
also 279.90 297.50 17.60 2.50 2.50 5.4 0.09
incl. 295.00 297.50 2.50 5.51 5.51 11.2 0.11
P15-766 Main Zone 177.73 221.09 43.36 1.45 1.45 17.6 0.58
incl. 211.00 220.00 9.00 4.67 4.67 32.4 1.73
incl. 219.00 220.00 1.00 25.70 25.70 36.70 0.43
P15-770 West Zone 179.00 235.00 56.00 1.00 1.00 4.9 0.13
incl. 175.00 197.40 22.40 1.47 1.47 6.1 0.21
incl. 179.00 180.00 1.00 14.90 14.90 10.2 0.12
incl. 232.70 235.00 2.30 9.12 9.12 22.4 0.10
P15-779 West Zone 268.91 322.00 53.09 2.09 2.09 23.9 0.66
incl. 297.14 317.00 19.86 4.97 4.97 55.8 1.49
incl. 301.00 309.00 8.00 7.31 7.31 91.7 1.42
incl. 301.00 302.12 1.12 10.05 10.05 16.5 1.22
incl. 308.00 309.00 1.00 21.50 21.50 59.0 1.94
P15-782 West Zone 181.16 224.15 42.99 1.36 1.36 6.2 0.31
incl. 187.85 220.70 32.85 1.60 1.60 6.9 0.29
incl. 213.20 220.70 7.50 4.20 4.20 4.8 0.20
incl. 217.20 219.20 2.00 11.75 11.75 5.2 0.20
P15-784 Main Zone 175.44 249.33 73.99 1.34 1.34 14.5 0.43
incl. 199.00 246.00 47.00 1.70 1.70 11.7 0.42
incl. 199.00 217.00 18.00 2.74 2.74 19.4 0.88
incl. 206.00 207.97 1.97 10.75 10.75 82.4 0.27
incl. 215.00 217.00 2.00 6.86 6.86 7.0 0.18
P15-786 Main Zone 154.80 158.72 3.92 24.95 16.26* 1476.6 0.52
incl. 154.80 155.72 0.92 71.30 34.29* 3770.0 1.43
P15-787 West Zone 79.00 175.00 96.00 1.69 1.50* 18.3 0.84
incl. 121.00 165.55 44.55 2.93 2.52* 33.5 1.57
incl. 144.00 150.29 6.29 17.03 14.09* 190.7 8.83
incl. 147.86 149.06 1.20 49.70 34.29* 162.0 10.10
P15-788 West Zone 76.83 166.90 90.07 5.11 2.40* 9.5 0.49
incl. 79.93 86.00 7.07 13.77 9.30* 31.7 1.17
incl. 80.20 81.47 1.27 59.20 34.29* 124.0 2.85
also 137.00 161.68 24.68 13.67 6.03* 15.9 0.67
incl. 153.05-157.95 (4.90m) stope-0 value incl. 149.65 150.15 0.50 101.50 34.29* 89.1 1.98
incl. 152.15 153.05 0.90 56.30 34.29* 53.2 8.95
incl. 160.25 161.15 0.90 189.50 34.29* 152.0 0.81

True widths are generally believed to be 70-90% of intersected widths in the Premier area . (*) samples cut to 1opt or 34.29 g/t Au.

This release covers results for the first 41 holes P15-748 to P15-788. Drilling continues with two diamond drill rigs and one overburden rig and results will be released as they become available. Ascot to date has drilled 12,581 meters in 62 holes in 2015 with drilling ongoing. Detailed results table, locations and figures can be viewed at the following Ascot link: www.ascotresources.ca

Graeme Evans, P. Geo and Lawrence Tsang, 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

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

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; statements regarding the exploration and mineralization potential of the Premier property, 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 Ascot'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. Ascot 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.

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