Ascot Resources Ltd.

Ascot Resources Ltd.

February 25, 2008 19:22 ET

Ascot Receives Final Drilling Results and Announces 2008 Exploration Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2008) - Ascot Resources Ltd. (the "Company") (TSX VENTURE:AOT) is pleased to announce the successful completion of the 2007 exploration program on its 35.7 sq km Dilworth property near Stewart in northwestern BC.

The Dilworth property is underlain by volcanic and sedimentary rocks of the Lower Jurassic age Unuk River Formation. This geological setting is similar to that which hosts local mineral deposits and former producers such as Silbak-Premier and Big Missouri located south and within four kilometers of the Dilworth property. In the centre of the property melting of the Mt Dilworth snowfield has exposed volcanic and sedimentary strata considered prospective for base and precious metal mineralization.

Surface sampling was conducted in 2007 on historic and newly discovered showings both of which locally contain exceptionally high-grade gold-silver mineralization. Earlier surface results were reported in the company's August 27, 2007 news release. New surface assay data is presented below.

Zone/Trench Sample Au Ag Pb Zn
Name Width (m) (g/t) (g/t) (%) (%)
49er North 2.0 4.8 571 1.24 0.34
Helen 3.0 6.8 2903 0.91 0.04
Below Helen 3.0 18.2 134 0.10 0.09
includes 1.0 52.2 392 0.29 0.26
Grab 227.3 1000 0.42 0.71
Grab 220.5 750 0.51 0.57
Oxidental 1 9.0 15.4 1008 0.09 0.05
includes 3.0 40.3 2703 0.13 0.07
Oxidental 4.0 2.1 1983 0.33 0.23
Grab 3.9 716 0.36 0.37
Granduc Road 16.0 0.5 9 0.29 0.87
17.0 0.5 8 0.32 0.30
West of Road 2.0 5.9 25 1.75 1.81

The 49er, a northwest trending mineralized zone that can be traced intermittently for over 400 meters, was last explored by an adit in the 1920s. The Helen is a historic showing about 300 metres south of the 49er. Nearby the newly discovered Below Helen yielded some of the highest gold-silver grades ever reported on the property. The Oxidental, another historic showing, is located 50 metres south of the Below Helen. The nearby and newly discovered Oxidental 1 Zone yielded strong gold-silver grades over substantial widths. The extent of the Below Helen and Oxidental 1 Zones are yet unknown. Sulphide mineralization containing anomalous gold and silver and up to 1% combined lead-zinc was found over wide zones along the Granduc Road. The "West of Road" zone contains higher amounts of precious and base metals. The extent of these two zones is unknown and neither has been drilled.

Thirty-six diamond drill holes totaling 4,850 metres were completed over several mineralized zones. The primary objective of the program was to explore and evaluate a series of northwest striking, steeply dipping, gold-silver mineralized zones in the southwestern portion of the property.

After an interminably long time Ascot has finally received the results for all 36 diamond drill holes from the 2007 program. The significant mineralized intervals are presented in the following table.

Hole From To Length Au Ag
Zone No. (m) (m) (m) (g/t) (g/t)
Hammer 6 194.00 200.00 6.00 3.50 14.0
includes 1.00 15.00 16.0
7 135.50 138.70 3.20 2.32 650.7
8 35.50 43.60 8.10 1.77 26.9
49er 14 53.50 56.44 2.94 1.41 15.7
15 45.30 48.70 3.40 0.96 171.6
34 184.60 188.80 4.20 1.15 2.7
35 98.00 111.35 13.35 0.91 36.8
36 123.40 124.40 1.00 2.18 1173.0
36 149.00 150.00 1.00 124.63 55.5
Below Helen 16 48.30 56.80 8.50 0.73 7.9
17 45.50 49.55 4.05 1.39 21.9
19 69.00 77.50 8.50 0.90 15.2
20 148.40 149.40 1.00 31.50 24.6
22 41.00 54.50 13.50 0.79 4.3
23 34.20 38.30 4.10 1.10 79.6
28 56.00 58.00 2.00 15.10 91.8
Occidental 29 134.80 136.00 1.20 4.76 3.0

Surface and core samples were submitted to Assayers Canada, ALS Chemex and Global Discoveries in Vancouver, BC for gold and multi-element ICP analysis. Quality assurance and quality control included the insertion of analytical standards and blanks in addition to the laboratory's internal QA program.

Ascot is very encouraged by the 2007 results and is planning a $3,200,000 exploration program for 2008. Prior to the start of the 2008 field work the company has contracted Aeroquest International to conduct a detailed airborne magnetic and electromagnetic survey over the entire property. Part of the survey includes test lines over several nearby deposits including the Silbak-Premier mine, to define geophysical responses of known zones for possible application over Ascot's property.

The company has retained the services of Mr. Rob Shives, GamX Inc., to provide consulting and services for the 2008 geophysical program. Mr. Shives was formerly head of the Radiation Geophysics Section, Geological Survey of Canada and has over 30 years experience in the application of airborne surveys to mineral exploration throughout Canada and elsewhere. Mr. Gerry Ray, P.Geo, formerly of the BC Geological Survey, will be conducting detailed geological mapping of the property. This will provide the first comprehensive geological maps of the property and will document relationships of known mineralized zones with the new airborne geophysical data, to assist in delineating new targets.

Field work is planned to commence with a helicopter supported diamond drilling program in May to early June dependent on snow conditions. A contract for 7,500 metres of drilling has been signed with Cobra Drilling of Stewart, BC. The geological and logistical staff, field personnel, helicopter and the Stewart base of operations has been organized. Analytical work will be conducted by Assayers Canada of Vancouver, BC under an arrangement that will greatly improve the turnaround time for the assay data. The planned enhancements will result in a more timely release of information on the project.

Warner Gruenwald, P. Geo., designated as the Qualified Person (QP) as defined by National Instrument 43-101, has reviewed the data and scientific and technical information contained in this news release.


Robert A. Evans, Director

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release regarding 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. 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. 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 even if circumstances or management's estimates or opinions should change. 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 release.

Contact Information

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