Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

July 10, 2017 09:00 ET

Ascot Resources Discovers New High Grade Subzone, the Ben Zone, at Northern Lights

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 10, 2017) - Ascot Resources Ltd. (TSX VENTURE:AOT) -

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.

Highlights of Release:

  • Recent drilling has extended the Northern Lights main zone to a strike length of 600 meters and a dip length of 700 meters and it remains open in all directions. This loosely defined new discovery of a higher grade is in a subzone in the central and upper portion of the Northern Lights main zone has been named the "Ben Zone" in honor of Ben Stevens, a long time Boliden employee and believer in the project, who recently tragically passed away.

  • The Northern Lights main zone continues to deliver good results including in this release P17-1313 which returned 70.70 g/t Au over 1.00 meter within a zone grading 10.31 g/t Au over 11.90 meters. Another example is P17-1320 which returned 15.79 g/t over 4.90 meters.

  • Other drill highlights are coming from a downdip portion of the 602 Zone. This gently NW dipping zone continues to demonstrate good grades and thicknesses. An example of this is include P17-1297 with 199.50 g/t Au over 1.00 meter within a wider interval grading 11.80 g/t Au over 27.70 meters. Another hole in this target area on the same section, P17-1306, returned 37.20 g/t Au over 1.00 meter within a broader zone of 4.81 g/t Au over 15.30 meters. P17-1306 is the furthest downdip hole in this section and the 602 zone remains open downdip in this area.

New drill highlights include:

Hole # Zone From
m's
To m's Width
m's
Au
(g/t)
Au Cut*
(g/t)
Ag
(g/t)
Zn %
P17-1297 602 253.20 302.60 49.40 6.71 3.37* 13.7 0.86
incl. 268.90 296.60 27.70 11.80 5.83* 22.0 1.43
incl. 285.45 292.10 6.65 43.60 18.76* 59.3 3.41
incl. 285.45 288.45 3.00 83.30 28.23* 81.50 1.45
incl. 286.45 287.45 1.00 199.50 34.29* 145.00 0.69
P17-1298 602 280.55 314.00 33.45 2.40 2.40 42.0 2.67
incl. 285.35 289.75 4.40 9.60 9.60 14.9 0.54
incl. 286.45 287.55 1.10 23.90 23.90 27.6 1.10
incl. 308.00 314.00 6.00 3.07 3.07 54.7 5.58
P17-1306 602 290.20 316.08 27.88 2.86 2.75* 11.2 0.89
incl. 296.40 311.70 15.30 4.81 4.62* 16.7 1.26
incl. 296.40 299.35 2.95 17.27 16.29* 36.8 2.13
incl. 297.40 298.4 1.00 37.20 34.29* 57.9 2.73
P17-1312 NL Main 287.25 355.09 67.84 1.07 1.07 3.9 0.13
incl. 288.75 297.50 8.75 2.09 2.09 10.5 0.23
incl. 288.75 289.85 1.10 10.60 10.60 47.9 0.63
incl. 334.50 350.50 16.00 2.25 2.25 4.0 0.10
incl. 345.50 350.50 5.00 5.08 5.08 4.3 0.15
incl. 349.50 350.50 1.00 17.95 17.95 6.6 0.17
P17-1313 NL Main 254.50 346.86 92.36 2.08 1.68* 4.4 0.13
incl. 278.95 321.40 42.45 3.88 3.02* 4.0 0.16
incl. 309.50 321.40 11.90 10.31 7.25* 7.5 0.31
incl. 313.65 314.65 1.00 70.70 34.29* 15.7 0.38
P17-1315 NL Main 231.50 339.50 108.00 0.94 0.94 3.0 0.20
incl. 301.20 333.00 31.80 2.00 2.00 4.1 0.29
incl. 301.20 311.00 9.80 4.66 4.66 6.0 0.36
incl. 304.00 310.00 6.00 5.56 5.56 5.7 0.39
P17-1319 NL Main 273.00 368.20 95.20 1.47 1.47 6.3 0.25
incl. 287.90 322.00 34.10 2.86 2.86 9.8 0.34
incl. 287.90 300.00 12.10 6.73 6.73 19.6 0.78
incl. 287.90 294.65 6.75 11.10 11.10 32.1 1.22
incl. 293.00 294.65 1.65 30.60 30.60 77.8 3.32
P17-1320 NL Main 284.83 342.46 57.63 2.10 2.10 7.0 0.27
incl. 292.00 312.00 20.00 4.84 4.84 13.7 0.63
incl. 298.10 303.00 4.90 15.79 15.79 36.4 1.58
incl. 298.10 299.00 0.90 30.30 30.30 50.2 2.39
P17-1323 NL Main 255.36 304.21 48.85 1.89 1.89 5.8 0.22
incl. 264.98 275.00 10.02 3.08 3.08 11.8 0.59
incl. 264.98 271.50 6.52 4.24 4.24 13.2 0.76
incl. 266.00 267.50 1.50 9.91 9.91 4.9 0.11
incl. 297.48 304.21 6.73 7.83 7.83 10.8 0.16
incl. 297.48 299.50 2.02 17.60 17.60 26.4 0.05
P17-1329 NL Main 221.00 297.40 76.40 0.67 0.67 3.3 0.21
incl. 251.00 273.00 22.00 1.66 1.66 3.2 0.18
incl. 257.00 263.94 6.94 3.73 3.73 2.5 0.15
incl. 261.50 263.94 2.44 5.90 5.90 3.3 0.09
P17-1330 NL Main 197.85 266.25 68.40 0.79 0.79 6.1 0.19
incl. 197.85 223.00 25.15 1.34 1.34 6.4 0.12
incl. 210.00 212.56 2.56 5.18 5.18 6.3 0.28
incl. 221.90 223.00 1.10 9.05 9.05 56.9 0.65

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

This release is the third for the 2017 season reporting 40 holes P17-1291-1330. At present, seven Ascot owned drill rigs are operating on the property. To date 142 holes have been completed in 43,908 meters of drilling. Thirty-six drill holes are presently pending results and results will be released as they become available. Detailed results table, locations and figures can be viewed at the following Ascot link: www.ascotgold.com

Graeme Evans, P. Geo and Lawrence Tsang, P. Geo provide 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. Also for extreme high gold grades a concentrate analysis is performed with a fire assay and gravimetric finish accurate up to 999985 ppm Au limit (ALS Au-CON01) method. 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

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this 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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