Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

December 01, 2010 14:06 ET

Ascot Resources Drills 380.2 Meters of 0.500% Copper on Its Sixth Hole on the Mt. Margaret Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2010) - Ascot Resources Ltd. ("Ascot") (TSX VENTURE:AOT) is very pleased to announce the results for the fourth, fifth and sixth holes (MM-10-04, 05, 06) on the Mt. Margaret property in the St. Helens Mining District of Skamania County in Washington State. These holes were drilled in the northwestern portion of the property from a common pad. This area had seen relatively little historic drilling by Duval and these holes tested the continuity of mineralization in this area which is greater than 300 meters north of the first drill section. Hole MM-10-4 (a 270 degree azimuth -50 degree dip hole) was abandoned early due to technical difficulties, drilling the leached cap in this area, hole MM-10-05 was successfully drilled with a shallow dip due to drilling into the hillside, and hole MM-10-06 was another attempt to complete the MM-10-04 section by drilling at a steeper dip. Both completed holes demonstrate that better than average grades are present in this area and again persist to greater depth as demonstrated by hole MM-10-06, which ended in mineralization grading 0.488% Cu at vertical depth of approximately 380 meters below surface.

Ascot has completed eleven diamond drill holes (4876.4m's) to date and the program has ended for the season due to inclement weather. A plan map of drill hole locations and cross sections is included with this release and more detailed sections are available on the Ascot web site.

Results include:

MM-10-05 Azimuth 315 degrees Dip -50

MM-10-05 From (m's) To (m's) Int. (m's) Cu% Assay Mo % Ag g/t Au g/t
Entire Hole 78.00 527.00 449.00 0.238 NSV 1.1 0.104
incl. 78.00 263.50 185.5 0.422 NSV 1.7 0.155
incl. 263.50 527.00 263.5 0.108 NSV 0.8 0.068
subint. 108.00 146.60 38.6 0.712 NSV 2.7 0.262

MM-10-06 Azimuth 270 degrees Dip -70

MM-10-06 From (m's) To (m's) Int. (m's) Cu% Assay Mo % Ag g/t Au g/t
entire hole 54.80 435.00 380.2 0.500 0.013 3.0 0.203
subint. 185.20 242.40 57.2 0.756 0.031 2.8 0.247
subint. 362.30 408.80 46.5 0.695 0.006 2.4 0.300

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 and duplicates in addition to the labs own internal quality assurance program. All samples are run for ICP AR, Au FA as well as Cu Assays. Sampling and storage are at the company's secure facility in Randle with weekly sample shipments made to Assayers Canada

The Qualified Person responsible for review of the technical data in this news release is Graeme Evans, P.Geo. Mr. Graeme Evans is the qualified person for the purposes of NI 43-101.

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

John A. Toffan, President and Director

This news release contains certain forward-looking information concerning the business of Ascot Resources Ltd. (the "Corporation"). All statements, other than statements of historical fact, included herein including, without limitation; statements about the exploration of the Mt. Margaret Property and completion of the acquisition of the Mt. Margaret Property, are forward-looking statements. These forward-looking statements are based on the opinions of management at the date the statements are made and are based on assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward-looking statements. Important factors that could cause actual results to differ materially from the Corporation'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 explore and develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals. The Corporation is under no obligation to update forward-looking statements if circumstances or management's opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Note: To view the maps associated with this release, please click the following link: http://media3.marketwire.com/docs/aot1201.pdf

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