Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

July 05, 2016 09:00 ET

Ascot Resources Intersects 104.74 g/t Gold Over 3.05 Metres at Premier

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 5, 2016) - Ascot Resources Ltd. (TSX: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:

  • Ascot's initial drilling in 2016 is being concentrated in the old Premier Mine area where it will consist of 42,200 meters of drilling in 149 holes from 34 pads. The layout of the drill plan, based on twenty-five meter centers, will enable the Company to commission a maiden NI 43-101 resource on this area after the completion of the 2016 field season. Results continue to demonstrate good continuity of the mineralization and include good grades between zones previously drilled by Ascot, including several recent drill holes intersecting visible gold and electrum in new areas not previously tested (results for these holes are pending).
  • In its latest set of results from its 2016 drill program the Company announces hole P16-1000 in the upper main zone which intersected an uncut average of 104.74 g/t gold over a core length of 3.05 meters within a broader interval grading 5.53 g/t Au and 84.1 g/t Ag over 65.96 meters. The upper main area is returning very high silver values supporting historic results in this area.
  • Ascot's recent flow through financing raised $4.2 million. The Company is now planning an additional 10,000 meters of drilling in 2016 (bringing the total to 60,000 meters), with an emphasis on expanding the resource area to the northeast.

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
%
P16-975 Main-NE Zone 153.20 167.10 13.90 6.30 6.03* 53.9 2.72
incl. 153.20 154.20 1.00 20.10 20.10 140.0 2.29
incl. 163.20 165.20 2.00 28.48 26.57* 132.8 5.37
incl. 163.20 164.20 1.00 38.10 34.29* 170.0 7.55
P16-978 Below Obscene 270.56 289.80 19.24 3.75 3.50* 13.8 0.58
incl. 276.60 281.60 5.00 10.56 9.60* 24.5 0.96
incl. 278.60 279.60 1.00 39.10 34.29* 55.0 1.43
P16-984 Main-NE Zone 148.32 179.00 30.68 4.16 4.16 14.4 1.15
incl. 171.16 179.00 7.84 12.27 12.27 22.4 2.91
incl. 174.00 178.00 4.00 20.76 20.76 29.5 4.33
incl. 174.00 175.00 1.00 29.00 29.00 44.2 4.37
P16-987 Below Lunchroom 199.58 214.00 14.42 4.46 4.46 47.6 0.35
incl. 199.58 204.00 4.42 11.09 11.09 120.3 0.52
incl. 202.00 203.00 1.00 29.40 29.40 347.0 0.76
P16-1000 Upper Main 18.61 85.74 65.96 5.53 2.27* 84.1 0.06
incl. 67.45 85.74 17.12 20.13 7.58* 105.4 0.05
incl. 67.45 70.50 3.05 104.74 34.29* 169.2 0.11
incl. 69.00 70.50 1.50 121.00 34.29* 242.0 0.17
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 is the 2nd for the season reporting 27 holes P16-974-1000, previous results were released on June 8th, 2016. Drilling is ongoing with two drill rigs in the resource area and a third drill rig will be testing the Northern Lights target, results will be released as they become available. Ascot has drilled 20,301 meters in 90 holes to date in 2016. 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. 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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