Ascot Resources Ltd.

Ascot Resources Ltd.

October 24, 2013 09:00 ET

Ascot Resources Intersects 20.00 Metres of 4.18 Grams Per Tonne Gold at Province

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 24, 2013) - Ascot Resources Ltd. (TSX VENTURE:AOT) -

Highlights of Release:

  • Drilling continues to expand and confirm property potential for bulk tonnage and higher grade underground gold/silver targets.
  • This is the third release for the 2013 drilling campaign covering 37 holes.
  • Drilling will continue with three drill rigs until the end of the season. Unseasonably warm weather has extended season.

Ascot Resources Ltd. (the "Company") is pleased to announce that wide zones of gold and silver mineralization continue to be encountered in all target areas of the Premier and Dilworth properties. Results have now been received from ALS for 90 of 114 holes drilled to date. The remainder of the holes have results pending and will be released at a later date. The Company has completed its planned 20,000 metres for the 2013 season but will continue drilling, as long as the unseasonably warm weather permits. The 2013 drilling campaign continues to expand and confirm the property potential for both bulk tonnage and higher grade underground gold/silver targets.

Wide zones of gold and silver mineralization continue to be encountered in all of the target areas demonstrating bulk tonnage potential in a generally flat sheet like orientation containing higher grade quartz breccia bodies. This release covers results for the third set of 37 holes (P-13-486 to 522). The first 53 holes were released in the September 12, 2013 and September 26, 2013 news releases. Detailed results table, locations and figures can be viewed at the following Ascot link:

New highlights include:

Hole # Zone Comment From
To m's Width
PR-13-493 Province 229.50 320.23 90.73 1.25 4.4 BM
incl. 304.00 319.00 15.00 3.82 3.9
incl. 304.00 305.08 1.08 11.20 2.1
incl. 317.00 319.00 2.00 19.70 22.3
PR-13-499 Province 171.00 218.00 47.00 1.26 2.5 BM
incl. 175.14 204.00 28.86 1.92 3.0
incl. 175.14 179.00 3.86 8.28 4.9
incl. 175.14 176.00 0.86 18.75 16.0
PR-13-502 Sparky 34.00 72.50 38.50 1.39 3.0
incl. 34.00 36.00 2.00 22.50 13.0
also 190.50 208.50 18.00 1.31 77.8
PR-13-504 Martha Ellen 152.83 197.82 40.24 1.02 18.6
incl. 155.00 157.34 2.34 5.62 40.2
incl. 179.00 184.00 5.00 2.52 94.9
PR-13-507 Martha Ellen 123.64 181.00 57.36 1.68 8.1
incl. 131.38 175.00 43.62 2.16 9.5
incl. 139.00 149.00 10.00 6.30 25.1
PR-13-510 Province 2.00 43.00 41.00 2.37* 4.3 Province
incl. 16.00 18.00 2.00 42.80 28.3
PR-13-513 Province
Hit Stope
179.32 202.39 23.07 3.78* 5.3 BM
incl. 185.25 197.56 12.31 6.61* 7.3
incl. 185.25 186.50 1.25 44.90 21.4
PR-13-515 Province
Hit Stope
1.52 43.00 41.48 1.10 5.3 Province
incl. 13.00 21.00 8.00 3.67 6.7
also 167.00 213.00 46.00 1.39 2.6 BM
incl. 206.26 211.36 5.10 6.24 5.0
incl. 210.00 211.36 1.36 15.30 9.3
PR-13-516 Province
Hit Stope
165.00 180.50 15.50 2.25 15.8 BM
incl. 171.00 175.00 4.00 5.96 13.2
PR-13-518 Province 3.05 13.35 10.30 2.01 4.4 Province
incl. 3.05 5.00 1.95 8.70 7.7
also 169.00 194.00 25.00 1.49 4.4 BM
incl. 183.81 190.00 6.19 3.14 7.2
PR-13-521 Province 0 37.88 37.88 2.52 8.0 Province
incl. 11.00 31.00 20.00 4.18 11.0
incl. 29.00 31.00 2.00 24.70 7.4
True widths are generally believed to be 85-90% of intersected widths. *Assay values are not cut. See detailed table for cut values.

Drilling for the period of this release has been focused in the Martha Ellen area and Big Missouri areas due to snow at higher elevations. Drilling to date at Martha Ellen continues to demonstrate good continuity, particularly to the north, in areas never historically drill tested. Results to date have intersected grades as good as or better than the historic tested area. Several holes tested the Lion target, a historic tertiary Ag system in the northeastern portion of the property and returned low silver values. Drilling in the Province area of the Big Missouri target has continued to encounter gold and silver mineralization in both the near surface Province zone and the deeper Big Missouri zone. Several of these holes terminated prematurely in underground workings.

Drilling will continue for a limited time in the Big Missouri area with lower elevations and better road access allowing for cost effective drilling with winter conditions.

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


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; the completion of the Offering on the terms set forth herein, the anticipated closing date of the Offering and the use of proceeds from the Offering 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 the Company'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. The Company 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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