Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

November 19, 2008 15:13 ET

Ascot Resources Ltd.: Completion of Dilworth 2008 Exploration Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2008) - Ascot Resources Ltd. (TSX VENTURE:AOT) (the "Company") is pleased to announce the completion of the 2008 exploration program on its Dilworth gold-silver property near the town of Stewart in northern British Columbia. The property lies in the heart of the mineral-rich Stewart Mining Camp, which includes the former Silbak-Premier and Big Missouri gold-silver mines, as well as Mountain Boy/Pinnacle's nearby Silver Coin gold-silver property. All analytical data has been received from the drilling and surface work and are presented below.

The company's multi-faceted exploration program consisted of airborne geophysical surveys, extensive rock, stream and soil sampling, geological mapping and drilling. Several mineralized zones and geophysical targets were explored. From north to south these are the Tangerine, Chicago North and South, Annalise, Big K, Below Road, Hammer, Paulette, Yellowstone, Gerry's, Chalet, Snow Show, 49, Occidental, Viper, Sparky and Anaconda.

The table below lists the significant trenching results.



Significant Trenching Results
-----------------------------------------------------------
Width Au Ag Pb Zn
Zone Trench (m) (g/t) (g/t) (%) (%)
-----------------------------------------------------------
Tangerine T08-26 10.00 1.37 218.0 5.13 less
than
0.20
-----------------------------------------------------------
Chicago South T08-35 4.00 0.73 41.3 less less
than than
0.20 0.20
--------------------------------------------
T08-36 7.00 1.50 123.6 less less
than than
0.20 0.20
--------------------------------------------
T08-38 6.00 6.79 137.3 0.80 1.66
--------------------------------------------
T08-39 3.00 2.38 318.0 0.20 0.20
--------------------------------------------
T08-44 4.00 5.89 143.9 less less
than than
0.20 0.20
includes 1.00 20.73 198.0 less less
than than
0.20 0.20
---------------------------------------------
T08-44 3.00 0.89 67.5 less less
than than
0.20 0.20
--------------------------------------------
T08-45 1.00 3.53 155.0 0.22 less
than
0.20
-----------------------------------------------------------
Annalise T08-69 7.00 3.23 161.3 0.27 0.28
includes 1.00 11.90 454.8 0.98 0.83
includes 1.00 6.67 412.0 0.49 0.52
-----------------------------------------------------------
Hammer T08-40 4.00 8.35 494.4 0.25 0.44
--------------------------------------------
T08-41 4.00 4.66 236.9 less less
than than
0.20 0.20
--------------------------------------------
T08-47 3.00 8.10 43.3 0.47 less
than
0.20
--------------------------------------------
T08-48 3.00 1.73 35.6 0.39 1.65
-----------------------------------------------------------
Paulette T08-12 11.00 1.44 12.3 less less
than than
0.20 0.20
--------------------------------------------
T08-49 4.00 0.89 31.8 1.95 1.60
--------------------------------------------
T08-15 4.00 0.53 27.6 1.40 0.97
-----------------------------------------------------------
Gerry's T08-66 10.00 1.13 33.4 0.71 0.96
includes 4.00 1.62 69.7 1.33 1.67
-----------------------------------------------------------
Snow Show T08-11 6.00 0.26 23.5 less less
than than
0.20 0.20
--------------------------------------------
T08-11 6.00 0.34 38.9 less less
than than
0.20 0.20
-----------------------------------------------------------
49 T08-05 2.00 9.57 11.1 less less
than than
0.20 0.20
--------------------------------------------
T08-05 2.00 0.88 893.5 less 0.35
than
0.20
--------------------------------------------
T08-18 6.00 2.52 60.8 0.75 0.33
-----------------------------------------------------------
Bee T08-53 8.00 1.16 279.9 less 0.21
than
0.20
--------------------------------------------
T08-54 5.00 1.00 371.6 less less
than than
0.20 0.20
-----------------------------------------------------------
Sparky T08-52 4.00 1.92 687.8 0.44 0.80
--------------------------------------------
T08-56 6.00 1.33 51.6 less less
than than
0.20 0.20
--------------------------------------------
includes 1.00 5.21 23.8 less less
than than
0.20 0.20
-----------------------------------------------------------


The major component of the 2008 exploration program consisted of 63 diamond drill holes totalling 10,886 meters. Drilling focused on determining the extent of previously known mineralized areas. As well, new targets resulting from prospecting, trench sampling, geophysical surveys and soil sampling were drill tested. Numerous, moderate grade, gold-silver intersections as well as several wide zones of low-grade gold up to 117 meters in length were identified. The accompanying table summarizes the drilling results. Intersections are reported as core length and do not necessarily represent true widths of mineralized zones.



Significant Drill Intersections
--------------------------------------------------------------------------
Hole From To Length Au Ag Pb Zn
Zone No. (m) (m) (m) (g/t) (g/t) (%) (%)
--------------------------------------------------------------------------
Tangerine HL08-51 49.74 53.74 4.00 1.41 89.1 0.33 0.78
-----------------------------------------------------------
HL08-52 - No Significant Results
--------------------------------------------------------------------------
Chicago North HL08-01, 02 - No Significant Results
--------------------------------------------------------------------------
Chicago South HL08-29 2.90 25.50 22.60 1.08 52.7 0.42 0.71
includes 2.90 10.00 7.10 2.64 129.1 1.33 2.21
-----------------------------------------------------------
HL08-30 3.55 6.23 2.68 2.38 243.4 0.34 0.43
-----------------------------------------------------------
HL08-31 0.25 14.00 13.75 2.22 164.2 0.42 0.85
--------------------------------------------------------------------------
Annalise HL08-42 14.68 16.65 1.97 16.87 13.7 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-43 16.03 17.50 1.47 5.75 3.9 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-43 31.00 32.27 1.27 12.77 16.2 0.23 0.72
-----------------------------------------------------------
HL08-44 - No Significant Results
--------------------------------------------------------------------------
Big K HL08-55 255.60 264.60 9.00 1.00 12.0 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-53, 54 - No Significant Results
--------------------------------------------------------------------------
Below Road HL08- 18 237.27 239.60 2.33 3.21 18.2 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-16, 17 - No Significant Results
--------------------------------------------------------------------------
Hammer HL08-36 15.52 26.22 10.70 1.22 30.2 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-61 164.30 168.50 4.20 3.75 10.6 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-62 90.77 93.90 3.13 1.25 32.0 1.03 2.31
-----------------------------------------------------------
HL08-62 125.84 128.05 2.21 3.20 129.1 0.26 0.51
--------------------------------------------------------------------------
Paulette HL08-59 27.22 38.72 11.50 1.24 4.1 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-59 76.70 79.70 3.00 1.33 less less less
than than than
0.1 0.20 0.20
-----------------------------------------------------------
HL08-60 37.06 40.12 3.06 1.55 4.3 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-60 100.21 102.21 2.00 9.48 2.3 less less
than than
0.20 0.20
--------------------------------------------------------------------------
Yellowstone HL08-06 17.20 33.00 15.80 0.86 524.7 0.26 0.60
includes 21.20 24.43 3.23 2.18 2516.1 1.18 2.64
-----------------------------------------------------------
HL08-07 19.50 23.70 4.20 1.01 453.0 0.39 0.87
-----------------------------------------------------------
HL08-08 115.00 142.38 27.38 0.53 2.2 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-12 125.00 189.42 64.42 0.75 2.6 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-13 10.00 13.00 3.00 1.49 15.7 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-14 36.00 55.00 19.00 0.74 143.0 0.01 0.23
includes 51.00 52.00 1.00 5.86 2531.0 0.75 1.61
-----------------------------------------------------------
HL08-15, 26 - No Significant Results
--------------------------------------------------------------------------
Chalet HL08-03 20.40 51.90 31.50 0.65 76.6 less less
than than
0.20 0.20
-----------------------------------------------------------
includes 20.40 29.60 9.20 1.15 254.4 less 0.53
than
0.20
-----------------------------------------------------------
includes 24.60 26.60 2.00 3.67 1117.5 0.66 2.19
-----------------------------------------------------------
HL08-03 127.40 128.40 1.00 5.36 1.3 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-04 4.00 7.00 3.00 3.83 7.9 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-04 24.20 28.40 4.20 1.31 572.1 0.26 0.71
-----------------------------------------------------------
HL08-04 206.50 208.50 2.00 0.94 176.6 0.64 0.72
-----------------------------------------------------------
HL08-47 248.50 251.75 3.25 1.81 21.5 0.61 1.20
-----------------------------------------------------------
HL08-47 334.00 335.00 1.00 10.96 304.0 0.31 1.23
-----------------------------------------------------------
HL08-05 - No Significant Results
--------------------------------------------------------------------------
Gerry's HL08-45 59.50 126.45 66.95 0.49 2.8 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-46 92.90 163.72 70.82 0.50 8.7 less less
than than
0.20 0.20
--------------------------------------------------------------------------
Snow Show HL08-20 56.48 61.32 4.84 0.95 19.8 0.23 0.90
-----------------------------------------------------------
HL08-23 144.20 162.80 18.60 0.57 2.9 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-24 23.00 29.00 6.00 0.94 5.1 less 0.85
than
0.20
-----------------------------------------------------------
HL08-24 53.00 83.00 30.00 0.72 10.2 0.44 0.87
includes 75.00 78.00 3.00 4.07 41.7 1.96 2.09
-----------------------------------------------------------
HL08-33 87.50 89.00 1.50 6.55 3.9 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-37 148.60 166.00 17.40 0.56 4.5 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-38 49.90 78.05 28.15 0.45 2.5 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-38 94.86 123.78 28.92 0.53 2.3 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-38 151.96 167.90 15.94 0.53 2.4 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-19, 21, 22, 25, 32, 34 - No Significant Results
--------------------------------------------------------------------------
49 HL08-11 3.22 26.60 23.38 0.48 4.7 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-35 23.52 141.33 117.81 0.36 2.1 less less
than than
0.20 0.20
includes 24.75 49.32 24.57 0.56 2.6 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-09, 10, 48, 49, 50, 63 - No Significant Results
--------------------------------------------------------------------------
Oxidental HL08-27 75.00 77.00 2.00 7.89 3.8 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-28 - No Significant Results
--------------------------------------------------------------------------
Viper HL08-56, 57 - No Significant Results
--------------------------------------------------------------------------
Sparky HL08-39 9.40 12.25 2.85 2.21 1.7 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-39 44.60 46.60 2.00 71.52 80.9 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-39 120.00 125.55 5.55 2.64 6.2 less less
than than
0.20 0.20
-----------------------------------------------------------
HL08-40 - No Significant Results
--------------------------------------------------------------------------
Anaconda HL08-58 - No Significant Results
--------------------------------------------------------------------------


The surface sampling program consisted of 540 chip samples collected from over seventy trenches as well as prospecting samples. A new discovery, the Tangerine zone, yielded significant gold-silver grades associated with a lead-zinc mineralized structure. This zone was intersected by drilling at a downhole depth of 50 metres.

Chicago South was drilled this year at a different orientation with promising results. In this area, gold-silver mineralization was encountered in six trenches over a span of 130 metres in a west-southwest direction. Further south, the Hammer zone yielded some of the best surface precious metal grades of the program. Drilling intersected mineralization to downhole depths of up to 165 metres indicating that this zone has considerable vertical extent.

Another new discovery, the Annalise zone, is situated approximately 200 metres northwest of the Hammer zone. Trench sampling yielded grades up to 11.9 g/t Au and 455 g/t Ag. The two holes that targeted this zone intersected mineralization with one hole returning 16.87 g/t Au over a core length of 1.97 metres.

The Paulette zone, located westerly and 300 metres from the Hammer zone, is another new discovery. Semi-massive base metal sulphide mineralization has been traced in several trenches over an east-west trend of nearly 150 metres. Drilling intersected similar widths and grades as the trenches.

Drilling also identified very large zones of low-grade gold mineralization. This first became evident in the Yellowstone zone where hole HL08-12 intersected 64.4 metres grading 0.75 g/t gold. Holes HL08- 45 and 46 (Gerry's zone) returned 60 m+ intersections grading approximately 0.50 g/t Au.

The Snow Show, also discovered in 2008, consists of several-metre zones of lead-zinc sulphide mineralization. Drilling yielded encouraging grades with hole HL08-24 returning two distinct mineralized zones. Hole HL08-38 intersected gold mineralization (0.5 g/t Au) across widths of nearly 30 metres.

The historic "49" area was explored along strike by step-out drilling to the northwest and southeast. Hole HL08-35 located 225 metres to the east southeast of the Snow Show zone is notable for an exceptionally long (117 m) intersection of low-grade gold mineralization.

Three deep NQ2 holes were drilled with a larger drill to test mineralization at depth. These holes were HL0847, HL0855 and HL0858. With the exception of a one-metre intersection of 10.96 g/t Au in HL08-47, these holes did not intersect significant mineralization.

Aeroquest International Ltd conducted the airborne Mag/EM and radiometric surveys. The surveys covered 469 and 504 line-kilometres respectively. Mr. Rob Shives (GamX Inc.) carried out interpretation and target definition of the airborne data. Both surveys covered the entire Dilworth property as well as southerly extensions over the former Silbak-Premier and Big Missouri mines and the nearby Martha Ellen deposit. The mines south of the property display strong radiometric anomalies. The survey over the western portion of the Dilworth property revealed distinct, elongate, high potassium and depleted thorium (high K/Th ratio) signatures.

The soil sampling program included 347 soils collected along three contour lines on the western slope of the property above the Granduc road. A detailed soil grid was established over the Viper zone, an area defined by a strong potassium signature and gold-silver soil geochemical anomalies. In general, strong gold soil anomalies correlate well with potassium anomalies. Follow-up prospecting in the immediate area resulted in the discovery of arsenopyrite bearing float grading up to 146 g/t Au and 2,271 g/t Ag. Drilling failed to intersect similar mineralization thus leaving the geochemical-radiometric anomalies unexplained.

Stream sediments were collected from all creeks and streams on the west and east boundaries of the property. Results showed anomalous gold on the western side of the property correlating to the area of exploration between the Chicago and Sparky zones.

Gerry Ray, P.Geo, carried out detailed geological mapping of the mineralized areas in order to assist with interpretation and exploration of the mineral occurrences on the property. This work will be used in conjunction with the geochemical-radiometric surveys to target future exploration work.

The 2008 exploration program confirmed and discovered numerous zones of high grade, silica-hosted precious metal mineralization scattered over a 2.6 by 1 kilometre area. Many of the richer zones are enveloped by wide haloes of lower-grade gold values that could represent bulk-tonnage targets. Particular areas of interest for future programs include the ground south of the Chicago South to the Yellowstone zone including the Hammer and Annalise, the Snow Show, and the Sparky zone the latter of which returned high grade gold in core and is proximal to strong gold-in-soil anomalies.

Quality Assurance/Quality Control

Analytical work was carried out by Assayers Canada in Vancouver, BC. Quality assurance and quality control programs include the use of analytical blanks and standards in addition to the labs own internal quality assurance program. Samples containing greater than 200 g/t silver and greater than 10,000 ppm (1%) lead and zinc are routinely re-assayed. 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 weekly sample shipments made to Assayers Canada.

Sue Deane and Warner Gruenwald, P. Geo provided the field management for the Dilworth exploration program. Warner Gruenwald, designated as the Qualified Person (QP) as defined by National Instrument 43-101 has reviewed the technical information contained in this news release.

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

Robert A. Evans, Director

Statements contained in this news release that are not historical fact, such as statements regarding the economic prospects of Ascot's projects, Ascot's future plans or future revenues, timing of development or potential expansion or improvements, are forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, Ascot's ability to raise sufficient capital to fund development, changes in economic conditions or financial markets, changes in prices for Ascot's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Canada or the United States, technological and operational difficulties or inability to obtain permits encountered in connection with our exploration and development activities, labour relations matters, and changing foreign exchange rates.

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
    Director
    (604) 684-8950
    (604) 684-9877 (FAX)
    Website: www.ascotresources.ca