Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

October 12, 2010 09:00 ET

Ascot Resources Ltd. Drilling Intersects 8.99 g/t Au Over 14.5 Meters at Premier Unicorn Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 12, 2010) - Ascot Resources Ltd. (TSX VENTURE:AOT) is pleased to provide further results from its ongoing 2010 drilling activity at Premier. The first four holes of the 2010 season were reported in a release dated June 23, 2010. This release covers the next thirty–six holes (numbers 55-88). The holes were targeted as a follow up to initial encouraging 2009 drill results in the Unicorn and Province zones. The 2010 drilling in both zones is encountering a combination of lower grade bulk tonnage gold targets and includes higher grade underground gold targets analogous to the system mined at Premier (historic production- 2.11 MOz Au, 44.24MOz Ag from 8.64 Mt).

The Unicorn zone has now been traced by drilling for a strike length in excess of 1350 meters and remains open at both the south and north ends and has been traced to depths in excess of 250 meters from surface and remains open at depth. This zone has been tested by a total of 27 holes spaced 50-200 meters apart. The zone routinely is between 100 and 200 meters in width containing anomalous gold values ranging from 100-2000 ppb Au with higher grade zones within this broad epithermal envelope. The Unicorn zone is a complex structurally controlled epithermal system, with a moderately west dipping mineralized zone associated with previously unrecognized extensive high level "Premier porphyry dykes and stocks". 

Highlight results include (uncut):

Zone   Hole No.   From (m)   To (m)   Length (m)   Au (g/t)
Unicorn   P-10-59   251.45   300.00   48.55   0.46
    incl.   262.00   273.00   11.00   0.92
Unicorn   P-10-65   263.09   314.50   51.41   0.60
    incl.   284.57   307.24   22.67   1.05
    incl.   284.57   291.65   7.08   1.57
Unicorn   P-10-68   48.70   260.10   211.40   0.44
    also   61.72   88.29   26.57   0.83
    incl.   61.72   63.00   1.28   5.16
    also   179.50   219.11   39.61   0.62
    incl.   189.00   204.75   15.75   1.32
Unicorn   P-10-70   34.00   82.75   48.75   1.74
    incl.   53.95   80.20   26.25   3.03
    incl.   77.45   78.21   0.76   93.33
Unicorn   P-10-72   18.03   193.18   175.15   0.70
    incl.   93.02   186.00   92.98   1.07
    incl.   156.00   168.60   12.60   4.13
    incl.   157.00   164.00   7.00   5.86
    incl.   160.00   161.00   1.00   26.53
    also   178.23   186.00   7.77   1.78
Unicorn   P-10-81   6.13   72.86   66.73   0.44
    incl.   32.71   43.27   10.56   1.31
    also   262.13   326.33   64.20   0.65
    incl.   279.57   293.12   13.55   1.26
    sub incl.   279.57   283.21   3.64   2.06
    sub incl.   292.37   293.12   0.75   10.45
    incl.   308.44   314.80   6.36   2.59
Unicorn   P-10-87   32.00   187.81   155.71   1.08
    incl.   55.63   104.00   48.37   3.15
    incl.   89.50   104.00   14.5   8.99
    incl.   101.90   104.00   2.10   44.3

The Province zone, located 300 meters southwest of the Unicorn zone, has been traced by drilling for a strike length of 800 meters north to south and remains open at the north end and down dip with testing to depths in excess of 200 meters from surface. This zone has been tested by 17 holes spaced 50-150 meters apart. The zone is routinely between 50 and 200 meters in width containing anomalous gold values ranging from 100-2000 ppb Au with higher grade zones within this broad epithermal envelope. The Province zone includes a number of steeply west dipping higher gold grade quartz breccias bodies within a widespread mineralized gold rich envelope.

 Highlight results include (uncut):

Province   P-10-54   4.00   22.00   18.00   0.45
    also   30.00   40.00   10.00   3.09
    incl.   30.00   35.50   5.50   5.34
    incl.   30.00   31.70   1.70   13.53
    also   188.00   298.69   100.69   1.18
    incl.   194.34   204.79   10.45   6.64
    sub   194.34   200.00   5.66   11.48
    sub   194.34   195.76   1.42   21.16
    incl.   241.98   253.00   11.02   1.20
    incl.   283.00   286.00   3.00   2.94
Province   P-10-62   314.97   346.00   31.03   0.51
    incl.   336.00   344.00   8.00   1.48
    incl.   336.00   338.39   2.39   3.42
Province   P-10-67   3.60   34.00   30.40   1.35
    incl.   22.00   32.00   10.00   3.46
    incl.   22.00   26.00   4.00   7.09
    incl.   24.00   26.00   2.00   13.56
    also   102.00   132.00   30.00   2.49
    incl.   112.00   120.00   8.00   7.75
    incl.   112.00   116.00   4.00   12.03
    incl.   115.00   116.00   1.00   34.00
Province   P-10-71   46.10   117.40   71.30   0.41
    incl.   78.33   90.00   11.67   1.44
    incl.   84.00   86.98   2.98   4.01
Province   P-10-79   186.00   327.88   141.88   2.14
    sub incl   190.00   191.00   1.00   14.93
    incl.   286.00   326.00   40.00   6.43
    sub incl   286.00   288.24   2.24   108.60

A plan map of the Unicorn and Province zones is available on the Ascot web site. 

Results from further holes at Unicorn and Province are pending along with holes from the Martha Ellen, Sparky, 49er, and the Gerry zone. Drilling will continue, weather permitting, until mid October.

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. 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.

Graeme Evans, P.Geo and Leif Bjornson, 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.

On Behalf of the Board of Directors

ASCOT RESOURCES LTD.

John A. Toffan, President and Director

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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