Ascot launches 2022 exploration drilling program

VANCOUVER, British Columbia, May 09, 2022 (GLOBE NEWSWIRE) — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot“or the”Company”) is pleased to announce that the 2022 exploration drilling program has commenced on its Premier Gold project (“PGP“or the”project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. Spring snowmelt allowed drilling to begin almost a month earlier than last year.

The 2022 exploration drilling program will consist of approximately 18,000 meters and will be evenly split between exploration holes and fill holes. Exploration drilling will be largely focused on the Sebakwe and Day zones and infill drilling will focus exclusively on the Big Missouri deposit. Drilling will initially be done from surface, but is expected to move to underground drill stations as development allows access and will allow for shorter drill holes and more precise targeting. The Company experienced extraordinary delays in testing lab turnaround times last year, but turnaround times are expected to be much shorter this year as a new third-party testing lab is in the pipeline. installation in the city of Stewart. Ascot has signed a priority service contract with this new testing lab to allow for faster turnaround.

Derek White, President and CEO, commented, “Given the heavy snowfall at the start of winter, we have been pleasantly surprised by the mild weather of the past few months and are delighted to start this season’s exploration drilling program earlier than last year. With the establishment of the new assay lab at Stewart, we look forward to receiving and communicating this year’s exploration results in a timely manner.The anticipated shorter assay turnaround times will also enable us to adapt our drilling plans more effectively as the exploration program progresses.

Exploration drilling will follow up on high priority targets in the Sebakwe and Day Zones – both of which were only discovered in 2021 and 2020, respectively. These areas are in close proximity to existing and planned underground infrastructure and represent the greatest potential for expansion of our resource and reserve base at PGP. Infill drilling will be focused on Big Missouri with a particular focus on stope definition drilling for the early stages of our mine plan and the ramp-up phase in 2023 and 2024.

Sebakwe area

At the end of the 2021 exploration drilling season, two holes were drilled from surface in the Sebakwe area. The first of these holes (P21-2385) intersected 36.17 g/t Au and 20.6 g/t Ag over 7.10 meters, including coarse visible gold, at a depth of 368.3 meters ( see the press release of December 15, 2021 for more details). The new gold intersections, in addition to the rare historical drilling, suggest the possible existence of a third arcuate structure similar to the Premier and Northern Light structures immediately to the south (see Figure 1). The high-grade intersections are located at a similar elevation to the Premier plant building and only 600 meters to the east.

Initially, a total of 10 holes for approximately 4,000 meters of drilling are planned from last year’s pad (see Figure 2). Holes are planned to exit around the high grade intersections of holes P21-2385 and P21-2386 and will target an area approximately 50 meters in strike length and 50 meters in vertical extent. Additional drilling will be planned if mineralization is consistently encountered.

Figure 1 – Overview of Sebakwe 2021 drilling

Figure 2 – Sebakwe 2022 drilling plan

Day area

The day zone has been expanded as part of the 2021 drill program (see press releases dated November 17, 2021 and January 13, 2022 for further details). The first hole, P21-2331, intersected high-grade gold mineralization 400 meters south of the previous year’s drill holes. Another drill hole, P21-2384, intersected 58.60 g/t Au and 24.8 g/t Ag over 1.90 meters at a depth of 35 meters in an area where Ascot is internally evaluating preliminary forms of workings for potential mining early in the life of the mine at Big Missouri. With only 32 drill holes so far, Ascot has already outlined a number of high grade zones over a known strike length of 550 metres, with open mineralization to the north and south. A total of 24 holes drilled from four surface pads comprising approximately 2,000 meters are planned in the day zone this year.

Qualified person

Lawrence Tsang, P.Geo., the company’s senior geologist, provides field management of the PGP exploration program. John Kiernan, P.Eng., the Company’s Chief Operating Officer is the Company’s Qualified Person (QP) as defined by NI 43-101 and has reviewed and approved the technical content of this press release.

On behalf of the Board of Ascot Resources Ltd.
“Derek C. White”
President and CEO

For more information, contact:

David Stewart, P.Eng.
VP, Corporate Development and Shareholder Communications
[email protected]
778-725-1060 ext. 1024

About Ascot Resources Ltd.

Ascot is a junior Canadian exploration and development company focused on the restart of the former Premier gold mine, located on Nisga’a Nation Treaty Lands, in British Columbia’s prolific Golden Triangle. Ascot shares trade on the TSX under the symbol AOT. As Premier’s development progresses, the Company continues to successfully explore its properties for additional high-grade underground resources. Ascot is committed to the safe and responsible development of Premier in conjunction with Nisgan a’a nation, as set out in the Benefits Agreement.

For more information about the Company, please see the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.ascotgold.com, or for a virtual tour, visit www.vrify. com under Ascot Resources.

The TSX has not reviewed and accepts no responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Information

All statements and other information contained in this press release regarding anticipated future events may constitute forward-looking information under Canadian securities laws (“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”, “target”, “outlook”, “on track”, and “intend” and statements that an event or result “may”, “will”, “should”, “might” or “could” occur or be achieved and other similar expressions. All statements other than statements of historical facts included herein are forward-looking statements, including statements regarding the exploration of the Company’s properties and management’s outlook for the remainder of 2022. These statements involve known risks. and unknowns, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks associated with Ascot’s business; risks relating to the exploration and potential development of Ascot’s projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties related to the interpretation of drilling results and the geology, continuity and grade of mineral deposits; the need for cooperation from government agencies and aboriginal groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and the uncertainty as to the availability and terms of future financing; the possibility of delays in exploration or development programs and uncertainty as to the achievement of planned program milestones; uncertainty as to the timely availability of permits and other governmental approvals; risks associated with COVID-19, including adverse impacts on the global economy, construction schedule and personnel availability; and other risk factors as detailed from time to time in Ascot’s filings with Canadian securities regulators available on Ascot’s profile on SEDAR at www.sedar.com, including the Company’s Annual Information Form dated March 21, 2022 in the section titled “Risk Factors”. Forward-looking statements are based on assumptions made regarding: the estimated costs associated with the construction of the project; the expected timing of production from the project; the ability to maintain throughput and production levels at the Premier plant; the tax rate applicable to the Company; future commodity prices; the grade of resources and reserves; the ability to the Company to convert inferred resources to other categories; the Company’s ability to reduce mining dilution; the ability to reduce capital costs; and exploration plans. Forward-looking statements are based on management’s estimates and opinions as of the date the statements are made. Although Ascot believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as Ascot can give no assurance that such expectations will prove to be correct. Ascot undertakes no obligation to update forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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