Ascot Resources Intersects 10 Meters of 33.66 Grams Per Tonne Gold at Premier
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 12, 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.
- Results reported for first 26 holes of the 2013 drilling campaign.
- Drilling will continue with three drill rigs until the end of the season.
- Company receives $1,189,500 from the exercise of warrants.
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 26 of 42 holes drilled to date, and approximately 7,200 metres of the planned 20,000 metre drill program have been completed. The 2013 drilling campaign continues to expand and confirm the property potential for both bulk tonnage and higher grade underground gold/silver targets. The remainder of the holes have results pending and will be reported at a later date. Drilling will continue for the balance of the season with three Ascot drill rigs.
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 includes results for the first 26 holes (P-13-433 to 458). Detailed results table, locations and figures can be viewed at the following Ascot link: www.ascotresources.ca
New highlights include:
| Hole # | Zone | Comment | From m's | To m's | Width m's | Au (g/t) | Ag (g/t) |
| PR-13-433 | S1 | 28.23 | 117.85 | 89.62 | 1.06 | 2.7 | |
| incl. | 87.00 | 117.85 | 30.85 | 2.64 | 4.4 | ||
| incl. | 100.00 | 101.00 | 1.00 | 71.60 | 30.9 | ||
| PR-13-436 | S1 | 34.00 | 79.00 | 45.00 | 1.40 | 3.1 | |
| incl. | 34.00 | 54.34 | 20.34 | 2.58 | 4.1 | ||
| incl. | 44.00 | 46.00 | 2.00 | 14.80 | 11.5 | ||
| PR-13-439 | Province & BM | 161.50 | 306.17 | 144.67 | 1.37 | 3.3 | |
| also. | 188.32 | 246.00 | 57.68 | 1.94 | 3.8 | ||
| incl. | 188.32 | 210.00 | 21.68 | 2.54 | 4.4 | ||
| incl. | 190.69 | 193.50 | 2.81 | 13.04 | 9.2 | ||
| also. | 232.00 | 248.00 | 16.00 | 3.44 | 6.4 | ||
| incl. | 241.50 | 245.00 | 3.50 | 11.82 | 10.5 | ||
| PR-13-444 | Martha Ellen | 51.00 | 89.00 | 38.00 | 1.69 | 9.0 | |
| incl. | 60.81 | 77.00 | 16.19 | 3.48 | 17.3 | ||
| incl. | 60.81 | 65.00 | 4.19 | 7.35 | 29.0 | ||
| incl. | 60.81 | 62.00 | 1.19 | 17.70 | 45.6 | ||
| PR-13-445 | Martha Ellen | 72.00 | 116.00 | 44.00 | 1.66 | 7.4 | |
| incl. | 87.00 | 98.00 | 12.00 | 4.84 | 14.6 | ||
| incl. | 90.00 | 91.50 | 1.50 | 19.20 | 42.6 | ||
| PR-13-450 | Martha Ellen | 84.00 | 121.00 | 37.00 | 1.40 | 27.3 | |
| incl. | 104.93 | 110.15 | 5.22 | 9.35 | 68.3 | ||
| incl. | 109.00 | 110.15 | 1.15 | 36.90 | 160.0 | ||
| PR-13-451 | Province (Hit Stope) | also | 174.00 | 207.57 | 35.57 | 9.66 | 6.6 |
| incl. | 181.00 | 191.00 | 10.00 | 33.66 | 18.7 | ||
| incl. | 184.00 | 186.00 | 2.00 | 155.45 | 31.6 | ||
| incl. | 185.00 | 186.00 | 1.00 | 230.00 | 44.3 | ||
| PR-13-454 | Sparky | 91.19 | 119.14 | 27.95 | 2.43 | 36.2 | |
| incl. | 91.19 | 98.10 | 6.91 | 5.28 | 29.6 | ||
| incl. | 95.50 | 97.00 | 1.50 | 18.95 | 69.2 | ||
| incl. | 109.00 | 113.50 | 4.50 | 5.83 | 156.3 | ||
| incl. | 112.00 | 113.50 | 1.50 | 11.85 | 235.0 | ||
| True widths are generally believed to be 85-90% of intersected widths.*Assay values are not cut-see detailed table for cut values. |
In 2013 the Big Missouri area is being drill tested covering portions of the historic S1, Northstar, Calcite Cut and Province/Big Missouri zones to expand and demonstrate continuity of previous high grade intersections, as well as expand and improve drill definition in the resource area. The extent of surface showings and alteration in this area is approximately 3.0 square kilometres.
Drilling has also commenced in the Martha Ellen zone to expand the area outlined in the 2013 resource estimate. Drilling to date is demonstrating good continuity, particularly to the north. Drilling in the Sparky area of the adjacent Dilworth property is testing modelling from the 2012 work which indicated that mineralization is controlled by N-S striking steeply east dipping quartz breccia bodies. Drilling to date indicates that this interpretation continues to bring success.
In August 2013 the Ascot received $1,189,500 from the exercise of warrants. This combined with the gross $5,757,100 raised in recent private placements provides the Company with sufficient funding to take it well into 2014.
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
ASCOT RESOURCES LTD.
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.