Ascot Resources Announces Extension of Premier Option Agreement
SURREY, BRITISH COLUMBIA--(Marketwired - Nov 20, 2015) - Ascot Resources Ltd. (TSX VENTURE:AOT) -
The Premier property covers more than one hundred square kilometres near the town of Stewart in northwest BC, and includes the old Premier Mine, a past producer of 2.1 MOz Au and 44.9 MOz Ag.
Highlights of Release:
- Ascot has negotiated an extension of the terms of its Premier / Dilworth option agreement. The agreement had called for a final option payment of $13,700,000 due by December 30, 2015. This has now been revised to $6,850,000 due by December 30, 2015, $300,000 due by December 30, 2016 and a final payment of $6,850,000 due by June 30, 2017.
- In its latest set of results from its 2015 drill program the Company announces hole P15-914, in the "Lunchroom subzone" intersected an uncut average of 113.53 g/t gold over a core length of 14.00 meters. The highest value in this intersection was a 1.04 meter interval which graded 943.00 g/t gold but there were several greater than 100 g/t intervals in the hole. Hole P15-913 approximately 10 meters updip of P15-914 in the section intersected an uncut average of 18.87 g/t gold over a 10.00 meter interval. This release covers results for an additional 9 holes of the 103 holes drilled in the "Lunchroom subzone" in a program designed to determine the bulk sample potential of the high grade.
New drill highlights include:
| From | To | Width | Au | Au Cut* | Ag | ||||
| Hole # | Zone | m's | m's | m's | (g/t) | (g/t) | (g/t) | Zn % | |
| P15-913 | Lunchroom Subzone | 93.00 | 103.00 | 10.00 | 18.87 | 14.45* | 15.2 | 0.82 | |
| incl. | 96.64 | 102.00 | 5.36 | 33.86 | 25.61* | 22.4 | 0.88 | ||
| incl. | 96.64 | 97.64 | 1.00 | 75.50 | 34.29* | 24.6 | 1.16 | ||
| incl. | 98.64 | 99.67 | 1.03 | 37.20 | 34.29* | 14.1 | 0.63 | ||
| P15-914 | Lunchroom Subzone | 67.50 | 121.00 | 53.50 | 33.13 | 4.06* | 24.7 | 0.39 | |
| incl. | 107.00 | 121.00 | 14.00 | 113.53 | 8.21* | 62.1 | 0.61 | ||
| incl. | 67.50 | 68.50 | 1.00 | 115.00 | 34.29* | 125.0 | 0.41 | ||
| incl. | 107.00 | 108.00 | 1.00 | 466.00 | 34.29* | 356.0 | 1.79 | ||
| incl. | 117.96 | 118.97 | 1.01 | 131.00 | 34.29* | 65.9 | 0.40 | ||
| incl. | 119.96 | 121.00 | 1.04 | 943.00 | 34.29* | 335.0 | 1.29 | ||
| True widths are generally believed to be 70-90% of intersected widths in the Premier area. |
| (*) samples cut to 1opt or 34.29 g/t Au. |
This release is the ninth for the season reporting 13 holes P15-903-915. Drilling is now complete for the season, and results will be released for the balance of the 30 holes as they become available. Ascot has drilled 40,892 meters in 198 holes in 2015. Detailed results table, locations and figures can be viewed at the following Ascot link: www.ascotresources.ca
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. Also for extreme high gold grades a concentrate analysis is performed with a fire assay and gravimetric finish accurate up to 999985 ppm Au limit (ALS Au-CON01) method. 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; statements regarding the exploration and mineralization potential of the Premier property, 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 Ascot'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. Ascot 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.