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Ascot Resources Intersects Impressive Gold Grades at Premier

The trick is to find upflow zones where hydrothermal fluids have been tightly constrained within conduits. Although narrower, these zones can harbour high or even bonanza grades.

[box type=”info” align=”aligncenter” ]Disclaimer: This is an editorial review of a public press release and not an endorsement. It may include opinions or points of view that may not be shared by the companies mentioned in the release. The editorial comments are highlighted so as to be easily separated from the release text and portions of the release not affecting this review may be deleted.  Please view the full release here.[/box]

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 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.

[box type=”note” align=”aligncenter” ]Below is a location map for the Premier and Dilworth properties.[/box]

Location of the Premier and Dilworth properties
Location 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.

[box type=”note” align=”aligncenter” ]Below is a slide from a corporate presentation of Ascot’s. It shows the sub-horizontal mineralized zones, associated breccias and drill-hole traces.[/box]

Cross-section through the Province and Big Missouri Zones
Cross-section through the Province and Big Missouri Zones

[box type=”note” align=”aligncenter” ]Breccia is a fancy geological term for broken up rock. Quartz breccia indicates that a substantial amount of quartz is present within the breccia, possibly broken from deep quartz-rich feeder veins or deposited as infill between the breccia clasts or fragments. The flat sheet-like orientation is a little unusual, as breccia formed from the upflow of hydrothermal fluids tends to be sub-vertical in orientation. Perhaps there has been some tilting or folding in the area since breccia formation. Or, breccia was erupted into horizontal layers from a yet to be found sub-vertical breccia pipe. If the latter is true, finding a mineralised breccia pipe could be a real company maker![/box]

[box type=”note” align=”aligncenter” ]Epithermal breccia zones are normally thicker and of lower grade than their associated epithermal feeder veins. This is because gold mineralization tends to disperse during brecciation rather than be tightly constrained and concentrated, as in veins. The trick is to find upflow zones where hydrothermal fluids have been tightly constrained within conduits. Although narrower, these zones can harbour high or even bonanza grades. A good way to find these zones is to look at the shape of breccia clasts. The more rounded and smoother they are the more energetic the hydrothermal fluid flow has been to form the breccia and generally the greater is the concentration of gold.[/box]

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

[box type=”note” align=”aligncenter” ]Narrow high grade intervals can significantly skew the average grade of a larger interval and make drill results look better than they are. This is sometimes referred to as “grade smearing” and is something to watch out for when analysing drill results. Also note that they have stated that the true widths are generally believed to be 85-90% of the intersected widths. Of course, this correction is based on knowing the true orientation of the mineralized zones. With all the drilling that has been done in the area we assume this is now fairly well known.[/box]

New highlights include:

Hole # Zone Comment From
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.

[box type=”note” align=”aligncenter” ]On this occasion, I did not strike out the “included” results for drill-hole PR-13-451 Province (Hit Stope) as they look particularly interesting. It looks like Ascot Resources has hit a bonanza grade zone. These extremely high grade zones are often quite tricky to pin down as they are normally narrow and can be at virtually any angle within the plane of the main zone of mineralization. However, with grades more than double that of the 1/2 ounce gold per ton cut-off that the old timers would’ve used, it is definitely worth chasing further. And if the true width estimate can be believed, then even 8.5m  @ 33.66 g/t Au (approx. 1 oz/t Au) looks impressive. Notwithstanding this, the bulk tonnage low to moderate grade stuff that Ascot Resources is also finding is not to be sneezed at![/box]

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.

[box type=”note” align=”aligncenter” ]Ascot Resources has invested heavily in drilling. This investment is proving its worth with an increased understanding of the geology and strengthening of the resource model. The company’s determination for success is showing through.[/box]

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.

[box type=”note” align=”aligncenter” ]This is a good statement about the company’s QA/QC program.[/box]

On Behalf of the Board of Directors


John A. Toffan, President and Director

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