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Thursday, Feb 9, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Ascot Resources finds high-grade gold intercept in Northwestern British Columbia

High-grade results aligned well with the predicted orientation of mineralization

Ascot Resources finds high-grade gold intercept in northwestern British Columbia4
Visible gold in hole P22-2459 starting at a depth of 42.50m and grading 198.50 g/t Au over 1.00m. Photo via Ascot

Ascot Resources Ltd. (TSX: AOT) (OTCQX: AOTVF) saw a 199 g/t gold over one-metre intercept in its last assay results from the Premier Gold Project drill program.

On Monday, the Vancouver-based company said the results are among the highest-grade interval the company has ever found in the Day Zone area and the new zones of mineralization could be exploited in the early years of the mine life. The company’s Premier Gold Project is located on Nisga’a Nation Treaty Lands in the Golden Triangle of northwestern British Columbia.

“Having recently closed our financing for approximately $200 million to complete construction of the Premier Gold Project, exploration results such as these are much more meaningful as they continue to reveal high gold grades and new zones of mineralization which could be exploited in the early years of the mine life,” Ascot CEO Derek White said.

“The headline intercept of 199 grams per tonne is the highest-grade interval Ascot has drilled at the Day Zone since its initial discovery in 2020 and aligned well with the predicted orientation of mineralization,” White said.

White said the resource expansion potential continues to impress him and his team and feels very excited about the exploration options for 2023 and enhancing the continuity and expansion of resources to the west of Big Missouri.

Read more: NevGold starts drilling at Nutmeg Mountain property

Read more: Calibre Mining offers a ‘very attractive’ value-risk proposition: Haywood Securities

Ascot Resources drills highest-grade intercept in northwestern British Columbia

Plan view of the three drill pad locations with drill hole traces. Photo via Ascot Resources

The results are from surface drilling for in-fill and exploration purposes at the Day Zone and the Big Missouri deposit, approximately six kilometres north of the past-producing Premier mill:

 

  • 26.56 g/t Au and 10.00 g/t Ag over 8.00m from a depth of 42.50m in hole P22-2459 at the Day Zone, including 198.50 g/t Au and 59.60 g/t Ag over 1.00m

 

  • 43.30 g/t Au and 20.90 g/t Ag over 1.50m from a depth of 55.00m in hole P22-2460 at the Day Zone

 

  • 6.13 g/t Au and 2.95 g/t Ag over 8.00m from a depth of 38.00m in hole P22-2449 at the Day Zone, including 14.70 g/t Au and 4.00 g/t Ag over 2.00m

 

  • 8.84 g/t Au and 10.45 g/t Ag over 5.07m from a depth of 87.93m in hole P22-2464 at the Big Missouri deposit, including 21.40 g/t Au and 20.10 g/t Ag over 1.00m

 

  • 9.11 g/t Au and 10.88 g/t Ag over 4.19m from a depth of 92.43m in hole P22-2462 at the Big Missouri deposit, including 16.95 g/t Au and 20.90 g/t Ag over 1.14m

 

  • From a total of 3,761 assays in the 2022 drill campaign, 42 assays (or 1.12%) returned in excess of 10 g/t Au. Those 42 samples average 53 g/t Au.

Note: True widths are estimated to be between 60 per cent to 80 per cent of reported interval widths.

Day Zone shows gold mineralization in previously undrilled area

Holes drilled from BM4/22 were successful in identifying gold mineralization in a previously undrilled area, as evidenced by hole P22-2449 which intercepted 14.70 g/t Au over 2.00m. Hole P22-2453 intercepted 11.75 g/t Au over 1.00m adjacent to a previously planned stope to the north, implying an extension of mineralization.

Twelve holes totalling 1,227 metres were drilled from two pads (BM4/22 and BM5/22) at the Day Zone and four holes totalling 495 metres were drilled from pad BM6/22 at the Big Missouri deposit, just south of the S1 Pit where the underground portal is located.

Ascot Resources drills highest-grade intercept in northwestern British Columbia2

East-looking 3D cross-section through drill holes from pads BM4/22 and BM5/22. Photo via Ascot Resources

At the Big Missouri deposit, four drill holes totalling 495 metres were drilled from pad BM6/22. These holes were meant for in-fill and exploration purposes around existing planned stopes.

High-grade gold mineralization was intercepted in and near planned stopes, including in hole P22-2464 which intercepted 8.84 g/t Au over 5.07m including 21.40 g/t Au over 1.00m, and hole P22-2462 which intercepted 9.11 g/t Au over 4.19m including 16.95 g/t Au over 1.00m.

Ascot Resources finds high-grade gold intercept in northwestern British Columbia

South-looking 3D cross-section through drill holes from pad BM6/22. Photo via Ascot

 

 

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