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Ascot Intercepts High-Grade Gold at the Big Missouri Deposit, Including 58.2 g/t Over 2.0 Metres and 9.9 g/t Over 6.9 Metres

Press Release

VANCOUVER, British Columbia, Jan. 03, 2024 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce the fourth and final batch of assay results from the 2023 exploration drill program at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. This release summarizes the final batch of assay results from this season’s surface drilling program for in-fill and exploration purposes at the Big Missouri deposit, approximately six kilometres north of the Premier mill. Underground mine development towards various stoping areas is progressing at Big Missouri, and the stopes targeted in drilling from this release are in the near-term mine plan.

  • 58.18 g/t Au over 1.99m from a depth of 70.8m in hole P23-2532, including 77.45 g/t Au over 0.99m.
  • 9.89 g/t Au over 6.94m from a depth of 22.7m in hole P23-2509B, including 51.00 g/t Au over 1.19m
  • 8.26 g/t Au over 7.35m from a depth of 7.35m in hole P23-2506, including 30.88 g/t Au over 1.44m
  • 8.26 g/t Au over 5.57m from a depth of 16.9m in hole P23-2499, including 15.75 g/t Au over 1.27m

Note: True widths are estimated to be between 70% to 90% of reported interval widths.

Derek White, President and CEO of Ascot commented, “Our 2023 surface drilling program finished on a high note, with many planned stope shapes at Big Missouri being confirmed and, in some cases, expanded. We look forward to exploiting this material in the coming months and processing it at the Premier mill, where we anticipate starting pre-commissioning shortly. Similar confirmatory and expansion results were achieved in 2023 at the Prew Zone of the Premier Deposit, where underground access development is also being progressed. Overall, the 2023 drill program enhances our confidence in the geological model, which is all the more important as we become Canada’s next gold producer.”

Drilling for the 2023 exploration season at the Big Missouri deposit was conducted from early August until the end of October, during which time 72 holes were drilled from surface for a total of 6,539 metres. This second and final batch of assay results are from 55 holes totaling 5,293 metres, drilled from six pads, and including three holes drilled at the Day Zone on the western side of the Big Missouri Ridge. The drill holes targeted stope shapes for additional pierce points, gaps between stopes due to previous drill patterns, and extensions along strike and up dip. An overview of drill hole locations is shown in Figure 1, a summary of assay results is shown in Table 1, and drill pad coordinates are provided in Table 2.

Cross sections of the drill holes reported in this release are shown in Figures 2 to 4. Figure 2 shows a relatively large stope shape which has now been much better defined with additional drill holes, including hole P23-2532 which intercepted 58.18 g/t Au over 1.99m from a depth of 70.8m.

Three holes (P23-2515 to 2517) were drilled at the Day Zone on the western side of the Big Missouri ridge, where the Company had previously drilled gold mineralization over a strike length of 550 metres and demonstrated potential expansion by a further 800 metres through IP geophysics in 2023. While anomalous gold grades as high as 7.7 g/t were encountered at the predicted intervals, more follow-up drilling will be required in the area in subsequent drill seasons to test the 1,000-metre unexplored gap between Day Zone and Martha Ellen deposit to the northwest.

Table 1
– Big Missouri drill results

Hole # Azimuth
/dip
From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t)
P23-2498 -59/70 8.30 11.40 3.10 3.78 35.51
incl. 9.40 10.40 1.00 5.18 68.40
and 19.45 23.20 3.75 7.43 25.97
incl. 21.10 22.15 1.05 21.20 54.30
and 100.30 108.10 7.80 3.15 6.34
and 127.05 129.03 1.98 2.88 5.40
P23-2499 -64/70 7.54 22.47 14.93 4.56 14.36
incl. 16.90 22.47 5.57 8.26 24.66
incl. 21.20 22.47 1.27 15.75 62.70
and 36.00 38.02 2.02 5.78 3.40
and 57.68 59.44 1.76 3.26 6.50
and 65.79 80.27 14.48 2.20 6.01
incl. 69.79 71.79 2.00 3.24 6.10
and 97.40 98.64 1.24 3.46 10.60
P23-2500 -61/78 8.10 21.69 13.59 2.61 14.86
incl. 19.62 21.69 2.07 5.74 31.30
and 39.82 48.00 8.18 1.25 5.66
and 102.11 110.70 8.59 2.50 15.21
and 122.70 126.69 3.99 2.94 4.86
incl. 122.70 123.83 1.13 5.04 8.80
P23-2501 -65/79 7.40 11.50 4.10 2.60 11.68
and 18.50 21.55 3.05 5.68 18.96
and 34.30 36.00 1.70 6.89 5.80
and 55.50 60.00 4.50 2.74 6.23
and 74.05 82.87 8.82 4.24 17.29
and 98.30 101.00 2.70 3.35 14.63
P23-2502 -50/82 8.71 11.90 3.19 3.67 11.20
and 18.85 22.97 4.12 4.05 15.85
incl. 20.69 21.81 1.12 8.27 17.20
and 113.25 117.35 4.10 1.93 8.10
P23-2503 -49/92 18.85 23.00 4.15 6.59 10.66
incl. 18.85 20.35 1.50 12.35 14.90
and 43.55 46.50 2.95 2.69 5.98
P23-2504 -60/100 12.34 18.84 6.50 4.22 7.06
incl. 17.20 18.84 1.64 6.96 10.10
and 53.34 61.62 8.28 1.32 19.78
and 97.48 101.24 3.76 1.57 68.56
and 121.15 124.18 3.03 2.95 26.41
P23-2505 -67/99 16.20 21.94 5.74 1.60 11.23
and 44.20 45.68 1.48 11.20 12.80
and 70.20 71.95 1.75 10.80 10.60
and 79.11 81.77 2.66 3.86 5.83
P23-2506 -52/100 13.90 21.25 7.35 8.26 12.84
incl. 19.81 21.25 1.44 30.88 38.45
and 26.40 27.40 1.00 8.67 8.30
and 42.20 44.20 2.00 2.30 6.20
and 111.65 112.56 0.91 1.88 18.20
P23-2507 -59/108 9.12 18.68 9.56 1.99 6.35
and 26.24 29.52 3.28 1.25 10.73
and 58.00 61.00 3.00 1.77 3.37
P23-2508 -57/115 13.10 20.20 7.10 1.46 7.02
and 125.77 130.37 4.60 2.78 27.37
incl. 127.26 128.37 1.11 5.11 71.70
P23-2509 -42/213 35.18 37.29 2.11 3.87 6.80
P23-2509B -43/204 22.65 29.59 6.94 9.89 6.37
incl. 22.65 23.84 1.19 51.00 16.00
P23-2510 -44/227 30.96 32.31 1.35 1.12 8.20
P23-2511 -44/257 31.40 39.36 7.96 3.84 9.05
incl. 31.40 33.77 2.37 7.36 15.47
P23-2512 -44/290 31.44 37.00 5.56 9.30 38.96
incl. 34.40 35.53 1.13 18.25 39.30
P23-2513 -43/307 30.40 33.75 3.35 1.69 5.07
and 36.75 39.75 3.00 1.67 7.60
P23-2514 -42/325 34.35 36.00 1.65 2.47 8.20
P23-2515 -86/68 5.00 6.75 1.75 1.22 4.50
P23-2516 -43/72 55.17 65.53 10.36 2.02 4.30
incl. 64.38 65.53 1.15 7.72 20.40
P23-2517 -59/72 42.40 44.40 2.00 1.55 0.90
and 50.40 52.16 1.76 1.14 1.90
P23-2518 -51/70 91.90 93.20 1.30 0.84 7.80
P23-2519 -50/109 90.52 97.50 6.98 1.83 3.75
incl. 96.00 97.50 1.50 4.11 4.90
P23-2520 -45/88 95.10 98.30 3.20 2.81 8.47
incl. 95.10 96.10 1.00 5.07 10.70
P23-2521 -46/102 86.71 87.88 1.17 2.13 3.90
P23-2522 -45/118 91.94 96.00 4.06 11.05 28.71
P23-2523 -46/138 87.17 92.10 4.93 2.80 10.31
and 114.84 124.60 9.76 5.77 4.38
incl. 114.84 116.00 1.16 32.90 9.70
P23-2524 -75/304 87.48 89.50 2.02 0.79 2.90
P23-2525 -58/341 82.20 91.08 8.88 4.99 4.43
P23-2526 -84/360 75.08 80.20 5.12 7.55 10.64
incl. 79.08 80.20 1.12 23.60 17.70
P23-2527 -70/357 77.71 83.40 5.69 2.46 4.06
P23-2528 -54/353 93.27 99.36 6.09 3.84 4.74
P23-2529 -63/28 82.94 88.24 5.30 2.92 4.50
P23-2530 -68/79 82.87 85.23 2.36 2.89 8.21
P23-2531 -71/142 73.76 79.76 6.00 3.79 3.43
and 87.24 87.80 0.56 2.85 7.50
P23-2532 -71/169 70.81 72.80 1.99 58.18 33.86
incl. 70.81 71.80 0.99 77.45 46.45
P23-2533 -58/173 81.08 83.86 2.78 1.61 6.30
P23-2534 -65/189 89.66 91.89 2.23 3.27 32.32
P23-2535 -55/189 87.79 89.21 1.42 1.65 2.00
P23-2536 -80/206 74.95 76.21 1.26 4.83 13.80
and 81.38 82.76 1.38 3.90 7.50
P23-2537 -71/199 88.89 90.70 1.81 5.27 18.40
P23-2538 -41/130 43.95 49.00 5.05 2.75 14.63
P23-2539 -50/151 42.00 49.00 7.00 2.88 4.60
incl. 44.00 45.27 1.27 5.57 7.20
P23-2540 -40/159 49.08 54.00 4.92 3.96 6.51
incl. 52.00 53.00 1.00 14.70 14.80
P23-2541 -41/162 49.00 51.00 2.00 4.87 6.15
P23-2542 -50/177 40.00 45.00 5.00 4.35 6.10
incl. 41.00 42.00 1.00 9.65 4.60
P23-2543 -53/195 30.52 32.31 1.79 1.75 2.10
and 36.88 39.07 2.19 2.45 4.76
P23-2544 -60/204 30.60 33.60 3.00 2.63 3.50
P23-2545 -55/215 31.70 34.70 3.00 4.98 6.53
P23-2546 -48/332 99.00 103.29 4.29 4.85 24.29
P23-2547 -63/333 67.64 70.57 2.93 6.49 9.92
and 77.00 80.67 3.67 2.92 7.50
P23-2548 -74/334 60.00 61.75 1.75 3.23 14.60
and 83.00 87.00 4.00 3.65 6.13
P23-2549 -64/349 65.00 67.50 2.50 3.08 5.06
and 70.50 72.50 2.00 2.72 7.05
P23-2550 -62/11 66.50 68.50 2.00 2.78 48.95
P23-2551 -76/24 70.00 73.50 3.50 2.76 5.14
incl. 70.00 71.00 1.00 5.00 5.00
and 80.14 83.00 2.86 2.00 5.88

Note: True widths are estimated to be between 70% to 90% of reported interval widths.

Figure 1
– 3D view of the drill pad locations and drill hole traces reported in this release

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4013ecce-6468-4aef-be89-9e1a3137deb0

Figure 2
– 3D-cross section of drill holes from pad 23BM4. Gold mineralization in the new drill holes shows that the final stope shape will require only minor modifications.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4d1d468d-89f7-4433-84cc-b204226149b1

Figure 3
– 3D-cross section of drill holes from pad 23BM5. High-grade gold was intercepted in between two stope shapes in holes P23-2543 (1 metre grading 10 g/t gold) and P23-2539, suggesting the potential for the stope shapes to expand and be connected.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7eb9ec8c-d76e-4f9b-82eb-0d43010024e6

Figure 4
– 3D-cross section of drill holes from pads 23BM3, 23BM2 and 23BM6. High-grade gold was intercepted in many areas outside of current stope shapes, such as near-surface to the east of pad 23BM2, or at depth as drilled from pad 23BM6.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a121dcfe-eb3f-4992-b9b0-22421281da87

Table 2 – Drill pad locations

Pad # UTM N UTM E Elevation (masl) Hole no.
23BM2 436671 6219676 998 P23-2498 to P23-2514
23Day1 435816 6219437 926 P23-2515 to P23-2517
23BM3 436577 6219681 1042 P23-2518 to P23-2523
23BM4 436525 6219752 1050 P23-2524 to P23-2537
23BM5 436647 6219528 971 P23-2538 to P23-2547
23BM6 436766 6219582 965 P23-2548 to P23-2551

Qualified Person

Lawrence Tsang, P.Geo., the Company’s Exploration Manager provides the field management for the PGP exploration program. John Kiernan, P.Eng., Chief Operating Officer of the Company is the Company’s Qualified Person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.

Quality Assurance/Quality Control

Analytical work is being carried out by ALS Canada Ltd. (“ALS”). Ascot’s quality-assurance and quality-control program includes the use of analytical blanks to monitor for cross contamination, certified reference material standards to assess analytical accuracy, and duplicate samples to quantify sampling precision. This is in addition to the internal quality assurance program employed by ALS.

Samples are dried and weighed by ALS. They are then crushed to 75% passing 2mm, with 250g split and pulverized to 85% passing 75µm. Samples are processed at the ALS preparation lab in Terrace and sent to ALS in North Vancouver for analysis. There, all samples are dissolved using four acid digestion with an ICP-AES finish and fire assay with AA finish for gold. Samples over 100ppm silver are digested with aqua regia and then volumetrically diluted before an ICP-AES or AA finish (up to 1,500ppm). Samples over 1,500ppm silver are fire assayed with a gravimetric finish. Samples over 10ppm gold are fire assayed with a gravimetric finish. Identified or suspected metallic gold or silver are subjected to “metallics” assays. Sampling and storage is located at the Company’s secure facility in Stewart, British Columbia.

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

For further information contact:

David Stewart, P.Eng.
VP, Corporate Development & Shareholder Communications
dstewart@ascotgold.com
778-725-1060 ext. 1024

IBF5

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