North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Ascot Resources Ltd. June 25 reported that drilling has cut high-grade gold-silver mineralization at Big Missouri ridge, a target about 5,000 meters north of the Premier-Northern Lights area of the company's Premier-Dilworth property in the Golden Triangle region of northwestern British Columbia.

The more than 100-square-kilometer (38.6 square miles) Premier-Dilworth property is home to the Premier Mine, a past-producer of 2.1 million ounces of gold and 44.9 million oz silver. Infrastructure from the operations used up until 2001 – including mill, assay lab building, crusher, tailing storage area and underground development – remain on the property.

A resource estimate published in May outlines 1.21 million metric tons of indicated resource averaging 7.02 grams per metric ton (273,000 oz) gold and 30.6 g/t (1.19 million oz) silver; and 1.64 million metric tons of inferred resource averaging 6.01 g/t (317,000 oz) gold and 24.9 g/t (1.31 million oz) silver at the Premier-Northern Lights area of the property.

The 2018 program, which got underway in April, began at and around the resource area before moving to Big Missouri-Martha Ellen, an area that required snow removal before it could be accessed.

Highlights from the first 25 holes drilled this year at Big Missouri include 7.3 meters averaging 15.27 grams per metric ton gold and 9.73 g/t silver in hole P18-1652; and seven meters of 10.28 g/t gold and 9.5 g/t silver in P18-1617.

Significant gold-silver mineralization was encountered in 22 of the 25 holes reported so far from Big Missouri.

"These results clearly demonstrate the potential to outline high-grade zones in this area that can be valuable additions to the resource base at Premier/Northern Lights," said Ascot Resources President and CEO Derek White.

Ascot is working towards recommencing underground production at the past producing Premier Mine near Stewart. Following the May resource estimate, this work is focused on converting current resources from inferred to indicated in existing zones in the Premier-Northern Lights area and delineating high-grade zones in the Big Missouri-Martha Ellen area. The overall purpose is to increase the existing resource base in support of initial engineering studies that began earlier this month.

"The company's vision of re-starting the Premier mill with sufficient feed has just received a strong boost by these excellent results from Big Missouri," said White.

A seven-kilometer (4.3 miles) road connects Big Missouri to the Premier mill, Martha Ellen is located about 1,500 meters further north.

Ascot currently has five drills turning at Big Missouri and Martha Ellen.

–SHANE LASLEY