Ascot eyes Premier gold mine feasibility

Ascot Resources Ltd. Jan. 6 reported the final batch of results from the 11,000 meters of drilling completed in the Silver Coin deposit at the company's Premier gold project near Stewart in northwestern British Columbia.

Acquired by Ascot late in 2018, the Silver Coin deposit is situated about 5,000 meters north of the Premier mill and 800 meters south of the Big Missouri deposit.

The Premier property, which still hosts the mill and other infrastructure from past mining, is the anchor to Ascot's plans to re-establish mining on its Stewart- area properties.

In 1991, the Premier mill processed 102,500 metric tons of Silver Coin ore with an average grade of 8.88 grams per metric ton gold.

According to a calculation completed at the end of 2018, Silver Coin hosts 859,000 metric tons of indicated resource averaging 8.01 g/t (221,000 ounces) gold and 20.5 g/t (566,000 oz) silver; and 1.16 million metric tons of inferred resource averaging 7.78 g/t (289,000 oz) gold and 22.1 g/t (821,000 oz) silver.

The results from this year's drilling is expected to upgrade and expand this resource, as well as complete a feasibility study for the resumption of mining at Silver Coin, Big Missouri and Premier.

The latest batch of Silver Coin results are from 3,783 meters of drilling in 30 holes targeting the northern and southern parts of the deposit area.

Highlights from this drilling include:

• 4.6 meters of 12.24 g/t gold and 11.7 g/t silver in hole P19-2130;

• 3.2 meters of 28.96 g/t gold and 36.2 g/t silver in P19-2136; and

• 6.7 meters of 30.81 g/t gold and 29.1 g/t silver in P19-2137.

"This last set of holes produced some outstanding results for the company with thick high-grade intercepts," said Ascot Resources President and CEO Derek White.

Highlights from previously reported holes drilled last year at Silver Coin include:

• 14.1 meters of 5.58 g/t gold and 4.5 g/t silver in P19-2024;

• 40.5 meters of 4.34 g/t gold and 18.6 g/t silver in P19-2025;

• 2.5 meters of 17.35 g/t gold and 74.2 g/t silver in P19-2033;

• one meter of 32.5 g/t gold and 58 g/t silver in P19-2060; and

• 3.6 meters of 52.67 g/t gold and 32.8 g/t silver in hole P19-2079.

"The new intercepts underpin a better understanding and predictability of the geological model and provides Ascot a stronger base to work from for the development of the forthcoming updated resource statement and feasibility study," White added.

Ascot says the results of the infill program at Silver Coin exceeded expectations and are anticipated to be particularly positive when integrated into the pending resource update for the overall Premier gold project, which will also include results from the 2019 drilling at Premier and Big Missouri.

With this batch of results from Silver Coin, the company has reported all assays from the roughly 53,000 meters of drilling completed at Premier, Big Missouri and Silver Coin during 2019.

–SHANE LASLEY