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Drills tap strong gold at Big Missouri

Including one-meter bonanza grade section with 330 g/t gold North of 60 Mining News – October 28, 2022

Ascot Resources Ltd. Oct. 27 reported that drills have tapped additional high-grade gold within and near areas for early mining at the Big Missouri deposit on the company's Premier Mine project near Stewart, British Columbia.

"As drilling has recently wrapped up for this year's exploration season, we continue to receive high-grade assay results from the Big Missouri deposit," said Ascot Resources President and CEO Derek White.

A 2020 feasibility study details plans for a new operation at Premier that is expected to produce roughly 1.1 million ounces of gold and 3 million oz of silver over the first eight years of mining.

This production is based on 3.63 million metric tons of probable reserves averaging 5.45 grams per metric ton (637,000 oz) gold and 19.1 g/t (2.23 million oz) silver within the Silver Coin, Big Missouri, and Premier deposits; plus 2.55 million metric tons of proven and probable reserves averaging 6.52 g/t (534,000 oz) gold and 20.6 g/t (1.69 million oz) silver at the nearby Red Mountain property.

The Big Missouri deposit, which lies about six kilometers (3.7 miles) north of the newly refurbished Premier mill, hosts 809,000 metric tons of the probable reserve averaging 7.15 g/t (186,000 oz) gold and 12.2 g/t (317,000 oz) silver.

The 4,752 meters of surface drilling completed in 50 holes at Big Missouri this year targeted layers of gold mineralization in and around planned stopes to be mined at the deposit.

In September, the company reported assays from 15 of these holes; highlights include:

12 meters averaging 5.09 g/t gold and 6.6 g/t silver from a depth of 37.5 meters in hole P22-2404.

Two meters averaging 71.28 g/t gold and 23 g/t silver from a depth of 57.7 meters in hole P22-2405.

14.65 meters averaging 3.28 g/t gold and 7.4 g/t silver from a depth of 78.3 meters in hole P22-2412.

The latest batch of results is from an additional 13 holes drilled at Big Missouri; highlights include:

Eight meters averaging 15.91 g/t gold and 31.5 g/t silver from a depth of 90.5 meters in hole P22-2420.

10.69 meters averaging 31.92 g/t gold and 22.21 g/t silver 10.7 meters from a depth of 90 meters in hole P22-2428.

Two meters averaging 11.7 g/t gold and 9.7 g/t silver from a depth of 67 meters in hole P22-2429.

4.03 meters averaging 6.04 g/t gold and 6.53 g/t silver from a depth of 48.5 meters in hole P22-2430.

1.67 meters averaging 19.65 g/t gold and 23.1 g/t silver from a depth of 58.8 meters in hole P22-2430.

The long high-grade intercept in hole P22-2428 included a one-meter bonanza grade subsection grading 330 g/t gold and 192 g/t silver.

"While we are pleased with these high grades, we are even more encouraged that the majority of the intercepts were encountered within or close to existing block model wireframes and in potential extensions of those wireframes, further validating the resource model at the Premier Gold Project," said White. "Combined with our recently announced positive grade reconciliation results from the underground development sampling program, this bolsters our confidence in the quality of the resource model."

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Shane Lasley, Publisher

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Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

 

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