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Ascot Resources (TSX:AOT) Reports Final 2023 Drill Results from Premier Gold Project, Advancing Exploration at Big Missouri Deposit

Figure 1 – 3D view of the drill pad locations and drill hole traces reported in this release. Source: Ascot Resources

Ascot Resources (TSX:AOT) has reported the final set of assay results from its 2023 exploration drill program. This program was conducted at the company’s Premier Gold Project, which is situated on the Nisga’a Nation Treaty Lands within the Golden Triangle area of northwestern British Columbia, known for its mineral wealth. The announcement specifically relates to the Big Missouri deposit, located about six kilometres north of the Premier mill.

Derek White, President and CEO of Ascot Resources commented in a press release: “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.”

The exploration drilling at Big Missouri, which forms part of the Premier Gold Project, took place from the beginning of August until the end of October 2023. During this period, a total of 72 holes were drilled from the surface, covering a cumulative length of 6,539 meters. The latest results come from 55 of these holes, spanning a distance of 5,293 meters. These holes were drilled from six different pads and included three holes at the Day Zone on the western side of Big Missouri Ridge.

The primary objective of this drilling exercise was to refine the shapes of various mining stopes. This was done by targeting additional pierce points and addressing gaps between stopes that resulted from previous drilling patterns. The drilling also aimed to explore extensions along the strike and up dip of the deposit. To provide a clearer understanding, the company included an overview of the drill hole locations (Figure 1), a summary of assay results (Table 1), and the coordinates for the drill pads (Table 2) in its report.

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. Source: Ascot Resources
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. Source: Ascot Resources
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. Source: Ascot Resources

Figures 2 to 4 in the report provide cross-sectional views of the reported drill holes. Importantly, Figure 2 highlights a large stope shape that has been more precisely defined by the recent drilling. For instance, drill hole P23-2532 intersected a notable gold grade of 58.18 grams per ton (g/t) over a 1.99-meter section at a depth of 70.8 meters.

The Day Zone, situated on the western flank of the Big Missouri ridge, was a particular focus. Three drill holes, P23-2515 to 2517, were executed in this area. Previously, the company had identified gold mineralization over a 550-meter strike length at the Day Zone. The potential for further expansion was indicated by IP geophysics conducted in 2023, suggesting a possible extension of 800 meters. While the drilling did encounter gold grades as high as 7.7 g/t, these were not consistent, indicating that further exploration and drilling will be necessary. The next phase of exploration aims to investigate the 1,000-meter unexplored gap between the Day Zone and the Martha Ellen deposit to the northwest.

Concurrently, underground mine development is progressing at the Big Missouri site, particularly in areas targeted for stoping. These areas are included in the near-term mining plans of Ascot Resources, indicating that the company is moving forward with developing this part of the Premier Gold Project.

Highlights from the results are as follows:

  • 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

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.

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

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

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