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Ascot Resources Ltd. (TSX VENTURE:AOT
- News) is pleased to
announce results for the first four drill holes of the 2010 Premier drilling.
The budget for 2010 is $4.0 million, consisting of a 20,000-25,000 meter
drill campaign in approximately 100 diamond drill holes.
The 2010 drilling commenced in the
Unicorn zone area to follow up and expand on the initial 2009 drilling
campaign. The drilling continues to encounter both lower grade bulk tonnage
gold targets and higher grade underground gold targets analogous to the
system mined at Premier (historic production- 2.11 MOz
Au, 44.24MOz Ag from 8.64 Mt).
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Hole From To Length Au
Zone No. (m) (m) (m) (g/t)
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Unicorn P-10-49 41.90 42.25 0.35 2.18
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also 56.25 56.75 0.50 2.14
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also 80.87 90.71 9.84 0.92
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incl. 86.94 90.71 3.77 2.08
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also 101.36 114.15 12.79 7.33
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incl. 110.33 112.33 2.00 41.17
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also 182.22 210.49 28.27 0.26
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also 247.54 275.80 28.26 0.27
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incl. 258.35 265.05 6.70 0.51
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incl. 263.25 265.05 1.80 1.03
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Unicorn P-10-50 22.20 24.00 1.80 2.28
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also 85.50 89.35 3.85 0.64
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also 122.20 150.31 28.11 0.38
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incl. 123.34 125.90 2.56 0.72
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incl. 130.25 130.90 0.65 2.09
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also 167.10 175.75 8.65 0.53
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incl. 173.20 175.75 2.55 0.92
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also 185.35 199.95 14.60 0.28
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also 226.46 247.75 21.29 0.46
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incl. 237.76 239.67 1.91 2.30
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also 258.66 302.31 43.65 0.86
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incl. 258.66 274.40 15.74 1.54
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incl. 269.90 274.40 4.50 2.98
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incl. 278.24 280.04 1.80 1.21
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incl. 285.64 286.64 1.00 2.35
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incl. 298.30 301.25 2.95 1.37
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also 329.23 340.00 10.77 0.87
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incl. 332.00 332.50 0.50 10.70
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Unicorn P-10-51 51.07 53.54 2.47 1.02
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also 89.04 104.74 15.70 0.35
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incl. 95.57 97.77 2.20 0.94
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also 113.20 117.05 3.85 0.66
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also 152.55 154.48 1.93 1.50
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also 204.70 352.00 147.30 0.98
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incl. 220.00 352.00 132.00 1.07
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incl. 238.57 276.87 38.30 2.46
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incl. 252.46 270.00 17.54 3.65
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incl. 252.46 256.46 4.00 8.84
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incl. 264.50 270.00 5.50 4.31
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subintervals incl. 252.46 253.46 1.00 22.90
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subintervals 254.46 256.46 2.00 6.15
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subintervals 264.50 267.00 2.50 7.75
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subintervals 274.00 276.87 2.87 4.01
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subintervals 310.46 313.35 2.89 4.85
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Unicorn P-10-52 9.60 11.50 1.9 1.24
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also 166.16 230.00 63.84 0.72
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incl. 204.00 205.00 1.00 2.02
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incl. 208.67 209.67 1.00 1.96
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incl. 226.06 229.00 2.94 7.95
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incl. 227.00 228.00 1.00 17.16
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also 267.05 274.66 7.61 2.36
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incl. 267.65 268.15 0.50 24.75
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also 298.22 314.75 16.53 0.34
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also 326.85 334.36 7.51 1.19
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Initial drilling has returned extensive
gold mineralization in all four initial 2010 holes in the Unicorn zone, which
can be traced on surface for a strike length of approximately 1500 meters.
The central portion of this zone, in the 2009 drilling, demonstrated both
bulk tonnage values and higher grade zones eg.
P09-040 which intersected 55.50 meters grading 1.32 g/t Au at shallow depths
(47.50-103.00 meters) and included higher grades such as 4.00 meters grading
7.34 g/t Au (99.00-103.00 meters) (see November 23, 2009 press release).
Holes in 2010 continue to demonstrate narrower high grade intersections such
as P-10-49 with 7.33 g/t Au over 12.79 meters, and P-10-51 with 8.84 g/t Au
over 4.0 meters. Wider low grade intervals continue to be encountered such as
P-10-51 with 1.07 g/t Au over 132.00 meters including an interval of 2.46 g/t
Au over 38.30 meters.
These first four holes continue to
encounter the Unicorn zone which is believed to be a moderately west dipping
zone associated with high level "Premier porphyry dykes". The holes
also continued testing to the east of the zone and encountered widespread
gold mineralization which was commonly not closed off at the depth due to
limits of the drill. This eastern portion of the Unicorn zone remains open to
the north, south and east as well as down dip. This initial drilling tests a
strike length of approximately 220 meters and this is presently being
extended over an additional 400 meters of strike length. Drilling is at 090
degrees with -50 degree dips and a plan map will be available on the Ascot
web site. A number of additional holes have been completed with assays
pending.
Quality Assurance/Quality Control
Analytical work is being carried out by
Assayers Canada in Vancouver, BC. Quality assurance and quality control
programs include the use of analytical blanks and standards in addition to
the labs own internal quality assurance program. Samples containing greater
than 200 g/t silver and greater than 10,000 ppm
(1%) lead and zinc are routinely re-assayed. Identified or suspected metallic
gold or silver are subjected to "metallics"
assays. Sampling and storage are at the company's secure facility in Stewart
with weekly sample shipments made to Assayers Canada.
Graeme Evans, P.Geo
and Leif Bjornson, P.Geo are
providing the field management for the Premier exploration program. Graeme
Evans, designated as the Qualified Person (QP) as defined by National
Instrument 43-101 has prepared the technical information in this news
release.
On Behalf of the Board of Directors
ASCOT RESOURCES LTD.
John A. Toffan,
President and Director
Cautionary Statement Regarding
Forward-Looking Information
All statements, trend analysis and other
information contained in this press release relative to markets about
anticipated future events or results constitute forward-looking statements.
Forward-looking statements are often, but not always, identified by the use
of words such as "seek", "anticipate",
"believe", "plan", "estimate",
"expect" and "intend" and statements that an event or
result "may", "will", "should",
"could" or "might" occur or be achieved and other similar
expressions. All statements, other than statements of historical fact, included
herein, including, without limitation; the completion of the Offering on the
terms set forth herein, the anticipated closing date of the Offering and the
use of proceeds from the Offering are forward looking statements.
Forward-looking statements are subject to business and economic risks and
uncertainties and other factors that could cause actual results of operations
to differ materially from those contained in the forward-looking statements.
Important factors that could cause actual results to differ materially from
the Company's expectations include fluctuations in commodity prices and
currency exchange rates; uncertainties relating to interpretation of drill
results and the geology, continuity and grade of mineral deposits; the need
for cooperation of government agencies and native groups in the exploration
and development of properties and the issuance of required permits; the need
to obtain additional financing to develop properties and uncertainty as to
the availability and terms of future financing; the possibility of delay in
exploration or development programs and uncertainty of meeting anticipated
program milestones; and uncertainty as to timely availability of permits and
other governmental approvals. Forward-looking statements are based on
estimates and opinions of management at the date the statements are made. The
Company does not undertake any obligation to update forward-looking
statements except as required by applicable securities laws. Investors should
not place undue reliance on forward-looking statements.
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this press release.
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