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Ascot Resources Ltd. ("Ascot")
(TSX VENTURE:AOT - News) is very pleased to announce
the results for the fourth, fifth and sixth holes (MM-10-04, 05, 06) on the
Mt. Margaret property in the St. Helens Mining District of Skamania County in
Washington State. These holes were drilled in the northwestern portion of the
property from a common pad. This area had seen relatively little historic
drilling by Duval and these holes tested the continuity of mineralization in
this area which is greater than 300 meters north of the first drill section.
Hole MM-10-4 (a 270 degree azimuth -50 degree dip hole) was abandoned early
due to technical difficulties, drilling the leached cap in this area, hole
MM-10-05 was successfully drilled with a shallow dip due to drilling into the
hillside, and hole MM-10-06 was another attempt to
complete the MM-10-04 section by drilling at a steeper dip. Both completed
holes demonstrate that better than average grades are present in this area
and again persist to greater depth as demonstrated by hole
MM-10-06, which ended in mineralization grading 0.488% Cu at vertical depth
of approximately 380 meters below surface.
Ascot has completed eleven diamond drill
holes (4876.4m's) to date and the program has ended for the season due to
inclement weather. A plan map of drill hole
locations and cross sections is included with this release and more detailed
sections are available on the Ascot web site.
Results include:
MM-10-05 Azimuth 315 degrees Dip -50
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From To Int. Cu%
MM-10-05 (m's) (m's) (m's) Assay Mo % Ag g/t Au g/t
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Entire Hole 78.00 527.00 449.00 0.238 NSV 1.1 0.104
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incl. 78.00 263.50 185.5 0.422 NSV 1.7 0.155
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incl. 263.50 527.00 263.5 0.108 NSV 0.8 0.068
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subint. 108.00 146.60 38.6 0.712 NSV 2.7 0.262
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MM-10-06 Azimuth 270 degrees Dip -70
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From To Int. Cu%
MM-10-06 (m's) (m's) (m's) Assay Mo % Ag g/t Au g/t
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entire hole 54.80 435.00 380.2 0.500 0.013 3.0 0.203
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subint. 185.20 242.40 57.2 0.756 0.031 2.8 0.247
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subint. 362.30 408.80 46.5 0.695 0.006 2.4 0.300
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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 and duplicates in
addition to the labs own internal quality assurance program. All samples are
run for ICP AR, Au FA as well as Cu Assays. Sampling and storage are at the
company's secure facility in Randle with weekly sample shipments made to
Assayers Canada
The Qualified Person responsible for
review of the technical data in this news release is Graeme Evans, P.Geo. Mr. Graeme Evans is the qualified person for the
purposes of NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ASCOT RESOURCES LTD.
John A. Toffan,
President and Director
This news release contains certain
forward-looking information concerning the business of Ascot Resources Ltd.
(the "Corporation"). All statements, other than statements of
historical fact, included herein including, without limitation; statements
about the exploration of the Mt. Margaret Property and completion of the
acquisition of the Mt. Margaret Property, are
forward-looking statements. These forward-looking statements are based on the
opinions of management at the date the statements are made and are based on
assumptions and subject to a variety of risks and uncertainties and other
factors that could cause actual events to differ materially from those
projected in forward-looking statements. Important factors that could cause
actual results to differ materially from the Corporation'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 explore and develop properties and uncertainty as to
the availability and terms of future financing; the possibility of delay in
exploration programs and uncertainty of meeting anticipated program
milestones; uncertainty as to timely availability of permits and other
governmental approvals. The Corporation is under no obligation to update
forward-looking statements if circumstances or management's opinions should
change, except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking statements.
Note: To view the maps associated with
this release, please click the following link: http://media3.marketwire.com/docs/aot1201.pdf
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.
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