Ascot ramps up drilling at Premier Mine

Ascot Resources Ltd. April 19 said a 45,000-meter drill program is now underway at Premier-Dilworth, which blankets more than 100 square kilometers (38.6 square miles) of gold, silver and base metals deposits and prospects in British Columbia's Golden Triangle.

This land package still has infrastructure from the Premier Mine – a past-producer of 2.1 million ounces of gold and 44.9 million oz silver – including mill, assay lab building, crusher, tailing storage area and underground development.

Ascot said the majority of the 200 holes planned for this year will target the Big Missouri area, which is about 5,000 meters north of the Premier Mine.

Previously reported drilling at Big Missouri delineated two mineral zones – Province, which is near the surface, and the deeper Big Missouri.

Reconnaissance drilling completed last year encountered two gold-bearing horizons between Big Missouri and Martha Ellen,

Snow clearing is currently taking place on the road towards Big Missouri and Martha Ellen.

Ascot plans to have seven rigs testing this area once the drill program is ramped up to full capacity.

The objective of this program is to add high-grade resources that can be incorporated into the planned engineering studies. Approximately 80 drill holes will be targeted on high-grade areas near the S1 pit at Big Missouri.

The company will also have two rigs focused on the 602 Zone near the Premier Mine. The 15 drill holes planned for 502 are designed to infill the existing drill pattern for engineering studies planned in 2018.

In addition to these high-grade areas, Ascot has identified four zones with potential for near-surface, open-pit resources – Province, North Star, S1-Northeast and Martha Ellen – that are slated for drilling

Including the 118,800 meters of drilling completed by Ascot in 2017, there has been roughly 628,000 meters of drilling at Premier, which has primarily targeted the Premier Mine, the Big Missouri Mine, Martha Ellen and Dilworth areas of the property. Nearly 10 percent of the holes drilled have cut high-grade mineralization with at least 1 oz/t gold.

An updated resource estimate slated for completion in early May will contain maiden higher-grade resources in the Premier-Northern Lights area of the project.

As of April 19, Ascot Resources has qualified to trade on the OTCQX Market in the United States, and will be listed under the symbol: AOTVF.

Ascot said this will provide the Canadian exploration company with increased visibility to U.S. investors, improved liquidity and a more diversified shareholder base.

–SHANE LASLEY