Premier gold intercepts at Silver Coin

Ascot Resources Ltd. Dec. 2 said the high-grade gold mineralization in the third round of results from this year's drilling at Silver Coin continues to show the potential for this property to be a significant contributor to the company's plans to resume operations at the Premier Mine near Stewart, British Columbia.

Acquired by Ascot toward the end of 2018, Silver Coin is part of a more than 250-square-kilometer (97 square miles) of gold-silver properties the company has accumulated around Stewart. This land package also includes the past producing Premier and Big Missouri mines; and Red Mountain, a gold-silver asset gained through the acquisition of IDM Mining.

The Premier property, which still hosts the mill and other infrastructure from past mining, is the anchor to Ascot's plans to resume or start mining at all these properties around Stewart.

Silver Coin has historically contributed ore to the Premier mill, which is less than five kilometers (three miles) to the south.

According to a calculation completed at the end of 2018, Silver Coin hosts 859,000 metric tons of indicated resource averaging 8.01 g/t (221,000 ounces) gold and 20.5 g/t (566,000 oz) silver; and 1.16 million metric tons of inferred resource averaging 7.78 g/t (289,000 oz) gold and 22.1 g/t (821,000 oz) silver.

This year's drilling will likely expand and upgrade this resource.

The latest batch of Silver Coin results are from 3,860 meters of drilling in 27 holes completed in the central and southern parts of the deposit area.

Highlights from this drilling include:

• three meters of 15.04 g/t gold and 76.3 g/t silver in hole P19-2057;

• one meter of 32.5 g/t gold and 58 g/t silver in P19-2060;

• two meters of 14.7 g/t gold and 17 g/t silver in P19-2064;

• 3.6 meters of 52.67 g/t gold in hole P19-2079; and

• four meters of 16.56 g/t gold in P19-2081.

"We are proud to report the third successive set of very impressive drill results from Silver Coin. This set of holes generated over a dozen intercepts above 9 g/t gold over one meter or more," said Ascot Resources President and CEO Derek White.

This adds to the previous result reported earlier this year, including these highlighted intercepts:

• 14.1 meters averaging 5.58 g/t gold and 4.5 g/t silver in hole P19-2024;

• 40.5 meters of 4.34 g/t gold and 18.6 g/t silver in P19-2025;

• 11.7 meters of 7.62 g/t gold and 76 g/t silver in P19-2025;

• 4.4 meters of 9.96 g/t gold and 6.1 g/t silver in P19-2031; and

• 2.5 meters of 17.35 g/t gold and 74.2 g/t silver in P19-2033.

"This deposit is but one of several deposits at Premier that demonstrate the remarkable potential of the project," said White. "Our engineers continue to work very hard to deliver a mine development plan that will allow Ascot to realize this potential for its shareholders."

Given the success of this year's drilling, Ascot has re-opened the southern access portal at Silver Coin. This will allow future infill drilling to be carried out from the existing underground infrastructure established during previous exploration and production. The shorter holes from underground will make this drilling more efficient and easier than a surface program in difficult topography.

–SHANE LASLEY