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Ascot drills 488 g/t Au at Big Missouri deposit, its best gold intercept since 2017

The Premier gold project is located 25 kilometres from the town of Stewart, British Columbia. Credit: Ascot Resources

Ascot Resources (TSX: AOT) has released the third batch of assay results from surface drilling at the Big Missouri deposit, which continues to impress with more bonanza-grade gold and additional occurrences of coarse, visible gold.

The latest results are from surface drilling for in-fill and exploration purposes at the Big Missouri deposit, part of Ascot’s 2022 exploration program on the Premier gold project in northwestern British Columbia. The drilling program, totalling 50 holes and 4,752 metres, was completed in October; results for 28 holes have already been released in the first two batches.

The highlight of the third batch (18 holes) was 62.76 g/t gold and 27.36 g/t silver over 7.9 metres from a depth of 90 metres, including an interval of 488 g/t gold and 181 g/t silver over 1 metre.

The 488 g/t was the highest gold intercept Ascot has drilled since 2017, when it first acquired the Premier project, and the fourth-highest assay ever recorded at Big Missouri. The same hole also returned 30.98 g/t gold and 9.35 g/t silver over 3 metres from a depth of 112 metres, including 90.70 g/t gold and 19.75 g/t silver over 1 metre.

Other notable results include: 6.75 g/t gold and 12.44 g/t silver over 14.5 metres from a depth of 26 metres, including 26.00 g/t gold and 28.30 g/t silver over 1.43 metres and 28.80 g/t gold and 30.20 g/t silver over 1 metre; 8.03 g/t gold and 19.13 g/t silver over 9.52 metres from a depth of 23.38 metres, including 44.50 g/t gold and 109.00 g/t silver over 1 metre; and 6.26 g/t gold and 8.13 g/t silver over 10.8 metres from a depth of 29.4 metres, including 43.60 g/t gold and 30.10 g/t silver over 1 metre.

Overall, there were 20 intercepts of greater than 10 g/t gold contained in the latest set of assay results, many of which encountered within or around existing stope shapes.

These results, according to Ascot’s president and CEO Derek White, give the company confidence that “there is more gold to be discovered outside the existing resource model at Big Missouri.” The remaining assay results from the 2022 exploration drill season is anticipated in early 2023.

Big Missouri – one of three key deposits hosted on the Premier gold project – currently hosts an indicated resource of 1.1 million tonnes grading 8.36 g/t gold and 16.9 g/t silver (300,000 oz. gold and 607,000 oz. silver) and an inferred resource of 1.9 milion tonnes grading 8.34 g/t gold and 14.7 g/t silver (508,000 oz. gold and 896,000 oz. silver).

Shares of Ascot Resources rose 3.8% by 12:20 p.m. ET Thursday following the latest drill results. The company, whose main focus is to restart the historic Premier gold mine in BC, has a market capitalization of C$176.4 million.