The 2022 exploration drilling program will comprise approximately 18,000 metres and will be equally split between exploration and in-fill holes. Exploration drilling will be largely concentrated on the Sebakwe and Day Zones and in-fill drilling will focus exclusively on the Big Missouri deposit. Drilling will initially be conducted from surface but is anticipated to shift to underground drill stations as development enables access and will allow for shorter drill holes and more precise targeting. The Company experienced extraordinary assay lab turnaround delays last year, but turnaround times are anticipated to be much shorter this year as a new third party assay lab is being set up in the town of Stewart. Ascot has signed a priority service contract with this new assay lab to enable faster turnaround.
Exploration drilling will follow up on high-priority targets at the Sebakwe and Day Zones – both of which were only discovered in 2021 and 2020, respectively. These zones are proximal to existing and planned underground infrastructure, and represent the highest potential for expanding our resource and reserve base at PGP. In-fill drilling will be concentrated on Big Missouri with a particular focus on stope definition drilling for the early stages of our mine plan and ramp-up phase in 2023 and 2024.”
At the end of the 2021 exploration drilling season, two holes were drilled from surface at the
Initially, a total of 10 holes for approximately 4,000 metres of drilling are planned from last year’s pad (see Figure 2). Holes are planned to step out around the high-grade intercepts from holes P21-2385 and P21-2386 and will target an area of approximately 50 metres of strike length and 50 metres of vertical extent. Additional holes will be planned if mineralization is encountered consistently.
Figure 1 - Sebakwe 2021 drilling overview
Figure 2 - Sebakwe 2022 drilling plan
Qualified Person
On behalf of the Board of Directors of
“Derek C. White”
President & CEO
For further information contact:
VP,
dstewart@ascotgold.com
778-725-1060 ext. 1024
About
Ascot is a Canadian junior exploration and development company focused on re-starting the past producing Premier gold mine, located on Nisga’a Nation Treaty Lands, in British Columbia’s prolific
For more information about the Company, please refer to the Company’s profile on SEDAR at www.sedar.com or visit the Company’s web site at www.ascotgold.com, or for a virtual tour visit www.vrify.com under
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
All statements and other information contained in this press release about anticipated future events may constitute forward-looking information under Canadian securities laws ("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", "targeted", "outlook", "on track" 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 are forward-looking statements, including statements in respect of the exploration of the Company’s properties and management’s outlook for the remainder of 2022. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks associated with the business of Ascot; risks related to exploration and potential development of Ascot's projects; business and economic conditions in the mining industry generally; 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 indigenous 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; uncertainty as to timely availability of permits and other governmental approvals; risks associated with COVID-19 including adverse impacts on the world economy, construction timing and the availability of personnel; and other risk factors as detailed from time to time in Ascot's filings with Canadian securities regulators, available on Ascot's profile on SEDAR at www.sedar.com including the Annual Information Form of the Company dated
Figure 1
Sebakwe 2021 drilling overview.
Figure 2
Sebakwe 2022 drilling plan.
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