Highlights from the drill results include:
- 193.00 g/t Au and 41.8 g/t Ag over 1.0m from a depth of 315m in hole P22-2393
- 17.78 g/t Au and 20.1 g/t Ag over 3.0m from a depth of 366m in hole P22-2393, including 51.00 g/t Au and 54.6 g/t Ag over 1.0m
- 4.77 g/t Au and 18.2 g/t Ag over 4.5m from a depth of 331m in hole P22-2393, including 12.10 g/t Au and 34.5 g/t Ag over 1.6m
- 25.90 g/t Au and 21.0 g/t Ag over 1.0m from a depth of 413m in hole P22-2389
This release summarizes the results from six surface drill holes totaling 2,477 metres at the emerging
An updated three-dimensional model of the
https://vrify.com/decks/11811
An overview of drill hole locations is shown in Figure 1. Drill results were headlined by hole P22-2393 which intercepted bonanza-grade gold of 193.00 g/t over 1.0m (Figure 2). The depth of that intercept corresponds well with a 6.64 g/t gold intercept in hole P22-2389, a 39.00 g/t gold intercept from hole P21-2386, and a 29.60 g/t gold intercept from hole P21-2385, indicating the potential continuity of that mineralized vein structure. Hole P22-2393 also intercepted high-grade mineralization at two other distinct depths, indicating the presence of multiple parallel vein structures. This corresponds well with the mineralization styles of the Premier and Northern Light deposits.
Each of the eight reported Sebakwe drill holes from 2021 and 2022 have intercepted the targeted quartz-breccia structures with sulfide mineralization and all have encountered anomalous gold mineralization, with the exception of hole P22-2390 which was stopped short due to hitting an underground void, likely an historic exploration tunnel. Assay results are pending for the remaining nine holes drilled this year. Most of these holes were drilled with wider step-out spacing towards the east, targeting a strike extent of approximately 400 metres for the
Figure 1 – Northwest looking image of the current drill pattern at Sebakwe showing completed and planned drill holes is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1dbde506-d4b7-4bc9-aefe-38ee5d5c31e4. The approximate location of the visible gold intercept is indicated as well.
Figure 2 – Visible gold in hole P22-2393 at the
Table 1 – Sebakwe drill results
Hole # | Azimuth /dip | From (m) | To (m) | Width (m) | Au (g/t) | Ag (g/t) |
P22-2388 | 167/-52 | 357.00 | 361.00 | 4.00 | 2.05 | 3.3 |
and | 376.21 | 377.50 | 1.29 | 1.01 | 73.0 | |
and | 392.05 | 394.00 | 1.95 | 1.71 | 3.5 | |
P22-2389 | 165/-55 | 304.00 | 308.00 | 4.00 | 1.24 | 3.7 |
and | 316.00 | 322.00 | 6.00 | 2.57 | 10.1 | |
incl. | 320.00 | 322.00 | 2.00 | 6.64 | 4.0 | |
and | 340.16 | 341.48 | 1.32 | 1.41 | 5.2 | |
and | 345.00 | 347.00 | 2.00 | 1.17 | 4.1 | |
and | 350.79 | 353.00 | 2.21 | 2.09 | 1.4 | |
and | 358.67 | 359.67 | 1.00 | 1.98 | 6.1 | |
and | 364.00 | 366.00 | 2.00 | 3.30 | 8.0 | |
and | 377.08 | 378.00 | 0.92 | 1.08 | 3.0 | |
and | 413.00 | 414.00 | 1.00 | 25.90 | 21.0 | |
P22-2390 | Hit void at 298.09m before reaching targeted zones | |||||
P22-2391 | 171/-51 | 391.00 | 392.00 | 1.00 | 3.61 | 212.0 |
P22-2392 | 160/-50 | 324.00 | 325.00 | 1.00 | 1.52 | 3.1 |
and | 332.00 | 333.00 | 1.00 | 1.19 | 4.3 | |
and | 363.40 | 364.50 | 1.10 | 1.64 | 6.6 | |
and | 399.70 | 413.00 | 13.30 | 1.07 | 4.7 | |
incl. | 411.00 | 413.00 | 2.00 | 2.29 | 5.0 | |
and | 416.00 | 417.00 | 1.00 | 1.26 | 3.9 | |
P22-2393 | 160/-54 | 272.15 | 274.15 | 2.00 | 1.19 | 1.3 |
and | 300.76 | 304.44 | 3.68 | 1.40 | 6.5 | |
and | 307.44 | 309.44 | 2.00 | 5.04 | 12.5 | |
and | 315.44 | 316.44 | 1.00 | 193.00 | 41.8 | |
and | 320.85 | 321.85 | 1.00 | 5.95 | 2.8 | |
and | 322.85 | 324.03 | 1.18 | 1.67 | 3.5 | |
and | 331.06 | 335.60 | 4.54 | 4.77 | 18.2 | |
incl. | 333.99 | 335.60 | 1.61 | 12.10 | 34.5 | |
and | 366.15 | 369.15 | 3.00 | 17.78 | 20.1 | |
incl. | 366.15 | 367.15 | 1.00 | 51.00 | 54.6 | |
and | 396.69 | 399.69 | 3.00 | 1.40 | 7.0 | |
and | 414.80 | 415.52 | 0.72 | 1.15 | 17.0 |
Note: Drill holes appear to intersect the targeted structures at high angles suggesting that reported intercepts are likely between 70% to 90% of true width
Table 2 – Drill pad location
Pad # | UTM N | UTM E | Elevation (masl) | Hole no. |
Seb-01 | 6213670 | 437150 | 607 | P22-2388 to P22-2393 |
Qualified Person
Quality Assurance/Quality Control
Analytical work is being carried out by
Samples are dried and weighed by ALS. They are then crushed to 75% passing 2mm, with 250g split and pulverized to 85% passing 75µm. Samples are processed at the ALS preparation lab in Terrace and sent to ALS in
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 pursuit of alternative project financing solutions, the advancement and development of the PGP and the timing related thereto, the exploration of the Company’s properties and management’s outlook for the remainder of 2022 and 2023. 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
Northwest looking image of the current drill pattern at Sebakwe showing completed and planned drill holes. The approximate location of the visible gold intercept is indicated as well.
Figure 2
Visible gold in hole P22-2393 at the Sebakwe Zone
2022 GlobeNewswire, Inc., source