VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/13/13 -- Ascot Resources Ltd. (TSX VENTURE: AOT) (the "Company") is pleased to announce that P&E Mining Consultants Inc. ("P&E") has completed an updated independent National Instrument 43-101 compliant mineral resource estimate for the Company's Premier property located near Stewart, British Columbia. The updated mineral resource estimate incorporates the Big Missouri and Martha Ellen deposits and replaces the previous mineral resource estimate for the Big Missouri deposit.
Highlights for the 2013 mineral resource estimate: all mineral resources have been reported inside an optimized pit shell at a cut-off grade of 0.25 g/t gold-equivalent (AuEq), and contains a total of 2.43 million ounces AuEq at a grade of 0.85 g/t AuEq in the Indicated category and 0.49 million ounces AuEq at a grade of 0.74 g/t AuEq in the Inferred category.
The updated mineral resource estimate is based on 155,153 m of drilling from 1,080 drillholes, incorporating results from three target areas: the Big Missouri deposit, the Martha Ellen deposit, and the Dilworth deposit. At present a mineral resource has not been defined for the Company's Dilworth zone. All three target areas remain open for expansion as shallow dipping sheets within a six square kilometer area. This latest resource represents approximately 15% of the total target area.
These targets have the advantage of having favorable moderate topography and developed infrastructure from previous mine operations and on ongoing hydroelectric construction at nearby Long Lake.
Fred Brown, P.Geo. of P&E is the Independent Qualified Person responsible for preparing the updated mineral resource estimate. The mineral resource estimate involved three dimensional modeling methods and statistical and grade continuity analysis. Gemcom GEMS modeling software was used for the three dimensional block model and subsequent grade estimates. Grade capping was used to restrict the influence of statistical outliers during Inverse Distance Cubed (1/d3) interpolation of block grades.
The updated mineral resource estimate is summarized in the following tables:
Big Missouri Deposit mineral resources (in-pit) at a gold-equivalent (AuEq) cutoff of 0.25 g/t.(1)(2)(3)(4)(5)--------------------------------------------------------------------------- AuEqClassification Tonnes Ag Au AuEq Ag ozs Au ozs ozs (000's) g/t g/t g/t (000's) (000's) (000's)---------------------------------------------------------------------------Indicated 80,987 5.1 0.76 0.83 13,290 1,969 2,168---------------------------------------------------------------------------Inferred 19,935 4.3 0.67 0.73 2,734 428 469---------------------------------------------------------------------------Martha Ellen Deposit mineral resources (in-pit) at a gold-equivalent (AuEq)cutoff of 0.25 g/t.(1)(2)(3)(4)(5)--------------------------------------------------------------------------- AuEqClassification Tonnes Ag Au AuEq Ag ozs Au ozs ozs (000's) g/t g/t g/t (000's) (000's) (000's)---------------------------------------------------------------------------Indicated 8,433 7.6 0.87 0.98 2,049 235 266---------------------------------------------------------------------------Inferred 554 12.0 0.83 1.01 213 15 18---------------------------------------------------------------------------Total (Big Missouri and Martha Ellen Deposits) mineral resources (in-pit)at a gold-equivalent (AuEq) cutoff of 0.25 g/t.(1)(2)(3)(4)(5)--------------------------------------------------------------------------- AuEqClassification Tonnes Ag Au AuEq Ag ozs Au ozs ozs (000's) g/t g/t g/t (000's) (000's) (000's)---------------------------------------------------------------------------Indicated 89,420 5.3 0.77 0.85 15,339 2,204 2,434---------------------------------------------------------------------------Inferred 20,489 4.5 0.67 0.74 2,947 443 487---------------------------------------------------------------------------1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.2. The quantity and grade of reported Inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.3. The mineral resources in this estimate were calculated with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions.4. The resources and gold-equivalent ratio of 68 g/t silver = 1 g/t gold was calculated using a gold recovery of 90% and a silver recovery of 65%. Metal prices used (Jan 31, 2013 two year trailing average) were Au US$1,632/oz for gold and US $33.25/oz for silver.5. All resources are reported within an optimized pit shell derived from a processing cost of CDN$11.00/tonne and a G&A cost of CDN$1.00 per tonne. Mining cost used is CDN$1.75 per tonne and optimized pit slopes are 50 degrees. The US$/CDN$ exchange rate used was 1:1
