VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/28/13 -- Ascot Resources Ltd. (TSX VENTURE: AOT) (the "Company") is pleased to announce the NI 43-101 Technical Report (the "Report") supporting the previously released (February 12, 2013) Premier resource on gold-silver mineralization within the Big Missouri and Martha Ellen zones, has been filed. The full Report can now be viewed or downloaded at SEDAR and at www.ascotresources.ca. This report was completed by P&E Mining Consultants Inc. ("P&E") and consists of an updated independent National Instrument 43-101 mineral resource estimate for the Company's Premier property located near Stewart, British Columbia.
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 contain 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 estimated for the mineralization at the Company's Dilworth zone as additional drilling will improve the modelling. 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.
Further discussion and analysis: this updated mineral resource estimate clearly demonstrates the amenability of the mineralization to an open pit scenario, which can be further enhanced with expansion of the current drilling results. A much higher percentage of mineralization is within the present Indicated category compared to the 2012 resource, as a better understanding of controls on mineralization is gained with further work. The optimized pit for the mineral resource estimate is based on a 0.25 g/t AuEq cut-off aided by the favorable infrastructure and topography of the project. The 2012 drill program again demonstrates the good lateral continuity of the shallow dipping system of which the present resource has only tested approximately 15% of the target area. This is regarded as a baseline mineral resource to allow expansion over all three target areas (Big Missouri-Martha Ellen-Dilworth) with an aggressive 2013 program to outline additional pittable resources. Other work contemplated for 2013 includes initial metallurgical work testing modern gold and silver recoveries in preparation for an eventual Preliminary Economic Assessment.
The Independent Qualified Persons as defined by NI 43-101 for the purpose of this news release are Fred Brown, P.Geo. and Eugene Puritch, P.Eng., both of P&E Mining Consultants Inc. of Brampton, Ontario. The contents of this press release have been reviewed and approved by Mr. Puritch. P&E Mining Consultants Inc. is an established and internationally recognized geological and mine engineering consulting firm specializing in resource estimates, scoping, pre-feasibility studies and participation with other consulting firms on feasibility studies, with over 150 projects undertaken in the last eight years. Graeme Evans is the Company Qualified Person responsible for the supervision of the drilling programs. Mr. Evans has also reviewed and approved the contents of this news release.
On Behalf of the Board of Directors
ASCOT RESOURCES LTD.
John A. Toffan, President and Director
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute 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" 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, including, without limitation; the completion of the Offering on the terms set forth herein, the anticipated closing date of the Offering and the use of proceeds from the Offering are forward looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include 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 native 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; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Ascot Resources Ltd.
CFO and Director
(604) 684-9877 (FAX)
Most Popular Stories
- GE Healthcare Bringing Jobs to Massachusetts
- Hispanic NASCAR Driver Ready to Make History
- Faith Groups Divest From Fossil Fuels
- James Foley Killer Could Be ID'd Via Social Media, Voice Recognition
- James Foley Beheading Video Is Real Thing: White House
- Apple Stock Bounces Back Big Time
- Bank of America Agrees to Pay Record $16.65 Billion
- Entrepreneur Contest Announced in Idaho
- U.S. Existing Home Sales Rise 4th Month Straight
- Family Dollar Will Stick With Dollar Tree