Ascot Resources Announces Financial Results for the Nine Months Ended September 30, 2020

VANCOUVER, British Columbia, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) announces the Company’s unaudited financial results for the nine months ended September 30, 2020. For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the nine months ended September 30, 2020, please see the Company’s filings on SEDAR (www.sedar.com).

All amounts herein are reported in $000s of Canadian dollars (“C$”) unless otherwise specified.

Q3 2020 AND RECENT HIGHLIGHTS

• In July and August of 2020, the Company reported high gold grades from ten drill holes (2,820 metres) of the 2020 season. The drill site is strategically located at Premier West, potentially adding to existing resources outlined in the feasibility;
• On September 14, 2020, the Company announced the discovery of new high-grade gold mineralization at the “Day Zone”. The high-grade intercepts are located 300 metres west from the planned underground development at Big Missouri. Mineralization is open along strike to the north and the south. The Day Zone is located on the Big Missouri Ridge, approximately 5 kilometres north of the Premier Mill;
• On October 8, 2020, the Company announced high-grade silver intercepts at the Silver Hill prospect. These holes were from drill pad SH-02 at Silver Hill located 260 metres to the northeast of last year's intercepts from SH-01, demonstrating the presence of wide-spread mineralization in the area;
• On October 15, 2020, the Company signed an agreement with Montreal based Farnell-Thompson Applied Technologies Inc. for the delivery of the Semi-Autogenous Grinding (“SAG”) and ball mills, which is critical path, long lead time equipment required in the refurbishment of the concentrator facility for re-starting the past producing Premier gold mine;
• The Company completed its 2020 drill program in late October and achieved the lowest first aid and medical reportable incidents in company history.
  

Ascot’s President and CEO, Derek White commented, “The third quarter was a very busy period for the Company with solid progress made on many key initiatives. The first assay results from our summer exploration program were very encouraging, especially in the Day Zone and Premier West and there are still a number of assays pending. In addition, we are excited about the core we have seen in the latest drilling at Woodbine and await the assay results. A lot of engineering work was progressed during the quarter, including the studies for the ordering of the SAG and ball mills, the commencement of the basic & pre-construction engineering studies and optimization incentives on mine planning and potential mill improvements. We are appreciative of our supportive local communities and our First Nation’s partner, Nisga’a Nation. We have made a lot progress on the permitting amendment process and finally, I am very proud of the Ascot team and our many contractors who dealt extremely well with the challenges of COVID-19 and effectively implemented our Health and Safety protocols, resulting in the best seasonal safety record for Ascot.”