Ascot Boosts Exploration Potential of the Premier Property With Positive IP Geophysics Program Results

VANCOUVER, British Columbia, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce results from the 2023 induced polarization (“IP”) geophysics program at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. These results are from 28 IP lines totaling 29 line-kilometers across three grids – one grid near the Premier mill targeting the western extension of the Sebakwe Zone, one grid targeting the northern extension of the Day Zone at the Big Missouri deposit, and one grid testing the strike and depth extent of the Dilworth deposit. The IP program was conducted between late June and early August.

Highlights from the IP geophysics program include:

• Strong IP anomaly shows potential that the Sebakwe Zone structure extends approximately 1,000 metres beyond the westernmost extent of surface drilling from 2022.
• Day Zone IP signature continues approximately 800 metres to the north of previous surface drill results.
• Dilworth IP shows strong chargeability anomaly to the west and below where most drilling was previously focused.
  

Derek White, President and CEO of Ascot commented, “Even with the rich history of exploration and mining activity at the Premier property over the past century, we have been able to demonstrate excellent prospectivity in large areas across the property by applying modern exploration methods. As in the case of successfully drilling the Sebakwe Zone in late 2021, IP chargeability anomalies have been instrumental in making new discoveries, demonstrating potential extensions to mineralized structures, and generating high-priority diamond drill targets. This year’s IP program was successful in all three focus areas.

With the potential for a 1,000 metre western extension of the Sebakwe Zone, an 800 metre northern extension of the Day Zone, and a strong and largely untested chargeability anomaly at depth at the Dilworth deposit, there’s no lack of exciting exploration potential across the Premier Gold Project. We are currently planning drill programs to test these high-potential targets and are planning to drill some of these targets as soon as practical.”

Figure 1 – Plan view of 28 IP lines in the 2023 PGP exploration program. IP lines shown in red and historical diamond drill holes shown in black.

https://www.globenewswire.com/NewsRoom/AttachmentNg/aba6bbfe-3d99-4d40 ...