Ascot Resources Ltd has reported that it has completed a 13,500-meter induced polarization (“IP”) survey comprising of eight profiles. The survey located many high priority chargeability anomalies.
Location map of the southern part of Ascot’s property showing the layout of the IP survey discussed in the text of this release. The location of chargeability profiles shown in this release is marked in yellow on the map.
We are extremely pleased with the results of the IP survey. The high-resolution survey consists of over 20,000 individual data points and the chargeability and resistivity inversions outlined a minimum of 12 new targets. This geophysical technique is an extremely useful tool for Ascot in rapidly identifying drill targets for discovery of previously unknown gold mineralization on the property. These highly encouraging survey results will be followed up in next year’s field season by additional geophysics and drill testing of priority targets. We now see a clear path to organically add to our resource inventory through exploration and discovery.
Derek White, President and CEO, Ascot Resources.
Subsequent to the fruitful IP test survey over known mineralization at the Premier/Northern Lights resource area, Ascot laid out several profiles covering the southern two-thirds of the property. The survey included the distance from the Alaska border at the southernmost end of the property to the Big Missouri Ridge in seven north-south trending profiles. Following the acquisition of the Silver Coin property, an extra profile was added in the space between Big Missouri and the Silver Coin prospect. The northern third of the property was not included by any IP profiles at this time.
The final inversion results from the preliminary test profile over known mineralization. The results from this profile prove the signature of gold mineralization in the area and can be used to locate exploration targets in other areas of the property. The new profiles identified several places with chargeability signatures that are quite similar to that seen in the test profile.
The survey located an anomaly approximately 2,000 m south of Premier, and many anomalies to the north of Premier. The profile between Silver Coin and Big Missouri defined an extra three anomalies.
These new anomalies will be ranked by ease of access, technical merit, and proximity to current resources and will receive follow up priorities based on the ranking.
A single geophysical profile offers an early indication of the existence of anomalous zones but contains less information about strike and dip of each specific zone. It is fairly unusual to see vivid indications of dip and dip direction as can be seen at the test profile. So as to develop these new anomalies into drill targets, Ascot plans to run parallel IP profiles so as to establish the strike of the anomalous zones, trailed by 3D grids over the anomalies with the highest importance. The extra geophysical work will be arranged as soon as weather permits in the spring of 2019, and after that drill testing of the most promising targets will take place later in the year.
John Kiernan, P. Eng., Chief Operating Officer of the Company is the Company’s Qualified Person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.