Ascot Resources Ltd. (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