Ascot Resources Ltd. (TSXV:AOT) released drill results from 40 holes of the 142 holes completed to date from its 2017 exploration program underway
at its Premier property in British Columbia. Results were reported from the Northern Lights main zone and 602 zone. Drilling in the Northern Lights
main zone uncovered a new high-grade subzone, the “Ben Zone”, in addition to extending the zone to a 600m strike length and a dip length of 700m. Highlights
consist of hole P17-1313 which intersected 10.31 g/t Au over 11.9m and hole P17-1320 which included 15.79 g/t Au over 4.9m in a wider interval. Further,
results from the 602 zone returned 4.81 g/t Au over 15.30m including 37.20 g/t Au over 1.0m (hole P17-1306), the furthest downdip hole in the zone.
The company has added a seventh drill, and results from 36 holes are still pending. Results continue to highlight the potential for a large high-grade
underground resource (2-3 million oz Au) at the past producing Premier mine, which implies a current valuation of C$79-118/oz, a premium to peers at
C$66/oz, this is likely warranted because of the high-grades, existing infrastructure and other resources. We note that based on the current lower-grade
resource Ascot trades at a discount to peers (C$53/oz). We expect additional results from the ongoing drill program to demonstrate the projects large-scale
potential, as zones continue to remain open in certain directions. To note, the company recently completed the final payment options for both Premier
Derek Macpherson | VP Mining Analysis
Victoria Ellis Hayes | Associate
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Ascot Resources Ltd. - TSXV:AOT - 3,4
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