Ascot Resources Ltd. (TSXV:AOT) reported assay results from 32 holes drilled in the Northern Lights area with 40 holes still pending, which are expected
to be released before year end. The company highlighted drill hole P17-1558 with 25.1m of 6.47 g/t Au in the Prew Subzone, drill hole P17-1536 with
6m of 14.9 g/t Au in the Ben Subzone and drill hole P17-1563 with 9.2m of 9.8 g/t Au in the Northern Lights West zone. Exploration results continue
to highlight the potential for a large high-grade underground resource (2-3 million oz Au) at the past producing Premier mine. This implies a current
valuation of C$56-84/oz, a premium to peers at C$67/oz, which 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$39/oz). We expect additional results from the ongoing
drill program to demonstrate the projects potential.
Derek Macpherson | VP Mining Analysis
Victoria Ellis Hayes | Associate
Alex Pitcher | Associate
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Ascot Resources Ltd. - TSXV:AOT - 3,4
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