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Ascot hits high-grade with Prew infill drilling

Ascot Resources has hit up to 37.95 grams per tonne gold over 5m in 19 drill holes recently completed at the Prew zone, parts of its Premier gold project near Stewart in the Golden Triangle of British Columbia, Canada.
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Ascot's Premier in BC, Canada

The drilling was part of an infill programme at Prew, discovered in 2017, which aims to upgrade inferred resources to the indicated category. Ascot has drilled about 52,400m at Premier in 2019 and reported results from just over 60% of the drill holes to date.

"Impressive drill results such as these reinforce our confidence in the Premier deposit. From a technical viewpoint, these results demonstrate our ability to predict the position of mineralised zones in the deposit. The intercepts are close to where they were expected and the high-grade nature of the mineralisation confirms the quality of the Prew zone overall," said president and CEO Derek White.

Ascot plans on releasing an undated mineral resource estimate in the near future, which will feed into a feasibility study for the project in 2020.

Premier currently has a December 2018 measured and indicated resources of 5.6 million tonnes grading 7.68g/t gold and 24.5g/t silver, and an inferred resource of 6.4Mt grading 7.12g/t gold and 23.2g/t silver.

The Prew zone forms the down-dip continuation of the Ben zone. Both zones were discovered by drilling in 2017. The company determined a gap in the drill pattern prevented a high-grade portion of the Prew zone from being classified in the indicated category during the December 2018 mineral resource estimate.

Shares in Ascot Resources are trading at C54c, valuing the company at $126 million.