High-Grade Intercepts At Silver Hill Prospect

VANCOUVER - Ascot Resources Ltd. reported high-grade silver intercepts at the Silver Hill prospect at the Company’s Premier Gold Project (PGP). These holes are from drill pad SH-02 at Silver Hill located 260 meters to the northeast of last year’s intercepts from SH-01, demonstrating the presence of wide-spread mineralization in the area.

Highlights from Silver Hill include: 1,320g/t Ag over 1.00m in hole P20-2211; 154.3g/t Ag over 7.12m in hole P20-2220; and 4.31g/t Au over 1.00m in hole P20-2219.

The Company completed six drill holes from three pads at Silver Hill. Results from four drill holes (for a total of 1,005m). Assays for the other two holes at Silver Hill and for additional holes from the Day Zone are pending and will be released as soon as they are available. We are experiencing delays at our assay lab caused by end of season crunch and reduced capacity for sample preparation due to Covid-19 procedures.

Derek White, President and CEO, said, “The results from Silver Hill are very exciting. This prospect represents an area with different geology and a different target type than at the rest of the PGP. The northeastern part of our claims contains a volcanic/sedimentary contact similar to that which hosts the Eskay Creek deposit. In 2019 we intersected high-grade silver at the edge of much younger dykes and suspected that this mineralization was remobilized from a deeper source. The new results show mineralization to occur over a significant strike length and not exclusively related to dyke contacts. We believe that there is a hydrothermal system at the contact of volcanic and sedimentary units with the potential to have formed a deposit at this stratigraphic level. This interpretation is preliminary, but we are anticipating additional supportive results and are extremely keen to conduct further follow-up work in this area next year.”

Silver Hill

The recent drill holes have assisted in clarifying the stratigraphy in this part of the property as they intercepted carbonaceous mudstone of the Bowser formation at the top, followed by volcanic rhyodacite of the Dilworth formation and andesitic flows and tuffs of the Betty Creek Formation. Elsewhere on the property, the Betty Creek Formation is overlying the andesite flows of the Unuk formation that hosts the gold mineralization at Premier, Big Missouri and Silver Coin. The stratigraphic position of the Silver Hill prospect is therefore much higher than that of the prolific gold mineralization elsewhere on the property.