Ascot Resources (TSX:AOT) has reported the final set of assay results from its 2023 exploration drill program. This program was conducted at the company’s Premier Gold Project, which is situated on the Nisga’a Nation Treaty Lands within the Golden Triangle area of northwestern British Columbia, known for its mineral wealth. The announcement specifically relates to the Big Missouri deposit, located about six kilometres north of the Premier mill.

Derek White, President and CEO of Ascot Resources commented in a press release: “Our 2023 surface drilling program finished on a high note, with many planned stope shapes at Big Missouri being confirmed and, in some cases, expanded. We look forward to exploiting this material in the coming months and processing it at the Premier mill, where we anticipate starting pre-commissioning shortly. Similar confirmatory and expansion results were achieved in 2023 at the Prew Zone of the Premier Deposit, where underground access development is also being progressed. Overall, the 2023 drill program enhances our confidence in the geological model, which is all the more important as we become Canada’s next gold producer.”

The exploration drilling at Big Missouri, which forms part of the Premier Gold Project, took place from the beginning of August until the end of October 2023. During this period, a total of 72 holes were drilled from the surface, covering a cumulative length of 6,539 meters. The latest results come from 55 of these holes, spanning a distance of 5,293 meters. These holes were drilled from six different pads and included three holes at the Day Zone on the western side of Big Missouri Ridge.

The primary objective of this drilling exercise was to refine the shapes of various mining stopes. This was done by targeting additional pierce points and addressing gaps between stopes that resulted from previous drilling patterns. The drilling also aimed to explore extensions along the strike and up dip of the deposit. To provide a clearer understanding, the company included an overview of the drill hole locations (Figure 1), a summary of assay results (Table 1), and the coordinates for the drill pads (Table 2) in its report.

Figures 2 to 4 in the report provide cross-sectional views of the reported drill holes. Importantly, Figure 2 highlights a large stope shape that has been more precisely defined by the recent drilling. For instance, drill hole P23-2532 intersected a notable gold grade of 58.18 grams per ton (g/t) over a 1.99-meter section at a depth of 70.8 meters.

The Day Zone, situated on the western flank of the Big Missouri ridge, was a particular focus. Three drill holes, P23-2515 to 2517, were executed in this area. Previously, the company had identified gold mineralization over a 550-meter strike length at the Day Zone. The potential for further expansion was indicated by IP geophysics conducted in 2023, suggesting a possible extension of 800 meters. While the drilling did encounter gold grades as high as 7.7 g/t, these were not consistent, indicating that further exploration and drilling will be necessary. The next phase of exploration aims to investigate the 1,000-meter unexplored gap between the Day Zone and the Martha Ellen deposit to the northwest.

Concurrently, underground mine development is progressing at the Big Missouri site, particularly in areas targeted for stoping. These areas are included in the near-term mining plans of Ascot Resources, indicating that the company is moving forward with developing this part of the Premier Gold Project.

Highlights from the results are as follows:

• 58.18 g/t Au over 1.99m from a depth of 70.8m in hole P23-2532, including 77.45 g/t Au over 0.99m.
• 9.89 g/t Au over 6.94m from a depth of 22.7m in hole P23-2509B, including 51.00 g/t Au over 1.19m
• 8.26 g/t Au over 7.35m from a depth of 7.35m in hole P23-2506, including 30.88 g/t Au over 1.44m
• 8.26 g/t Au over 5.57m from a depth of 16.9m in hole P23-2499, including 15.75 g/t Au over 1.27m

Table 1 – Big Missouri drill results

Note: True widths are estimated to be between 70% to 90% of reported interval widths.

Table 2 – Drill pad locations

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.