Ascot Resources drills more high grades at Silver Coin in BC

The latest results from the Silver Coin deposit at Ascot Resources’ (TSX: AOT) Premier gold project continue to show high-grade mineralization at this zone.

Drill highlights include 7 metres of 30.81 grams gold per tonne; 3 metres of 28.96 grams gold per tonne; and 5 metres of 12.24 grams gold per tonne.

“The new intercepts underpin a better understanding and predictability of the geological model and provides Ascot a stronger base to work from for the development of the forthcoming updated resource statement and feasibility study,” Derek White, Ascot’s president and CEO, says in a release.

The latest drill results tested the northern and southern extents of the Silver Coin deposit. According to the company, the infill results were better than expected and will have a positive impact on an upcoming resource update for the project.

The Silver Coin deposit is 5 km north of the Premier mill and 800 metres south of the Big Missouri deposit.

Based on processing at the Premier mill in 1991, Silver Coin ore averaged 8.88 grams gold. Ascot acquired this deposit in 2018 and is preparing an associated mine plan using side hill access.

Silver Coin’s indicated resources stand at 859,000 tonnes grading 8.01 grams gold for a total of 221,000 oz. and inferred resources add 1.2 million tonnes grading 7.78 grams gold for a total of 289,000 oz., with additional contained silver in both categories.

Premier is situated within B.C.’s Golden Triangle and is host to five deposits with existing resource estimates. Ascot also holds the Red Mountain project, 10 km away. The Premier project is host to a mill, tailings facility and water treatment plant as well as historical underground workings.

Work is  underway on an integrated feasibility study.

Last month, Ascot released results of drilling on the central and southern parts of Silver Coin.

Shares of Ascot closed at 92¢ with a 52-week trading range of 44.5¢ to $1.36. The company has 233 million common shares outstanding for a $214-million market capitalization.