Drilling at British Columbia-focused explorer Ascot Resources‘ (TSX: AOT; US-OTC: AOTVF) Big Missouri deposit has returned an assay grading 691.5 grams gold per tonne over 0.9 metre, the largest intercept at the project since 2015, the company reported Friday.
That was within an interval of 98.84 grams gold over 6.48 metres from 51.5 metres depth, also marking it as the all-time second highest-grade drill intercept at Big Missouri, just north of Stewart on the southern edge of the Golden Triangle in northwestern B.C.
“With underground mine development at Big Missouri having started last year, this is an opportune time to have intercepted some of the highest-grade gold mineralization in Ascot’s history,” Ascot president and CEO Derek White said in a news release. “The 692 gram-per-tonne intercept from hole P23-2490 is located in an area currently scheduled to be mined next year, and as such we are eager to exploit this material early in the mine life.”
The results also included 22.3 grams gold over 9.72 metres from a depth of 58.3 metres, including 98.1 grams gold over 1.91 metres; and 17.72 grams gold over 5.65 metres from 21.4 metres depth, including 31.9 grams gold over 1.6 metres.
Those results, from its third batch of the 2023 drill program at the Premier gold project, focused on Big Missouri, and were drilled from early August until this past week, during which time 72 holes were drilled from surface for a total of 6,539 metres. Big Missouri is located about 6 km north of the Premier mill, which Ascot plans to restart. After the Premier underground mine opened in 1918 it was the largest gold mine in North America until its closure in 1952. It produced 2 million oz. of gold and 45 million ounces of silver.
Underground mine development commenced at Big Missouri in 2022, and crews are currently mining and stockpiling mineralized material as development advances.
In addition to Big Missouri, the project also hosts the Silver Coin and Premier deposits.
Ascot is also drilling a number of precious metals discoveries on its 250 sq. km of mineral concessions, all located in the Golden Triangle.
Shares of Ascot rose as high as 15% to 44¢ apiece on Friday afternoon, valuing the company at $241.8 million. Its shares traded in a 52-week range of 33¢ and 80¢.
