Vancouver – Drilling the Premier pit north of Stewart, B.C., has paid off for Ascot Resources (AOT-T).
On news Ascot had drilled as much as 11 metres grading 50.51 grams gold per tonne in hole 29, the company’s shareprice doubled to 95¢.
A large part of the drilling campaign consisted of verifying historic drillhole results generated by Westmin in the mid-1990s.
Ascot says the Premier gold mine produced about 2 million oz. gold and operated up until 1996 when Westmin put it on care and maintenance.
Westmin last calculated a historic resource for the Premier pit in 1997, estimating it held about 350,000 proven and probable tonnes grading 7.15 grams gold per tonne.
Ascot’s drilling confirmed grades similar to the historic reserve. For example, hole 2 hit 25 metres grading 6.85 grams gold and hole 9 hit 29.25 metres grading 3.34 grams gold. The two holes started within 50 metres of surface.
Ascot also identified potential new extensions of the pit.
The S1 zone produced two significant results which may open up potential pit extensions, Ascot says. Hole 22 in the S1 zone hit 3 metre grading 15.25 grams gold starting 45 metres downhole.
Ascot’s 29-hole drill program was limited to the Premier pit as it is waiting on permitting to drill beyond.
Ascot only recently acquired a 100% option on the Premier property from Boliden (BLS-T). Terms of a June 15, 2009, have Premier paying $100,000 yearly installments until 2012 at which time $20 million is due.
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