Issue link: http://resourceworld.uberflip.com/i/460990
F E B R U A R Y / M A R C H 2 0 1 5 www.resourceworld.com 49 • Permitted state-of-the-art heap leach processing facility • NI 43-101 compliant gold resource of 552,000 Measured and Indicated and 165,000 Inferred ounces of gold • Contiguous land package covering more than 25,000 acres PershingGold.com | PGLC FAST-TRACKED TO PRODUCTION mineralization remain open at depth. It is estimated that true thicknesses are gener- ally 60-90% of intersected widths. Within the Premier area, the Betty Creek Formation, at the top of the Hazelton Group sedimentary host rocks, forms the cap rock to mineralization, with mineral- ization extending just into the Betty Creek. Mineralization has a strong spatial and temporal association with high level potas- sic intrusive bodies – bodies of the Premier porphyry – which are both host to and crosscut by mineralization. Gold and silver appear to parallel a quartz breccia body and are not discordant or crosscutting. Evans states, "Highlights of drilling include the area around the pit, and high- grade in the hanging wall and footwall of the quartz breccia with greater than 1,000 g/t visible gold in a 50-metre by 50-metre strike length and dip of 1 metre. The Premier area is a more focused, hot- ter system than the others (Big Missouri, Martha-Ellen and Dilworth) with good strike grade continuity." In 2014, Ascot updated the NI 43-101 compliant resource for the Big Missouri- Martha-Ellen-Dilworth bulk tonnage areas (update dated March 31, 2014) to the north of the Premier area (a separate system). The resource, covering only 30% of the Big Missouri-Martha-Ellen-Dilworth bulk tonnage target area, contains 2.83 M oz gold equivalent (Eq) indicated and 1.8 M oz gold Eq inferred. According to Evans, "Pit resources are isolated because of a lack of drilling." Generally speaking, Ascot Resources is an explorer, as opposed to a developer or producer. They target main commodities, with a focus on gold, silver and copper in North America. Ascot also holds 100% interest in the Mt. Margaret property in Washington State, for which exploration plans were delayed in 2014 due to the Environmental Assessment (EA) being appealed by an environmental group. This classical copper, gold porphyry sys- tem with "consistent 0.4% realistic copper grade, and gold (that) correlates well with copper" and potential silver and molyb- denum is located near Mount St. Helens. Upon revision of the EA, the goals for this property in 2015 include establishing an inferred NI 43-101 resource by completing the necessary drilling, estimated at 34,000 metres (63 holes). Additionally, Ascot aims to sell their 100%-owned and fully permit- ted Swamp Point sand and gravel deposit on the Portland Canal in northwest British Columbia, near Stewart. The primary goals for 2015 explora- tion, however, will focus where the market interest lies – on the Premier property. Currently, with $6 million planned for the 2015 budget, allowing for a 60,000+ metre drill program. Low drill costs are estimated at $100/metre due to company ownership of drills and the availability of a local work force and infrastructure. A drill density study will consist of widely spaced step-out drilling, with potential to start this winter, but more likely to start in April continuing to November/ December 2015. n