Ascot Drills Its Highest-grade Intercept Since 2015: 692 g/t Gold Over 0.9 Metres at the Big Missouri Deposit

Press Release

Vancouver, B.C. November 3, 2023 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF)  (“Ascot” or the “Company”) is pleased to announce the third batch of assay results from the 2023 exploration drill program at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. This release summarizes the initial batch of assay results from this season’s surface drilling program for in-fill and exploration purposes at the Big Missouri deposit, approximately six kilometres north of the Premier mill. Underground mine development commenced at Big Missouri in 2022, and crews are currently mining and stockpiling mineralized material as development advances.

Highlights from the drill results include:

• 98.84 g/t Au over 6.48m from a depth of 51.5m in hole P23-2490, including 691.50 g/t Au over 0.90m. This is the all-time second highest-grade drill intercept at Big Missouri and is the Company’s highest-grade drill intercept property-wide since 2015.
• 22.30 g/t Au over 9.72m from a depth of 58.3m in hole P23-2484, including 98.10 g/t Au over 1.91m
• 17.72 g/t Au over 5.65m from a depth of 21.4m in hole P23-2494, including 31.90 g/t Au over 1.60m

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

Derek White, President and CEO of Ascot commented, “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. In particular, 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. Our surface drill program was recently completed, and we look forward to releasing assay results over the next several months.”

Drilling for the 2023 exploration season at the Big Missouri deposit was conducted from early August until this past week, during which time 72 holes were drilled from surface for a total of 6,539 metres. The initial batch of assay results in this release contains the first seventeen holes totaling 1,246 metres, drilled from pads 23-BM1 and 23-BM2 that were aimed at stopes to the north of the S-1 pit at the Big Missouri deposit. The drill holes targeted stope shapes for additional pierce points, gaps between stopes due to previous drill patterns, and extensions along strike and up dip. An overview of drill hole locations is shown in Figure 1, a summary of assay results is shown in Table 1, and drill pad coordinates are provided in Table 2.

Cross sections of the drill holes reported in this release are shown in Figures 2 to 4 and Figure 5 shows visible gold in drill core from drill hole P23-2490 with a corresponding gold assay of 691.50 g/t Au, the second highest-grade assay of all-time from the Big Missouri deposit.

Table 1 – Big Missouri drill results

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

Figure 1 – 3D view of the drill pad locations and drill hole traces reported in this release

Figure 2 – 3D-cross section of drill holes from pad 23-BM1 drilled in westerly direction. High grade mineralization in hole P23-2484 apparently downfaulted by approximately 2 to 3 metres. The shallow gold intercepts are wireframed but are not included in the current mine plan due to proximity to surface. The Company will consider options for extraction by different mining methods in the future. Two historical holes have been added for further context.

Figure 3 – 3D-cross section of drill holes from pad 23-BM1 drilled in northerly and southerly/southwesterly direction. Younger dykes obscure zone of gold mineralization at the stope level in holes P23-2485/86. The shallow gold intercepts are wireframed but are not included in the current mine plan due to proximity to surface. The Company will consider options for extraction by different mining methods in the future. Four historical holes have been added for further context.

Figure 4 – 3D-cross section of drill holes from pad 23-BM2.

Figure 5 – Visible gold in hole P23-2490, with a corresponding assay result of 691.50 g/t gold over 0.9m

Table 2 – Drill pad locations

Qualified Person

Lawrence Tsang, P.Geo., the Company’s Exploration Manager provides the field management for the PGP exploration program. John Kiernan, P.Eng., Chief Operating Officer of the Company is the Company’s Qualified Person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.

Quality Assurance/Quality Control

Analytical work is being carried out by ALS Canada Ltd. (“ALS”). Ascot’s quality-assurance and quality-control program includes the use of analytical blanks to monitor for cross contamination, certified reference material standards to assess analytical accuracy, and duplicate samples to quantify sampling precision. This is in addition to the internal quality assurance program employed by ALS.

Samples are dried and weighed by ALS. They are then crushed to 75% passing 2mm, with 250g split and pulverized to 85% passing 75µm. Samples are processed at the ALS preparation lab in Terrace and sent to ALS in North Vancouver for analysis. There, all samples are dissolved using four acid digestion with an ICP-AES finish and fire assay with AA finish for gold. Samples over 100ppm silver are digested with aqua regia and then volumetrically diluted before an ICP-AES or AA finish (up to 1,500ppm). Samples over 1,500ppm silver are fire assayed with a gravimetric finish. Samples over 10ppm gold are fire assayed with a gravimetric finish. Identified or suspected metallic gold or silver are subjected to “metallics” assays. Sampling and storage is located at the Company’s secure facility in Stewart, British Columbia.

On behalf of the Board of Directors of Ascot Resources Ltd.

“Derek C. White”

President & CEO

For further information contact:

David Stewart, P.Eng.
VP, Corporate Development & Shareholder Communications
dstewart@ascotgold.com
778-725-1060 ext.1024

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