Ascot Resources (AOT.v) is out with drill results and some impressive intercepts at its 100-sq-km property near Stewart in northwestern B.C., which includes the historic Premier Mine.
Drilling highlights in the “Lunchroom subzone” included 226 g/t Au over 1 metre within a broader zone of 12.77 g/t over 53.89 metres in Hole P15-860, and 284 g/t over 1 metre in a broader zone of 31m grading 11.38 g/t gold in Hole P15-858.
The company says recent drill work has identified the lunchroom subzone as an anomalous flat-lying zone with a moderate west dip, along a flat porphyry/andesite contact. The zone remains open on strike to both the east and west.
“The old timers would mine high-grade from flat lying structures; sounds like they’ve tagged into one of these,” commented geologist Rob McLeod in CEO chat. McLeod is developing his own high-grade play nearby as CEO of IDM Mining (IDM.v), which is advancing Red Mountain.
Ascot is drilling with two diamond drill rigs and says results will be released as they become available. To date, the company has drilled 30,557 meters in 148 holes this year.
Ascot has 101 million shares outstanding and a recent share price of $1.47, for a market cap of $148 million. Ascot had working capital of $3.2 million as of June 30.
The Golden Triangle has yielded several high-grade gold mines, including Eskay Creek and Snip, and is once again a hotbed of drilling activity.
Ron Netolitzky’s Skeena Resources (SKE.v) is another exploration play that has been locating high-grade gold, including recent hits of 26.15 m grading 8.21 g/t Au (including 2 metres grading 74.5 g/t) and 14.9 m grading 8.97 g/t. More details here. Skeena recently expanded its drill program from 10,000 to 16,000 metres and identified 9 new drill targets through rock sampling and geochemical anomalies, as outlined in a Sept. 14 news release.
Netolitzky, who was inducted into the Canadian Mining Hall of Fame earlier this year, is credited with discovering Eskay Creek and Snip mines.
Skeena has 264 million shares outstanding and a recent share price of 8 cents for a market cap of $21 million. Working capital was $7.85 million as of June 30.
The most advanced play in the area is Pretium Resources, which announced $540 million in construction financing on Monday for its high-grade Brucejack underground gold mine project.
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