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Ascot Mining Strikes Gold with Highest-Grade Intercepts in Years, Shares Soar

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Ascot Mining Strikes Gold with Highest-Grade Intercepts in Years, Shares Soar

Ascot Mining recently announced the exciting discovery of the highest-grade gold intercept on its property since 2015. The news has sent shares in the Vancouver-based company soaring by 9.2% as investors and traders scramble to get in on the action.

Underground Development and Exploration

Ascot Mining has been busy developing its Big Missouri underground mine, with crews currently mining and stockpiling mineralized material as development progresses. In addition to the underground mine, Ascot is also conducting drilling at numerous precious metals discoveries within its 25,000 hectares of mineral concessions, all of which are located within the Golden Triangle of northwestern British Columbia.

The Big Missouri Drill Program

The 2023 exploration season at the Big Missouri deposit involved extensive drilling from early August until recently, resulting in the completion of 72 holes totaling 6,539 meters. The highlight of the new assays is a remarkable intercept that represents the highest-grade drilling result on the entire property since 2015. This outstanding intercept measures 691.5 grams per tonne of gold over 0.9 meters, within a broader interval of 98.84 grams per tonne of gold over 6.48 meters from a depth of 51.5 meters. It also ranks as the second highest-grade drill intercept ever recorded at Big Missouri.

Other notable results from the drill program include 22.3 grams per tonne of gold over 9.72 meters from a depth of 58.3 meters, including 98.1 grams per tonne of gold over 1.91 meters, as well as 17.72 grams per tonne of gold over 5.65 meters from a depth of 21.4 meters, including 31.9 grams per tonne of gold over 1.6 meters.

“The interception of some of the highest-grade gold mineralization in Ascot’s history comes at an opportune time with the underground mine development at Big Missouri already underway,” said Derek White, the president and CEO of Ascot, in a press release. “We are eager to exploit this material early in the mine life, especially the 692 gram-per-tonne intercept from hole P23-2490, which is located in an area scheduled for mining next year.”

Market Response

Investors and traders have responded positively to Ascot Mining’s impressive assay results. The news of the high-grade intercepts has pushed the company’s stock price up by 9.2%, reflecting the market’s enthusiasm for the gold discovery. Ascot Mining currently boasts a market capitalization of C$228.7 million ($167.3 million), solidifying its position as a key player in the industry.

Overall, Ascot Mining’s recent drilling success has not only boosted shareholder confidence but also heightened interest in the potential of the company’s mineral concessions located within the coveted Golden Triangle. With promising results continuing to unfold, investors and traders are keeping a close eye on Ascot Mining as it forges a path towards further exploration and development.