Ascot Resources Ltd. (TSX:V.AOT, Stock Forum) said its ongoing 2012 exploration program at Premier, located in British Columbia, continues to expand and confirm the property has potential for both bulk tonnage and underground gold/silver targets.
The Premier Gold mine, north of Stewart, is a historical producer of 2 million ounces of gold and 42.8 million ounces of silver, until operations were suspended in 1996.
According to the press release, wide zones of gold and silver mineralization continue to be encountered in many of the areas demonstrating bulk tonnage potential in a generally flat sheet like orientation. A total of 18,935 metres were drilled in 88 holes.
Highlights from the first 55 drill holes include 6.89 grams per tonne gold at 42 metres, 5.04 grams per tonne gold at 33 metres, 54.4 grams per tonne silver at 33 metres and 32.8 grams per tonne silver at 23 metres.
On Wednesday, Ascot was up 6% and was trading at $0.86 a share. The company has a market cap of $68 million, based on 79 million shares outstanding. The 52-week high and low was $1.57 and $0.78 respectively.