Ascot Resources Ltd. announced the first 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. These results are from surface drilling for in-fill and exploration purposes at the Prew Zone in the Premier deposit, southeast of the Premier mill.

For the 2023 exploration season, drilling started on the Prew Zone, where mining is planned to begin at the Premier deposit. After completing 16 holes at Prew, drilling shifted to Big Missouri, and later will shift to the Day Zone. Pending weather conditions in the fall, drilling may shift back south to Premier and Sebakwe.

This release summarizes results from the first four holes totaling 1,309 metres drilled from one pad targeting the Prew Zone. The exploration program at the Prew Zone consisted of 16 drill holes for a total of 5,355 metres from two pads located between the Premier mill and the old Premier pit. 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.

The first four drill holes from this year?s program targeted the eastern part of the Prew Zone, and mineralization was generally encountered at expected depths with two outstanding zones of mineralization in the direct projection of existing stope designs up dip (hole P23-2465) and along strike (hole P23-2468), respectively. One new pierce point inside a stope shape encountered a younger dike and one projected pierce point intercepted a base metal zone with anomalous gold. Assays are pending for the remaining 12 holes drilled at the Prew Zone, including hole P23-2480 which intercepted visible gold from a depth of 292 metres.

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.