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Ascot Resources Jumps On High Grade Gold Results In B.C.

Ascot Resources (CVE:AOT) rose to its highest share price in seven months as the company said it drilled 23.72 metres of 5.09 grams per tonne (g/t) gold at the Martha Ellen area at its properties near the town of Stewart in northwestern British Columbia.

The hole is part of a campaign of 20,000 metres of drilling at the sites, with 13,000 metres completed thus far. Drilling is continuing to expand and confirm the property potential for bulk tonnage and higher grade underground gold/silver targets, according to the Vancouver, British Columbia-based company's statement released Thursday.

Drilling will continue at the Premier and Dilworth properties, on which Martha Ellen is located, with three rigs until the end of the season. Results will continue to be released as they are received.

"Drilling to date at Martha Ellen is demonstrating good continuity, particularly to the north in areas never historically drill tested. Results from this release indicate grades as good as or better than the historic tested area," said Ascot in its release.

As the season progresses, the company added that the drills will be relocated into the Big Missouri area with lower elevations and better road access, which will allow "cost effective" drilling into the fall season.

Shares of Ascot climbed over 15.5 per cent to $1.04, the highest level since mid-February of this year. Its stock has declined more than 28 per cent year-to-date.

The mineral exploration and development company also owns the Mt Margaret property in Washington, U.S., and the Swamp Point sand and gravel deposit, on the Portland Canal in northwestern British Columbia.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.