The project area has had human activity for over 100 years and the deposit was discovered by the Duval Corporation in 1969 and was actively explored from 1971-1980. By 1980, a total of 105 diamond drill holes totaling 20,729 metres had been completed including exploration programs and mine/metallurgical studies. Duval established a historic resource in 1986 Geological Resources for the Mt. Margaret deposit and are referenced in CIM Special Volume 37 as well as several USGS and GSC databases. The historic geological resource is “non 43-101 compliant” stated by Duval, dated 1980 (Taylor) using a 0.33% Cu Eq cutoff (as show in the table below). Ascot has not completed the work necessary to have the historical estimate verified by a Qualified Person as a current mineral resource or mineral reserves estimate. The Company is not treating the estimate as a current NI-43-101 defined resource or reserve estimate and the historical estimate should not be relied upon. There is no current economic evaluation that demonstrates the potential economic viability of the stated resources.
|Mt. Margaret Geological Resource* –Source (CIM Special Volume 37, 1986)|
|All are non “43-101”||Tonnes||Cu Grade|
|Geological Resource (Duval 1980)||523.0 MT||0.36||0.011||0.24||1.6||0.33% CuEq||0.56% Cu|
Geological Resources for the Mt. Margaret deposit are referenced in CIM Special Volume 37 as well as several USGS and GSC data bases. These historical resources estimates predate the implementation of National Instrument 43-101 (“N3-101”) guidelines and are not compliant with current accepted reserve and resource classifications as set forth by Canadian Institute of Mining and Metallurgy, Aug, 20, 2000 (CIM Guidelines).