Ascot Resources Ltd. announced an updated Resource Estimate for the Premier Gold Project (“PGP”) including the Silver Coin, Big Missouri and Premier deposits. The Company, previously released an updated Red Mountain Project (“RMP”) Resource Estimate dated November 22, 2019. Resources at Premier Gold Project contained precious metals are: Indicated Category: 1,066,000 ounces of gold and 4,669,000 ounces of silver; Inferred Category: 1,180,000 ounces of gold and 4,673,000 ounces of silver; Ascot’s combined resources for the Premier1 and Red Mountain2 Projects have total contained precious metals as follows: Measured & Indicated Category: 1,849,000 ounces of gold and 6,824,000 ounces of silver; Inferred Category: 1,250,000 ounces of gold and 4,769,000 ounces of silver. Since late 2017, Ascot management turned its focus towards developing high-grade underground resources. Starting with limited high-grade underground resources, Ascot now has a substantial amount of high-grade resources from four deposits, which could feed the centrally located Premier mill. In 2019, the Company completed over 53,000 metres of drilling, of which 43,000 metres was focused on an infill drill program to improve the confidence level and classification of the Premier Gold Project resource from the Inferred Category to the Indicated Category. The Company now has an updated NI 43-101 compliant Resource Estimate for the Premier Gold Project based on this drilling. All drilling at the Premier Gold Project to date was undertaken from surface which is less expensive than underground drilling. A significant portion of future infill programs will likely be conducted from underground. The reduction in Inferred Resources at Premier was a result of the upgrading a portion of the Inferred Resource to the Indicated category. The remainder of the resource in the Inferred Category is available to be upgraded to the Measured and Indicated Categories with a future drill program. In August of 2019, the Company engaged Ms. Sue Bird, P.Eng. of Bird Resource Consulting Corp. (“BRCC”) to prepare an updated Mineral Resource estimate for the Premier Project. The new estimate incorporates the drill results form the 2019 field season and required an update to the modeled mineralized zones and the modelling methodology for Premier, Big Missouri and Silver Coin to accommodate the results from the new drill holes in these three areas. Methodology: The Resource Estimate is based on 4,692 drill holes (2,253 Ascot holes) for in excess of 735,000 metres of drilling (Ascot holes account for 507,000 metres of that total). The geological models for all five deposit areas at PGP consist of interpreted shapes of mineralized zones and of post-mineral porphyry dikes and faults. Mineralization within each of the deposits is interpreted to have been emplaced by sub-vertical structures which acted as conduits to fluid flow. In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), an updated technical report for the Premier Project will be filed on SEDAR and the Company’s web site within 45 calendar days of this disclosure. The mineralized zone shapes have been built as AuEq grade shells which conform to the general strike and dip of the geologic modelling. Grade shells have been created by manual tagging of assay intercepts with an AuEq grade of equal to or greater than approximately 2.0g/t AuEq and a possible true thickness of greater than 2.0 m to 2.5 m. This has been done to include intercepts below the resource cut-off grade of 3.5g/t AuEq in order to increase continuity of the mineralized solids, and to include internal dilution in the interpolations. The tagged intercepts were then used with the Implicit Modelling Tool in MineSight (MSIM®) to create solids of mineralized shapes. A total of 83 zones for Big Missouri, 99 zones for Premier, and 90 zones for Silver Coin have been re-modelled for the Resource update, with Martha Ellen and Dilworth remaining the same as the January, 2019 Resource. Assay sample lengths varied across the drill programs with the majority of sampling being at one metre intervals within the potentially mineralized zones. Therefore, a base composite length of one metre has been used for all three deposits. Assay data has been coded with a domain value corresponding to the mineralized shapes prior to compositing and the domain code has been honoured during compositing and interpolating. Any assay interval within a domain that was less than 0.5 m was composited with the interval above it, resulting in a length range from 0.5 m to 1.5 m. Block dimensions are 3m x 3m x 3m. The block model is defined as a Multiple Percent Model, with up to two mineralized zones per block and two associated block percent items. Variogram modelling was not effective at defining anisotropy due to varying orientations of the mineralized zones, and to the multiple stacked lens nature of the mineralization, resulting in too few data pairs in each zone. Therefore, the orientation of anisotropy has been obtained from the orientation of the zone itself. Interpolation has been done using five passes of inverse distance cubed (ID3) in all cases. The blocks were classified according to CIM (2014) definitions as follows: All Classified material must be within a modeled shape with a minimum minable true thickness of 2.5m. Blocks within an anisotropic search ellipse with dimensions of 100mx100mx15m are assigned a preliminary classification of Inferred. Indicated blocks are required to meet at least one of the following criteria: The average distance to the nearest 3 drill holes is less than 35m with none further than 35m, and there are samples from at least 2 “split quadrants to limit any potential extrapolation, or the average distance to the nearest two drill holes is less than 17.5 m, and there are samples from at least 2 “split quadrants”, or the distance to the nearest drill hole is less than 10m and at least 2 drill holes have been used in the estimate. A cut-off grade of 3.5 g/t AuEq was applied to the block model for reporting of Mineral Resources.