News Release: November 6th, 2002
Drilling Commenced on La Sarda (Yago)
Mr. Ken Carter of Ascot Resources Ltd. has advised
Almaden that drilling has commenced on the La Sarda gold project
in Nayarit, Mexico. Ascot has completed a gradient array IP
(induced polarization) geophysics survey on the La Sarda and
Yago grids. The two large geophysical grids covered three of
four principal veins in the La Sarda mine area, and the Guadalupe,
La Tejona and La Korina vein systems in the Yago area to the
south.
At La Sarda the three northeast-striking veins
surveyed to date were mapped very effectively by gradient array
IP and traced approximately 200 metres beyond their last known
exposures. The data suggest that all three vein structures remain
well defined over a strike length of 900 metres and are open
for extension to the northeast. In the Yago area, south of La
Sarda, the IP data appear more complex. On the west side of
the grid geophysics traced the north-south striking Guadalupe
vein over a distance of approximately 400 metres and defined
a large area of very high resistivity corresponding to the La
Tejona and La Korina vein structures.
Approximately 3,000 metres of drilling in
15 holes is planned to test targets in the La Sarda area and
on the La Tejona structure. The drill will be set up initially
to test La Sarda and then moved onto La Tejona in the latter
part of the program. It is expected that drilling will take
approximately two months to complete.
Under terms of an agreement with Almaden Minerals
Ltd. and its wholly owned Mexican subsidiary, Minera Gavilan
S.A. de C.V., Ascot Resources Ltd. may earn a 60-per-cent interest
in the La Sarda-Yago property by incurring exploration expenditures
of US$2,000,000 and issuing 500,000 shares of Ascot to Almaden.
Ascot has already issued 200,000 of its shares
to Almaden and is committed to expending US$400,000 on exploration
by May 1, 2003.
ON BEHALF OF THE BOARD
OF DIRECTORS
Duane Poliquin
The Toronto Stock Exchange
has not reviewed nor accepted responsibility for the adequacy
or accuracy of the contents of this news release which has been
prepared by management. Statements contained in this news release
that are not historical facts are forward looking statements
as that term is defined in the private securities litigation
reform act of 1995. Such forward -looking statements are subject
to risks and uncertainties which could cause actual results to
differ materially from estimated results. Such risks and uncertainties
are detailed in the Company's filing with the Securities and
Exchange Commission.
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