The Yellowstone occurrence lies east of the Salmon River Glacier, on the west slope of Mount Dilworth. Host rocks consist of volcanic breccia and andesite tuff, with interbedded siltstone, argillite and conglomerate of the Lower Jurassic Unuk River Formation (Hazelton Group). The area lies within the Portland Canal dyke swarm, which consists generally of granodiorite/quartz diorite dykes, cutting the volcaniclastics and mineralized veins.

An adit exposed a 6-metre-wide quartz vein, mineralized with galena, pyrite and minor pyrargyrite. The vein, which dips steeply and trends east-northeast, is likely a continuation of the Forty Nine occurrence (104B 038). A sample across the vein assayed 13.9 grams per tonne gold (Minister of Mines Annual Report, 1923). This occurrence is situated within an alteration zone characterized by sericite, carbonate, and gossanous pyrite.

The Yellowstone claim was newly acquired by Ascot Resources at the end of 2007. Drilling in 2008 targeted a northwest southeast trending silicified and mineralized zone identified early in the 2008 field season. The feature is well trenched by historical prospectors and mapped.

According to Gerry Rey, the southeast trending, contiguous Yellowstone and Forty-Niner (49er) zones represent the most extensive and prominent linear area of alteration on Map 1-2008 (Assessment Report 31000). The combined zones total 650 to 700 metres in strike length and locally reach up to 80 metres in outcrop width. The northern portion, the Yellowstone, is respectively bounded to the north and south by the east-west striking Paulette and Swiss Chalet faults, but southeast of the latter structure the alteration continues as the 450-metre-long Forty-Niner zone. The latter zone appears to terminate against the east west striking Forty-Niner Fault, which has also controlled a swarm on younger Unit 4 dikes. The two zones are characterized by strong to very strong pervasive silicification, as well some spectacular quartz stockwork veining, and variable amounts of iron, zinc and lead sulfides (pyrite, sphalerite and galena). The two zones are believed to be steeply dipping.

Microscopic studies indicate gold and silver is hosted as electrum galena-antimonpearcite intergrowths. Rare native silver is seen in drill core

Drill hole HL08-14 yielded 19 metres grading 0.74 gram per tonne gold, 143.0 grams per tonne silver, 0.10 per cent lead and 0.23 per cent zinc (Assessment Report 31000).

The Chalet, Gerry's, Snow, Hammer and Paulette zones are included with the Yellowstone as they all occur within a few hundred metres of the older Yellowstone prospect (Figure 4b, Assessment Report 31000).

Paulette mineralization mostly comprises zones of massive pyrite that may contain trace to minor amounts of chalcopyrite, galena and sphalerite. Mapping on the Paullete suggests this may be the western extension of the strongly mineralized Yellowstone trenches to the east. In 2008, sampling of a trench (T08-12) located on the Paulette zone yielded 1.4 grams per tonne gold and 12.3 grams per tonne silver over 11.00 metres, while drilling yielded intercepts including 1.24 and 9.48 grams per tonne gold over 11.50 and 2.00 metres, respectively, in holes HL08-59 and HL08-60 (Christopher, P.A. (2009-08-03): Technical Report on the Premier Gold Project).

The Hammer area is marked by several areas of silicification with irregular stringers and stockworks that are unusual in containing some pyrite ± arsenopyrite mineralization. Drilling on the Hammer in 2007 indicated good gold silver intersections but little was understood about the shape of mineralization. Hammer drilling in 2007 intersected 12 metres containing 1.3 grams per tonne gold and 210 grams per tonne silver, 11.83 metres of 1.5 grams per tonne gold, and 6 metres of 3.5 grams per tonne gold (Assessment Report 29918). In 2008, sampling of a trench (T08-40) located on the Hammer zone yielded 8.35 grams per tonne gold, 494.4 grams per tonne silver, 0.25 per cent lead and 0.44 per cent zinc over 4.00 metres, while drilling yielded intercepts including 1.22 and 3.75 grams per tonne gold with 30.2 and 10.6 grams per tonne silver over 10.70 and 4.20 metres, respectively, in holes HL08-36 and HL08-61 (Christopher, P.A. (2009-08-03): Technical Report on the Premier Gold Project).

The Chalet zone was one of the more of the more successful areas drilled in 2008. Pyrite galena and sphalerite, coarse grained and banded, occurs in a very strongly silicified breccia zone. Drilling on the Chalet zone yielded intercepts varying from 0.65 gram per tonne gold and 76.6 grams per tonne silver over 31.50 metres in hole HL08-03 to 10.96 grams per tonne gold and 304.0 grams per tonne silver over 1.00 metre in hole HL08-47 (Christopher, P.A. (2009-08-03): Technical Report on the Premier Gold Project).

Gerry’s holes targeted Gerry’s trench. Both holes drilled in 2008 intersected a wide low-grade zone that correlates with the surface sampling. Gerry's zone is located in a finger of altered andesite that is part of the same alteration body as the Forty Nine Zone, 600 metres to the southeast. In 2008, sampling of a trench (T08-66) located on the Gerry’s zone yielded 1.13 grams per tonne gold, 33.4 grams per tonne silver, 0.71 per cent lead and 0.96 per cent zinc over 10.00 metres, while drilling yielded intercepts including 0.50 gram per tonne gold and 8.7 grams per tonne silver over 70.82 metres in hole HL08-46 (Christopher, P.A. (2009-08-03): Technical Report on the Premier Gold Project). Similar to the Forty Nine showing, results from 2 2010 holes indicated wide zones of low-grade gold mineralization.

The Snow Show is part of the larger alteration zone extending from the Forty Niner adit to Gerry’s area. This area has several mineralized zones and complex geology, including discontinuous slices of Premier Porphyry. In 2008, sampling of a trench (T08-11) located on the Snow Show zone yielded 0.34 gram per tonne gold and 38.9 grams per tonne silver over 6.00 metres, while drilling yielded intercepts including 0.72 gram per tonne gold and 10.2 grams per tonne silver over 30.00 metres in hole HL08-24 (Christopher, P.A. (2009-08-03): Technical Report on the Premier Gold Project).

Quartz breccias or siliceous breccias are often associated with quartz-sericite-pyrite (QSP) alteration halo and represent silica flooding, silicification and intense quartz stockwork which contain a majority of the precious metal mineralization of a low sulfide to transitional epithermal precious metal nature. Originally, siliceous breccias were interpreted as a sedimentary horizon of cherty tuff exhalite origin by Westmin due to their textures and erratic nature. They are now considered to be a secondary process of quartz alteration of Andesites or Premier Porphyries. Quartz breccias show consistent continuity in the Big Missouri, the Martha Ellen, and the Dilworth areas and in the Premier Mine area.

Various styles of alterations are recognized in these areas: quartz-sericite-pyrite (QSP), potassic, chlorite, hematite, carbonate, and secondary biotite alterations. Mineralization is mainly hosted in breccia bodies, also in quartz stockwork and veining. Quartz breccias can display multiple phases of silicification with up to five to six sequences of silicification noted in some breccias. Zoning of alterations halo could sometimes be present in the proximity of siliceous breccia bodies transiting from sericite/silica alterations to sericite/potassic alterations and to distal chlorite alteration. Pyrite mineralization appears related to quartz veins and zones of intense silicification with base metals observed as sphalerite and galena and lesser amount of chalcopyrite, tetrahedrite, and sulfosalt. Native silver and gold and electrum have occasionally been seen in high angle quartz veins and quartz breccia bodies. The styles of alterations, mineralization, and brecciations in the Premier Mine area and the Big Missouri, the Martha Ellen, and the Dilworth areas are very similar. One difference appears to be the alteration and mineralization tend to be more focused and grades are typically higher in the Premier Mine area and in the Martha Ellen area and are relatively more widespread with greater quartz stockwork in the Big Missouri and the Dilworth areas.

MINERAL INVENTORY RESOURCE

In 2014, an updated resource compiled by Ronald G. Simpson, P.Geo, of the GeoSim Services Inc. was released based on the additional of 146 DDH for a total of 25742.88 metres completed in the 2013 drilling program and included the Big Missouri, Martha Ellen and, for the first time, Dilworth deposit areas. The Dilworth contains 23,298,000 tonnes in the indicated category grading 0.48 gram per tonne gold and 8.8 grams per tonne silver and; in the inferred category, the Dilworth contains 41,377,000 tonnes grading 0.45 gram per tonne gold and 6.1 grams per tonne silver (Press Release, Ascot Resources, March 31, 2014).

See Big Missouri where resources for the Big Missouri (104B 046), Martha Ellen and Dilworth (104B 039) deposits are combined and form a larger TOTAL resource reported on it MINFILE Inventory module.

WORK HISTORY

The Yellowstone group was prospected from about 1911 by owners D. Lindeborg and associates. In 1914 the claims were under option to the Canadian Mining and Exploration Company Limited and surface exploration was done in shallow shafts and trenches; the option was subsequently dropped. In 1917 the property consisted of the Yellowstone, Butte, and Old Timer claims, owned by Bill Murphy and the Stevenson Estate, of Hyder, Alaska. Mr. Murphy carried on assessment work for several years; an adit was begun in 1923 but its final length is unknown. A survey of the Forty Nine group showed much of the open cutting and stripping by the owners of the Yellowstone group was done on Forty Nine ground. The Yellowstone claim (Lot 4031) was Crown-granted to Laura McEwan & associates in 1925.

The Dickens and Dawson claims, later part of the Forty nine group, were under bond to the Pacific Coast Exploration Company, Limited in 1910. Exploration work consisted of open cuts and 7.6 metres of tunnel. The Forty Nine group was owned by Dan and Andy Lindeborg in 1917. The Forty Nine Mining Company Limited, formed in 1919, purchased 9 claims from the Lindeborgs, including the Forty Nine, Oxidental, Fellowstone Fraction, Dickens, Darwin, Dumas, Chicago, Boston, and Million Dollar Fraction (Lots 4023-4030 and 4034). Work 3y the company included driving two adits. The main adit consists of some 85.3 metres of drifts and crosscuts. The adit on the Oxidental claim was driven on the vein for 29 metres. This work failed to develop any ore of importance. No further work was done until 1922 when the Oxidental adit was extended to a total length of 35 metres.

The Premier Gold Mining Company, Limited did considerable diamond drilling on the Forty Nine, Chicago, and Oxidental c1aims in 1925 but details of this work are lacking. The Northland Mining Company, Limited after relinquishing its bond In the Troy group in 1926 took over the Bank group of 9 claims, lying between the Troy and the Forty Nine properties, and promoted it under the name Forty Nine Extension. No work was reported on this property.

In 2005, a total of 48 samples were taken from various outcroppings and showings on tenure 410699 (Dickens claim) and 407410 (Helen claim) on behalf of owners Rick Kasum and Julia Wang (Assessment Report 28261). A total of ten 1 metre chip samples were taken from new showings found during the summer program with promising assay results. The Dilworth claim group included Helen (407410), Montana (512200), Dickens (410699), Honda (507105), Kicker (504666), Zip 2 (507144), Zap (507141), Zip (507143), Overlay (518592), Dilworth North Extension (517869)

The 2007 exploration program of Ascot Resources Ltd included aggressive surface sampling and a diamond drill program on the Dilworth property which includes the Kasum option worked in 2005 and claims optioned from Boliden Ltd 250767 (Lindgren), 252193 (Chicago Fraction), 255400 (49), 255401 (Oxidental), 255402 (Chicago), 255403 (Yellowstone), (Assessment Report 29918). Drilling consisted of 36 BQ sized holes totaling 4854.96 metres. The areas drilled include the Chicago, Hammer, 49, Below Helen and Oxidental. Overall drilling results did not yield the same moderate to high grade gold numbers as found on surface; however, wide low-grade zones and some high-grade zones were intersected.

The 2008 exploration program of Ascot Resources Ltd. included diamond drilling, Surface rock sampling, geological mapping, a 428.2-kilometre airborne Mag/EM survey and airborne radiometric survey, geochemical sampling including contour sampling, a soil grid and stream sediment sampling of all streams on the west and east sides of the property. Diamond-drilling in 2008 totalled 10885.1 metres in 63 holes.

Ascot Resources Ltd conducted exploration on the Dilworth Property in 2007 and 2008 and subsequently acquired the Premier Gold Property from Boliden Ltd under the terms of a June 12, 2009 option agreement. During 2009 all exploration activity was conducted on the Premier and Big Missouri Properties.

In 2010, the Premier Gold Project comprised of the Silbak-Premier, Big Missouri and Dilworth Properties. The Silbak-Premier and Big Missouri Properties are comprised of 37 mineral tenures, 3 mining leases and 170 crown granted mineral claims covering a gross area of 7442.63 hectares. All claims are owned by Boliden Ltd. Ascot Resources Ltd acquired its interest in the Premier Property from Boliden Limited under the terms of an option agreement dated June 12, 2009. Ascot must also exercise its option to purchase the mineral claims of the Dilworth Property under the 2007 option agreement.

In 2010, drilling and sampling program at the Premier Gold Project was successful as the mineralized zones at the Province and Unicorn Zones continued to expand, and several existing target areas also showed potential for expansion (Assessment Report 32357). Most of the drilling and sampling was along the Big Missouri Ridge where there has been abundant historic work and has the greatest potential for a large zone, most areas investigated remain open in several directions.

In 2010, several zones were investigated on the Dilworth property during the 2010 field season including Sparky, Forty Nine, and Gerry's, which all yielded good results (Assessment Report 32357). The Sparky zone had a series of fan holes, which except for late-stage dykes, showed strong mineralization throughout their lengths; mineralization appeared confined between dikes.

In 2011, Ascot Resources Ltd drilled 36,318 metres on the Big Missouri and Dilworth properties. The 150-hole program tested bulk tonnage and high-grade underground gold-silver vein targets. The Big Missouri zone (MINFILE 104B 092) was drilled on 50 metres centres in support of calculating an initial resource. Drilling was also completed in the Province (104B 147) and Unicorn (MINFILE 104B 044) in the Big Missouri area following up lower grade gold intercepts.

In 2012, Ascot Resources Ltd conducted a significant drilling program spread across three areas: Big Missouri (MINFILE 104B 046), Martha Ellen (MINFILE 104B 092) and Sparky zone in the Dilworth (104B 039). A resource estimate for the Big Missouri area utilizes drilling data from 2009 to 2011 was released in May.

In 2013, Ascot Resources completed 25,742 metres of drilling in 145 holes spread between Premier (104B 054), Martha Ellen (104B 092), Province, S1 and Unicorn zones. Drilling successfully expanded and confirmed bulk-tonnage and high-grade underground gold-silver targets. Ascot released an increased resource estimate for the Big Missouri, which included Martha Ellen (104B 092) data.

In 2014, Ascot Resources Ltd. continued drilling at the Premier and Big Missouri gold projects. Drilling of a multiphase program consisted of 36,672 metres in 169 holes. The work identified a new area of mineralization at Big Missouri before focusing on zones around Premier. A resource estimate for the Big Missouri (including the Dilworth, Martha Ellen and Big Missouri deposits) was released this year.

In 2015, Ascot Resources completed 40,892 metres of diamond drilling in 198 holes on its combined Premier-Big Missouri-Dilworth property. Broader high-grade gold zones were also intercepted, in particular at the Lunchroom subzone (Premier mine area) where hole P15-914 yielded 14 metres averaging 113.53 grams per tonne gold (Exploration in British Columbia, page 133). Hole P15-846, in the Lunchroom subzone, yielded several multi-ounce intersections, resulting in an uncut average of 11.12 grams per tonne over the entire length of the 118.27-metre drill hole (Press Release Ascot Resources, September 4, 2015). The most spectacular of these intersections was a one-metre interval which graded 880 grams per tonne gold (Press Release Ascot Resources, September 4, 2015).

In 2016, Ascot Resources Ltd drilled 69,123 metres in 279 holes at the Premier gold-silver project.

In 2017, Ascot Resources limited carried out 118,800 metres of drilling in 379 holes. Focus was on the Northern Lights area where the Ben and Prew subzones were discovered. Also tested was the Premier area near Subakwe and the areas between Big Missouri and Martha Ellen and areas west of Martha Ellen. The Premier project is under option from Boliden Ltd and Ascot was to acquire 100 per cent of the project by making a payment of $4.775 million on or before June 30, 2017

The Premier property covers more than 100 square kilometres near the town of Stewart in northwest BC. The property is long and narrow, extending more than 22 kilometres north to south. The Premier mine is located at the south end of the property, roughly 7 kilometres south of the three deposits Ascot has outlined at Premier (104B 054), which are known as Big Missouri, Martha Ellen, and Dilworth, centred around Yellowstone. Refer to all these occurrences for further information including bibliographic.

In 2018, Ascot Resources Ltd. completed a drilling program comprising 171 holes, totalling 27,681.2 metre, on the Premier, Big Missouri and Martha Ellen occurrence and an induced polarization survey to the north and south of the Premier occurrence and between the Big Missouri and Silver Coin occurrences.

In November 2018, an updated mineral resource was reported for the Dilworth (Yellowstone) deposit was reported 235,000 tonnes inferred grading 6.13 grams per tonne gold and 56.0 grams per tonne silver, using a 3.5 grams per tonne gold equivalent cut-off (Rennie, D.W. (2019-01-17): Technical Report on the Premier Project).