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 Fri Jun 7, 1996
Excerpt from KBFR May-June 1996
    Publisher: Kaiser Research Online
    Author: Copyright 1997 John A Kaiser

 Excerpt from KBFR May-June 1996

June 7, 1996

Flow-Thru Candidates: the Anti-Promoters

John Toffan is an anti-promoter whose companies slowly but surely evolve. Ascot Resources Ltd (AOT-V: $0.90) has been a plodding tortoise which is getting a fresh injection of energy through a private placement of 2,250,000 special warrants at $0.90 brokered by Yorkton and T Hoare, the folks who brought us Timbuktu. But unlike Timbuktu, Ascot's destiny is in the hands of a top-notch geologist called Ken Carter, who, had he been working for Timbuktu, would never have permitted the information flow to be handled as it was.

Ascot is a dual focus company with projects at home and abroad. This summer Ascot will conduct a drill program on the Shapio Lake prospect in Labrador east of the Harp lake Complex. Surface sampling last year picked up gold in quartz vein mineralization within a diorite sill. It's not an elephant target, but you never know to what it might lead. The other Canadian project that needs a $1 million winter drill program is the Victoria Island 75:25 JV with Major General, where indicator mineral sampling has identified at least one kimberlite target. This project could get funded through a second flow-thru wave financing.

The primary focus for Ascot is West Africa, where Ascot has acquired concessions in Burkina-Faso. A 2,000 m drill program is underway on a 1,000 m by 200 m gold zone on the Koupela permit. Like most promising prospects in Burkina-Faso, this zone of pyritic quartz sericite schist has been the site of artisanal gold mining. This drill program could generate hot numbers that put Ascot on the map.

The wildcard for Ascot is a project Ken Carter has been quietly developing with several people formerly associated with African mining companies. Carter has been scouting out possibilities in the Central African Republic, a basketcase African country that recently made the news when the French government had to send in troops to quell an uprising by unhappy, unpaid soliders. The only junior I know that has dared to venture into CAR is United Reef, which until recently has focused on CAR's alluvial diamond and gold mining potential. Carter believes that the northern extension of a Zaire greenstone belt has considerable untapped potential. So far Ascot has not announced any acquisitions, which is just as well in view of CAR's political turmoil. Early birds, however, get the worm, and when the timing is right Ascot will make a move. Given that Ascot has some powerful backers, it is a good defensive stock to own. Ascot can be reached at (604) 684-8950.
 
 

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