From GlobeNewswire: 2024-05-13 17:17:00

Ascot Resources Ltd. is pleased to announce unaudited financial results for Q1 2024 and provide a construction update on their Premier Gold Project on Nisga’a Nation Treaty Lands in British Columbia’s Golden Triangle. Commissioning of the processing plant is ongoing, with first gold poured on April 20, 2024. Total construction is 98% complete, with commercial production expected in Q3 2024.

The Company closed a financing package for US$50 million and a bought deal private placement for $28,751 on February 20, 2024, to support the completion and ramp-up of the Premier Gold Project. With 98% completion of construction, the project remains on schedule and within the budget of approximately C$339 million.

Safety remains a key focus, with no lost time injuries in Q1 2024. Minor increases in recordable injuries and property damage are being addressed through standard operating procedures, training, and job hazard analysis. The site is transitioning from construction to operations, with a focus on preventing incidents and training for operational teams.

Mechanical and electrical work in the mill is nearly complete, with a focus on commissioning, ramp up, and completing minor deficiencies. The tailings storage facility has been expanded, and earthworks will focus on raising the spillway dam and preparing for further construction. The water treatment plant, high-density sludge circuit, and MBBR circuit are advancing towards full operation.

Mine development by Procon Mining & Tunnelling is progressing at two portal areas, with approximately 2,710 meters of development at Big Missouri and 150 meters at Premier by the end of Q1 2024. Procon has encountered high-grade material occurrences at Big Missouri and addressed issues related to near-surface structure and weak ground at Premier Northern Light portal.



Read more at GlobeNewswire:: Ascot Reports First Quarter 2024 Results