As gold prices continue to run higher, another company that should benefit from this is Ascot Resources Ltd. (TSX:AOT) (OTCQX:AOTVF). This Canadian-based junior exploration and development company’s primary focus has been on re-starting the past producing Premier gold mine, located in British Columbia’s prolific Golden Triangle.
Today, the Company announced some exciting assay results from its Premier Gold Project’s remaining 2021 drill program. The drill holes targeted areas of early stopes at the Big Missouri deposit with the aim of refining stope geometry and orientation in addition to expanding stope shapes and gathering additional grade information.
According to the press release, the drill holes intercepted gold mineralization at or near defined stope shapes with multiple high-grade assays as high as 184.5 g/t gold. The major highlights from the drill results included: 27.52 g/t Au and 11.40 g/t Ag over 8.00m and 36.36 g/t Au and 24.1 g/t Ag over 4.65m.
President and CEO of Ascot commented, “Big Missouri is the first deposit Ascot is planning to mine this year and these high-grade drill results will assist the Company in optimising initial mining activities. It is encouraging to see that the projected stope shapes have been generally confirmed, and in many cases extended, as we suspected they would with additional drilling.”
Ascot Resources Ready To Start Mining Operations
The Company has already made considerable progress on pre-construction and early works activities from last year. Now that it has received the final operating permit for the Premier Gold Project, the Company is all set to begin mining. It’s also important to note that on February 14, 2022, Ascot entered into an agreement with a syndicate of underwriters, including Desjardins Capital Markets and BMO Capital Markets, who agreed to buy on a bought deal basis approximately C$56 million of common shares of the Company. The net proceeds from the sale are intended to be used for capital costs at the Premier Gold Project where the plan is to to ramp up full-scale construction activities in April 2022.
