Ascot Resources Ltd. (TSX: AOT | OTCQX: AOTVF) has announced the company’s unaudited financial results for Q1 2023 and has provided a construction update on the company’s Premier Gold project, located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.
Derek White, president and CEO, commented, “As a result of the construction financing closed earlier this year, and also the momentum started with last year’s construction season, work crews have hit the ground running in the first quarter of 2023 with much progress being made in many areas.”
Ascot reached many milestones in Q1 2023, including the closing of a previously announced financing package for completion of construction of the Premier Gold project. The financing package consists of US$110M as a deposit in respect of gold and silver streaming agreements, and a strategic equity investment of C$45M.
The Premier site was preserved and winterized in late 2022. The company recommenced its construction activities in early 2023 by re-mobilizing various construction contractors to site to complete the remaining scope on mill construction and piping. Construction of the new water treatment plant began in Q1 2023. Earthworks on tailings and the construction of the new water treatment plant will commence in Q2 2023 once the snow has melted.
Ascot also reorganized its board of directors by adding two new members: José Néstor Marún and Stephen Altmann, both of whom were appointed pursuant to the recent strategic investment with Ccori Apu S.A.C. Ascot’s board maintains its size of seven directors.
The company published its second annual sustainability report, which will continue to evolve as Ascot progresses from development into production next year.
In the following month, the company closed a previously announced non-brokered private placement. The offering raised total gross proceeds of C$4,050,000 and consisted of 5M common shares of the company, which qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada), at a price of C$0.81 per FT Share.
Finally, Ascot announced a 2023 exploration programme at PGP. The programme consists of an initial 10,000m of surface drilling. An additional 4,000m of drilling have been budgeted and will be deployed towards surface and underground drilling depending on results of the initial 10,000m.
“As of Q1 2023, detailed engineering stands at 99% complete, major procurement is over 95% complete, and project construction excluding mine development is at 35%.” Added Derek.
To find out more, please visit www.ascotgold.com
