Ascot Resources Ltd. (TSX: AOT | OTCQX: AOTVF) has agreed with Seacan Labs Corp. to acquire its full-service assay laboratory facility in Stewart, British Columbia. The assay lab will be used to perform the testing required by Ascot for mineral exploration, mining operation, and environmental monitoring.
Derek White, president, and CEO, commented, “The acquisition of this fully functioning assay laboratory facility in Stewart is a key component of preparing Ascot for production at the Premier Gold mine. This facility will benefit the project’s full mining life cycle through exploration, production, and environmental monitoring.”
Seacan purchased the assay lab and installed it at the World Port facility in Stewart, BC in early 2022. Previously, Ascot had entered into a service agreement with Seacan, and a portion of Ascot’s 2022 exploration drill assays and environmental testing was completed by Seacan.
The company decided to purchase the lab outright in order to further de-risk the project and minimize external reliance. The company is now in the process of planning for the staffing and operation of the assay lab in advance of targeted production start in the first quarter of 2024.
Total consideration for the transaction is C$3,548,587, consisting of C$500,000 in cash already paid at closing, and 5,692,972 Ascot common shares. The shares will be issued to Seacan according to the following schedule: 36.3% or 2,068,837 shares on 18 January 2024; 27.3% or 1,555,298 shares on 18 May 2024, and the remaining 36.3% or 2,068,837 shares on 18 September 2024.
To find out more, please visit www.ascotgold.com
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