The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
AOT: TSX-V
President and CEO: John A. Toffan
Chief Financial Officer: Robert A. Evans
Ascot Resources Ltd., a junior exploration and development company formed in 1986, holds four major properties - the Swamp Point sand and gravel deposit on the Portland Canal in northwestern British Columbia where it suspended the project in 2008 due to a downturn in the aggregate market; the historic Premier Gold Mine and Dilworth contiguous properties located about 25 kilometers, or 16 miles, north of Stewart, B.C., in the Cassiar Mining District, where Ascot holds options to acquire 100 percent interest in both; and the recently acquired Mt. Margaret property, prospective for copper and gold, in Washington state. The Premier and Dilworth claims are prospective for gold and silver.
In 2009 drilling, Ascot confirmed the potential for bulk tonnage and higher grade underground gold targets at Premier that are analogous to the system historically mined with a C$1.7 million drill program.
Premier produced 2.11 million ounces of gold and 44.24 million ounces of silver from 8.64 million metric tons of ore.
Due to an unusually low snowpack in northwestern B.C. last spring, Ascot started drilling on the Premier property in early May, several weeks earlier than previously planned, using a portable fly drill it purchased in 2009.
In late May, the junior brought in a second rig capable of drilling deeper holes (up to 800 meters of NQ).
Ascot purchased the larger rig in March to assist with the aggressive 2010 exploration program it planned for Premier.
The junior budgeted C$4.0 million for a drill campaign of about 100 diamond drill holes covering 20,000-25,000 meters.
Cash and short-term deposits: C$8.37 million (at June 31, 2010)
Working capital: C$3.22 million (at March 31, 2010)
(raised C$7.5 million in private placement in May 2010)
Market capitalization: C$48.05 million (Sept. 17, 2010)
475 Howe St., Suite 420 Vancouver, B.C.
Canada, V6C 2B3
Tel: 604-684-8950 Fax: 604-684-9877
Reader Comments(0)