Ascot to invest C$20M in Premier re-opening

Ascot Resources Ltd. Jan. 19 announced a C$20-million exploration and development program at its Premier project, a large land package that blankets the historical Premier gold-silver mine in northwestern British Columbia.

In 2016, Ascot carried out a C$5.5 million exploration program that demonstrated continuity of gold mineralization within a proposed pit area at Premier and expanded several high-grade zones within it.

Given this success, the company has budgeted C$13 million for a roughly 120,000-meter drill program aimed at establishing an initial 2-million to 3-million-ounce high-grade gold resource.

In addition to this resource drilling, which is slated to start in March, Ascot plans to complete 20,000 meters of exploration drilling targeting high-grade areas in the northern portions of the property.

In conjunction with this surface work, Ascot has budgeted C$7.3-million for an underground program that includes rehabilitation of historical mine working, as well as new development that will provide access to mineralized zones and establish underground drill stations.

Roughly 27,000 meters of underground aimed at defining reserves in the high-grade Lunchroom, Obscene and 602 zones is planned for this year.

Ascot is seeking to establish an initial reserve of 600,000 to 750,000 ounces of gold in these zones that could be mined in the near term. To support this goal, the 2017 program will also include engineering, environmental, resource and reserve studies.

Initial scoping and environmental studies will also be undertaken.

-SHANE LASLEY