Total proceeds, totalling approximately C$52 million ($37m), will be used by Ascot to resuscitate its Premier gold project in British Columbia’s Golden Triangle, which made its first pour in April of this year and was initially targeted for commercial production in the third quarter.
However, in September, the company revealed that the Northern Lights and Big Missouri deposits have not been advancing on schedule, leading to insufficient ore feeds to the Premier mill and missed production targets. As a result, it decided to place the Premier project on care and maintenance until further development is completed, which at the time was estimated to take 3-6 months.
“This financing package will enable the company to undertake the mine development activities necessary to advance PNL and BM in order to sustainably provide feed to the mill,” Ascot CEO Derek White said in the Oct. 21 news release.
“While the…
