Ascot Drills 199 g/t Gold Over 1.0 m

Ascot Resources (TSX: AOT)

Announced the last remaining assay results from the 2022 exploration drill program at the Company’s Premier Gold Project located in the prolific Golden Triangle of northwestern British Columbia.

Ascot Drilled Its highest grade intercept to date at the Day Zone, 199 g/t Gold Over 1.0 Metre. 

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Ascot Resources

Ascot Resources – Big Missouri portal

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Ascot Resources TSX : AOT
Stage Development
Metals Gold
Market cap C$331 m   @ $0.76
Location Golden Triangle, British Columbia

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Ascot Drills Its Highest-Grade Intercept At The Day Zone: 199 g/t Gold Over 1.0 Metre

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Vancouver, B.C. January 23, 2023 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF)  (“Ascot” or the “Company”) is pleased to announce the last remaining assay results from the 2022 exploration drill program at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

These results are from surface drilling for in-fill and exploration purposes at the Day Zone and the Big Missouri deposit, approximately six kilometres north of the past-producing Premier mill.

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Highlights from the drill results include:

  • 26.56 g/t Au and 10.00 g/t Ag over 8.00mfrom a depth of 42.50m in hole P22-2459 at the Day Zone, including198.50 g/t Au and 59.60 g/t Ag over 1.00m
  • 43.30 g/t Au and 20.90 g/t Ag over 1.50mfrom a depth of 55.00m in hole P22-2460 at the Day Zone
  • 6.13 g/t Au and 2.95 g/t Ag over 8.00mfrom a depth of 38.00m in hole P22-2449 at the Day Zone, including14.70 g/t Au and 4.00 g/t Ag over 2.00m
  • 8.84 g/t Au and 10.45 g/t Ag over 5.07mfrom a depth of 87.93m in hole P22-2464 at the Big Missouri deposit, including21.40 g/t Au and 20.10 g/t Ag over 1.00m
  • 9.11 g/t Au and 10.88 g/t Ag over 4.19mfrom a depth of 92.43m in hole P22-2462 at the Big Missouri deposit, including16.95 g/t Au and 20.90 g/t Ag over 1.14m
  • From a total of 3,761 assays in the 2022 drill campaign, 42 assays (or 1.12%) returned in excess of 10 g/t Au. Those 42 samples average 53 g/t Au.

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Note: True widths are estimated to be between 60% to 80% of reported interval widths.

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This release summarizes the fourth and final batch of assay results from 2022 surface drilling at the Big Missouri deposit, as well as all holes drilled at the Day Zone.

Twelve holes totaling 1,227 metres were drilled from two pads (BM4/22 and BM5/22) at the Day Zone and four holes totaling 495 metres were drilled from pad BM6/22 at the Big Missouri deposit, just south of the S1 Pit where the underground portal is located.

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Derek White, President and CEO of Ascot commented,

“Having recently closed our financing for approximately C$200 million to complete construction of the Premier Gold Project, exploration results such as these are much more meaningful as they continue to reveal high gold grades and new zones of mineralization which could be exploited in the early years of the mine life.

 

“The headline intercept of 199 grams per tonne is the highest-grade interval Ascot has drilled at the Day Zone since its initial discovery in 2020 and aligned well with the predicted orientation of mineralization.

 

“We continue to be impressed with the resource expansion potential and are very excited about the exploration options for 2023 and enhancing the continuity and expansion of resources to the west of Big Missouri.”

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To read the full news release, please click HERE

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.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

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City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

Disclosure

At the time of writing the author holds shares in Ascot Resources.

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.

To read our full terms and conditions, please click HERE




Mining Review 22nd January 2023

Mining Review 22nd January 2023

Copper is up as once again supply concerns emerge as more protests erupt in Peru, constraining production in the second largest exporting country.

Ascot Resources, Calidus Resources, Impact Minerals, Minera Alamos, Orla Mining, and TriStar Gold made news this week.

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TriStar Gold

TriStar Gold team in Para State, Brazil.

 

Mining Review 22nd January 2023

Copper is up as once again supply concerns emerge as more protests erupt in Peru, constraining production in the world’s second largest exporting country. Some protests are targeting mines, with blockades, and arson attacks, the others the government, so it’s a fiery mix.

This is occurring as China is ramping back up their industrial production against a background of low world copper warehouse stocks.

Quite a busy week for news, with Ascot Resources, Calidus Resources, Impact Minerals, Minera Alamos, Orla Mining, and TriStar Gold all making positive this week. Please click the links below for the full story.

 

  Impact Minerals Selected For BHP’s Xplor program

  Ascot Resources Closes C$200m Construction Financing

  TriStar Gold – Corporate Update

  Calidus Resources Finds High-grade Gold at Blue Spec

  Orla Mining Reported Record Quarterly Gold Production of 32,017 Ounces

  Minera Alamos filed Cerro de Oro PEA

  Mining Review 15th January 2023

Read more: http://www.city-investors-circle.com/archives/#ixzz7r263diA1

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Market Data

Metal prices weekly change

(US$ unless stated)

 

Metal prices

Gold price in UK £ £1555 -0.96%
Gold 1926 +0.31%
Silver 23.95 -1.36%
Palladium 1734 -3.51%
Platinum 1051 -2.05%
Rhodium 12200 0.00%
Copper 4.17 +1.46%
Nickel 12.78 +6.41%
Zinc 1.53 +4.79%
Tin 13 +4.33%
Cobalt 21.92 0.00%
Manganese 3.69 +2.79%
Lithium 66047 -0.74%
Uranium 48.95 -2.78%
Iron Ore 123.7 +1.98%
Coking Coal 330 +10.74%
Thermal coal 317 -5.09%
Magnesium 3405 -1.42%

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ETF prices

GDX 32.42 -0.75%
GDXJ 40.27 -0.32%
Sil 31.18 -0.19%
SILJ 11.47 -2.05%
GOEX  (PCX) 28.36 +0.35%
GLD 179.29 +0.30%
COPX 41.28 +0.51%

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Miscellaneous Market Data

Au / Ag Ratio 80.99 +1.00%
10 yr T Bond (TNX) 3.48 -0.88%
2 yr T bond 4.14 -1.90%
US  index (DXY) 101.99 -0.19%
HUI 259 -0.50%

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=======

.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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.

Disclosure

At the time of writing the author holds shares in Ascot Resources, Calidus Resources, and Orla Mining.

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.

To read our full terms and conditions, please click HERE




Ascot Resources Closes C$200m Financing

Ascot Resources (TSX: AOT)

Announced the Company has completed final documentation for a total of approximately C$200 million in project financing for construction of the Premier Gold Project located in the prolific Golden Triangle of northwestern British Columbia. 

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Ascot Resources Premier Mill BC

Ascot Resources Premier Mill B.C.

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Ascot Resources TSX : AOT
Stage Development
Metals Gold
Market cap C$331 m   @ $0.76
Location Golden Triangle, British Columbia

 

Vancouver, B.C. January 19, 2023 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce the Company has completed final documentation for a total of approximately C$200 million in project financing for construction of the Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

As announced in the News Release dated December 12, 2022, the finance package consists of  US$110 million as a deposit (the “Deposit”) in respect of gold and silver streaming agreements (the “Stream”) with Sprott Private Resource Streaming and Royalty B Corp. (“Sprott Streaming”) and a strategic equity investment (the “Strategic Investment”) by Ccori Apu S.A.C (“Ccori Apu”) of C$45 million, a portion of which will be structured as Canadian Development Expenditures flow through shares (“CDE flow through”), such that the total gross proceeds to the Company is C$50 million.

With the finance package closed, Ascot is able to proceed with re-mobilizing of contractors for project construction in 2023 ahead of initial gold production, which is anticipated in early 2024.

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Derek White, President and CEO of Ascot commented, 

“We commend our financing partners Sprott Streaming and Ccori Apu for working diligently over the past month to expeditiously close the C$200 million financing package.

 

“We view the financing package as attractive as it preserves Ascot’s operational flexibility and enables the Company to advance towards production with minimal debt.

 

“With funding secured, we look forward to refocusing our efforts on project construction this year and becoming Canada’s next gold producer.”

 

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Michael Harrison, Managing Partner at Sprott Streaming, commented,

“We are very pleased to enter into this partnership and support Ascot Resources with the development of the Premier and Red Mountain Gold Projects.

 

“With substantial infrastructure in place and excellent exploration potential, we are financing Ascot to production to contribute to the local communities and Nisga’a Nation and expect a long mine life.

 

“Sprott Streaming continues to provide funding to advance quality projects and provide project financing to bring mines into production.”

 

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For brevity, this summary has been redacted, to read the full news release, please click HERE

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=======

.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

Disclosure

At the time of writing the author holds shares in Ascot Resources.

.

.

To read our full terms and conditions, please click HERE




Mining Review 18th December 2022

Mining Review 18th December 2022

Panama was the focus of the mining world this week as the government of that Central American country withdrew the mining licence for the El Cobre copper mine after failing to come to an agreement with owner First Quantum Minerals.

Ascot Resources, Calidus Resources, Cornish Metals, and Maple Gold Mines all made news this week. 

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Calidus Resources

Calidus Resources commemorative coin

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Mining Review 18th December 2022

Panama was the focus of the mining world this week as the government of that Central American country withdrew the mining licence for the El Cobre copper mine after failing to come to an agreement with owner First Quantum, see here.

This row has been rumbling on all year, and reached the government imposed deadline of midnight December 14th without agreement. Talks even continues through until the following morning, but to no avail.

The Panamanian President informed the country with a TV address, so it does seem that he is standing firm, for now at least. The ramifications are the Panamanians lose one of their major tax contributors, and First quantum will lose a major copper mine.

The words “international arbitration” are not being used yet, so I suspect after some belligerence on both sides, they will come together, and a deal will be reached.

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Companies we follow that made news last week

Ascot Resources, Calidus Resources, Cornish Metals, and Maple Gold Mines all made news this week.

The most significant was that Ascot Resources have fully funded the construction of their Premier Mine, located in the Golden Triangle of British Columbia. This removes the uncertainty created when Sprott Finance pulled out, leaving the project in limbo during a falling mining sector and finance harder to raise as a result.

Calidus Resources gave an upbeat update on their problems, but the market wasn’t impressed as the stock has fallen since. They are working through their teething problems with mining specialists, but I guess the market wants to see the proof in the numbers, rather than words.

Maple Gold Mines reported some good gold intercepts from shallow depth at their Eagle Mine, located in Quebec.

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For the full news releases please click on the links below.

  Lithium Power’s Maricunga Deal Imminent

  Cornish Metals Issues 9 Month MD & A

  Newcore Gold Enchi Work Update

  Maple Gold Mines Intersected Near Surface Gold

  Ascot Resources Announce Mine Financing

  Calidus Resources Upbeat Presentation

  Mining Review 11th December 2022

 

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Market Data

Week on week price changes

(All US$ unless stated)

 

Metal prices

Gold price in UK £ 1457 -0.61%
Gold 1793 -0.22%
Silver 23.23 -1.06%
Palladium 1702 -12.99%
Platinum 993 -3.40%
Rhodium 12390 -5.71%
Copper 3.8 -1.81%
Nickel 12.98 -7.94%
Zinc 1.47 0.00%
Tin 10.73 -3.07%
Cobalt 23.24 -0.04%
Manganese 3.33 -0.60%
Lithium 74669 -3.48%
Uranium 48.15 -0.72%
Iron Ore 111.5 +2.01%
Coking Coal 275 -1.43%
Thermal coal 375 -1.06%
Magnesium 3291 -2.34%

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Metal ETFs

GDX 28.6 -1.62%
GDXJ 35.23 -1.32%
Sil 28.11 -1.44%
SILJ 10.6 -1.12%
GOEX  (PCX) 24.27 -2.57%
GLD 166.79 -0.16%
COPX 35.72 -2.27%

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=======

If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Ascot Resources, Calidus Resources, and Newcore Gold, all mentioned above.

.

To read our full terms and conditions, please click HERE




Ascot Resources Announce Mine Financing

Ascot Resources  (TSX: AOT)

Announced the Company has entered into non-binding letters of intent for a total of approximately C$200 million in project financing for construction of the Premier Gold Project, located in the prolific Golden Triangle of northwestern British Columbia.  .

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Ascot Resources Premier Mill BC

Ascot Resources Premier Mill B.C.

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Vancouver, B.C. December 12, 2022 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce the Company has entered into non-binding letters of intent for a total of approximately C$200 million in project financing for construction of the Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

The proposed finance package will consist of a US$110 million gold and silver streaming agreement (the “Stream”) with Sprott Resource Streaming and Royalty Corp. and/or its affiliates (“Sprott Streaming” or “SRSR”) and a strategic equity investment (the “Strategic Investment”) by Ccori Apu S.A.C (“Ccori Apu”) of C$45 million, a portion of which will be structured as Canadian Development Expenditures flow through shares (“CDE flow through”), such that the total gross proceeds to the Company is C$50 million.

Ccori Apu’s shareholders are the majority shareholders of Compañía Minera Poderosa S.A. (“Poderosa”), which owns and operates a high-grade gold mine in northern Peru and produces approximately 300,000 ounces of gold per year. Ascot is also pleased to provide an update on the construction plans for PGP and the path towards production, which is anticipated in early 2024.

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Proposed finance package highlights

  • Ascot will be funded with approximately C$200 million in project finance for construction of PGP, to repay the outstanding principal and accrued interest of the senior credit facility and production payment agreement from Sprott Private Resource Lending II (Collector), LP (“SRL”) in order to enter into production with minimal debt.
  • Ascot maintains its previously announced targeted project timeline, with plant pre-commissioning to start in Q4 2023 and first gold pour anticipated to occur in early 2024.
  • Gold and silver stream with Sprott Streaming: US$110 million for delivery of 8.75% and 100% of gold and silver production, respectively, from PGP and RMP for ongoing payment of 10% of prevailing gold and silver prices.
  • Existing 10% gold streaming agreement with SRSR on the Red Mountain Project (“RMP”) to be altered, such that it will be part of the Stream described above.
  • Strategic Investment by Ccori Apu of C$45 million, a portion of which will be structured as CDE flow through, such that the total gross proceeds to Ascot is C$50 million, resulting in Ccori Apu having a 19.9% pro forma ownership of Ascot common shares upon closing and the right to nominate up to two people to Ascot’s Board of Directors.
  • The US$10 million convertible facility from Beedie Investments Ltd. (“Beedie”) remains outstanding and Beedie will enter into an intercreditor agreement with SRSR. The Company has sent a cancellation notice to Beedie to cancel the undrawn convertible facility of US$15 million effective on December 12, 2022.
  • The completion of the Stream and the Strategic Investment are each conditional on the other being completed.

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Derek White, President and CEO of Ascot commented,

 

“We are thrilled to have found an attractive financing solution to complete construction at PGP. In combining the new US$110 million stream from Sprott Streaming with the strategic equity investment from Ccori Apu, Ascot is able to advance towards production with minimal debt.

 

“We are delighted to see Ccori Apu’s interest in our project and welcome their involvement and experience as successful operators in high-grade, underground gold mining as we advance PGP.

 

“The Company considers Ccori Apu’s investment as a strong vote of confidence from an experienced underground gold mining company.”

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To read the full news release, please click HERE

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=======

If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Calidus Resources, bought in the market at the prevailing price on the days of purchase.

.

To read our full terms and conditions, please click HERE




Mining Review 11th December 2022

Mining Review 11th December 2022

A momentous week for mining in the UK this week as the government approved the UK’s first new coal mine for 30 years, in Cumbria.

Ascot Resources, Barkerville Gold, Neometals, Rumble Resources, and Wesdome Gold Mines made news this week. 

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Mines and Money London 2022

Mines and Money London 2022

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City Investors Circle Mining Review 11th December 2022

A momentous week for mining in the UK this week as the government approved the UK’s first new coal mine for 30 years, in Cumbria, see here

This is a brave decision because of the opposition of the green lobby, who naturally oppose anything to do with coal, despite the country having to import steel making coal as we don’t currently produce any!  And in order to import coal, ships which are powered by fossil fuels have to bring it from other countries!

I see the Labour Party are opposing the decision (no surprises there of course), despite them claiming to be on the side of employment, and a reduction in greenhouse gases.

They don’t seem to realise that in order to make steel in the UK we need coking coal, so either we produce it, or have to import it from somewhere else, and the ships that deliver it burn fossil fuels in the process. It’s clearly greener to mine it here than import it.

Glencore announced this week they were scrapping the planned new coking and thermal coal mine in Queensland, Australia, citing “global uncertainties and state subsidies” as the reasons for doing so.

They are also winding down their other producing coal mines, by around 2045!  Not exactly in a hurry then, and of course the world needs coking coal to keep producing steel, otherwise the world’s industry grinds to a halt.

 

Stocks we follow in the news this week.

Ascot Resources, Barkerville Gold, Neometals, Rumble Resources, and Wesdome Gold Mines made news this week.

Ascot Resources announced an excellent drill hole, albeit only over 1 metre, at their Big Missouri project in the Golden Triangle of British Columbia. Whilst good drill holes are excellent news, the elephant in the room is the delay to the financing for their Premier Mine restart, after Sprott withdrew their finance offer.

I feel Ascot are just waiting for a buyer now, and if that occurs in the current market I fear it will be a paper deal done at a very small premium..

Rumble Resources also released good drill results, in an otherwise quiet week for them as Xmas approaches.

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To read this week’s news in full, please click on the links below.

  Maple Gold Ramps up Exploration

  Ascot Resources Drills 488 g/t Gold over 1.0 m at Big Missouri

  Neometals’ Primobius JV Update

  Wesdome Gold Mines Declares Commercial Production at Kiena

  Barkerville Gold Mines Toll Milling Accord

  Rumble Resources Release Lamil Drill Results

  Mining Review 4th December 2022

 

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Mining Review Market Data

Week on week price changes

(US$ unless stated)

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Metal prices

Gold price in UK £ 1466 +0.21%
Gold 1797 -0.06%
Silver 23.48 +1.34%
Palladium 1956 +2.68%
Platinum 1028 +0.78%
Rhodium 13140 -1.13%
Copper 3.87 +3.75%
Nickel 14.1 +15.38%
Zinc 1.47 +5.76%
Tin 11.07 +5.63%
Cobalt 23.25 -1.36%
Manganese 3.35 +0.60%
Lithium 77363 -2.67%
Uranium 48.5 -2.61%
Iron Ore 109.3 +6.95%
Coking Coal 279 +2.57%
Thermal coal 379 +0.66%
Magnesium 3370 +1.38%

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Metal ETFs

GDX 29.07 -2.84%
GDXJ 35.7 -4.08%
Sil 28.52 -3.32%
SILJ 10.72 -4.37%
GOEX  (PCX) 24.91 -4.01%
GLD 167.06 -0.12%
COPX 36.55 -1.06%

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Miscellaneous data

Au / Ag Ratio 78.47 -3.88%
10 yr T bond (TNX) 3.57 +1.83%
2 yr T bond 4.31 +0.42%
US  index (DXY) 104.93 +0.40%
HUI 227.68 -3.88%

.

=======

If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

.

.

To read our full terms and conditions, please click HERE

.




Ascot Drills 488 g/t Gold over 1.0 m at Big Missouri

Ascot Resources (TSX: AOT)

Announced the third batch of assay results at the Big Missouri deposit from the 2022 exploration drill program at the Company’s Premier Gold Project in the prolific Golden Triangle of northwestern British Columbia.  .

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Ascot Resources

Ascot Resources – Big Missouri portal

 

 

 

Ascot Drills Its Highest-Grade Intercept since 2017: 488 g/t Gold over 1.0 metre at the Big Missouri Deposit

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Vancouver, B.C. December 8, 2022 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce the third batch of assay results at the Big Missouri deposit from the 2022 exploration drill program at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

These results are from surface drilling for in-fill and exploration purposes at the Big Missouri deposit, approximately six kilometres north of the past-producing Premier mill.

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Highlights from the drill results include:

  • 62.76 g/t Au and 27.36 g/t Ag over 7.90m from a depth of 90.00m in hole P22-2445, including 488.00 g/t Au and 181.00 g/t Ag over 1.00m
  • 30.98 g/t Au and 9.35 g/t Ag over 3.00m from a depth of 112.00m in hole P22-2445, including 90.70 g/t Au and 19.75 g/t Ag over 1.00m
  • 6.75 g/t Au and 12.44 g/t Ag over 14.5m from a depth of 26.00m in hole P22-2444, including 26.00 g/t Au and 28.30 g/t Ag over 1.43m and 28.80 g/t Au and 30.20 g/t Ag over 1.00m
  • 8.03 g/t Au and 19.13 g/t Ag over 9.52m from a depth of 23.38m in hole P22-2441, including 44.50 g/t Au and 109.00 g/t Ag over 1.00m
  • 6.26 g/t Au and 8.13 g/t Ag over 10.80m from a depth of 29.40m in hole P22-2442, including 43.60 g/t Au and 30.10 g/t Ag over 1.00m

Note: True widths are estimated to be between 60% to 80% of reported interval widths.

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Drilling for the 2022 exploration season at the Big Missouri deposit was completed in October, totaling 50 holes and 4,752 metres. Following the first two batches of 28 drill holes outlined in the news releases dated September 13 and October 27, 2022, this release summarizes the third batch of assay results from the next 18 drill holes for a total of 1,798 metres from surface pads BM–2/22 and BM–3/22.

Drill holes were targeting several layers of gold mineralization at the A Zone and the Unicorn Area of the Big Missouri deposit in and around planned stopes to the north and northeast of the S-1 pit.

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Derek White, President and CEO of Ascot commented,

“The Big Missouri deposit continues to impress with more bonanza-grade gold and additional occurrences of coarse, visible gold.

 

“The headline intercept of 488 grams per tonne is the highest-grade interval Ascot has drilled since 2017, and the fourth-highest assay ever recorded at Big Missouri.

 

“The drill holes from this release contain 20 assays over 10 grams per tonne gold. Many of the high-grade intercepts were encountered within or around existing stope shapes, and some high grades were encountered in gaps between stope shapes – further strengthening our confidence that there is more gold to be discovered outside the existing resource model at Big Missouri.”

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To read the full news release, please click HERE

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=======

If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

.

To read our full terms and conditions, please click HERE

 




Mining Review 13th November 2022

Mining Review 13th November 2022

City Investors Circle weekly Mining Review reports healthy rises in gold and silver as the US dollar fell back as US bond yields fell. Base metal prices rose on the back of Chinese covid lockdown relaxations.

Calidus Resources and i-80 Gold reported exploration results, Ascot Resources, Colonial Coal, and Wesdome Gold Mines reported Q3 financial results.

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Calidus Resources

Calidus Resources new solar and battery farm at the Warrawoona Gold Mine, WA.

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Mining Review 13th November 2022

City Investors Circle weekly Mining Review reports healthy rises in gold and silver as the US dollar fell back as US bond yields fell, despite the FED remaining hawkish and intent on further rate rises.

Some market commentators see there being a straight choice between the FED continuing to raise interest rates, and crashing the economy, or pivoting and living with higher inflation.

Of the two, the Biden administration seems to be hell bent on the first option, which is a major concern for property prices, and car manufacturers, both sectors that rely on people borrowing to finance their purchases.

Car finance in the USA is already available for up to seven years, and borrowers can have multiple car loans running simultaneously, unlike the UK where the loan has to be paid off once the car is sold. With higher interest rates for new car loans, how much further out can US car manufacturers push the loan window I wonder?

 

Base metal prices rose on the back of Chinese covid lockdown rule relaxations, which had been anticipated, due to the damage they were doing to the Chinese economy.

It has been reported that the Chinese had been taking advantage of low copper prices to increase their warehouse stocks, but that’s not unusual as they have done that in the past whenever there has been price weakness. It clearly makes sense.

 

Mining stocks on our watchlist making news included Pure Gold Mining, which has been transferred to the TSX NEX Exchange, which is basically a parking place for failed companies, or “those that fall below the standards of a TSX listing”

Quite bizarrely, on the London AIM market, the price is rising!

Calidus Resources and i-80 Gold reported exploration results, Ascot Resources, Colonial Coal, and Wesdome Gold Mines reported Q3 financial results, as results season is now in full swing.

I much prefer the Canadian quarterly reporting of results, as opposed to the AIM Market where results can actually be reported up to nine months later, and are therefore a poor guide to current performance.

News from our watchlist companies can be read in full by clicking the links below;

  Wesdome Gold Mines Announced disappointing Q3 Financial Results

  i-80 Gold Announce Ruby Creek Scoping Study

  Ascot Resources Reported Third Quarter 2022 Results

  Calidus Resources Confirmed Pirra Lithium Continuity

  Karora Resources Reported Strong Q3 2022 Results

  Colonial Coal MD & A for Year End July 2022

  Mining Review 6th November 2022

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Market Data

Week on week price changes

(US$ unless stated)

 

Metal Prices

Gold price in UK £ 1499 +1.42%
Gold 1771 +5.29%
Silver 21.7 +18.32%
Palladium 2050 +9.68%
Platinum 1030 +7.29%
Rhodium 13150 -6.00%
Copper 3.66 +7.33%
Nickel 10.9 +4.21%
Zinc 1.33 +9.02%
Tin 8.03 -2.19%
Cobalt 23.255 +0.02%
Manganese 3.06 -0.65%
Lithium 81687 +3.65%
Uranium 50.7 -0.59%
Iron Ore 88 +7.45%
Coking Coal 312 -0.64%
Thermal coal 291 -20.27%
Magnesium 3573 +1.07%

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Metals ETFs

GDX 28.3 13.43%
GDXJ 34.68 11.01%
Sil 28.23 9.16%
SILJ 10.64 7.15%
GOEX  (PCX) 24.13 12.86%
GLD 164.56 5.17%
COPX 35.32 10.20%

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Miscellaneous data

Au / Ag Ratio 80.84 -2.71%
10 yr T bond (TNX) 3.819 -8.20%
2 yr T bond 4.32 -7.30%
US  index (DXY) 106.42 -3.94%
HUI 224.94 +13.02%

=======

.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

Disclosure

At the time of writing the author holds shares in Ascot Resources, Calidus Resources, and Colonial Coal, all bought in the market at the prevailing price on the days of purchase. 

.

.

To read our full terms and conditions, please click HERE

 




Ascot Reports Third Quarter 2022 Results

Ascot Resources (TSX: AOT)

Announced the Company’s unaudited financial results for the three months ended September 30, 2022 (“Q3 2022”), as well as a summary of recent development highlights at the Company’s Premier Gold Project in the prolific Golden Triangle of northwestern British Columbia.

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Ascot Resources

Ascot Resources Premier mine, Golden Triangle, British Columbia, Canada.

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Ascot Resources TSX : AOT
Stage Development
Metals Gold
Market cap C$178 m   @ $0.41
Location Golden Triangle, British Columbia

 

 

Ascot Reports Third Quarter 2022 Results

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Vancouver, B.C. November 10, 2022 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF)  (“Ascot” or the “Company”) is pleased to announce the Company’s unaudited financial results for the three months ended September 30, 2022 (“Q3 2022”), as well as a summary of recent development highlights at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

For details of the unaudited condensed interim consolidated financial statements and management’s discussion and analysis for the three months ended September 30, 2022, please see the Company’s filings on SEDAR (www.sedar.com).

All amounts herein are reported in $000s of Canadian dollars (“C$”) unless otherwise specified.

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Q3 2022 AND RECENT HIGHLIGHTS

  • The Company continued to advance underground development during Q3 2022 and subsequent to the quarter end. To October 17, 2022, approximately 921 metres have been developed in all headings, including muck bays, sumps, ore access drift, and the main ramp. Ground conditions have been excellent and heading advance and productivity have been going well. Development accessed initial ore in the A Zone of the Big Missouri deposit in August and sampling protocol was developed for grade reconciliation to the block model.
  • The surface infrastructure at the Big Missouri, S1 pit portal area was progressively prepared for winter snow conditions, which have commenced at the end of October. The restart of mining development is now planned for mid-2023 when the snow melts in Spring 2023.
  • A 500-metre geotechnical hole was completed on the planned centreline of the new Premier Northern Lights (“PNL”) development area next to the mill. The core from this hole was moved down to Stewart where it was logged and analyzed by our Geotech consultant the week of November 1, 2022.
  • The Company remains in discussions with potential capital providers with respect to the refinancing of the current debt facilities and has optimized the mine plan to improve the lateral development to ore tonnages in the early years of the mine life.
  • On July 14, 2022, the Company announced the first batch of assay results from the 2022 exploration drill program at PGP. These results were from surface exploration drilling at the emerging Sebakwe Zone near the Premier mill, and with assays of up to 193 g/t Au over 1 metre, they continued to highlight the high-grade tenor of the Sebakwe Zone.
  • On August 22, 2022, the Company announced the second batch of assay results from the 2022 exploration drill program the Sebakwe Zone at PGP. Highlights from the drill results included 20.10 g/t Au over 1.40m.
  • On September 13, 2022, the Company announced the first batch of assay results from the 2022 exploration drill program at Big Missouri at PGP. These results are from surface drilling for in-fill and exploration purposes at the Big Missouri deposit, approximately six kilometres north of the Premier mill. Highlights from the drill results included assays of up to 136.50 g/t Au over 1.00m. Drill holes were targeting the A Zone of the Big Missouri deposit in planned stoping areas, potential extensions of stopes, and gaps in previous drilling on the deposit.
  • On October 17, 2022, the Company announced initial positive grade reconciliation between muck samples and the block model grade from underground development at the Big Missouri deposit at PGP. Combined results from ore drives 1 and 2 yielded overall 9% positive grade reconciliation from muck samples compared to the resource block model. As expected, the Company encountered high variability in development round grades often associated with high-grade epithermal gold deposits. Initial results suggested good potential to increase mined grades by continuously improving external mining dilution.
  • On October 27, 2022, the Company announced the second batch of assay results from the 2022 exploration drill program at Big Missouri at PGP. Highlights from the drill results included assays of up to 330 g/t Au over 1.00m. A majority of high-grade intercepts were encountered within or close to existing block model wireframes and in potential extensions of those wireframes, further validating the resource model at PGP.

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FINANCIAL RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022

The Company reported a net loss of $2,396 for Q3 2022 compared to $1,700 for Q3 2021. The increase in the net loss is attributable to a combination of factors including an increase in foreign exchange loss due to the strengthening U.S. dollar, a decrease in gain on valuation of the Company’s derivatives, an increase in property maintenance costs due to additional environmental compliance requirements in 2022, and an increase in finance expense due to higher reclamation bond fees and higher accretion of the Company’s reclamation obligations, partially offset by an increase in flow-through premium recognition, and a decrease in amortization and depreciation expense.

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LIQUIDITY AND CAPITAL RESOURCES

As at September 30, 2022, the Company had working capital of $13,764 and a cash & cash equivalents balance of $24,490. During the nine months ended September 30, 2022, the Company issued 59,288,902 common shares, 13,710,500 warrants, 3,932,284 stock options, 235,513 Deferred Share Units, 721,432 Restricted Share Units and 162,162 Performance Share Units. Also, 906,750 stock options expired and 62,000 DSUs and 35,062 RSUs were exercised during the nine months ended September 30, 2022.

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MANAGEMENT’S OUTLOOK FOR 2022 AND EARLY 2023

As noted in the Company’s press release of April 4, 2022, the Company is undergoing a process to refinance its Senior Facility with Sprott. As a result, the Company made the decision to slow down certain work packages and the general project construction until the refinancing has been completed. Consequently, certain critical construction activities such as the construction of the tailings dam and the new water treatment plant will be deferred until the spring of 2023. The Company is now targeting the start of production between late 2023 and early 2024.

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Management is planning a number of activities for the remainder of 2022 and early 2023, which include:

  • Completion of refinancing of the Senior Facility
  • Advancement of underground ramp development with target delivery of ore for pre commissioning by Q4 2023
  • Completion of a site preservation plan for a construction restart in Spring 2023
  • Surface exploration drilling with a focus on the Day and Sebakwe zones
  • Stope definition drilling at Big Missouri both from surface and underground
  • Underground diamond drilling to probe additional historical openings
  • Health and safety initiatives related to health screening and construction protocols
  • Permit amendments due to slow down of certain construction activities

The progress of construction activities which are planned to restart in early 2023 are dependent on completion of the refinancing.

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For brevity, this summary has been redacted, to read the full news release, please click HERE

=======

.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

Disclosure

At the time of writing the author holds shares in Ascot Resources, bought in the market at the prevailing price on the days of purchase. 

.

.

To read our full terms and conditions, please click HERE




Mining Review 23rd October 2022

Mining Review 23rd October 2022

A better week for gold and silver, and their associated ETFs, but industrial metals were mostly static. Lithium reached a new all time high in China.

Ascot Resources, Cyprium Metals, Eloro Resources, Nouveau Monde, Radisson Mining and Wesdome all reported news this week. 

.

.

Eloro Resources

Eloro Resources – Iska Iska project view

 

.

Mining Review 23rd October 2022

A better week for gold and silver, and their associated ETFs, which rose strongly. Gold rose slightly as the market started to believe the FED may slow down future rate hikes.

Silver was up more than 6%, as some market commentators are highlighting lower stocks at the Comex and LME as industrial demand increases, notably for solar panels.

Industrial metals were mostly static, and in the energy sector, the price of Lithium carbonate reached a new all time high in China, $74,600.

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Mining news this week

The government of Namibia announced they would sell all their rare earth elements to the EU in an exclusivity deal. The EU have agreed all the processing would be carried out in Namibia, thus beneficiating the product at source.

This is a good result for Namibian employment and taxes, and maybe the first of many such exclusivity deals as countries try to lock in supply contracts for critical commodities.

In Peru, the large Las Bambas copper mine is blockaded, again!

 

Companies on our watchlist that made news this week;

Ascot Resources, Cyprium Metals, Eloro Resources, Nouveau Monde, Radisson Mining and Wesdome Gold Mines all reported news this week.

We initiated coverage of I-80 Gold (TSX: IAU), a company formed by ex Premier Gold management after their takeover by Equinox Gold. Click the link below for my reasoning.

Nimy Resources (ASX: NIM) was added to the early stage grass roots exploration watchlist after revealing promising nickel drill results at their project located in the Yilgarn Craton region of Western Australia.

  Radisson Mining Reported high-grade Gold Intercepts at O’Brien

  Nouveau Monde Graphite Signed an Offtake Deal

  Cyprium Metals Nifty Copper Mine Development Update

  Eloro Resources Hit Multiple Intersections at Iska Iska

  Initiating coverage of I-80 Gold Corp.

  Ascot Resources Reported Positive Grade Reconciliation

  Wesdome Gold Q3 Results Disappoint the market, the stock fell

 Mining Review 16th October 2022

Read more: http://www.city-investors-circle.com/archives/#ixzz7iRnpbY8U

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Market Data

Week on week price movements

(US$ unless stated)

 

Metal prices

Gold price in UK £ 1466 -0.27%
Gold 1656 +0.91%
Silver 19.33 +6.09%
Palladium 1938 -3.10%
Platinum 932 +2.87%
Rhodium 14090 +1.44%
Copper 3.44 -1.15%
Nickel 9.9 -0.40%
Zinc 1.34 0.00%
Tin 8.63 -5.48%
Cobalt 23.25 0.00%
Manganese 3.125 +0.16%
Lithium 74600 +2.17%
Uranium 52.65 +4.88%
Iron Ore 91.4 -0.44%
Coking Coal 307 +4.78%
Thermal coal 395 -0.25%
Magnesium 3630 -0.74%
Lumber 535 +8.74%

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Metal ETFs

GDX 24.34 7.13%
GDXJ 29.85 7.57%
Sil 24.9 5.96%
SILJ 9.45 6.18%
GOEX  (PCX) 20.68 6.11%
GLD 154.15 0.76%
COPX 29.22 4.21%

.

Miscellaneous data

Au / Ag Ratio 88.99 0.92%
10 yr T bond (TNX) 4.21 4.73%
2 yr T bond 4.504 0.76%
US  index (DXY) 111.89 -1.21%
HUI 196.14 6.84%

.

.

=======

.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

Disclosure

At the time of writing the author holds shares in Ascot Resources, Cyprium Metals, and Eloro Resources,  all bought in the market at the prevailing price on the days of purchase. 

.

.

To read our full terms and conditions, please click HERE




Ascot Resources Positive Grade Reconciliation

Ascot Resources (TSX: AOT)

Announced initial positive grade reconciliation between muck samples and the block model grade from underground development at the Company’s Premier Gold Project, located in the prolific Golden Triangle of northwestern British Columbia. .

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.

Ascot Resources

Ascot Resources – Big Missouri portal

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.

Ascot Resources TSX : AOT
Stage Development
Metals Gold
Market cap C$178 m   @ $0.41
Location Golden Triangle, British Columbia

 

 

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.

Vancouver, B.C. October 17, 2022 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF)  (“Ascot” or the “Company”) is pleased to announce initial positive grade reconciliation between muck samples and the block model grade from underground development at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

These results are from underground development sampling at the Big Missouri deposit, approximately six kilometres north of the past-producing Premier mill.

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Highlights from the grade reconciliation program include:

  • Combined results from ore drives 1 and 2 yielded overall 9% positive grade reconciliation from muck samples compared to the resource block model
  • As expected, the Company encountered high variability in development round grades often associated with high-grade epithermal gold deposits
  • Initial results suggest good potential to increase mined grades by continuously improving external mining dilution

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Derek White, President and CEO of Ascot commented;

“The ability to commence underground development this year has been transformative for Ascot.

 

“Mining development rates have exceeded expectations, benefiting from good rock quality.

 

“In accessing the first stoping areas in the A Zone of the Big Missouri deposit, we continue to enhance our understanding of the mineralization at the Premier Gold Project.

 

“We are especially pleased that in our initial underground sampling, notwithstanding a high degree of variability as expected with this style of mineralization, we have had 9% positive reconciliation on gold grade compared to the block model.

 

“In addition, by continuously improving our mining selectivity, we believe the mined grades can be further improved.”

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Underground development progress

The Big Missouri deposit hosts a probable reserve of 809 kt grading 7.15 g/t Au and 12.2 g/t Ag and containing 186 koz Au and 317 koz Ag, an indicated resource of 1,116 kt grading 8.36 g/t Au and 16.9 g/t Ag and containing 300 koz Au and 607 koz Ag, and an inferred resource of 1,897 kt grading 8.34 g/t Au and 14.7 g/t Ag and containing 508 koz Au and 896 koz Ag.

These reserves and resources are outlined in the NI 43-101 technical report entitled “Premier & Red Mountain Gold Project Feasibility Study NI 43-101 Technical Report, British Columbia”, dated May 22, 2020, with an effective date of April 15, 2020.

.

To read the full news release, please click HERE

.

=======

.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

Disclosure

At the time of writing the author holds shares in Ascot Resources, bought in the market at the prevailing price on the days of purchase.

.

.

To read our full terms and conditions, please click HERE




Ascot Expands the Sebakwe Zone to 350m

Ascot Resources (TSX: AOT)

Announced the second batch of assay results from the 2022 exploration drill program at the Company’s Premier Gold Project located in the prolific Golden Triangle of northwestern British Columbia.

These results are from surface exploration drilling at the emerging Sebakwe Zone, approximately 600 metres east of the past-producing Premier mill. 

 

.

Ascot Resources TSX : AOT
Stage Development
Metals Gold
Market cap C$178 m   @ $0.41
Location Golden Triangle, British Columbia

 

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Ascot Resources

 

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Ascot Expands Mineralization at the Sebakwe Zone to a Strike Length of 350 Metres

 

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Vancouver, B.C. August 22, 2022 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF)  (“Ascot” or the “Company”) is pleased to announce the second batch of assay results from the 2022 exploration drill program at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

These results are from surface exploration drilling at the emerging Sebakwe Zone, approximately 600 metres east of the past-producing Premier mill.

.

.

Highlights from the drill results include:

  • 11.83 g/t Au and 56.3 g/t Ag over 2.73m, including 20.10 g/t Au and 82.4 g/t Ag over 1.40m, from a depth of 335.47m in hole P22-2394
  • 6.33 g/t Au and 6.6 g/t Ag over 3.20m, including 11.25 g/t Au and 10.7 g/t Ag over 1.60m, from a depth of 290.10m in hole P22-2396
  • 8.25 g/t Au and 15.7 g/t Ag over 1.45m from a depth of 290.55m in hole P22-2400

.

The Company had initially planned on drilling 10 new holes totaling approximately 4,000 metres at Sebakwe as a part of the 2022 exploration drilling program, but based on encouraging visual indications of mineralization and structure, this was increased to 15 holes totaling 6,110 metres.

Following the first batch of six drill holes released previously (see News Release dates July 14, 2022) which included bonanza-grade gold of 193 g/t, this release summarizes results from the remaining nine surface drill holes totaling 3,633 metres.

.

.

Derek White, President and CEO of Ascot commented;

“Following on our previous drilling success at Sebakwe, we have now increased the mineralized strike length fivefold from 70 metres to 350 metres, with mineralization still open in several directions.

 

“In just 15  holes drilled this season, we have achieved our main objectives in establishing the high-grade tenor, identifying more coarse, visible gold, and growing the mineralized zone with step-out drilling.

 

“We look forward to the future of the Sebakwe Zone and continuing to demonstrate it as an accretive, near-mine exploration success and potential to grow our resource base for development near planned underground infrastructure.

 

“We have advanced underground development at Big Missouri over 450 metres to date and have reached initial mineralized areas, allowing for detailed face sampling.

 

“Drilling is ongoing at Big Missouri and we have been encouraged by multiple occurrences of visible gold in the drill core. We will report the corresponding assays as they become available.”

.

.

To read the full news release, please click HERE

.

.

=======

If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

Disclosure

At the time of writing the author holds shares in Ascot Resourcesbought in the market at the prevailing price on the days of purchase. 

.

.

To read our full terms and conditions, please click HERE

 




Mining Review Sunday Update 14 Aug 2022

Mining Review 14th August 2022

A busy week for news in the mining space, and gold pushed back to finish the week at US$1805 Oz.

Wiluna Mining made the headlines for the wrong reasons, whereas Calidus Resources, Impact Minerals, Orla Mining, and UEC made news for diverse positive reasons. 

 

.

Ascot Resources

Ascot Resources – Big Missouri portal, B.C.

 

.

Mining Review 14th August 2022

A busy week for news in the mining space, and gold pushed back to finish the week at US$1805 Oz, and other metals also rose, including copper, 6%, and zinc, 4.5%.

It was mixed though, with iron ore and cobalt heading downwards.

Wiluna Mining made the headlines for the wrong reasons, with some Australian media suggesting the board discussed going into administration BEFORE the recent A$63 million placing. If that is true, then fireworks are surely going to follow.

As board meetings should be minuted, it should be relatively east to establish the truth, and we await further updates.

Calidus Resources, Impact Minerals, Orla Mining, and UEC all made news for diverse positive reasons, please click the links below

Since the left wing anti mining President of Chile, Gabriel Boric, was elected, that country’s excellent reputation as a mining jurisdiction is being rapidly trashed by the left wing government denying permits, as a way of stopping mining companies developing their projects.

RIO2 is one example, there are quite a few others now, with various pretexts being used to try and justify an unjustifiable decision. Sadly Chile is the number one exporter of copper, and if this continues all exploration and undeveloped projects will surely cease?  If they do, where will the world obtain all the copper required for the EV revolution and the “green agenda”?

The number two exporter of copper is of course Peru, where there are interminable lockdowns and lockouts at mines, as the local people protest at their suffering at the hands of the mining companies, without receiving any financial benefit.

 

Stocks on our watchlist making news this week;

  Orla Mining completed the Gold Standard Ventures acquisition

  Ascot Resources Reported Q2 2022 Results

  Impact Minerals to Sell a 75% interest in the Commonwealth Project

  Calidus Resources Halted Pending News

  Uranium Energy Corp. Notes New Denison Bid

  Uranium Energy Corp. Increased its UEX Bid

  Impact Minerals Update – Arkun-Beau-Jumbo

 

Market Data

Week on week price changes (US$)

 

.

Metals

Gold 1804.5 1.66%
Silver 20.82 4.73%
Palladium 2224 8.22%
Platinum 965 3.54%
Rhodium 13600 0.00%
Copper 3.689 6.31%
Nickel 10.48 4.90%
Zinc 1.69 8.33%
Tin 11.28 1.08%
Cobalt 21.2 -6.07%
Manganese 3.39 -2.31%
Lithium 68080 0.19%
Uranium 48.7 -0.20%
Iron Ore 111.8 5.57%
Coking Coal 225 12.50%
Thermal coal 261 -4.24%
Magnesium 3514 -0.57%

 

.

ETF’s

GDX 27.22 3.58%
GDXJ 34.53 2.34%
Sil 26.7 1.75%
SILJ 10.25 3.22%
GOEX  (PCX) 24.59 2.84%
GLD 167.87 1.56%
COPX 32.2 8.86%

 

 

=======

.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

Disclosure

At the time of writing the author holds shares in Ascot Resources, Calidus Resources, and Orla Mining, bought in the market at the prevailing price on the days of purchase. 

.

.

To read our full terms and conditions, please click HERE




Ascot Resources Reports Q2 2022 Results

Ascot Resources (TSX: AOT)

Announced the Company’s unaudited financial results for the three months ended June 30, 2022, as well as a summary of recent development highlights at the Company’s Premier Gold Project, located in the prolific Golden Triangle of northwestern British Columbia. 

.

.

Ascot Resources TSX : AOT
Stage Development
Metals Gold
Market cap C$178 m   @ $0.41
Location Golden Triangle, British Columbia

 

.

Ascot Resources

Ascot Resources – Big Missouri portal

 

.

.

Ascot Resources Reports Second Quarter 2022 Results

.

.

Vancouver, B.C. August 8, 2022 — Ascot Resources (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce the Company’s unaudited financial results for the three months ended June 30, 2022 (“Q2 2022”), as well as a summary of recent development highlights at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

For details of the unaudited condensed interim consolidated financial statements and Management’s Discussion and Analysis for the three months ended June 30, 2022, please see the Company’s filings on SEDAR (www.sedar.com).

.

.

Derek White, President and CEO, commented

“We continue to make progress towards arranging alternative financing to fund the remaining construction at PGP, and in the meantime much headway has been made during Q2 2022 on various construction activities.

 

“Approximately 95% of the remaining fixed equipment for the project has been ordered, which partially insulates Ascot from continued inflationary pressures in the mining industry.

 

“Underground development, benefitting from excellent ground conditions, has been going very well and to date has progressed approximately 320 metres.

 

“Development is now accessing initial ore in the A Zone of the Big Missouri deposit, which will enable direct sampling and confirmatory work on ore grades, geometries, and stope shapes.

 

“On the exploration front, drilling continues to impress at the emerging Sebakwe Zone, with the first batch of assay results from this season yielding coarse, visible gold and high-grade intercepts up to 193 g/t gold.

 

“We expect the second batch of assays from the drill program at Sebakwe in the near-term.”

/

.

All amounts herein are reported in $000s of Canadian dollars (“C$”) unless otherwise specified.

.

.

Q2 2022 AND RECENT HIGHLIGHTS

  • On April 4, 2022, the Company provided an update on construction financing and development plans for PGP, including an update on the availability of further drawdowns under the construction finance package of US$105M (see News Release dated December 10, 2020), where the Company had secured a US$80M senior credit facility (the “Senior Facility”) with Sprott Private Resource Lending II (Collector), LP (“Sprott”).
  • After drawing down the initial US$20M tranche under the Senior Facility, Ascot was required to satisfy various conditions before drawing down the remaining US$60M, which was available until June 30, 2022. However, the Company has been unable to reach an agreement with Sprott on the satisfaction of the drawdown conditions for the remaining US$60M of the Senior Facility. Therefore, the initial US$20M drawdown remains outstanding and Ascot is pursuing alternative financing options to replace the remainder of the Senior Facility.

.

 

FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2022

The Company reported a net loss of $1,054 for Q2 2022 compared to $3,751 for Q2 2021. The decrease in net loss is attributable to a combination of factors including an increase in the gain on valuation of the Company’s derivative liabilities and an increase in flow-through premium recognition, partially offset by an increase in foreign exchange loss due to the strengthening U.S. dollar and senior debt deferred financing costs expensed in Q2 2022.

.

.

LIQUIDITY AND CAPITAL RESOURCES

As at June 30, 2022, the Company had working capital of $37,825 and cash & cash equivalents balance of $60,212. In the first half of 2022, the Company issued 59,271,000 common shares, 13,710,500 warrants, 3,732,284 stock options, 176,312 deferred share units, 721,432 Restricted Share Units (“RSU”) and 162,162 performance share units. Also, 906,750 stock options expired and 17,902 RSUs were exercised during the first half of 2022.

.

.

MANAGEMENT’S OUTLOOK FOR 2022

As noted in the Company’s press release of April 4, 2022, the Company is undergoing a process to refinance its Senior Facility with Sprott.

As a result, the Company made the decision to slow down certain work packages and the general project construction until the refinancing has been completed.

Consequently, certain critical construction activities such as the construction of the tailings dam and the new water treatment plant will be deferred until the spring of 2023. The Company is now targeting the start of production between late 2023 and early 2024.

.

.

Management is planning a number of activities for the remainder of 2022, which include:

  • Completion of an optimized life of mine plan
  • Completion of refinancing of the Senior Facility
  • Advancement of underground ramp development with target delivery of ore for pre commissioning by Q4 2023
  • Completion of a site preservation plan for a construction restart in Spring 2023
  • Surface exploration drilling with a focus on the Day and Sebakwe zones
  • Stope definition drilling at Big Missouri both from surface and underground
  • Underground diamond drilling to probe additional historical openings
  • Health and safety initiatives related to health screening and construction protocols
  • Permit amendments due to slow down of certain construction activities

.

.

For brevity, this summary has been redacted, to read the full news release, please click HERE

.

.

=======

.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

Disclosure

At the time of writing the author holds shares in Ascot Resources, bought in the market at the prevailing price on the days of purchase. 

.

.

To read our full terms and conditions, please click HERE




Ascot Resources Commence 2022 Drilling Program

Ascot Resources Ltd. (TSX: AOT)

Announced that the 2022 exploration drilling program has started at its Premier Gold Project in the prolific Golden Triangle of northwestern British Columbia.

The Spring snow melt has enabled drilling to start almost one month earlier than last year.  […] 

 

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Ascot Resources TSX : AOT
Stage Development
Metals Gold
Market cap C$318 m   @ $0.73
Location Golden Triangle, British Columbia

 

 

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Ascot Gold Pan Mine mill

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Vancouver, B.C. May 9, 2022 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce that the 2022 exploration drilling program has started at its Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

The Spring snow melt has enabled drilling to start almost one month earlier than last year.

The 2022 exploration drilling program will comprise approximately 18,000 metres and will be equally split between exploration and in-fill holes. Exploration drilling will be largely concentrated on the Sebakwe and Day Zones and in-fill drilling will focus exclusively on the Big Missouri deposit.

Drilling will initially be conducted from surface but is anticipated to shift to underground drill stations as development enables access and will allow for shorter drill holes and more precise targeting.

The Company experienced extraordinary assay lab turnaround delays last year, but turnaround times are anticipated to be much shorter this year as a new third party assay lab is being set up in the town of Stewart. Ascot has signed a priority service contract with this new assay lab to enable faster turnaround.

 

.

Ascot Resources management comments

“Given the high levels of snowfall early in the winter, we were pleasantly surprised by the mild weather in recent months and are excited to get an earlier start than last year on this season’s exploration drilling program.

 

“With the new assay lab being established in Stewart, we look forward to receiving and reporting this year’s exploration results in a timely fashion.

 

“The expected shorter assay turnaround times will also enable us to adapt our drill plans more effectively as the exploration program runs its course.

 

“Exploration drilling will follow up on high-priority targets at the Sebakwe and Day Zones – both of which were only discovered in 2021 and 2020, respectively.

 

“These zones are proximal to existing and planned underground infrastructure, and represent the highest potential for expanding our resource and reserve base at PGP.

 

“In-fill drilling will be concentrated on Big Missouri with a particular focus on stope definition drilling for the early stages of our mine plan and ramp-up phase in 2023 and 2024.”

Derek White, President and CEO, Ascot Resources

 

.

For brevity, this summary has been redacted, to read the full news release, please click HERE

.

=======

.

If you need clarification of any information contained in this note, or have any questions about Ascot Resources, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

 

.

Disclosure

At the time of writing the author owns shares in Ascot Resources, bought in the market at the prevailing price on the day of purchase.

.

.

To read our full terms and conditions, please click HERE




Ascot Resources to “Seek New Financing Options”

Ascot Resources Ltd.(TSX: AOT)

Provides an update on construction financing and development plans for its Premier Gold Project in the prolific Golden Triangle of northwestern British Columbia.

Ascot and Sprott Private Resource Lending have failed to come to agreement regarding the conditions for the continuation of their funding arrangement, and as a result, Ascot are seeking alternative sources of funding for the remaining C$60 million of project finance.  […] 

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.

Ascot Resources TSX : AOT
Stage Development
Metals Gold
Market cap C$413 m   @ $0.95
Location Golden Triangle, British Columbia

 

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Ascot Resources Premier Mill B.C.

Ascot Resources Premier Mill B.C.

 

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Comment

This looks very strange, Sprott Financing have already advanced C$20 million of initial funding to construct the Premier Gold Mine, and now they have requested a condition the company feel they are unable to comply with within the time frame given, so the company have decided to seek out alternative sources of finance, rather than take the C$60 million from Sprott.

This surely makes no sense for Sprott to do this, they are possibly delaying the start of mining for an indefinite time?

I am very surprised this split has surfaced during construction, at a very late stage for the project, I wonder if there are other reasons?

They have ample funding in the bank, and construction will continue, so not the end of the world, but we will see what alternatives they come up with for the C$60 million.

 

 

.

 

Ascot Provides Update On Premier Gold Project Financing And Development Plans

 

.

Vancouver, B.C. April 4, 2022 — Ascot Resources Ltd.(TSX: AOT; OTCQX: AOTVF)  (“Ascot” or the “Company”) today provides an update on construction financing and development plans for its Premier Gold Project (“PGP” or the “project”, located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

In December 2020, as part of a total construction finance package of US$105M (see News Release dated December 10, 2020), the Company secured a US$80M senior credit facility (the “Senior Facility”) with Sprott Private Resource Lending II (Collector), LP (“Sprott”).

After drawing down the initial US$20M tranche under the Senior Facility, Ascot was required to satisfy various conditions before drawing down the remaining US$60M.

However, the Company has been unable to reach an agreement with Sprott on the satisfaction of the drawdown conditions for the remaining US$60M of the Senior Facility. Therefore, the initial US$20M drawdown will remain outstanding and Ascot will pursue alternative financing options to replace the remainder of the Senior Facility.

Until alternative financing can be secured Ascot will continue advancing the project with available liquidity. The Company anticipates that commencement of underground development and advancement of other key construction areas will continue as previously planned.

However, certain work packages may be placed on hold until the Company is able to secure alternative funding. While the resulting implications to the project are uncertain at this time, it is possible that there will be a delay to the initial production target of Q1 2023.

.

Ascot Resources management comments

“Since the original Senior Facility agreement was signed in December 2020, we at Ascot have worked tirelessly to continue de-risking and advancing PGP.

 

“We made significant progress on the Early Works program last year. We obtained the Mines Act Permit and the Environmental Management Act Permit Amendments in December 2021 and January 2022, respectively, and successfully completed C$145M in equity financing.

 

“However, we have not been able to come to an agreement with Sprott on the satisfaction of the drawdown conditions for the remaining tranches of the Senior Facility, and therefore have prudently begun pursuing alternative financing options.

 

“The Premier Gold Project remains one of the most advanced gold development projects in Canada. Given the significant de-risking that has been achieved so far, we believe the project presents an attractive financing opportunity for alternative funding.

 

“In the meantime, we will use our current cash balance of approximately C$90M to continue advancing PGP including the commencement of underground development and other critical construction areas.

 

“As we pursue alternative funding options and progress construction concurrently, we will update the market in due course with respect to any impacts to project schedule and cost if applicable.”

Derek White, President and CEO, Ascot Resources

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For brevity, this summary has been redacted, to read the full news release, please click HERE

.

BACKGROUND ON THE SENIOR FACILITY

Upon closing of the Senior Facility agreement in December 2020, Ascot drew an initial tranche of US$20M. The remaining US$60M was to be drawn upon meeting various conditions including receipt of the Mines Act Permit and the Environmental Management Act Permit Amendments, obtaining additional funding necessary to reach project completion, and Sprott’s approval of the detailed mine plan.

In a recent review of the detailed mine plan, Sprott proposed certain technical conditions to be achieved. In particular, one condition requires Ascot to have a significant portion of its 12-month ore inventory classified in the Proven Reserve category. Currently, all Reserves at PGP are classified as Probable.

The Company cannot guarantee the reclassification of Reserves can be achieved in the required timeframe. Therefore, the Company considers it prudent to seek alternative financing options.

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CURRENT FINANCIAL POSITION AND NEXT STEPS FORWARD

The Company currently has an unaudited cash balance of approximately C$90M which will enable the progression of certain critical areas of project construction in 2022. In order to commit to the entire outstanding project scope, Ascot will pursue alternative financing options to make up for the unfunded balance. The Company will also be exploring various royalty and/or stream options at PGP as an additional source of funding.

The commencement of underground development into the Big Missouri deposit starting at the S1 portal remains on track for late April 2022 and will continue unabated for the time being. The progression of other key construction areas will also continue this year. Certain work packages may be put on hold until the Company is able to secure an alternative finance package.

The delay of any work packages may result in delays to the overall project and the start up of production beyond the previous target of Q1 2023.

The impact of delays, however, could potentially be partially offset by the ramp up from initial production to commercial and full-scale production, which the Company anticipates will be accelerated as underground development continues on schedule.

.

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

Disclosure

At the time of writing the author holds shares in Ascot Resources bought in the market at the prevailing price in the day of purchase.

.

To read our full terms and conditions, please click HERE

 




Ascot Resources Announces C$56 M Bought Deal

Ascot Resources Ltd. (TSX: AOT)

Announced that it has entered into an agreement with a syndicate of underwriters co-led by Desjardins Capital Markets and BMO Capital Markets, under which the underwriters have agreed to buy on a bought deal basis approximately C$56 million of common shares.

 

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Ascot Resources TSX : AOT
Stage Development, exploration
Metals Gold
Market cap C$398 m   @ $1.06
Location Golden Triangle, British Columbia

 

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Ascot Resources Pan Mine mill

Ascot Resources Premier Mine, Golden Triangle, B.C.

 

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Vancouver, B.C. February 14, 2022 – Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) has announced today that it has entered into an agreement with a syndicate of underwriters co-led by Desjardins Capital Markets and BMO Capital Markets, under which the underwriters have agreed to buy on a bought deal basis approximately C$56 million of common shares (the “Common Shares”) and units of the Company (the “Offering”).

 

The Company has granted the underwriters an option, exercisable, in whole or in part, at any time until 48 hours prior to the closing of the Offering, to purchase such number of HD Units that is equal to 15% of the Offered Securities sold pursuant to the Offering to cover over-allotments, if any.

The majority of Ascot’s named executive officers and Board of Directors will be subscribing for Offered Securities in an amount exceeding C$500,000 in aggregate.

The net proceeds from the sale of Offered Shares and HD Units will be used for capital costs at the Premier Gold Project and for general corporate purposes.

The gross proceeds of the sale of CDE FT Units will be used to incur capital expenditures at the Premier Gold Project. The gross proceeds of the sale of CEE FT Shares will be used to support the Company’s Premier Gold Project exploration program.

The Offering is expected to close on or about March 8, 2022 and is subject to the Company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

.

For brevity, this summary has been redacted, to read the full news release, please click HERE

.

About Ascot Resources Ltd.

Ascot is a Canadian-based junior exploration and development company focused on re-starting the past producing Premier gold mine, located in British Columbia’s prolific Golden Triangle.

Concurrent with progressing the development of Premier, the Company continues to successfully explore its properties for additional high-grade underground resources. Ascot is committed to the safe and responsible development of Premier in collaboration with Nisga’a Nation as outlined in the Benefits Agreement.

For more information about the Company, please refer to the Company’s profile on SEDAR at www.sedar.com or visit the Company’s web site at www.ascotgold.com, or for a virtual tour visit www.vrify.com under Ascot Resources.

.

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

 

.

Disclosure

At the time of writing the author holds shares in Ascot Resources, bought in the market on the days of purchase at the prevailing price.

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To read our full terms and conditions, please click HERE

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.




Ascot Drills High-Grade Gold at Big Missouri

Ascot Resources (TSX: AOT)

Announced assay results from the 2021 drill program at the Company’s Premier Gold Project located in the Golden Triangle of northwestern British Columbia.

The drill holes intercepted gold mineralization at or near defined stope shapes with numerous high-grade assays as high as 184.5 g/t gold. […]

 

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Ascot Resources TSX : AOT
Stage Development
Metals Gold
Market cap C$410 m   @ $1.09
Location Golden Triangle, British Columbia

 

 

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Ascot Resources

Ascot Resources Premier Mine, Golden Triangle, British Columbia, Canada.

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Ascot Resources Intercepts High-Grade Gold at the Big Missouri Deposit Including 27.5 g/t Gold Over 8.0 Metres and 36.4 g/t Gold Over 4.7 Metres

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Vancouver, B.C. February 22, 2022 — Ascot Resources Ltd.(TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce the remaining assay results from the 2021 drill program at the Company’s Premier Gold Project (“PGP”) located in the Golden Triangle of northwestern British Columbia.

These drill holes targeted areas of early stopes at the Big Missouri depositwith the aim of refining stope geometry and orientation as well as expanding stope shapes where possible and gathering additional grade information. The drill holes intercepted gold mineralization at or near defined stope shapes with numerous high-grade assays as high as 184.5 g/t gold.

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Highlights from the drill results include:

  • 27.52 g/t Au and 11.40 g/t Ag over 8.00mfrom a depth of 68.4m in hole P21-2379, including 66.70 g/t Au and 14.20 g/t Ag over 2.00m
  • 36.36 g/t Au and 24.1 g/t Ag over 4.65mfrom a depth of 56.4m in hole P21-2373, including 184.50 g/t Au and 80.50 g/t Ag over 0.90m. The interval is carried by the high-grade assay, but the width of the mineralized zone has been selected considering base metal and sulfide content in addition to gold and silver.
  • 10.04 g/t Au and 15.91 g/t Ag over 7.00mfrom a depth of 139.8m in hole P21-2358, including 14.70 g/t Au and 22.33 g/t Ag over 4.00m
  • 7.25 g/t Au and 4.57 g/t Ag over 6.00mfrom a depth of 212.1m in hole P21-2363, including 19.00 g/t Au and 6.10 g/t Ag over 2.00m

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Ascot Resources management comments

“Big Missouri is the first deposit Ascot is planning to mine this year and these high-grade drill results will assist the Company in optimising initial mining activities.

 

“It is encouraging to see that the projected stope shapes have been generally confirmed, and in many cases extended, as we suspected they would with additional drilling.

 

“With a headline intercept of nearly an ounce per tonne gold over eight metres and with assays as high as 184.5 g/t gold, the future bodes well for the underground development at Big Missouri.

 

“The Company continues to expect to convert Resources into Reserves as additional drilling from surface and underground provides more detailed information on the optimal mining shapes.”

Derek White, President and CEO of Ascot Resources

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For brevity, this summary has been redacted, to read the full news release, please click HERE

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City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

 

 

Disclosure

At the time of writing the author holds Ascot Resources shares, bought in the market at the prevailing price on the days of purchase.

.

To read our full terms and conditions, please click HERE

.

.

.

 




Ascot Resources Premier Mine Funding Shortfall

Ascot Resources Ltd. (TSX: AOT)

Provided an update on the Premier Gold Project  located in the Golden Triangle of northwestern British Columbia with respect to progress to date and development plans in 2022.

The company also highlighted a funding shortfall which will have to be addressed in order to complete mine construction.

 

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Ascot Resources TSX : AOT
Stage Development
Metals Gold
Market cap C$394 m   @ $1.05
Location Golden Triangle, British Columbia

 

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Ascot Gold Premier Mine mill

Ascot Gold Premier Mine mill

 

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Ascot Provides Update on Premier Gold Project Progress to Date and Plans for 2022

 

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Vancouver, B.C. January 25, 2022 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) provides an update on the Premier Gold Project (“PGP” or the “project”) located in the Golden Triangle of northwestern British Columbia with respect to progress to date and development plans in 2022.

This release includes a detailed project schedule and an updated capital cost estimate for the project. Building on the success of the Early Works program in 2021, Ascot remains on track to commence full-scale construction activities and underground development in April 2022, with first gold pour targeted for the first quarter of 2023.

The Company is also pleased to announce the receipt of the Environmental Management Act Permit, completing the JPAA (Joint Permit Application Amendment) for the project.

All financial metrics herein are in Canadian dollars, denoted as C$, unless otherwise stated.

 

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Ascot Gold management comments

“The Company made considerable progress on pre-construction and Early Works activities in 2021 and is now pleased to have received the final operating permit for the Premier Gold Project.

 

“Despite facing various challenges last year, including the loss of key equipment at sea due to weather events, the Ascot team stepped up in meaningful ways and adapted to stay the course towards production, positioning us to execute on the project in 2022.

 

“We are excited to get the Premier mill restarted with first gold pour anticipated around this time next year.

 

“The Golden Triangle of northwestern B.C. has been a focal point for Canadian mining mergers and acquisitions in recent years, and Ascot has one of only three mills in the entire region.

 

“Notwithstanding project delays and cost pressures, we are confident in our ability to execute on the remainder of project construction during 2022, on the path to becoming Canada’s next gold producer.”

Derek White, President and CEO of Ascot Resources

 

 

Project Progress to Date

Before the Mines Act Permit issuance in December (see News Release dated December 7, 2021), Ascot was able to advance many project pre-construction activities as a part of the Early Works program. The focus of the program was preparing for the delivery of the Ball and SAG mills and their subsequent installation inside the mill building (see Figure 1). This was a major success for the project and was on time and on budget, such that the construction activities inside the process plant are not currently on the critical path schedule. Other major areas of Early Works progress included initial earthworks activities for the new water treatment plant, the Cascade Creek diversion channel, and the Dago Pit liner for temporary waste and water collection. The temporary construction camp with total capacity of approximately 170 people was also installed adjacent to the mill building.

Figure 1 – Interior of mill building showing SAG (left) and Ball (right) mills installed

Concurrent with project activities on site, detailed engineering has been advanced to 70% complete. Designs for these areas are substantially complete: Site roads, power supply, water treatment plant, tailings facility, Cascade Creek diversion channel, and several areas inside the mill. Remaining areas to be engineered are the process plant piping, electrical, and instrumentation. We anticipate substantial completion of detailed engineering by approximately April 2022.

Project procurement has progressed well so far despite numerous challenges in global shipping and transportation. While there are increasing pressures related to supply chain and inflation across the entire mining industry, the project is not wholly exposed to these risks given the existing infrastructure and the procurement completed to date. The Ball and SAG mills were ordered in 2020, arrived on site in 2021 and were installed. Ascot has ordered approximately 87% of the remaining fixed equipment for the project.

Key orders remaining in the plant relate mostly to piping, instrumentation, and bulk consumables. Outside of the plant construction, the major pieces of equipment yet to be received are the replacement water treatment plant clarifier and tailings thickener (see News Release dated December 7, 2021). Upon learning of the loss of those items, Ascot quickly arranged the re-fabrication orders for these items. The fabrication of the clarifier and thickener are progressing well and Ascot anticipates completion by the end of February 2022, followed by delivery scheduled in April 2022.

Ascot is in the final stages of selecting a supplier for our underground equipment fleet, which we currently anticipate requiring on site in three tranches: the first in September 2022, a second in January 2023, and the remainder in August 2023 as the mining area expands. This is in addition to and after the mobilization of the underground development mining contractor in April 2022.

Ascot estimates construction of the Premier Gold Project is approximately 23% complete as of year-end 2021. Major areas of focus for the project in 2022 will be the underground development and early access to initial mining areas, the delivery and installation of the new water treatment plant, the completion of the Cascade Creek diversion channel, the tailings facility earthworks, and the completion of the process plant circuit. These activities all lead towards starting mill commissioning later in 2022 ahead of initial gold pour anticipated in Q1 2023.

As anticipated in Ascot’s News Release dated December 7, 2021, the B.C. Ministry of Environment and Climate Change Strategy has issued to Ascot the Environmental Management Act Permit PE-8044. This permit amendment is primarily related to water discharge requirements during the production phase at PGP and solidifies Ascot’s fully-permitted status. The receipt of this permit is another key condition to draw down the remaining US$75M under the Company’s project finance facility with Sprott Private Resource Lending Corp. and Beedie Capital.

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Project Schedule

As previously announced (see News Release dated December 7, 2021), most outdoor construction activities have been paused for the winter and underground development has been delayed until approximately April 2022. An overview of the project schedule is shown in Figure 2. During Q1 2022, work will be progressed inside the mill building, and detailed engineering and the remaining procurement will be concurrently advanced.

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Figure 2 – Overview schedule of activities for PGP

Ascot is planning to ramp-up full-scale construction activities in April 2022. Critical work areas include the construction and installation of the new water treatment plant, the excavation of the Cascade Creek diversion channel, the tailings facility earthworks, process plant piping and instrumentation, and initial underground mining development.

The replacement clarifier and thickener are scheduled to be delivered to site in April 2022, which includes approximately one month of contingency for shipment to account for ongoing global supply chain pressures. Installation of the new water treatment plant, the foundation for which has already been excavated, is anticipated to be complete by November 2022, allowing the commencement of process plant commissioning.

Concurrently, underground development is scheduled to begin in late April 2022 starting from the S1 Portal at the Big Missouri deposit. Initial development and stoping ore is anticipated to be accessed by October 2022, which will enable process plant commissioning to begin by year-end 2022, followed by the first gold pour early in 2023. In order to hedge against mining and grade variability, three initial Big Missouri stoping areas are planned to be accessed in 2022, concurrent with primary development towards the Silver Coin deposit.

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Capital Forecast

In March of 2021, before starting pre-construction activities including Early Works, Ascot announced an updated project capital cost estimate of C$176M (see News Release dated March 18, 2021). Now with the Mines Act Permit in hand and a more definitive project schedule, Ascot is reporting an updated project capital estimate of C$224M, reflecting an increase of 27% over the March 2021 figure.

At a high level, the factors that have caused cost increases to the project, in order of influence, are: fixed indirect costs caused by schedule delays, weather impacts, piping and instrumentation labour productivity, indirect cost inflation, supply chain pressures, and COVID-19 protocols.

 

  • Indirect and Owners Costs +C$30M: The camp and construction facilities cost increased primarily due to delays in the project schedule requiring the temporary construction camp to be on site for longer than initially planned. Higher food costs, COVID-19 protocols, and snow clearing have also contributed to the increase. Road maintenance and site services costs across the Premier site are higher than estimated. Freight and logistics costs are higher due to the global supply chain crisis.

    Construction management costs increased due to the construction period being delayed until end of December 2022 compared with end of September 2022 as originally planned. Insurance costs are higher than previous estimate due to additional insurance coverage on the tailings storage facility.

  • Process Plant +C$8M: Lower labour productivity has been used for the piping and instrumentation activities going forward. Cost for systems and instrumentation for electrical equipment in the mill have increased due to supply chain pressures and inflation.

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As at year-end 2021, Ascot had incurred a total of C$60M on the project. Based on the updated capital cost estimate, there remains C$164M left to spend on the project, including a C$15M contingency, representing a buffer of 11.3% on the project costs going forward less mining costs.

Varying levels of contingency were assigned to different project areas based on risk assessment. Of the remaining C$164M in costs yet to be spent, approximately C$103M has been committed under purchase orders as of year-end 2021.

Ascot has a higher degree of confidence in the updated capital estimate as it is based on real-world costing through the Early Works program, and because the Company has now ordered most of the remaining key equipment and materials to complete the project. The only remaining items that have yet to be ordered are process plant piping, control systems, and limited amounts of steel works – all of which have been assigned higher levels of contingency.

Ascot ended 2021 with a cash balance of approximately C$59M (unaudited), and there remains US$75M (~C$94M) undrawn on the project finance facility, bringing total available liquidity to approximately C$153M. This is less than C$164M left to spend, which does not include various corporate costs including but not limited to exploration drilling, corporate G&A, working capital and minimum cash balance requirements, security deposits, and permit maintenance costs.

As a result, Ascot will be pursuing additional funding options in the near future to address capital requirements arising from the aforementioned project delays.

 

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For brevity, this summary has been redacted, to read the full news release, please click HERE

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.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

 

.

Disclosure

At the time of writing the author holds shares in Ascot Resources, bought in the market at the prevailing price on the day of purchase.

.

.

To read our full terms and conditions, please click HERE




Ascot Resources Intercepts High-Grade Gold at Day

Ascot Resources Ltd.(TSX: AOT)

Announced additional assay results from the 2021 exploration drill program at the Company’s Premier Gold Project.

This release contains the remainder of assay results from exploration drilling at the Day Zone, as well as assays from one hole drilled at the Woodbine target and one at the Boneyard near the Premier mill.

 

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Ascot Resources TSX : AOT
Stage Development
Metals Gold
Market cap C$447 m   @ $1.19
Location Golden Triangle, British Columbia

 

 

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AscotResources Pan Mine mill

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Ascot Resources Intercepts More High-Grade Gold at the Day Zone Including 58.6 g/t Gold over 1.9 metres and 16.5 g/t Gold over 5.7 metres

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Vancouver, B.C. January 13, 2022 — Ascot Resources Ltd.(TSX: AOT) (“Ascot” or the “Company”) is pleased to announce additional assay results from the 2021 exploration drill program at the Company’s Premier Gold Project (“PGP”).

This release contains the remainder of assay results from exploration drilling at the Day Zone, as well as assays from one hole drilled at the Woodbine target and one at the Boneyard near the Premier mill.

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Highlights from the drill results include:

  • 58.60 g/t Au and 24.8 g/t Ag over 1.90m from a depth of 35m in hole P21-2384 at the Day Zone. This is in an area where Ascot is internally evaluating preliminary stope shapes for potential extraction early in the mine life at Big Missouri.
  • 11.22 g/t Au and 19.1 g/t Ag over 9.35mfrom a depth of 158m in hole P21-2336 at the Day Zone, including 16.51 g/t Au and 29.8 g/t Ag over 5.66m. This intercept was drilled from a pad approximately 400m south from the initial discovery holes in 2020.
  • 5.48 g/t Au and 9.8 g/t Ag over 4.80mfrom a depth of 188m in hole P21-2387 at the Boneyard near the Premier mill. This hole provides further evidence of mineralization continuing beyond the western limb of the Northern Light deposit.

 

This release summarizes the results from sixteen surface drill holes at the Day Zone southwest of the Big Missouri deposit, one drill hole at the Woodbine target west of the Premier Deposit, and one hole from the Boneyard near the Premier mill, for a total of 4,074 metres completed from five drill pads.

In addition, the final outstanding assay results from the 2021 exploration season, consisting of 5,982 metres of drilling in 28 drill holes focused on in-filling the Big Missouri deposit, are now being received and will be released in the coming weeks as they become available.

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Ascot Resources management comments

“During the development phase at the Premier Gold Project our exploration strategy has been quite simple: find and expand new high-grade areas of mineralization close to existing and planned infrastructure which will be accretive to our mine plan.

 

“In that regard, the Day Zone continues to impress in each successive round of drilling, with this batch being headlined by an intercept of two ounces per tonne gold over two metres.

“Since its discovery in 2020, with a modest 32 drill holes we have already outlined a number of high-grade areas at the Day Zone across a known strike length of 550 metres, with mineralization open to the north and south.

 

“We are confident in the Day Zone’s potential to contribute to future resource growth on our property and even now are internally evaluating preliminary stope shapes for potential extraction in the early stages of the mine life at Big Missouri.”

Derek White, President and CEO of Ascot Resources

 

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For brevity, this summary has been abridged, to read the full news release, please click HERE

.

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

 

 

Disclosure

The writer holds shares in Ascot Resources bought in the market at the prevailing price on the days of purchase.

.

.

To read our full terms and conditions, please click HERE

 

 

 

.