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Posted at 08/4/2024 16:39 by stu31 Ascot Commences Ore Processing at the Premier Gold Project08/04/2024 12:00pm Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company” Derek White, President and CEO, commented, "The start of ore processing is a momentous achievement for the whole team at Ascot and an exciting milestone for the Company. Most project construction activities are substantially completed, and commissioning activities are ongoing throughout the processing plant with the aim of pouring first gold this month.” As is customary for processing plant start-ups, waste rock was initially introduced into the grinding circuit in order to pad the semi-autogenous grinding (“SAG”) and Ball mill liners with barren material. Once that commissioning step was completed, the grinding system was re-torqued and gold-bearing ore was introduced into the mill on April 5, 2024. Commissioning activities are currently focused on the remaining components of the processing plant – namely the gravity concentration and intensive leaching circuit, the carbon regeneration circuit, the elution circuit, cyanide destruction, and the gold room. The tailings storage facility (“TSF”), new water treatment plant (“WTP”), tailings thickener and pipeline systems are ready for operations. The Company anticipates the pouring of first gold at the Project on schedule during the month of April 2024. Qualified Person John Kiernan, P.Eng., Chief Operating Officer of the Company is the Company’s Qualified Person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release. On behalf of the Board of Directors of Ascot Resources Ltd. “Derek C. White” President & CEO For further information contact: David Stewart, P.Eng. VP, Corporate Development & Shareholder Communications dstewart@ascotgold.c 778-725-1060 ext. 1024 About Ascot Resources Ltd. Ascot is a Canadian exploration and development company focused on re-starting the past producing Premier Gold Mine, located on Nisga’a Nation Treaty Lands, in British Columbia’s prolific Golden Triangle. Ascot shares trade on the TSX under the ticker AOT and on the OTCQX under the ticker AOTVF. Concurrent with progressing the development of Premier, the Company continues to explore its properties for additional high-grade gold mineralization. Ascot is committed to the safe and responsible development and operation of the Premier Gold Mine in collaboration with Nisga’a Nation. |
Posted at 03/4/2024 18:32 by stu31 Ascot Closes C$29 Million Bought Deal Financing and US$50 Million in Additional Funding for Completion and Ramp-Up of the Premier Gold Project20/02/2024 1:53pm Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company” Concurrently, the Company closed its previously announced bought deal private placement financing with a syndicate of underwriters co-led by BMO Capital Markets and Desjardins Capital Markets (together, the “Joint Bookrunners”), and including CIBC World Markets Inc., Raymond James Ltd. and Velocity Trade Capital Ltd. (collectively, with the Joint Bookrunners, the “Underwriters& Derek White, President and CEO, commented: "We commend our financing partners Sprott Streaming and Nebari for their cooperation and timely closing for this financing. We express our gratitude to our existing shareholders who participated in the bought deal financing, including our largest shareholder Ccori Apu S.A.C., and welcome new institutional shareholders whose support is very much appreciated.” Michael Harrison, Managing Partner at Sprott Streaming, commented: “We are very pleased to expand our partnership and continue to support Ascot Resources as the team prepares for imminent production from the Premier Gold Project. Sprott Streaming continues to provide funding to advance quality projects and provide project financing to bring mines into production.” Nebari Managing Director, Juan Alvarez, stated: “We are very pleased to be providing additional funding to Ascot in the form of a cost overrun facility as support for the construction and ramp-up of the Premier Gold Project.” Any 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 State in which such offer, solicitation or sale would be unlawful. ADVISORS Auramet International LLC is acting as financial advisor to Ascot in connection with the Sprott Streaming and Nebari transactions. Blake, Cassels & Graydon LLP is acting as Ascot’s legal advisor. Fasken Martineau DuMoulin LLP is acting as Sprott Streaming’s legal advisor. On behalf of the Board of Directors of Ascot Resources Ltd. “Derek C. White” President & CEO For further information contact: David Stewart, P.Eng. VP, Corporate Development & Shareholder Communications dstewart@ascotgold.c 778-725-1060 ext. 1024 About Ascot Resources Ltd. Ascot is a Canadian junior exploration and development company focused on re-starting the past producing Premier gold mine, located on Nisga’a Nation Treaty Lands, in British Columbia’s prolific Golden Triangle. Ascot shares trade on the TSX under the ticker AOT. Concurrent with progressing the development of PGP, the Company continues to 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. |
Posted at 22/1/2024 22:28 by stu31 Ascot Arranges C$25 Million Bought Deal Financing and US$50 Million Additional Funding for Completion and Ramp-Up of the Premier Gold ProjectNot for distribution to U.S. news wire services or dissemination in the United States. Vancouver, B.C. January 22, 2024— Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company” The proposed financing package would consist of a royalty restructuring (the “Royalty Restructuring” FINANCE PACKAGE HIGHLIGHTS Royalty Restructuring: US$30 million gross proceeds for Ascot to grant and sell to SRSR a new 3.10% NSR royalty covering the PGP property package (the “Sprott Royalty”). Until the end of 2026, up to 50% of the new royalty can be repurchased for varying amounts depending on timing and cumulative production. C$13.7 million of the gross proceeds will be used to buy back two existing 5% NSR royalties on various PGP property claims, resulting in net proceeds of approximately US$20 million. Cost Overrun Facility: US$20 million from Nebari Credit Fund II to be drawn in full at closing, with maturity to be in June 2027. The interest rate would be 10.0% plus the greater of: (i) 3.5% and (ii) the three month secured overnight financing rate (“SFOR”) per annum. Nebari Credit Fund II will also be granted warrants to purchase Common Shares, as described below. Nebari Gold Fund Convertible Facility amendments: In connection with the Cost Overrun Facility, Ascot would amend certain terms of the credit agreement entered in June 2023 with Nebari Gold Fund 1, LP (“Nebari Gold Fund” and together with Nebari Credit Fund II, “Nebari” The Cost Overrun Facility and the amended Nebari Gold Fund Convertible Facility (together the “Nebari Loans”) will have a combination of senior and second lien security for the total amount outstanding under the Nebari Loans with a US$20 million first lien position pari passu with SRSR existing streams and amounts over US$20M having a second lien position behind SRSR’s existing streams. Ascot’s strategic investor Ccori Apu S.A.C. intends to participate in the Offering to keep their pro-rata share ownership of approximately 19.9%. The three components of the proposed financing package, namely the Royalty Restructuring, the COF, and the Offering, are all cross conditional and are anticipated to close on or about February 9, 2024, subject to successful negotiation and execution of definitive agreements and receipt of regulatory approvals, including Toronto Stock Exchange (“TSX”) approval. Derek White, President and CEO of Ascot commented, “Over the past year the Company, despite many challenges, has achieved significant progress in the construction and mining development of the Premier Gold Project and we are excited about moving towards production in the very near term. Project construction was 86% complete at the end of December 2023, and as we complete this phase of the Project, the Company has been focusing it efforts to prepare for the initial production and ramp-up phase of the operation. It is paramount at this stage that the Company is well financed and I believe this funding package accomplishes this. Ascot has been very successful with its infill drilling activities over the past few years and reducing the historical 5% NSR royalty rights on the initial mining areas is value accretive to the Company. We are very pleased that our major financing partner SRSR has been supportive of the Project and agreed to restructure the historical 5% NSR royalties. Our existing financing arrangements had contemplated a US$20 million cost overrun facility and we are pleased to progress this with our existing capital providers. We are also appreciative of the support from current and new shareholders as we continue our work to develop Canada’s newest producing gold mine.” ROYALTY RESTRUCTURING – SPROTT STREAMING Ascot has entered into a non-binding term sheet with Sprott Streaming for a new royalty covering the PGP property. SRSR would purchase the Sprott Royalty of 3.10% on production from PGP for US$30 million (the “Purchase Price”). SRSR has substantially completed its technical and legal due diligence. The existing 5% NSR royalties covering the majority of the PGP property, including the Premier and Big Missouri gold deposits, will be repurchased and cancelled for C$13.7 million, pursuant to Ascot’s existing contractual rights. Up to 50% of the Sprott Royalty may be repurchased until the end of 2026. The repurchase price would be payable in ounces of gold bullion or the equivalent value in cash and is equal to 19,200, 21,600, and 24,000 gold equivalent ounces in 2024, 2025, and 2026 respectively, less the cumulative gold equivalent ounces delivered prior to the repurchase date, with the difference multiplied by the buyback percentage. COST OVERRUN FACILITY – NEBARI CREDIT FUND II Ascot has entered into a non-binding term sheet with Nebari Credit Fund II for a US$20 million Cost Overrun Facility and technical due diligence has been completed. Ascot would also amend certain terms of the credit agreement entered in June 2023 with Nebari Gold Fund 1, LP, which consists of a US$14 million convertible credit facility (the “Nebari Gold Fund Convertible Facility”). The conversion price under the Nebari Gold Fund Convertible Facility would be amended C$0.53. COF terms: Funded amount of US$20 million drawn in one tranche (the “Advance” Principal amount of US$20.8 million which is subject to a 4% original issue discount to determine the Advance. The maturity date shall be the same as that of the Nebari Convertible Facility, which is June 27th, 2027 (the “Maturity Date”). Interest rate of 10.0% plus the greater of (i) 3.5% and (ii) the three month term SOFR per annum. An arrangement fee of 1% of the Advance is due to Nebari Credit Fund II upon closing of the COF. The COF will follow a progressive amortization schedule with interest and principal payments due monthly for the term of the facility, starting in July 2024. Subject to the terms and conditions of the COF, Ascot may prepay the outstanding principal at any time, subject to a minimum prepayment amount of US$1 million and Nebari Credit Fund II achieving a minimum absolute return of 15%. Ascot would issue to Nebari Credit Fund II the number of Common Share purchase warrants equal to US$4 million divided by the exercise price, which would be equal to the amended conversion price. The warrants shall expire on the Maturity Date. The COF and the amended Nebari Gold Fund Convertible Facility will have a combination of senior and second lien security for the total amount outstanding under the Nebari Loans with US$20 million first lien position pari passu with SRSR existing streams against the Company’s Premier Gold Project and Red Mountain Project. Amounts over US$20M will have a second lien position behind SRSR’s existing streams. In addition, while any second lien security remains in place, Nebari shall be granted sole, unshared first lien security on Ascot’s non-core assets: the Swamp Point aggregate project in northwestern British Columbia and the Mount Margaret Copper exploration project in Washington State, USA. The COF would also contain customary representations, warranties and covenants for a transaction of this nature. The amendments to the Nebari Gold Fund Convertible Facility and the grant of the warrants are subject to approval of the TSX. THE OFFERING Ascot has entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets and Desjardins Capital Markets, under which the Underwriters have agreed to buy, on a bought deal basis by way of private placement, 56,820,000 Common Shares of the Company at a price of C$0.44 per Common Share for gross proceeds of approximately C$25 million. In addition, the Company has granted the Underwriters an option, exercisable up to 48 hours prior to the closing of the Offering, to purchase up to an additional 15% of the number of Common Shares purchased pursuant to the Offering. Gross proceeds of up to C$10 million will be sold on a private placement basis pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“LIFE” or “LIFE Tranche”) and remaining gross proceeds will be sold on a private placement basis pursuant to applicable non-LIFE prospectus exemptions under applicable securities laws (the “Private Placement Tranche”). The Common Shares issued as part of the Private Placement Tranche, which will include any Common Shares issued in connection with the Underwriters’ option, will be subject to a hold period under Canadian securities law expiring four months and one day after the closing date while Common Shares issued as part of the LIFE Tranche will not be subject to a hold period under Canadian securities law. The Company intends to use the net proceeds of the Offering for the construction and ramp-up of the Project, for additional working capital, and for general corporate purposes. The Offering is expected to close on or about February 9, 2024 and is subject to the Company receiving all necessary regulatory approvals, including the approval of the TSX. There is an offering document related to the LIFE that can be accessed under the Company’s profile at www.sedarplus.com and at www.ascotgold.com. Prospective investors should read this offering document before making an investment decision. 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 State in which such offer, solicitation or sale would be unlawful. |
Posted at 22/1/2021 03:48 by stu31 Ascot Extends Gold Mineralization at the "Day Zone” to the North18/01/2021 11:00am Ascot Resources Ltd (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company” Highlights from the Day Zone include: 23.20g/t Au and 9.6g/t Ag over 2.00m in hole P20-2263 2.31g/t Au and 125.1g/t Ag over 5.93m in hole P20-2271 This news release summarizes the results from nine drill holes (for a total of 1,874m) at the Day Zone at Big Missouri and two drill holes (763m) from Silver Hill. Derek White, President and CEO of Ascot commented, “The new results from the Day-2 drill pad extend the mineralized zone to the north and further demonstrate the prospectivity of the west side of the Big Missouri Ridge. Mineralization remains open to the north and south providing us with a great opportunity to add to our resources in proximity to planned underground development. Although the Silver Hill drilling did not intercept ore grade material, the presence of elevated silver in the volcanic package just below the transition to sedimentary rocks is encouraging and requires follow-up drilling”. The turnaround time for assay results has been exceptionally long this year. However, we expect to be reporting the balance of the 2020 drill season with results from the Woodbine area in the near future.” |
Posted at 11/12/2020 17:15 by stu31 Ascot Secures US$105 Million Construction Finance Package for Premier Gold Project10/12/2020 2:04pm Ascot Resources Ltd (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company” A summary of the key terms of the Senior Facility and Convertible Facility are as follows: The Senior Facility Term of 5 years US$80 million in principal structured in multiple tranches: US$20 million advanced at closing Subsequent tranches available to the Company on satisfaction of customary conditions Interest rate greater of 3-month LIBOR and 1.5% plus 7.0% and 5.75% per annum 100% of interest costs capitalized until June 2022 Principal payments including capitalized interest are payable in 10 quarterly instalments commencing September 2023 2.0% original issue discount payable on drawdown of each tranche 1.75% partner alignment fee payable in Ascot common shares at closing Fixed US$13 per ounce production-linked payment on the first 450,000 ounces produced Payments are to be financially settled on a monthly basis and can be terminated at any time by payment of an early termination fee Voluntary prepayment of outstanding principal and interest after December 2023 The facility is available to be drawn until June 30, 2022 and project completion no later than September 30, 2023 No hedging, cash sweeps, cash collateralization or offtake agreement At Ascot’s option, Sprott will purchase 10% of the common shares or up to a maximum of US$3 million, to be issued in connection with Ascot’s minimum equity requirement of US$25M associated with the financing package. The Convertible Facility Term of 3 years extended to 4 years upon receipt of project construction permits US$25 million in principal structured in two tranches: US$10 million will be advanced at closing (“Initial Advance”) US$15 million will be advanced on satisfaction of customary conditions (“Subsequent Advance”) Interest rate of 8.0% per annum 100% of interest costs capitalized to principal until construction is complete and the Project has successfully completed an agreed completion test 3.0% standby fee on undrawn amounts, accrued until maturity date 1.5% commitment fee payable at closing Prepayment is subject to Senior Facility conditions, 1.0% penalty on repayment of outstanding principal and interest after December 2022, prior to December 2022 a make whole fee of 24 months interest Subject to the terms and conditions of the Convertible Facility, all or a portion of the Initial Advance can be converted into Ascot common shares at the option of the Lenders at a price equal to the higher of (“Initial Advance Conversion Price”): 20% premium to the 30-day VWAP of Ascot common shares immediately prior to the date hereof; and The market price immediately prior to the date hereof, as defined by the rules and policies of the Toronto Stock Exchange (“TSX”) Subject to the terms and conditions of the Convertible Facility, all or a portion of the Subsequent Advance, if any, can be converted into Ascot common shares at the option of the Lenders at a price equal to the higher of (the “Subsequent Advance Conversion Price”): the Initial Advance Conversion Price; and the market price subject to the maximum allowable discount, pursuant to the rules and policies of the TSX If over 20 consecutive trading days the VWAP of Ascot common shares exceeds 45% of the Initial Advance Conversion Price or Subsequent Advance Conversion Price (together, the “Conversion Price”), as applicable, Ascot may, subject to the terms and conditions of the Convertible Facility, convert up to 50% of the Conversion Price, as applicable, to Ascot common shares, in accordance with the terms and conditions of the Convertible Facility Derek White, President and CEO of Ascot, commented, “We are very pleased with the financial commitments that Sprott and Beedie Capital have made towards the development of the Project. We have achieved our objective of securing a flexible financing package on terms that are competitive and protect the upside for our shareholders. The optionality of repayment of both the Senior Facility and the Convertible Facility in a rising gold price environment provides the Company financing flexibility. Combined with the equity financing completed in June, this package secures approximately US$45 million of immediate funding enabling us to order long lead-time equipment, undertake pre-construction activities, advance permitting and refinance our existing convertible note. The financing process has been a team effort and I would like to acknowledge the efforts of all involved from the Ascot team, our advisors Auramet International LLC, Agentis Capital Mining Partners, and our legal counsel Blakes Cassels and Graydon, LLP.” Narinder Nagra, Managing Partner of Sprott, commented, “As one of the largest investors dedicated to the natural resource sector, Sprott is excited to partner with Ascot on the development of the Premier Gold Project. Our partnership with Ascot is consistent with our strategy of providing innovative and flexible capital to maximize the value of exceptional projects.” “We are excited to partner with Ascot and Sprott as part of this comprehensive financing package” said David Bell, Managing Director at Beedie Capital. “We look forward to supporting Ascot through the development of the Project into becoming a significant gold producer in British Columbia.” All definitive documentation for the Financing has been signed and the Company expects to receive the first US$20 million tranche from the Senior Facility, on December 10, 2020. The US$10 million advance from the Convertible Facility will be used to repay the existing convertible notes. Drawdown on each facility is subject to customary conditions including all regulatory approvals. 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. |
Posted at 26/11/2020 23:49 by stu31 Ascot Discovers More High-Grade Gold in the Day Zone19/11/2020 12:30pm Ascot Resources Ltd (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company” Highlights from the Day Zone include: 16.59g/t Au over 3.62m in hole P20-2217 15.31g/t Au over 5.60m in hole P20-2245 The intercepts reported in this release succeeded in connecting the Day Zone with the known zones of the Big Missouri deposit to the east (see Figure 2). This area holds very high potential for additional near mine resources. The Company is awaiting assays from nine more drill holes that were completed from two additional drill pads. Derek White, President and CEO of Ascot commented, “It is very exciting that we continue to hit mineralization in every drill hole in this area. The new drill holes have connected the west side of the ridge to the known resources at the Big Missouri deposit that are included in our feasibility mine plan. There is high potential to expand the mineralization to the north and south and add additional resources close to planned underground infrastructure which could ultimately extend the mine life at Premier. We are looking forward to additional results from the Day Zone, Silver Hill and the Woodbine prospect.” |
Posted at 13/11/2020 02:27 by stu31 Ascot Resources Announces Financial Results for the Nine Months Ended September 30, 202010/11/2020 9:30pm Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company” All amounts herein are reported in $000s of Canadian dollars (“C$”) unless otherwise specified. Q3 2020 AND RECENT HIGHLIGHTS In July and August of 2020, the Company reported high gold grades from ten drill holes (2,820 metres) of the 2020 season. The drill site is strategically located at Premier West, potentially adding to existing resources outlined in the feasibility; On September 14, 2020, the Company announced the discovery of new high-grade gold mineralization at the “Day Zone”. The high-grade intercepts are located 300 metres west from the planned underground development at Big Missouri. Mineralization is open along strike to the north and the south. The Day Zone is located on the Big Missouri Ridge, approximately 5 kilometres north of the Premier Mill; On October 8, 2020, the Company announced high-grade silver intercepts at the Silver Hill prospect. These holes were from drill pad SH-02 at Silver Hill located 260 metres to the northeast of last year's intercepts from SH-01, demonstrating the presence of wide-spread mineralization in the area; On October 15, 2020, the Company signed an agreement with Montreal based Farnell-Thompson Applied Technologies Inc. for the delivery of the Semi-Autogenous Grinding (“SAG”) and ball mills, which is critical path, long lead time equipment required in the refurbishment of the concentrator facility for re-starting the past producing Premier gold mine; The Company completed its 2020 drill program in late October and achieved the lowest first aid and medical reportable incidents in company history. Ascot’s President and CEO, Derek White commented, “The third quarter was a very busy period for the Company with solid progress made on many key initiatives. The first assay results from our summer exploration program were very encouraging, especially in the Day Zone and Premier West and there are still a number of assays pending. In addition, we are excited about the core we have seen in the latest drilling at Woodbine and await the assay results. A lot of engineering work was progressed during the quarter, including the studies for the ordering of the SAG and ball mills, the commencement of the basic & pre-construction engineering studies and optimization incentives on mine planning and potential mill improvements. We are appreciative of our supportive local communities and our First Nation’s partner, Nisga’a Nation. We have made a lot progress on the permitting amendment process and finally, I am very proud of the Ascot team and our many contractors who dealt extremely well with the challenges of COVID-19 and effectively implemented our Health and Safety protocols, resulting in the best seasonal safety record for Ascot.” FINANCIAL RESULTS – THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 The Company reported a net income of $682 for Q3 2020 compared to a net loss of $2,215 for Q3 2019. The net income in Q3 2020 is mainly driven by an unrealized gain on marketable securities and deferred income tax recovery. The Company reported a net loss of $3,991 for the first nine months of 2020 compared to $4,825 for the first nine months of 2019. The lower loss in the first nine months of 2020 is attributable to a combination of factors including: A $680 decrease in finance expense mainly due to more interest being capitalized in 2020 compared to 2019 as well as lower accretion of the Company’s asset retirement obligation in 2020 compared to 2019; A $310 increase in flow-through share premium recognition, as the premium on flow-through shares issued in 2020 was higher than the premium on flow-through shares issued in 2019; and A $287 deferred tax recovery. Partially offset by: A $263 foreign exchange loss (a $118 gain in the comparable period of 2019) mainly driven by fluctuations of the foreign exchange rate used in translation of the Company’s convertible note as well as in revaluation of the Company’s U.S. dollar term investments held in 2019; A $259 increase in stock-based compensation charge due to more stock options granted in the first nine months of 2020 compared to the first nine months of 2019; A $166 increase in property maintenance cost mainly due to Red Mountain camp demobilization costs as well as higher repairs and maintenance costs, and A $137 increase in depreciation mainly due to depreciation of IDM assets acquired at the end of Q1 2019. LIQUIDITY AND CAPITAL RESOURCES During the nine months ended September 30, 2020, the Company issued 43,361,453 common shares (nine months ended September 30, 2019: 58,100,859), 4,700,000 stock options (nine months ended September 30, 2019: 3,200,000), 340,000 Deferred Share Units (nine months ended September 30, 2019: nil) and 180,000 Restricted Share Units (nine months ended September 30, 2019: nil). Also, 913,500 stock options expired, 200,000 stock options were forfeited and 17,134,427 warrants expired during this period. In February 2020, the Company raised $10,253 through a private placement to fund its 2020 exploration program and other corporate expenditures. During the nine months ended September 30, 2020, the Company spent $3,534 on qualifying flow-through exploration expenditures. As at September 30, 2020, the Company had a balance of $1,490 required to be spent on flow-through expenditures prior to December 31, 2022. On June 17, 2020, the Company raised $25,000 through a bought deal by issuing 29,412,000 common shares at $0.85 per share. The net proceeds of the bought deal will be used for the continued development of the Premier Gold Project, including the purchase of long lead time equipment and for general working capital purposes. As at September 30, 2020, the Company had working capital of $10,100 (December 31, 2019: $3,003) and cash & cash equivalents balance of $25,411 (December 31, 2019: 4,418). The increase in cash & cash equivalents was due to the net proceeds of $9,518 from the private placement as well as the net proceeds of $23,328 from the bought deal. The Company has sufficient funding to meet its obligations for the next twelve months. |
Posted at 23/10/2020 03:14 by stu31 Ascot Places Order for the SAG and Ball Mills15/10/2020 12:00pm Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company” The Company has signed an agreement with Montreal based Farnell-Thompson Applied Technologies (“Farnell-Thom The order comprises a 22-foot diameter by 8-foot effective grinding length (egl) SAG mill and 14.5-foot diameter by 19.5-foot effective grinding length ball mill. Both mills will be driven by 2000 KW, low speed synchronous motors at 78% critical speed. The mills will be supported on 90-inch diameter hydrodynamic trunnion bearings which will be interchangeable. The mill lube systems will be identical for both mills (see Figure 1). Derek White, President and CEO of Ascot, commented, “The Ascot team has worked diligently over the summer to complete all of the engineering work to put us in a position to place the order for the SAG & Ball mills. This equipment is critical to our construction timeframe and having the support and expertise of Farnell-Thompson and Ascot’s in-house engineering team has helped the Company continue along its path towards production.” |
Posted at 23/10/2020 03:10 by stu31 Ascot Discovers High-Grade Gold at the “Day Zone” on its Premier Gold Project14/09/2020 12:00pm Ascot Resources Ltd (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company” Highlights from the Day Zone include: 20.62g/t Au over 4.10m in hole P20-2212 54.60g/t Au over 2.05m in hole P20-2213 As weather conditions improved in August, exploration was shifted to higher elevation targets at the Big Missouri Ridge after initial drilling was completed at Premier West. This news release summarizes the results from three drill holes (for a total of 715m) at the Day Zone at Big Missouri and seven drill holes (2,183m) from Premier West. Derek White, President and CEO of Ascot commented, “We are excited about the discovery of another strategically located high-grade zone that could be transformative for Ascot. The new drilling referred to as the Day Zone is west of our known resources at the Big Missouri deposit and is within striking distance of our planned underground development. The Day Zone consists of quartz breccia hosted high-grade mineralization similar to Big Missouri. Additional drilling will have to be conducted to show continuity between the Day Zone and Big Missouri. We also completed additional drill holes at Premier West which improved our understanding of the orientation and boundary of the high-grade mineralization there. We are awaiting results from higher elevation drilling at Silver Hill and are commencing additional drilling at lower elevation targets such as Woodbine.” Day Zone Exploration drilling at the Day Zone was prompted by anomalous soil geochemistry on the west side of the Big Missouri Ridge (see Figure 1) and sporadic drilling from the 1980s that indicated the presence of quartz breccia with associated gold mineralization. Drill pad Day-1 was established below the top of the ridge in order to test as much vertical extent as possible. A total of six drill holes were completed from this pad and results from the first three holes are listed in Table 1 (assays are pending for the three other holes). All three drill holes intercepted gold mineralization at two different elevations with the best intercepts exceeding historical results in this area. These intercepts occur at a depth that appears to be equivalent to the well-established Big Missouri zone on the east side of the ridge (see Figure 2). The first two holes (2212 and 2213) intercepted impressive grades with visible gold in hole 2213 (see Figure 3). The drill core indicates that the area may be affected by structures that offset mineralization and possibly rotated structural blocks which may account for the different orientation compared to what is known from the eastern side of the ridge where mineralization dips gently to the west. Figure 2 shows a 300m gap between the Day Zone and the planned underground development at Big Missouri. Additional drilling will be necessary and is currently being planned to explore this area as well as the northern and southern strike extent of the high-grade zone. The potential for additional resources in this area appears to be very high. |
Posted at 29/8/2020 17:10 by stu31 AUGUST 19, 2020Ascot Reports Spectacular Intercept of 40.78 g/t Gold over 6 metres at Premier West Vancouver, B.C. August 19, 2020 — Ascot Resources Ltd (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company” Highlights of this release include: 13.74g/t Au over 24.15m in hole P20-2202 including 40.78g/t Au over 6.00m in the same hole 15.75g/t Au over 4.50m in hole P20-2197 9.91g/t Au over 4.25m in hole P20-2203 In early June, the Company started exploring the area west of the existing Premier deposit and reported initial results on July 29, 2020. The results in this release demonstrate the successful systematic tracing of high-grade mineralization even further to the west. Significant strike length is yet to be explored (see Figure 1). Additional drilling has been conducted with assay results pending. Derek White, President and CEO of Ascot commented, “Drilling at Premier West has again discovered very high-grade gold mineralization to the northwest of the 609 and 602 resource zones at Premier. These impressive results are rewarding our commitment to continued exploration on this property. Despite difficult weather conditions we have two rigs operating on our less accessible, higher elevation targets at Silver Hill and the Day Zone. Drill core logs from these targets show alteration and sulfide mineralogy commonly associated with precious metal mineralization in the area with assays pending. Congratulations to the Ascot exploration team for continuing successful exploration efforts and growing the Company’s resources to the west of Premier. At the same time, we are making great progress on advancing the Project towards production.” |
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