These holes from the Woodbine area are the first drill intercepts completed by Ascot on the west side of the Cascade Creek fault in the southern portion of the Premier project. Woodbine is approximately 800 metres west of the Premier mill and south of the existing tailings facility. There are small underground workings at two elevations at the western end of this prospect.
“The results from these initial Woodbine drill holes indicate that Premier style mineralization is present at multiple elevations with room for additional discoveries to the west and northwest, providing a great opportunity to expand the existing resource base of the project,” Derek White, president and CEO of Ascot, said in a release. “The company is interpreting all of the data gathered to date and will prioritize targets and announce plans for the upcoming field season.”
The mineralization style at Woodbine appears similar to the gold-silver-base metal mineralization at the past-producing Premier deposit. The set of drillholes hit mineralization at two elevations, nearby the existing underground portals.
Earlier this month, Ascot closed a $105-million project financing package for the development of Premier.
A feasibility study from April 2020 on a development of both the Premier and Red Mountain projects outlined an eight-year mining operation producing an average of 132,375 oz. of gold and 370,500 oz. of silver annually at all-in sustaining costs of $769 per oz.
(This article first appeared in the Canadian Mining Journal)
