According to president and CEO Derek White, these additional funds are expected to accelerate the company’s surface and exploration program during construction at its past-producing Premier gold project in BC’s Golden Triangle.
Closing is expected around Apr. 20. Shares sold in the prior offering, announced at the end of March, were also offered at C$0.86 each. In December, Ascot also closed a $105 million project financing package with Sprott Private Resource Lending and Beedie Investments.
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. with an initial capital cost estimate of C$146.6 million.
An exploration and underground development program at Premier is scheduled to start between June and July and would be followed by a 12-month construction period expected to kick off in the third quarter.
(This article first appeared in the Canadian Mining Journal)
