Ascot Resources Ltd has decided to temporarily halt operations at its Premier gold mine, located in the Golden Triangle of British Columbia, Canada, to prioritize the development of the Big Missouri and Premier Northern Lights (PNL) mines. This move follows the significant increase in gold productionwith 3430 ounces poured in just two months, an increase of 418% compared to the entire second quarter.
Despite production success, the company faces delays in the development of the Big Missouri mine and the Premier Northern Lights ramp. These setbacks have limited Ascot’s ability to mine sufficient material and feed the mill efficiently. As a result, the company has decided to suspend operations until the necessary mine development is completed.
Premier gold mine reactivation
Ascot estimates that it will need three to six months to adequately develop the mining areas, primarily in PNL. During this period, the company will focus on securing additional financing to complete the project. As of the end of August, Ascot had a fund of CAD$15 million, sufficient to adequately maintain the suspension and ensure compliance with its environmental programs. However, there is no certainty that the company will be able to raise the necessary funds to successfully restart operations.
Derek White, CEO of Ascot, said that, although it is a difficult decision, focusing on the mine development is essential to ensure the long-term value of the company’s assets and to achieve sustainable operations in the future.
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Source and photo: Ascot Resources
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