The Company is also pleased to provide an update on the status of permitting and pre-development activities for its 100%-owned
All amounts herein are reported in $000s of Canadian dollars (“C$”) unless otherwise specified
Q3 2021 AND RECENT HIGHLIGHTS
- Permitting process nearing completion, with the Company recently receiving the draft permit conditions.
- Throughout Q3 and currently, the Company has made significant progress on the PGP Early Works program. Highlights of the progress include:
- Mill and assay lab clean up is near completion.
- Grinding circuit foundations restored.
- Most Ball and SAG mill components, including the mill shells, have been delivered to site and installed.
- Electrical cabling was sorted and re-usable cable and cable trays were established.
- Wi-Fi was established by satellite at the mill building.
- First aid and lunch rooms were established.
- 45,000 litre diesel fuel tank was installed.
- Construction of the camp is now completed and the camp has been in full operation since late September.
- Administration office refurbishment is near completion and expected to be utilized by the construction crews and other personnel in the upcoming weeks.
- Temporary power has been installed and activated to the mill, including interior and exterior lighting.
- Rebuilt, tested, and certified mill building overhead crane.
- Many site roads have been graded and bermed for construction and operations with run away lanes established.
- New water treatment plant location finalized and clarifier foundational earthworks well progressed.
- A temporary liner for the
Dago Pit was installed for waste rock. - Tree clearing for Cascade Creek Division Channel is underway.
- On
August 9, 2021 , the Company announced high-grade exploration drill results including 21.13 g/t Au over 7.00m in a step-out hole at PGP. - On
July 19, 2021 , the Company announced the signing of an updated Benefits Agreement with Nisga’a Nation, which now encompasses both PGP and RMP. The updated Benefits Agreement replaces the former agreement which only pertained to RMP. The comprehensive Benefits Agreement sets the basis for the long-term success of the Project and how it will benefit Nisga'a Nation, its citizens and businesses as well as the shareholders and stakeholders of Ascot. - On
July 8, 2021 , the Company announced the discovery of new high-grade copper, gold, and silver mineralization at PGP property. - The Company experienced unprecedented delays in the turn-around times of assay results this field season, which is mainly due to overwhelming large number of samples. The delay is industry wide. With many drill programs now shut down, assay results are anticipated to be available in due course.
FINANCIAL RESULTS FOR THE THREE MONTHS ENDED
The Company reported a net loss of
LIQUIDITY AND CAPITAL RESOURCES
As at
MANAGEMENT’S OUTLOOK FOR REMAINDER OF 2021
Management is planning a number of activities for the remainder of 2021, which include:
- Negotiation and acceptance of permit conditions and final approval of the permit amendments.
- Commencing the portal preparation for the main underground development for Big Missouri S1 portal.
- Completing the gravity feed piping system from Big Missouri to the water treatment plant.
- Commencing the underground development and portal access.
- Completing the concrete works outside for the clarifier, tailing thickener, cyanide destruction and various bulk chemical tanks.
- Continuing with detailed engineering and vendor interface for various procurement items.
- Completing the tree clearing for the Cascade Creek Diversion Channel.
Figure 1 – Mill building area graded
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Figure 2 – Bull gears installed on SAG and Ball mills
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Figure 3 – Temporary construction camp complete
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Figure 4 – Clarifier foundation preparation
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Figure 5 – Big Missouri area looking south
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On behalf of the Board of Directors of
“Derek C. White”
President & CEO
For further information contact:
VP,
dstewart@ascotgold.com
778-725-1060 ext. 1024
About
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
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
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements, including statements regarding the Company’s exploration and development plans, the success of the Projects, the implementation of the Agreement, the benefits of the Agreement to Nisga’a Nation, its citizens and businesses as well as the shareholders and stakeholders of Ascot, and related matters. Although Ascot believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Ascot can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Ascot’s periodic filings with Canadian securities regulators, and assumptions made with regard to: the anticipated benefits of the Agreement, the estimated costs associated with construction of the
Figure 1
Mill building area graded
Figure 2
Bull gears installed on SAG and Ball mills
Figure 3
Temporary construction camp complete
Figure 4
Clarifier foundation preparation
Figure 5
Big Missouri area looking south
2021 GlobeNewswire, Inc., source