HomeMarket NewsMiningAscot pours first gold at Premier, aims for Q3 production

Ascot pours first gold at Premier, aims for Q3 production

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β€œThe first gold pour is a hallmark commissioning milestone for Ascot, representing the culmination of years of hard work,” CEO Derek White said in Monday’s news release.

Commercial production is anticipated in the third quarter of this year.

The Premier project is located 25 km from the town of Stewart, within the famed Golden Triangle region of BC. It is home to a former underground gold mine that opened in 1918 and included four deposits – Silver Coin, Big Missouri, Premier, and Red Mountain.

While in operation, it was the largest gold mine in North America until its surface buildings burned down, leading to its closure in 1952. By then, the Premier mine had produced over 2 million ounces of gold and 45 million ounces of silver.

The Premier mill was later rebuilt by Westmin ResourcesΒ in 1989, and mining from both the open pit and underground resumed until the project was put on care and maintenance in 1996. It produced approximately 260,000 ounces of gold and 5.1 million ounces of silver during that period.

Following Ascot’s efforts to revive the gold operation, mining has now resumed at the Silver Coin and Big Missouri deposits to feed a refurbished 2,500 tonne per day processing plant, which uses conventional crushing, grinding and gravity circuits followed by a standard CIL process to produce dorΓ© bar.

Mining of the Red Mountain deposit will restart in year three, then followed by the Premier deposit.

Total production from the restarted Premier project is estimated to reach 1.1 million oz. of gold and 3 million oz. of silver. Its resource estimate was made in 2020, showing a total of 7.3 million measured and indicated tonnes grading 7.85 g/t gold and 29.0 g/t silver, plus 5.4 million inferred tonnes grading 7.11 g/r gold and 27.1 g/t silver.

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