Ascot Resources Ltd. (TSX: AOT) Begins Underground Development at Premier Northern Lights Mine (PNL)

December 05, 2024 07:26 PM AEDT | By Team Kalkine Media

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Ascot Resources Ltd. (TSX: AOT) Begins Underground Development at Premier Northern Lights Mine (PNL) — Image source: Shutterstock

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Highlights

Ascot Resources starts underground development at Premier Northern Lights mine (PNL) following recent financing.

The PNL portal head cover is being erected, and the team is mobilizing to advance to the Prew ore zone.

Company targets restart of PNL and Big Missouri mines by Q2 2025, feeding the mill for production.

Ascot Resources Ltd. (TSX:AOT) is excited to announce the commencement of underground development at its Premier Northern Lights (PNL) mine. Following the successful close of a financing round on November 18th, 2024, Ascot has begun mobilizing people and equipment to the site. The company is currently erecting the head cover for the PNL portal and working with its mining contractor, Procon Mining & Tunneling Ltd, to advance the development of PNL.

This is a major step forward for Ascot Resources, as the project aims to access the Prew ore zone, a critical resource for future operations. As of September 6th, 2024, the company had placed the PNL mine on temporary care and maintenance, during which time the access ramp had advanced approximately 557 meters from the portal. To reach the Prew ore zone, an additional 112 meters of ramp development is required.

Initial activities at the site include re-establishing the mine’s ventilation system, performing minor underground rehabilitation, and reinstalling necessary underground infrastructure. Once these preparations are complete, the company will focus on advancing the portal towards the Prew ore zone.

Derek White, President and CEO of Ascot Resources, commented: “We are excited to restart the development of PNL and progress toward mining the Prew zone so that we can have two mines as ore sources for feeding the mill. The Company has had a very difficult time since the announcement of the temporary care and maintenance, but that is behind us now and we are all focused on a successful restart and bringing Ascot back into production.”

Ascot’s goal is to complete the required underground development to ensure both the PNL and Big Missouri mines are fully operational when the mill is planned to restart in early Q2 2025. This restart is a crucial milestone, enabling the company to resume production and capitalize on its significant resource base.

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