Construction Update On The Premier Gold Project

VANCOUVER - Ascot Resources Ltd. announced a construction update on the Premier Gold Project (PGP), located on Nisga’a Nation Treaty Lands in the Golden Triangle of northwestern British Columbia.

Derek White, President and CEO, commented, "As a result of the construction financing closed earlier this year, and also the momentum started with last year’s construction season, work crews have hit the ground running in the first quarter of 2023 with much progress being made in many areas. In mid-January contractors started inside the mill building and progressed piping and equipment installations, and outdoor construction has recently been advancing the new water treatment plant and associated infrastructure. As of Q1 2023, detailed engineering stands at 99% complete, major procurement is over 95% complete, and project construction excluding mine development is at 35%. We plan to further ramp-up construction efforts in the coming months with the mobilization of the earthworks and underground mining contractors and continue to advance project development towards initial gold pour in early 2024.”

Upon securing the new project financing in January 2023, Ascot re-engaged various contractors to progress activities in the mill building for the remainder of mill construction scope. Starting from approximately 65 people working at site at the end of January, there are now approximately 130 workers on site, and this will continue to increase with the mobilization of earthworks and mining contractors in the coming months to a peak of approximately 200 workers on site.

At the end of Q1 2023, detailed engineering was at 99% completion. Major procurement was more than 95% complete. Key orders remaining in the plant relate mostly to piping, instrumentation and bulk consumables.

Mechanical work continued in the mill; various trommels, dust collection and chute infrastructure were installed around the SAG and Ball mills. The Intensive Leach Reactor was assembled. Electricians continued installing electrical cabinetry, pulling wire, installing cable trays, and working in the MCC room. Concrete and structural steel contractors also have been restarted and their scope updated for the mill completion. Crews have also made progress on the new water treatment plant (WTP) and associated infrastructure, including the tailings thickener, lime silos, moving bed bio-reactor (“MBBR”) tanks, and clarifier foundation pedestals.

The earthworks contract was signed in March 2023. In order to de-water the tailings facility for the required upcoming earthworks, an additional temporary water treatment plant has been mobilized to site. This temporary de-watering will occur for a period of approximately 4-6 weeks. By the end of May 2023, the earthworks contractor will be mobilized to re-start work on the Cascade Creek Diversion Channel (CCDC) and tailings facility, which is anticipated to be completed by October 2023.