Temporary water treatment plant for tailings facility to handle spring water discharge.
Canadian miner Ascot Resources CEO Derek White on Monday reported much progress with the construction of the Premier gold project (PGP) in the Golden Triangle of British Columbia.
Upon securing new project financing in January, Ascot re-engaged various contractors to progress activities at the site.
“As a result of the construction financing that 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,” said White.
“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.”
The workforce has ramped up from about 65 people in January, to about 130 workers currently and is set to expand to about 200 people in the coming months.
White reported that, as of the first quarter, detailed engineering stands at 99% complete, major procurement is more than 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 mobilisation of the earthworks and underground mining contractors and continue to advance project development towards initial gold pour in early 2024.”
The company in January closed a C$200-million financing package for the construction PGP. The package consists of $110-million as a deposit in respect of gold and silver streamlining agreements with Sprott Private Resource Streaming and Royalty B and a strategic equity investment by Ccori Apu of C$45-million, a portion of which will be structured as Canadian Development Expenditures flow-through shares, such that the total gross proceeds to the company is C$50-million.