Ascot unveils leadership transition, Currie named CEO
Ascot Resources Ltd. [AOT-TSXV, AOTVF-OTCQX] has announced a leadership transition, effective January 14, 2025. After collaborative planning with the board, the company said Derek White has stepped down as President and CEO.
During his tenure, White led the company through key milestones, including capital raising, development and construction of the Premier Gold Project in northwestern B.C. The mine poured its first gold in April, 2024. In support of a smooth transition, he will remain an adviser to the company as required.
Meanwhile, James Currie has been named CEO and director. In that role, Currie will guide the company through its next phase of development and into commercial production. He will also serve as chief operating officer on an interim basis until a full-time replacement is appointed.
The moves follows the decision by chief operating officer John Kiernan to retire and pursue consulting opportunities. Bryant Schwengler, vice-president and general manager, is also stepping down.
Over his more than 40-year career in the mining industry Currie has been a director on various boards and held senior management, engineering and operational roles for numerous mines and projects. He served as COO for a number of Toronto Stock Exchange and New York Stock Exchange-listed companies, including Equinox Gold Corp. [EQX-TSX, EQX-NYSE], Pretium Resources and New Gold Inc. (NGD-TSX, NYSE).
“I am excited to join the Ascot team and lead the next phase of the Premier project,’’ Currie said. “This is a pivotal moment for the company, and I look forward to leveraging my experience to drive the transition of the project to commercial production and create value for shareholders.”
Ascot shares eased 2.5% or $0.005 to 19 cents, Thursday. The shares currently trade in a 52-week range of 91 cents and 14 cents.
The Premier-Dilworth project is located 25 kilometres north of Stewart in the Golden Triangle area. The project is separated into two separate properties, including the northern Dilworth area and the southern Premier area, which contains what was once the largest gold mine in North America. The Premier underground mine closed in 1952 after producing 2.0 million ounces of gold and 45 million ounces of silver.
Premier gold covers a land position of 8,133 hectares with three key deposits and a number of exploration targets. The key deposits are Premier, Silver Coin and Big Missouri, which all had historical mining activities and underground access. Two smaller resource areas area known as Martha Ellen and Dilworth.
In the fourth quarter of 2023, once the Big Missouri Portal infrastructure and mine services were re-established, underground development was re-commenced.
The company was recently focused on completing development of its second mine, Premier Northern Lights, and has agreed to a focused development program so that the mill operations can restart in the second quarter of 2025. With the Premier Northern Lights and Big Missouri mines feeding the mill, Ascot anticipates it can sustainably deliver enough ore feed to profitably run the operation.