Ascot Resources begins first development advance at Premier Northern Lights mine, British Columbia

Ascot Resources Ltd. [TSX: AOT; OTCQX: AOTVF] reported has completed its first development round for recommencement of the underground development of the Premier Northern Lights mine (PNL), northern British Columbia. Following the remobilization of the company’s mining contractor, Procon Mining & Tunneling Ltd. to the site, the Company has mobilized the underground mining equipment to site, established the underground ventilation and completed the initial rehabilitation with shotcrete to establish a heading for advancement of development and second egress for the PNL mine.

Currently, development is approximately 115 metres away from the initial ore zone geological contact. The company has progressed the initial development of PNL slightly ahead of its restart plans. The previous development rate had been ramping up to about 6.4 metres/day on single heading and the company expects that the rate will be similar or better.

The company anticipates to be up to four headings at the end of January 2025. The initial longhole stopes at PNL will be prepped for mining by the end of April 2025. At the Big Missouri mine (BM), mining is anticipated to resume in early May of 2025 when the development of PNL is completed, and BM infrastructure has been reinstalled.

Derek White, President and CEO, commented: “We are pleased to commence development activities ahead of schedule to progress the main decline to the Prewzone and begin the development of the second egress. Over the coming months, we hope to build on the development activities and advance first ore from the PNL ahead of schedule.”