Ascot Resources has reached a significant milestone in the commissioning process of the Premier Gold Project (PGP) in British Columbia, Canada, by pouring its first gold.

Situated on Nisga’a Nation Treaty Lands within the Golden Triangle of north-western British Columbia, the project is progressing towards commercial production, which is expected in the third quarter of 2024.

This initial gold pour at PGP, a key step in the commissioning phase, was achieved using gold recovered through the gravity circuit.

The company is currently commissioning the CIL circuit.

Ascot Resources president and CEO Derek White said: “The first gold pour is a hallmark commissioning milestone for Ascot, representing the culmination of years of hard work.

“We express our gratitude to our dedicated workforce, our diligent contractors, our supportive shareholders and financiers, Nisga’a Nation, government officials, and the local communities of Stewart, BC and Hyder, Alaska – all of whom played important roles in seeing this first gold pour come to fruition.”

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The Premier Gold Project, located 25km from Stewart, comprises 8,133 hectares with three key deposits – Premier, Silver Coin and Big Missouri, and several exploration targets.

Opened in 1918, the Premier underground mine was North America’s largest gold mine until its closure in 1952. It produced two million ounces (moz) of gold and 45moz of silver.

In 2022, Ascot Resources entered letters of intent for a C$200m ($146.36m) financing package to support the Premier project.

The package included a $110m gold and silver streaming agreement with Sprott Resource Streaming and Royalty and/or its affiliates, and an equity investment by Ccori Apu SAC of C$45m.