Gold and silver exploration company Ascot Resources has signed an agreement with Jayden Resources and Mountain Boy Minerals to purchase a 100% stake in the Silver Coin property in northwestern British Columbia, Canada.
Jayden Canada owns an 80% interest in the property through a joint venture agreement signed with Mountain Boy.
Ascot has also signed a purchase agreement with Mountain Boy to acquire the remaining 20% joint venture interest in the property in exchange for 3,746,874 Ascot shares.
Ascot president and CEO Derek White said: “Material from the Silver Coin property was successfully mined and processed in the early 1990s at the Premier mill.
“The project’s proximity to Ascot’s infrastructure and the identical metallurgical characteristics create key synergies with Ascot’s existing resources. We are excited about the exploration potential at the Silver Coin property and the potential to rapidly add to our resource base on our path forward.
“We are very pleased that we were able to reach a mutually beneficial agreement with Jayden and Mountain Boy and look forward to creating value for all stakeholders by consolidating the high-grade resources in the southern part of the prolific Golden Triangle.”
Located 25km north of Stewart, B.C, the Silver Coin Project is an advanced-stage, gold-silver property with 702,000t grading 4.46g/t Au in the indicated category and 967,000t grading 4.39g/t Au in the inferred category.
The Facecut-35 zone of the project was mined by Westmin Resources in 1991, extracting 102,539t of material grading 8.9g/t Au and 55.5g/t Ag for an equivalent grade of 9.28g/t AuEq.
In addition, the company estimates that the project can be expanded for mineralised zones with significant exploration potential for additional zones.