Ascot Resources Ltd (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) announces the Company’s unaudited
financial results for the three and nine months ended September 30,
2021 (“
Q3 2021”). For details of the unaudited
condensed interim consolidated financial statements and
Management's Discussion and Analysis for the three and nine months
ended September 30, 2021, please see the Company’s filings on SEDAR
(www.sedar.com).
The Company is also pleased to provide an update
on the status of permitting and pre-development activities for its
100%-owned Premier Gold Project (“PGP” or “the project”) in the
Golden Triangle of northwestern British Columbia. The B.C.
provincial regulating authorities, namely the Ministry of
Environment and Climate Change Strategy and the Ministry of Energy,
Mines and Low Carbon Innovation (the “Regulators”), have recently
issued to Ascot the draft Joint Permit Application Amendment
(“JPAA” or “permit”) conditions for construction and operation of
PGP. Ascot is currently reviewing the conditions of the permit and
anticipates to negotiate and accept permit terms in the next
several weeks, followed by final permit issuance. Receipt of the
final permit will then enable commencement of full-scale
construction activities including portal preparation and
underground development.
Derek White, President and CEO, commented,
"Ascot made much headway in advancing the project this past
quarter. In July we announced the signing of an updated Benefits
Agreement with Nisga’a Nation, strengthening our partnership. In
August we announced positive exploration results including 21 g/t
gold over 7 metres in a step-out hole at the Premier deposit. In
September we announced the delivery of the Ball and SAG mills and
the significant progress made on the Early Works program, which
continues to this day. We are pleased that the permitting process
is nearing completion as we recently received the draft permit
conditions for the project from the provincial Regulators and
following negotiation and acceptance of said conditions over the
next several weeks, we anticipate final permit issuance which will
enable the commencement of full-scale construction including
underground development. We look forward to being able to advance
the project towards production later next year.”
All amounts herein are reported in $000s of
Canadian dollars (“C$”) unless otherwise specified
Q3 2021 AND RECENT HIGHLIGHTS
- Permitting
process nearing completion, with the Company recently receiving the
draft permit conditions.
- Throughout Q3
and currently, the Company has made significant progress on the PGP
Early Works program. Highlights of the progress include:
- Mill and assay lab clean up is near
completion.
- Grinding circuit foundations
restored.
- Most Ball and SAG mill components,
including the mill shells, have been delivered to site and
installed.
- Electrical cabling was sorted and
re-usable cable and cable trays were established.
- Wi-Fi was established by satellite
at the mill building.
- First aid and lunch rooms were
established.
- 45,000 litre diesel fuel tank was
installed.
- Construction of the camp is now
completed and the camp has been in full operation since late
September.
- Administration office refurbishment
is near completion and expected to be utilized by the construction
crews and other personnel in the upcoming weeks.
- Temporary power has been installed
and activated to the mill, including interior and exterior
lighting.
- Rebuilt, tested, and certified mill
building overhead crane.
- Many site roads have been graded
and bermed for construction and operations with run away lanes
established.
- New water treatment plant location
finalized and clarifier foundational earthworks well
progressed.
- A temporary liner for the Dago Pit
was installed for waste rock.
- Tree clearing for Cascade Creek
Division Channel is underway.
- On August 9,
2021, the Company announced high-grade exploration drill results
including 21.13 g/t Au over 7.00m in a step-out hole at PGP.
- On July 19,
2021, the Company announced the signing of an updated Benefits
Agreement with Nisga’a Nation, which now encompasses both PGP and
RMP. The updated Benefits Agreement replaces the former agreement
which only pertained to RMP. The comprehensive Benefits Agreement
sets the basis for the long-term success of the Project and how it
will benefit Nisga'a Nation, its citizens and businesses as well as
the shareholders and stakeholders of Ascot.
- On July 8, 2021,
the Company announced the discovery of new high-grade copper, gold,
and silver mineralization at PGP property.
- The Company
experienced unprecedented delays in the turn-around times of assay
results this field season, which is mainly due to overwhelming
large number of samples. The delay is industry wide. With many
drill programs now shut down, assay results are anticipated to be
available in due course.
FINANCIAL RESULTS FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 2021
The Company reported a net loss of $1,700 for Q3
2021 compared to a net income of $682 for Q3 2020. The difference
in net loss in Q3 2021 compared with Q3 2020 was mainly driven by a
$1,254 change in foreign exchange loss, the absence of a gain on
marketable securities, and a $675 decrease in flow-through premium
recognition.
LIQUIDITY AND CAPITAL
RESOURCES
As at September 30, 2021, the Company had cash
& cash equivalents balance of $90,037 and working capital of
$79,041. Included in cash and cash equivalents is $905, which is
required to be spent on flow-through expenditures prior to December
31, 2022. During the nine months ended September 30, 2021, the
company issued 97,351,796 common shares and granted 603,190 stock
options, 40,781 DSUs and no RSUs.
MANAGEMENT’S OUTLOOK FOR REMAINDER OF 2021
Management is planning a number of activities
for the remainder of 2021, which include:
- Negotiation and acceptance of permit conditions and final
approval of the permit amendments.
- Commencing the portal preparation for the main underground
development for Big Missouri S1 portal.
- Completing the gravity feed piping system from Big Missouri to
the water treatment plant.
- Commencing the underground development and portal access.
- Completing the concrete works outside for the clarifier,
tailing thickener, cyanide destruction and various bulk chemical
tanks.
- Continuing with detailed engineering and vendor interface for
various procurement items.
- Completing the tree clearing for the Cascade Creek Diversion
Channel.
Figure 1 – Mill building area
gradedhttps://www.globenewswire.com/NewsRoom/AttachmentNg/b7f62506-3cc6-4c8e-96ba-34552171ef98
Figure 2 – Bull gears installed on SAG
and Ball
millshttps://www.globenewswire.com/NewsRoom/AttachmentNg/8c9f3970-a265-4907-ba22-cceec06d16ad
Figure 3 – Temporary construction camp
completehttps://www.globenewswire.com/NewsRoom/AttachmentNg/a2f858d7-7480-46fd-aa52-925c85edc169
Figure 4 – Clarifier foundation
preparationhttps://www.globenewswire.com/NewsRoom/AttachmentNg/72060c5e-e625-4e06-a723-457dce5d8901
Figure 5 – Big Missouri area looking
southhttps://www.globenewswire.com/NewsRoom/AttachmentNg/24529f0d-2639-43dc-b263-0ed11c47b38e
On behalf of the Board of Directors of
Ascot Resources Ltd.“Derek C. White”President &
CEO
For further information contact:David Stewart,
P.Eng.VP, Corporate Development & Shareholder
Communicationsdstewart@ascotgold.com778-725-1060 ext. 1024
About Ascot Resources Ltd.
Ascot is a Canadian-based junior exploration and
development company focused on re-starting the past-producing
Premier gold mine, located in British Columbia’s prolific Golden
Triangle. Concurrent with progressing the development of Premier,
the Company continues to successfully explore its properties for
additional high-grade underground resources. Ascot is committed to
the safe and responsible development of Premier in partnership with
Nisga’a Nation as outlined in the Benefits Agreement.
For more information about the Company, please
refer to the Company’s profile on SEDAR at www.sedar.com or visit
the Company’s web site at www.ascotgold.com, or for a virtual tour
visit www.vrify.com under Ascot Resources.
The TSX has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding
Forward-Looking Information
All statements, trend analysis and other
information contained in this press release about anticipated
future events or results constitute forward-looking statements.
Forward-looking statements are often, but not always, identified by
the use of words such as “seek”, “anticipate”, “believe”, “plan”,
“estimate”, “expect” and “intend” and statements that an event or
result “may”, “will”, “should”, “could” or “might” occur or be
achieved and other similar expressions. All statements, other than
statements of historical fact, included herein are forward-looking
statements, including statements regarding the Company’s
exploration and development plans, the success of the Projects, the
implementation of the Agreement, the benefits of the Agreement to
Nisga’a Nation, its citizens and businesses as well as the
shareholders and stakeholders of Ascot, and related matters.
Although Ascot believes that the expectations reflected in such
forward-looking statements and/or information are reasonable, undue
reliance should not be placed on forward-looking statements since
the Ascot can give no assurance that such expectations will prove
to be correct. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements, including the risks, uncertainties and
other factors identified in the Ascot’s periodic filings with
Canadian securities regulators, and assumptions made with regard
to: the anticipated benefits of the Agreement, the estimated costs
associated with construction of the Premier Gold Project; the
timing of the anticipated start of production at the Projects; the
ability to maintain throughput and production levels at the Premier
Mill; the tax rate applicable to the Company; future commodity
prices; the grade of Resources and Reserves; the ability of the
Company to convert inferred resources to other categories; the
ability of the Company to reduce mining dilution; the ability to
reduce capital costs. Forward-looking statements are subject to
business and economic risks and uncertainties and other factors
that could cause actual results of operations to differ materially
from those contained in the forward-looking statements. Important
factors that could cause actual results to differ materially from
Ascot’s expectations include risks associated with the
implementation of the Agreement, risks associated with the business
of Ascot; risks related to exploration and potential development of
Ascot’s projects; business and economic conditions in the mining
industry generally; fluctuations in commodity prices and currency
exchange rates; uncertainties relating to interpretation of drill
results and the geology, continuity and grade of mineral deposits;
the need for cooperation of government agencies and indigenous
groups in the exploration and development of properties and the
issuance of required permits; the need to obtain additional
financing to develop properties and uncertainty as to the
availability and terms of future financing; the possibility of
delay in exploration or development programs and uncertainty of
meeting anticipated program milestones; uncertainty as to timely
availability of permits and other governmental approvals; risks
associated with COVID-19 including adverse impacts on the world
economy, construction timing and the availability of personnel; and
other risk factors as detailed from time to time and additional
risks identified in Ascot’s filings with Canadian securities
regulators on SEDAR in Canada (available at www.sedar.com). The
timing of future economic studies; labour disputes and other risks
of the mining industry; delays in obtaining governmental approvals,
financing or in the completion of the Premier Gold Project as well
as those factors discussed in the Annual Information Form of the
Company dated March 26, 2021 in the section entitled "Risk
Factors", under Ascot’s SEDAR profile at www.sedar.com.
Forward-looking statements are based on estimates and opinions of
management at the date the statements are made. Ascot does not
undertake any obligation to update forward-looking statements.
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