The Premier-Dilworth property is located 25 kilometres from the town of Stewart, in the prolific Golden Triangle, in northwestern British Columbia. Stewart is situated at the end of the Portland Canal across the border from Alaska and has excellent infrastructure, including a paved highway to major transportation routes, a salt water port and extensive hydro power facilities for supporting mining and mineral exploration activities.
The Premier-Dilworth project is divided into two separate properties: The northern Dilworth area and the southern Premier area. The Dilworth property is 3082 hectares and is 100% owned by Ascot Resources. The Premier property is 3487 hectares, and Ascot has an option to earn a 100% interest from Boliden Ltd. Ascot has now made all the required payments to Boliden (in escrow) and is in the process of completing the closing condition of the agreement. When the agreement is completed, Boliden and the former owners of the Dilworth property will have two net smelter royalties (“NSR”) of 1% and 5%. Ascot will have the right to buy out the 5% NSR for C$13.7 million and a portion of the 1% NSR royalties for C$1 million.
To date there has been approximately 628,000 metres of drilling, comprised of 6,110 drill holes, which have primarily targeted the Premier mine, the Big Missouri mine, Martha Ellen and Dilworth areas of the property. Ascot Resources had owned the rigs that carried out the high-grade drill program, realizing the Company and its shareholders one third the industry standard of drilling in the Golden Triangle. Ascot Resources became involved in these historic properties in 2006, and has undertaken 65% of the drilling activity.
- 1 in every 10 holes has hit over 1 oz. gold per tonne