Premier-Dilworth

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

Management’s Outlook

Since 2017 Ascot management has turned its focus towards building a new high-grade resource estimate and completed a significant amount of drilling in the Northern Lights zone, just to the north of the Premier mine.

Strategic Development

  • Build a new high-grade resource estimate:
    1. Phase I – Premier/Northern Lights from 8 zones in high-grade areas;
    2. Phase II – Infill drill and add high-grade resource of Big Missouri/Unicorn,
  • Concurrently work towards a PEA/mine permit and initiate consultation with local communities and First Nations,
  • Continue to explore the multiple untested targets to add potential new resources,
  • Re-start high-grade underground gold mine and validate higher valuation.

History of the Property

The Premier underground mine opened in 1918 and was the largest gold mine in North America until its closure in 1952 producing 2 million ounces of gold and 45 million ounces of silver. 

In 1938, Consolidated Mining and Smelting Company, (later known as “Cominco”) opened the Big Missouri mine, located 4 miles north of the Premier mine. The mine operated until 1941, when wartime economic pressure caused the mine to shut down.

In 1981 Westmin Resources owned the property, and after undertaking a drill program started operations on the old Silback - Premier property in 1989. A mill was built and open pit mining and an underground mining operation began in March of 1989. Westmin entered into a joint venture with Tenejon in 1991 and began its underground operation at Premier once again, until April 1996. The mill could process up to 2,850 tons per day. The process flowsheet incorporated a carbon in leach (CIL) circuit for gold and silver extraction, followed by zinc cementation of the precious metals and smelting of a doré product. Reported recoveries were 91% for gold and 45% for silver. The Premier open pit mine operated until 1996 producing approximately 260,000 ounces of gold and 5.1 million ounces of silver.  Boliden Ltd purchased the mine from Westmin in 1998 and the mine was declared closed in 2001 and is presently under active de-commissioning.   Since then, Boliden Ltd has completed the waste dump reclamation, constructed the tailings dam spill way, installed the water treatment plant and water monitoring facilities.

Infrastructure

The Premier-Dilworth property can be accessed by two gravel roads: the Grand Duc Highway and the Big Missouri haul road. Key infrastructure on site are the mill and assay buildings, the tailings dam facility, the Premier and Big Missouri underground mine infrastructure, the Regional Power hydro dam, penstock and power plant, the BC hydro power lines from Stewart and the water treatment plant, along with the associated water treatment ponds. Due to its location to the nearby town of Stewart, this project does not require a remote campsite for employees.

Drill Program

This 2017 drill program was successful in adding the northern lights main zone, the Ben and the Prew sub-zones along with the previously drilled, Obscene, Lunchroom, 602, 609, and Premier main zones. 

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