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Exploration|Gold|Mining|PROJECT|Resources|Service|Testing|Environmental|Operations
Exploration|Gold|Mining|PROJECT|Resources|Service|Testing|Environmental|Operations
exploration|gold|mining|project|resources|service|testing|environmental|operations

Ascot buys Seacan Labs in BC

21st September 2023

By: Creamer Media Reporter

     

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Toronto-listed Ascot Resources has completed a transaction with Seacan Labs to acquire its full-service assay laboratory facility in Stewart, British Columbia.

The lab, located 25 km from the company’s Premier gold project, will be used to perform the testing required by Ascot for mineral exploration, mining operations and environmental monitoring.

“The acquisition of this fully functioning assay laboratory facility in Stewart is a key component of preparing Ascot for production at the Premier gold mine. This facility will benefit the project’s full mining life cycle through exploration, production, and environmental monitoring,” said president and CEO Derek White.

Seacan purchased the assay lab and installed it at the World Port facility in Stewart, in early 2022. Ascot had entered into a service agreement with Seacan with respect to the company’s testing needs for the Premier project, and a portion of Ascot’s 2022 exploration drill assays and environmental testing was completed by Seacan. However, in order to further de-risk the project and minimise counterparty reliance, Ascot decided to purchase the lab outright.

The company is now in the process of planning for the staffing and operation of the assay lab in advance of targeted production start in the first quarter of 2024. 

Total consideration for the transaction is C$3.55-million, consisting of C$500 000 in cash already paid at closing and 5 692 972 Ascot common shares.

Edited by Creamer Media Reporter

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