Ascot Resources Ltd. completed its previously announced acquisition of IDM Mining Ltd., creating a high-grade gold and silver development and exploration company in northwestern British Columbia’s Golden Triangle. The transaction consolidates Ascot’s Premier gold project and IDM’s Red Mountain gold project.
“The acquisition of IDM bolsters our goal of creating a company with multiple high-quality, high-grade gold resources based near existing infrastructure,” said Derek White, president and CEO of Ascot. “The combined company has a number of development options and synergy opportunities that aligns with our vision of creating low-cost production, and expanding resource base through future development and exploration in one of the best mining districts in the world.”
Ascot’s deposits that comprise the Premier project and Red Mountain project have a combined 5.55 million metric tons (mt) of measured and indicated resources averaging 7.68 grams/mt gold, totaling 1.37 million ounces (oz) gold, with additional inferred resources of 6.35 million mt averaging 7.12 g/mt gold, totaling 1.45 million oz gold.
“The potential synergies between the two asset bases are very significant, and the combined company hosts the best exploration ground for further high-grade discoveries in the Golden Triangle,” said Rob McLeod, former president and CEO of IDM Mining. “I look forward to the revitalization of my hometown of Stewart to support multiple operations and for the growth of Mining as a cornerstone industry for my Nisga’a friends.”
Ascot will retain McLeod as a consultant. In addition, Dave Green will be appointed as Ascot’s mining manager, and Ryan Weymark will join as the vice president of project development.