Opportunity: Mountain Boy monetized its 20% interest in the Silver Coin Project by selling its interest to Ascot Resources in October of 2018 for 3,794,874 shares of Ascot. (See News Release August 13th, 2018 & October 26th, 2018.
Lawrence Roulston, President, CEO and Director of Mountain Boy commented, “We are excited to become a significant shareholder of Ascot as they rapidly advance the Premier Gold Project. Ascot is very well suited and well funded to move the Silver Coin Gold Project ahead. Considering the proximity and common ore type with Ascot’s adjoining properties, combining Silver Coin and Premier is the best way to advance the project, while Mountain Boy maintains upside in the success of the project in the form of Ascot shares.”
Silver Coin Property: The Silver Coin Project is an advanced-stage; gold-silver property located 25 kilometres north of Stewart, B.C., 800 metres from Ascot’s Big Missouri project and 5 kilometres away from the Premier mill. Mineralization is characterized as epithermal gold-silver deposit with base metal sulfide-bearing breccias and veins similar to those mined at the Premier Mine. The total mineral resource estimate for the high-grade core of Silver Coin already consists of 702,000 tonnes grading 4.46 g/t Au in the indicated category and 967,000 tonnes grading 4.39 g/t Au in the inferred category in accordance with National Instrument 43-101 standards by Mining Plus Canada dated August 23, 2013 The resource estimate was stated at a cut-off grade of 2 g/t Au. The historically mined material from Silver Coin graded 9.28 g/t AuEq and the Company expects that similar grades can be achieved by increasing the cut-off grade. The project has room for expansion of the mineralized zones and significant exploration potential for additional zones.