08:50 AM EST, 12/17/2024 (MT Newswires) -- Ascot Resources ( AOTVF ) on Tuesday said it has completed its first development round to restart the underground development of the Premier Northern Lights mine in British Columbia and is slightly ahead of schedule.

Currently, development is 115 meters away from the initial ore zone geological contact. The previous development rate had been ramping up to about 6.4 meters per day on single heading and Ascot expects the current rate will be similar or better.

"We are pleased to commence development activities ahead of schedule to progress the main decline to the Prew zone and begin the development of the second egress. Over the coming months, we hope to build on the development activities and advance first ore from the PNL ahead of schedule," said President and CEO Derek White.