06:44 AM EDT, 09/06/2024 (MT Newswires) -- Ascot Resources ( AOTVF ) on Friday put its operations under care and maintenance to enable sufficient mine development.

The company said development at the Big Missouri mine has fallen about 1-2 months behind schedule. With the delay in the start of the Premier Northern Lights (PNL) ramp from July to December 2023, PNL production has also been delayed.

As a result, the number of stoping areas is not sufficient to provide enough production to adequately feed the mill, the company said.

The company is on track for first development ore at PNL this month, but further development is required to access deeper ore than initially planned, delaying the completion of development and ramp up of the PNL mine.

To focus on mine development activities, the company has decided to suspend operations until the Big Missouri and PNL mines can sustainably deliver enough ore feed to profitably run the operation.

Ascot expects development to take 3-6 months, primarily at the PNL mine.

Ascot intends to seek funding to complete the necessary mine development.

Meanwhile, over the past two months, mill operations at the Premier gold mine have poured 3,430 ounces of gold, which is 418% above the amount recorded over the second quarter. In August, the mill operated near or above its design capacity.