Ascot Resources Ltd. announced that it has completed a transaction with Seacan Labs Corp. to acquire its full-service assay laboratory facility in Stewart, British Columbia, located 25 kilometers from the Company's Premier Gold Project. The Assay Lab will be used to perform the testing required by Ascot for mineral exploration, mining operation, and environmental monitoring.

Seacan purchased the Assay Lab and installed it at the World Port facility in Stewart, BC in early 2022. Ascot had entered into a service agreement with Seacan with respect to the Company's testing needs for PGP, 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 minimize counterparty reliance, Ascot decided to purchase the Assay 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. The Assay Lab's location is strategic given its proximity to the project and will provide local career opportunities in the town of Stewart. There remains the prospect of monetizing the Assay Lab via sale to a more established laboratory and testing company in the future, and any such opportunities will be evaluated in due course.

The Assay Lab has a daily capacity of approximately 250 samples. This includes crushing and pulverizing, fire assay gold analysis, and ICP-OES multi-element analysis. The Assay Lab's capacity of 250 samples per day will cover the needs of PGP and may offer additional capacity that could be made available to third parties in the area for a fee.