Ascot is expected to generate 100,000 ounces of gold in 2012 and up to 250,000 ounces in 2013 at the Chassoul site.
The company has explored 12% of its two-kilometer concession area, and plans to explore the remaining 88% in the next two years, reports ticotimes.net.
According to a company, the expansion plans will come in two phases in search of primary mineralization zones and the total cost is estimated at $1.58m.
Under the scope of the work during phase one will include topographic mapping, satellite imagery, exploration trenching and development of new exploration tunnels, where as phase two of the exploration will include diamond drilling and gold production.
