Ascendant Resources Inc. (TSX: ASND) ("Ascendant"
or the "Company”) is pleased to announce the sale of its marginal
zinc sales royalty (the “Royalty”) to Ocean Partners UK Limited for
$700,000, payable upon closing of the transaction. The
consideration attained upon the sale of American Pacific Honduras
S.A de C.V ("AMPAC"), in April 2020 included the Royalty on zinc
sales from the El Mochito mine in the amount of $0.0125/lb on any
lb of Zn sold by AMPAC for a price greater than $1.15/lb between
closing date and December 31, 2029.
The proceeds from the sale of the Royalty will
be used to further advance the Company’s exploration program at
Lagoa Salgada and for general corporate purposes. The exploration
program underway consists of 2,700m of drilling and downhole IP
surveys which will be completed in several phases. The main
objective of the proposed program is to significantly increase and
upgrade tonnage at the copper-rich South Zone, which remains open
in all directions according to geological data collected during the
Company’s previous exploration activities.
Chris Buncic, President & CEO of Ascendant,
stated, “The opportunity to monetize the zinc royalty at El Mochito
for an attractive sum comes at a great time for Ascendant, as we
shift our focus to our interests in Portugal at Lagoa Salgada and
the strong geological potential we see on the Iberian Pyrite Belt.
We strongly believe that Lagoa Salgada has the same features as
other highly profitable mines in the area, and we are eager to put
these funds to work as we expand upon the copper-rich stockwork
mineralization in the South Zone during the current program.”
About Ascendant Resources
Inc.
Ascendant is a Toronto-based mining company
focused on the exploration and development of the highly
prospective Lagoa Salgada VMS project located on the prolific
Iberian Pyrite Belt in Portugal. Through focused exploration and
aggressive development plans, the Company aims to unlock the
inherent potential of the project, maximizing value creation for
shareholders.
Lagoa Salgada contains over 12.8 million tonnes
of M&I Resources and 10.3 million tonnes in Inferred Resources
and demonstrates typical mineralization characteristics of Iberian
Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver
and gold. Extensive exploration upside potential lies both near
deposit and at prospective step-out targets across the large
10,700ha property concession. The project also demonstrates
compelling economics with scalability for future resource growth in
the results of the Preliminary Economic Assessment. Located just
80km from Lisbon, Lagoa Salgada is easily accessible by road and
surrounded by exceptional Infrastructure. Ascendant holds a 21.25%
interest in the Lagoa Salgada project through its 25% position in
Redcorp - Empreendimentos Mineiros, Lda, (“Redcorp”) and has an
earn-in opportunity to increase its interest in the project to 80%.
Mineral & Financial Investments Limited owns the additional 75%
of Redcorp. The remaining 15% of the project is held by Empresa de
Desenvolvimento Mineiro, S.A., a Portuguese Government owned
company supporting the strategic development of the country’s
mining sector. The Company’s interest in the Lagoa Salgada project
offers a low-cost entry to a potentially significant exploration
and development opportunity, already demonstrating its mineable
scale.
Ascendant is also engaged in the ongoing
evaluation of producing and development stage mineral resource
opportunities. The Company's common shares are principally listed
on the Toronto Stock Exchange under the symbol "ASND". For more
information on Ascendant, please visit our website at
www.ascendantresources.com.
Additional information relating to the Company, including the
Preliminary Economic Assessment referenced in this news release, is
available on SEDAR at www.sedar.com.
Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX)
accepts responsibility for the adequacy or accuracy of this
release.For further information please contact:
Katherine PrydeCommunications & Investor
RelationsTel: 888-723-7413
info@ascendantresources.com
Forward Looking Information
This news release contains "forward-looking
statements" and "forward-looking information" (collectively,
"forward-looking information") within the meaning of applicable
Canadian securities legislation. All information contained in this
news release, other than statements of current and historical fact,
is forward-looking information. Often, but not always,
forward-looking information can be identified by the use of words
such as "plans", "expects", "budget", "guidance", "scheduled",
"estimates", "forecasts", "strategy", "target", "intends",
"objective", "goal", "understands", "anticipates" and "believes"
(and variations of these or similar words) and statements that
certain actions, events or results "may", "could", "would",
"should", "might" "occur" or "be achieved" or "will be taken" (and
variations of these or similar expressions). Forward-looking
information is also identifiable in statements of currently
occurring matters which may continue in the future, such as
"providing the Company with", "is currently", "allows/allowing
for", "will advance" or "continues to" or other statements that may
be stated in the present tense with future implications. All of the
forward-looking information in this news release is qualified by
this cautionary note.
Forward-looking information in this news release
includes, but is not limited to, statements regarding the
exploration activities and the results of such activities at the
Lagoa Salgada Project, the ability of the Company to advance the
Lagoa Salgada Project, and the ability of the Company to fund the
exploration with funds from operations. Forward-looking information
is based on, among other things, opinions, assumptions, estimates
and analyses that, while considered reasonable by Ascendant at the
date the forward-looking information is provided, inherently are
subject to significant risks, uncertainties, contingencies and
other factors that may cause actual results and events to be
materially different from those expressed or implied by the
forward-looking information. The material factors or assumptions
that Ascendant identified and were applied by Ascendant in drawing
conclusions or making forecasts or projections set out in the
forward-looking information include, but are not limited to, the
success of the exploration activities at Lagoa Salgada Project, the
Company advancing the project, the ability of the Company to fund
the exploration program at Lagoa Salgada with funds from operations
, and other events that may affect Ascendant's ability to develop
its project; and no significant and continuing adverse changes in
general economic conditions or conditions in the financial
markets.
The risks, uncertainties, contingencies and
other factors that may cause actual results to differ materially
from those expressed or implied by the forward-looking information
may include, but are not limited to, risks generally associated
with the mining industry, such as economic factors (including
future commodity prices, currency fluctuations, energy prices and
general cost escalation), uncertainties related to the development
and operation of Ascendant's projects, dependence on key personnel
and employee and union relations, risks related to political or
social unrest or change, rights and title claims, operational risks
and hazards, including unanticipated environmental, industrial and
geological events and developments and the inability to insure
against all risks, failure of plant, equipment, processes,
transportation and other infrastructure to operate as anticipated,
compliance with government and environmental regulations, including
permitting requirements and anti-bribery legislation, volatile
financial markets that may affect Ascendant's ability to obtain
additional financing on acceptable terms, the failure to obtain
required approvals or clearances from government authorities on a
timely basis, uncertainties related to the geology, continuity,
grade and estimates of mineral reserves and resources, and the
potential for variations in grade and recovery rates, uncertain
costs of reclamation activities, tax refunds, hedging transactions,
as well as the risks discussed in Ascendant's most recent Annual
Information Form on file with the Canadian provincial securities
regulatory authorities and available at www.sedar.com.
Should one or more risk, uncertainty,
contingency, or other factor materialize, or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, the reader should not place undue reliance on
forward-looking information. Ascendant does not assume any
obligation to update or revise any forward-looking information
after the date of this news release or to explain any material
difference between subsequent actual events and any forward-looking
information, except as required by applicable law.
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