Ascendant Resources Inc. (TSX: ASND)
("Ascendant" or the "Company”) is pleased to provide an update on
its on-going drill program on the South Zone at its Lagoa Salgada
Project on the Iberian Pyrite belt in Portugal. The Company remains
focused on expanding the known mineralization of the copper-rich
South Zone. The Company has already published a robust PEA based
upon an existing 10MT M&I resource in the North Zone (See PR
January 14, 2020).
The discovery of native copper in the drill core
of hole LS_ST_23 in addition to the expected massive sulfide and
copper stockwork mineralization has been highly encouraging. Native
copper findings are extremely rare and are also a good indicator of
the potential for copper mineralization. This positive indication
also comes on the heels of other supportive developments from hole
LS_ST_21 where the drilling encountered mineralization earlier than
planned and intersected a gossan intersection indicative of nearby
massive sulphide mineralization.
Chris Buncic, President & CEO of Ascendant
stated, “We are excited to continue our exploration activities in
the South Zone where the occurrence of native copper in the drill
core is highly prospective. Native copper is not a common
occurrence, largely isolated to the copper belts in Chile, Namibia,
the Upper Peninsula in Michigan, and Pinto Valley in Arizona. The
fact that we have found this unusual occurrence at Lagoa Salgada is
certainly consistent with our expectations of finding more
copper-rich stockwork mineralization in the South Zone.”
The exploration program in the South Zone is
intended to expand and upgrade the copper-rich resources in the
Central and South Zones. This program builds upon the highly
economic Preliminary Economic Assessment released on January 14,
2020 for the North Zone, in which the Company demonstrated the
potential for a stand-alone high-grade polymetallic mining
operation with an NPV8 of US$106 million and an after-tax IRR of
31%. Commodity prices have improved considerably since this
analysis was performed. An expansion of the South Resource should
be accretive to the overall size of the Lagoa Salgada resource
estimate, warranting further analysis of the scale and scope of
potential future mining operations.
Drilling is set to continue through November and December with
drill core assay results expected early in 2021. Please see the
company website’s gallery for additional photos from this drill
program, including core images, found at
https://www.ascendantresources.com/English/Operations/Photo-Gallery/default.aspx.
Technical Disclosure/Qualified
Person
All technical information contained herein has
been reviewed and approved by Robert A. Campbell, M.Sc, P.Geo, an
officer and director of the Company. Mr. Campbell is a "qualified
person" within the meaning of NI 43-101 – Standards of Disclosure
for Mineral Projects (“NI 43-101”).
About Ascendant Resources
Inc.
Ascendant Resources Inc. 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 over 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 completed in
2020. 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.
(EDM), 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 Resources is also engaged in the
ongoing evaluation of producing and development stage mineral
resource opportunities. The Corporation's common shares are
principally listed on the Toronto Stock Exchange under the symbol
"ASND". For more information on Ascendant Resources, please visit
our website at www.ascendantresources.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: 888-723-7413info@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 to a Preliminary Economic Assessment, and the
ability of the Company to fund the exploration activities.
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 to a
Preliminary Economic Assessment, the ability of the Company to fund
the exploration program at Lagoa Salgada, 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 on SEDAR.
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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