Ascendant Resources Inc. (TSX: ASND) ("Ascendant"
or the "Company”) is pleased to announce results from the first
three drill holes from 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 stockwork mineralization
associated with the South Zone. The Company has already published a
robust PEA based upon an existing 10MT M&I Resource Estimate in
the North Zone (See the Company’s press release of January 14,
2020).
Highlights Include:
- LS_ST_22b: 25.2m true width
grading 2.23% CuEq (0.64% Cu, 1.99% Zn, 1.42% Pb, and 26.47g Ag/t)
including 10.50m true width grading 3.61% CuEq (0.84% Cu, 3.39% Zn,
2.77% Pb and 42.30g Ag/t)
- LS_ST_23: 8.4m true width
grading 2.24% CuEq (1.18% Cu, 0.46% Zn, 0.77% Pb, and 27.83g
Ag/t)
- LS_ST_21b: 7.7m true width
grading 2.13% CuEq (0.33% Cu, 3.09% Zn, 1.31% Pb, and 14.00g Ag/t)
and 4.20m true width grading 3.59% CuEq (0.42% Cu, 3.38% Zn, 1.91%
Pb, and 23.11g Ag/t)
The intersection of numerous high-grade
intervals in the first three drill holes of this 7-hole program in
stockwork mineralization has been highly encouraging. Firstly, the
discovery of high-grade copper within intervals is a positive
indication. In hole LS_ST_21, the drilling encountered
mineralization earlier than planned and intersected a gossan which
is indicative of nearby massive sulphide mineralization. LS_ST_23
drill hole is a 50m SE step-out from the 2018 southern most
historical drill hole LS_ST_11 which at the time was the best hole
in the South Zone to date. LS_ST_23 confirms the South extension of
the known Stockwork South Zone and intercepted multiple mineralized
zones including a high-grade copper interval of 6.00m @ 3.74% CuEq,
from 163.00m. Also, LS_ST_23 intersected what can be considered a
copper Bonanza interval of 1.00m @ 14.21% CuEq (9.11% Cu).
Drill hole LS_ST_22 is a 50m ESE step-out also
from LS_ST_11 which means that further to the East, the South Zone
continues to expand with high-grade intervals. The intense
gossanization intercepted immediately after the Tertiary cover, and
not yet at the Fissural mineralization, indicates that Massive
Sulphide mineralization should be nearby, as the Fissural ore does
not produce such intense gossan "caps" or leaching layers as seen
from 161.90-164.80m.
Follow-up drilling is planned for Q1 2021 to
better define this high-grade copper zonation on the Lagoa Salgada
South Zone Resource and in particular the LS_ST_23 drill hole
defined by 5 main corridors of high-grade, strong stockwork
mineralization.
Chris Buncic, President & CEO of Ascendant
stated, “The results from the first three holes of our drill
program in the South Zone confirms our thesis that it is copper
rich, with intensity improving as we move south and east. We are
excited to continue our exploration activities in the South Zone
where the results continue to expand the extent of the
mineralization. This bodes very well for Ascendant finding more
stockwork mineralization and demonstrating that this project has
the potential to be yet another future large producer on the belt,
comparable with Neves Corvo and Aguas Tenidas. We hope that future
rounds of drilling to grow the Mineral Resource, will achieve our
expectation.”
The exploration program in the South Zone is
intended to expand and upgrade the stockwork resources. This
program builds upon the resources already outlined in earlier
Technical Reports in 2019. The results highlighted in the table
below will help Ascendant to expand the wireframes even further.
Commodity prices have improved considerably since previous analysis
was performed. An expansion of the South Zone Mineral 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.
Drill hole location and results are shown in
Table 1 and 2 respectively below.
Table 1: Drill hole information for South Zone,
Lagoa Salgada Project
Lagoa Salgada South Zone |
|
WGS84 |
|
|
|
|
ID |
E |
N |
Az.(º) |
Dip .(º) |
Elevation |
Final Depth (m) |
LS_ST_21b |
547362 |
4231148 |
240 |
-60 |
92 |
352.60 |
LS_ST_22b |
547430 |
4231183 |
240 |
-60 |
92 |
473.40 |
LS_ST_23 |
547426 |
4231137 |
240 |
-60 |
92 |
458.00 |
Table 2: Significant Drill Hole Results for South
Zone, Lagoa Salgada Project
South Zone Significant Drilling Results |
DDH |
|
From |
To |
Width |
TRUE |
Cu(%) |
Zn (%) |
Pb (%) |
Ag(g/t) |
Au (g/t) |
Sn (%) |
CuEq* (%) |
|
|
(m) |
(m) |
(m) |
Width (m) |
LS_ST_21b |
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite |
215.00 |
226.00 |
11.00 |
7.70 |
0.33 |
3.09 |
1.31 |
14.00 |
0.04 |
0.03 |
2.13 |
|
including |
215.00 |
220.00 |
5.00 |
3.50 |
0.62 |
5.67 |
2.27 |
24.80 |
0.05 |
0.04 |
3.81 |
|
and |
278.00 |
284.00 |
6.00 |
4.20 |
0.42 |
3.38 |
1.91 |
23.11 |
0.06 |
0.03 |
3.59 |
LS_ST_22b |
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite |
214.00 |
216.00 |
2.00 |
1.40 |
1.42 |
1.43 |
0.42 |
49.00 |
0.65 |
0.03 |
3.16 |
|
and |
239.00 |
275.00 |
36.00 |
25.20 |
0.64 |
1.99 |
1.42 |
26.47 |
0.09 |
0.03 |
2.23 |
|
including |
245.00 |
260.00 |
15.00 |
10.50 |
0.84 |
3.39 |
2.77 |
42.30 |
0.13 |
0.04 |
3.61 |
|
and |
287.00 |
290.00 |
3.00 |
2.10 |
0.76 |
2.04 |
1.03 |
17.00 |
0.10 |
0.03 |
2.18 |
|
and |
298.00 |
307.00 |
9.00 |
6.30 |
0.38 |
3.98 |
2.03 |
20.11 |
0.14 |
0.03 |
2.86 |
|
including |
303.00 |
305.00 |
2.00 |
1.40 |
1.41 |
14.13 |
6.67 |
68.50 |
0.39 |
0.06 |
9.86 |
LS_ST_23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Composite |
162.00 |
174.00 |
12.00 |
8.40 |
1.18 |
0.46 |
0.77 |
27.83 |
0.11 |
0.10 |
2.24 |
|
including |
167.00 |
168.00 |
1.00 |
0.70 |
9.11 |
0.19 |
3.21 |
275.00 |
0.31 |
0.38 |
14.27 |
|
and |
192.00 |
205.00 |
13.00 |
9.10 |
0.24 |
1.74 |
1.24 |
11.58 |
0.05 |
0.04 |
1.56 |
|
and |
214.00 |
220.00 |
6.00 |
4.20 |
0.37 |
2.35 |
1.69 |
17.50 |
0.07 |
0.02 |
2.04 |
|
and |
237.00 |
241.00 |
4.00 |
2.80 |
0.35 |
2.10 |
0.97 |
14.00 |
0.10 |
0.03 |
1.72 |
*CuEq% = ((Zn Grade*24.25) +(Pb Grade*20.94) +(Cu
Grade * 66.14) +(Au Grade*53. 05)+(Ag Grade*0. 64)+ (Sn Grade *
202,77))/ 66. 14
Quality Assurance and Quality
Control
Analytical work was carried out by ALS
Laboratories. Drill core samples were prepared in the ALS Lab, in
Seville, Spain. Pulp samples were then sent to their analytical
Laboratory in Ireland for analysis. The core samples are analyzed
for gold (ppm) by fire assay (Au‐AA25), and for the other elements
by multi element analysis of base metal ores and mill products by
optical emission spectrometry using the Varian Vista inductively
coupled plasma spectrometer (ME-ICPORE). Samples from the South
Zone, LS_ST_DH ID, are also assayed for Tin (Sn) by ICP-AES after
Sodium Peroxide Fusion (Sn-ICP81x).
ALS Laboratories has routine quality control
procedures which ensure that every batch of samples includes three
sample repeats, two commercial standards and blanks. ALS
Laboratories is independent from Ascendant. Ascendant used standard
QA/QC procedures when inserting reference standards and blanks for
the drilling program.
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 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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