Ascendant Resources Inc. (TSX: ASND) ("Ascendant"
or the "Company”) is pleased to announce the start of its Phase 2
drilling program in the South Zone at the Lagoa Salgada project
located on the Iberian Pyrite Belt in Portugal. The Phase 2 program
consists of 1,400m of drilling and downhole IP surveys and follows
the very successful recently completed Phase 1 program. The
continued objective of the program is to significantly increase and
upgrade resources at the copper-rich South Zone, building upon the
strong drill results highlighted in the Company’s press release on
January 13, 2021. The increased resources are expected to build
upon Phase 1 drilling and the existing 2.47Mt of Measured and
Indicated resource and 6.09Mt of Inferred resource delineated in
the South Zone as highlighted in the Company’s NI 43-101 Mineral
Resource Estimate, dated November 5, 2019.
The South Zone remains open along strike and at
depth according to geological data collected during the Company’s
previous exploration activities. Indications are that the
mineralization is expanding southward where the Company’s next
drill targets in this program are planned. Figure 1 highlights the
completed and planned drill holes. The 1,400m of drilling in Phase
2 aims to better define this high-grade copper-rich zone 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, “We are excited to continue our exploration activities in
the South Zone where we hope to significantly grow copper and
copper equivalent tonnage and grade. The results of Phase 1
drilling in the South Zone suggests that we are approaching a more
intense system of stockwork and massive sulfide mineralization,
which was also predicted by our geophysics program. The Phase 2
program should advance us a long way along the path of growing this
copper rich resource.”
Figure 1: South Zone planned exploration
programhttps://www.globenewswire.com/NewsRoom/AttachmentNg/46c71d72-1384-4313-8d07-70908bcd1c92
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 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 to a
Preliminary Economic Assessment, 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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