Ascendant Resources Inc. (TSX: ASND) (FRA: 2D9)
("Ascendant" or the "Company”) is pleased to announce the beginning
of its phase 2 metallurgical test work on both the massive sulphide
and stockwork ores at its Lagoa Salgada project in Portugal,
following very encouraging results obtained in the first stage of
metallurgical test work.
The current Phase 2 metallurgical testing is
planned to follow up on previous test work completed in the North
and South zones as well as investigate new ore where additional
Mineral Resources have been added from drilling subsequent to Phase
1 testing. The objective of the Phase 2 program will be to further
enhance the understanding of the ore characteristics of the various
types of ore bodies delineated in the various zones at Lagoa
Salgada and demonstrate specifications and recoveries consistent
with average specifications and recoveries being achieved today on
the Iberian Pyrite belt.
The new well-defined program will test new areas
of the resource with fresh samples provided from the most recent
drilling campaign and enhance recoveries with detailed monitoring
and control of the grinding circuit and optimizing the suite of
processing reagents. The program is expected to be completed in Q3
2021. The key highlights of the program are outlined below:
Highlights:
- Phase 2 metallurgical test work is
directed at developing a preliminary flowsheet, material balance
and establishing preliminary process design criteria, such as ore
hardness, crush and grind size requirements, flotation, reagent
consumptions, metal recoveries and concentrate grades that can be
expected for the various metals and from the different types of ore
bodies; namely massive sulphide and stockworks.
- For this test programme the
cassiterite (tin mineral) recovery in the Pb, Zn tailings of the
massive sulphide would be assessed by flotation.
- Recovery of residual gold will be
assessed by oxygenated leach tests on a bulk pyrite concentrate
from the massive sulphide.
- An option has been included for
bulk preparation of a combined massive sulphide and stockwork blend
to generate sufficient rougher concentrate for signature plots and
any further testing required.
Chris Buncic, President & CEO of Ascendant
stated, “We are very confident that we will be able to show
recoveries at least in line with the average recoveries and
specifications achieved today on the Iberian pyrite Belt.
Metallurgy is one of the key de-risking milestones to address in
the development of any mining project. For Lagoa Salgada, we have
already completed multiple mineralogical studies and phase 1
metallurgical test work to assess the deposit’s metallurgical
characteristics. The initial results have been very encouraging,
especially with respect to the stockwork ore where the results show
we have been able to produce 3 sealable concentrates (Cu, Zn,
Pb).”
Review of Technical
Information
The scientific and technical information in this
press release has been reviewed and approved by Robert Campbell,
P.Geo., Vice President, Exploration and Director for Ascendant
Resources Ltd, who is a Qualified Persons as defined in National
Instrument 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 aggressive
exploration and development plans, the Company aims to unlock the
significant potential of the project and maximize value for
shareholders.
Lagoa Salgada contains over 14.8 million tonnes
of M&I Resources and over 11.9 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:
Chris BuncicPresident, CEO & DirectorTel:
888-723-7413cbuncic@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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