00:30:07 EDT Mon 24 Jul 2017
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Ascendant Resources Inc
Symbol C : ASND
Shares Issued 71,734,927
Close 2017-07-17 C$ 0.69
Recent Sedar Documents

Ascendant Resources produces 6,944 t ZnEq in Q2 2017

2017-07-17 08:33 ET - News Release

Mr. Chris Buncic reports

ASCENDANT RESOURCES PROVIDES JUNE AND SECOND QUARTER PRODUCTION UPDATE

Ascendant Resources Inc. had zinc equivalent metal production of 6,944 tonnes during the second quarter, 15 per cent higher than the first quarter and up 4 per cent from guidance of 6,664 tonnes, at its El Mochito mine in Honduras.

Milled production for the month was 50,795 tonnes, an average of 1,693 tonnes per day. The second quarter milling production rate increased 15 per cent against Q1 but was 7 per cent lower than the provided guidance of 1,850 tonnes per day. This was offset by 7-per-cent-higher-than-planned metal grades mined on a zinc equivalent basis and higher processing recoveries. The company is not making any revisions to the guidance issued on April 18, 2017, and remains confident of achieving its guidance for the year.

The mine hoisted 51,283 tonnes of ore in the month of June, an average of 1,709 tonnes per day. Mining in June continued to be impacted by reduced availability of the underground mining equipment, once again underscoring the expected benefits from the company's program to upgrade the existing aging mining fleet of 10 trucks and six loaders.

Of the three trucks and two loaders ordered in March, four pieces are now underground with the second truck and the second loader expected to be in operation by July 25 once fully commissioned. The addition of the new equipment, with high availability, and continued progress in various other productivity improvement initiatives already under way are expected to support higher sustained production rates going forward (see press releases on June 12, April 18, 2017, and the corporate presentation).

Operational performance over the past three months and Q2 2017 is displayed in the table.

                                          April     May     June   Q1 2017   Q2 2017  Q2 guidance

Ore milled                       tonnes  49,393  50,597   50,795   131,115   150,785      160,980
Ore milled                          tpd   1,829   1,687    1,693     1,619     1,733        1,850
Working days                                 27      30       30        81        87           87
Mill head grade
Average Zn grade                      %   3.43%   3.30%    3.34%     3.43%     3.36%        3.30%
Average Pb grade                      %   1.42%   1.32%    1.28%     1.33%     1.34%        1.50%
Average silver grade                g/t    52.0    56.0     38.0      50.0      48.7         42.0
Average ZnEq grade*                   %   5.82%   5.52%    5.17%     5.56%     5.50%        5.42%
Average recoveries
Zinc                                  %   89.6%   87.5%    89.6%     89.8%     88.9%        83.4%
Lead                                  %   73.7%   72.3%    70.8%     76.9%     72.2%        63.2%
Silver                                %   79.3%   78.9%    78.3%     78.8%     78.8%        68.2%
Contained metal production
Zinc                             tonnes   1,521   1,462    1,522     4,032     4,505        4,418
Lead                             tonnes     517     482      460     1,341     1,459        1,563
Silver                           ounces  67,267  69,672   47,557   173,041   184,496      146,891
ZnEq*                            tonnes   2,422   2,312    2,210     6,201     6,944        6,664
ZnEq*                           lb (000)  5,341   5,096    4,872    13,672    15,309       14,692

* Calculated by monthly realized metal prices; weighted average during Q2 was $2,598.35
(U.S.)/tonne zinc, $2,164.98 (U.S.)/tonne lead and $17.25 (U.S.)/ounce.

President and chief executive officer Chris Buncic commented: "We are certainly pleased to be making steady improvements in our quarterly production performance since closing our acquisition of the mine in December last year. In June, we recovered from the water and equipment issues of May and we are focusing our efforts on maintenance to manage the ageing fleet's performance as we commission the newly acquired trucks and loaders. We remain confident that operational performance is set to continue ramping up within the coming months, driving El Mochito to be free cash flow positive in the near term."

About Ascendant Resources Inc.

Ascendant Resources is a mining company focused on its producing El Mochito zinc, silver and lead mine in west-central Honduras in which the company has a 100-per-cent interest. El Mochito has been in production since 1948. The company evaluates producing and advanced-development-stage mineral resource acquisition opportunities in North, South and Central America, on a continuing basis.

We seek Safe Harbor.

© 2017 Canjex Publishing Ltd. All rights reserved.