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Ascendant Resources Inc
Symbol ASND
Shares Issued 130,468,437
Close 2023-02-02 C$ 0.25
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Ascendant drills 10 m of 2.89% CuEq at Lagoa Salgada

2023-02-02 09:32 ET - News Release

Mr. Mark Brennan reports

ASCENDANT RESOURCES ANNOUNCES HIGH GRADE COPPER ASSAY RESULTS SUPPORTING HIGH-GRADE COPPER CORRIDOR AT THE VENDA NOVA SOUTH ZONE

Ascendant Resources Inc. has released assay results from the latest drill holes executed in the Venda Nova South zone as part of the metallurgical, infill and extensional drilling campaign started in 2022. Of note from these results is the higher tenor of copper intercepted that supports the continuing delineation of a high-grade copper domain within the South deposit at its Lagoa Salgada VMS (volcanogenic massive sulphide) project on the Iberian pyrite belt (IBP) in Portugal.

Program highlights:

  • Drilling (true width):
    • Met_St_04: 10 metres of 2.89 per cent copper equivalent (1.3 per cent copper) from 286 metres;
    • ST_27: nine metres of 2.29 per cent copper equivalent (1.9 per cent copper) from 568 metres;
    • ST_30: 10 metres of 1.97 per cent copper equivalent (1.3 per cent copper) from 423 metres:
      • And three metres of 3.93 per cent copper equivalent (2.8 per cent copper) from 395 metres;
  • Results validate and improve conversion of inferred to indicated resources;
  • Metallurgical drill program at Venda Nova now complete;
  • Feasibility study to be completed at the end of April, 2023.

As of Jan. 30, 2023, Ascendant has completed 27 drill holes (11 metallurgical and 16 infill and stepout drill holes) totalling 12,804 metres as part of the overall drill program to support the continuing feasibility study for Venda Nova. Results of the final variability, stepout and infill drill holes in the South zone will be included in the resource update to support the feasibility study targeted for the end of April, 2023. Results reported today represent full results received as of Jan. 28, 2023.

Drilling highlights (true width)

Highlights of the infill variability metallurgical drilling program results include:

  • Met_St_03:
    • Four metres of 1.77 per cent copper equivalent from 226 metres;
    • Five metres of 1.71 per cent copper equivalent from 322 metres;
  • Met_St_04:
    • Two metres of 3.65 per cent copper equivalent from 246 metres;
    • 10 metres of 2.89 per cent copper equivalent from 286 metres;
    • 10 metres of 1.46 per cent copper equivalent from 352 metres.

Highlights of the infill/drilling results include:

  • ST_27:
    • Four metres of 2.63 per cent copper equivalent from 414 metres;
    • Nine metres of 2.29 per cent copper equivalent from 568 metres;
  • ST_30:
    • Five metres of 1.99 per cent copper equivalent from 339 metres;
    • Three metres of 3.93 per cent copper equivalent from 395 metres;
    • 10 metres of 1.97 per cent copper equivalent from 423 metres.

Mark Brennan, executive chairman, commented: "We continue to be very pleased by the results of our 2022 drill program at Lagoa Salgada. Not only do we expect strong conversion and upgrading of resources to support our ongoing feasibility study, but these results reinforce our strong view that the Venda Nova deposit and the Lagoa Salgada project as a whole will continue to grow the known resources and remains early in the discovery phase. We are also encouraged by the confirmation that the South zone also appears to hold copper-dominated mineralization similar to what we are seeing at depth in the North zone. Additional drilling in the future is expected to expand on these discoveries."

Infill drill hole ST_27 was drilled at the north edge of the current indicated resources envelope in the South zone. This drill hole is expected to spatially extend the conversion of inferred resource into the indicated category both along strike and down dip. Notable intercepts include nine metres of 2.29 per cent copper equivalent (1.9 per cent copper) from 568 metres, including two metres of 7.8 per cent copper from 576 metres. This intercept confirms the geometry of the high-grade copper footwall trend, discussed previously after the reported results of holes ST_31 and ST_42 (see press release of Nov. 9, 2022). Copper, along this trend, occurs in the form of chalcopyrite within veinlets and semi-massive (submetre) lenses, concentrated in the low stratigraphically stacked fisssural corridors.

Infill drill hole ST_30 was drilled immediately north of the envelope that outlines the extent of the indicated portion of the resource in the current internal update of the South zone. The addition of this hole will likely extend the boundary of indicated resources both along strike and down dip. Notable intercepts include four metres of 1.77 per cent copper equivalent (0.88 per cent copper) from 226 metres and six metres of 1.71 per cent copper equivalent (0.42 per cent copper) from 322 metres.

Variability metallurgical drill holes Met_St_03 and Met_St_04 were collared centrally to the indicated resource envelope and crossed all the corridors that define the current South zone domaining. The holes were drilled slightly oblique to the main orientation of the existing mineralized corridors to provide additional mass of mineralized rock to properly conduct the variability metallurgical setting. Results reconcile well with the new domains and general grade distribution estimates. Significant intercepts in hole Met_St_03 include four metres of 1.77 per cent copper equivalent from 226 metres and five metres of 1.71 per cent copper equivalent from 322 metres. Best intercepts in hole Met_St_04 are two metres of 3.65 per cent copper equivalent from 246 metres, 10 metres of 2.89 per cent copper equivalent from 286 metres and 12 metres of 1.46 per cent copper equivalent from 352 metres.

Quality assurance/quality control

Core samples are retrieved from the core barrel by the drilling crew. Each core box is labelled with the drill hole number, the depth intervals and an arrow indicating the downhole direction. Core samples retrieved from the barrel are immediately transferred to the core boxes and transported after to the logging facilities in batches. After the logging, core is cut in half and placed in labelled sample bags with the sample tags and transported to the sample preparation lab of ALS in Seville, Spain. Samples are dried, crushed to 70 per cent passing two millimetres, split and finally pulverized to 85 per cent passing 75 micrometres. Pulp samples are then sent to its analytical laboratory in Galway, Ireland, for analysis. The core samples are analyzed for gold (parts per million) by fire assay (Au-AA25), and for the other elements by two different ICP multielement analysis: (1) (ME-ICPORE) -- base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer and (2) ME-MS61r -- four-acid digestion paired with ICP-MS and ICP-AES with REE (rare earth element) analytes included.

ALS has routine quality control procedures that 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. No significant QA/QC failure issues were identified in the reported batches.

Review of technical information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, PGeo, vice-president, exploration, for Ascendant Resources, who is a qualified person as defined in National Instrument 43-101.

About Ascendant Resources Inc.

Ascendant 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.

The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of measured and indicated resources at 9.06 per cent zinc equivalent and 2.5 million tonnes of inferred resources at 5.93 per cent zinc equivalent in the North zone; and 4.42 million tonnes of indicated resources at 1.50 per cent copper equivalent and 10.83 million tonnes of inferred resources at 1.35 per cent copper equivalent in the South zone. The deposit demonstrates typical mineralization characteristics of Iberian pyrite belt VMS deposits containing RS, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective stepout targets across the large 7,209-hectare property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the preliminary economic assessment. Located just 80 kilometres from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional infrastructure. Ascendant holds a 50-per-cent interest in the Lagoa Salgada project through its position in Redcorp -- Empreendimentos Mineiros Ltda. and has an earn-in opportunity to increase its interest in the project to 80 per cent. 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 minable scale.

The company's common shares are principally listed on the Toronto Stock Exchange under the symbol ASND.

We seek Safe Harbor.

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