9.9 meters of 3.19% Copper in new displacement
zone at depth
Ascendant Resources Inc. (TSX: ASND) (OTCQX:
ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) is very pleased to
announce the results from the first drill hole, LS_MS_07, from its
recently initiated 22 hole drill program at the high-grade Lagoa
Salgada polymetallic volcanogenic massive sulphide Project (“Lagoa
Salgada” ), located in the Iberian Pyrite Belt (“IPB”) in Portugal;
home to some of the world’s largest VMS mines.
Highlights from LS_MS_07
include:
- LS_MS_07 represents the first step out hole of the new drill
program, approximately 30 metres to the east of the Main Zone
- Intersected 107.91 metres of high-grade mineralization grading
10.25% ZnEq2, approximately 30 metres longer than anticipated by
previous intercepts
- Significant intercepts include:
- 10.7m gossan cap at 1.73g/t Au and 143.08g/t Ag (7.64% ZnEq)-
Includes 5.79m higher grade at 3.19g/t Au and 264.29g/t Ag (13.43%
ZnEq)
- 59.2m massive sulphide zone at 0.33% Cu, 4.49% Pb, 4.89% Zn,
1.09g/t Au and 98.21g/t Ag (13.89% ZnEq)- Including 13.9m
high-grade lead zone at 0.68% Cu, 6.69% Pb, 4.44% Zn, 1.55g/t Au
and 150.24g/t Ag (18.25% ZnEq) and- Second 22.3m high-grade lead
zone at 0.21% Cu, 5.73% Pb, 7.43% Zn, 1.28g/t Au and 101.67g/t Ag
(17.73% ZnEq) and- 16.5m high-grade zinc zone at 0.2% Cu, 6.35% Pb,
8.07% Zn, 1.58g/t Au and 112.20g/t Ag (19.65% ZnEq)
- New zone of high-grade chalcopyrite rich stringer
mineralization of 9.9 metres grading 3.19% Cu or 10.22% ZnEq
intersected at depth post fault zone, supporting view of the fault
displacement of the ore zone
- Including 3.3m grading 8.22% Cu or 24.68% ZnEq.
- Intersection of second massive sulphide zone of 7.6m grading
0.44% Cu, 0.89% Pb, 2.58% Zn, 0.29g/t Au and 44.4g/t Ag (5.72%
ZnEq), demonstrating additional massive sulphide at depth and west
of a known fault.
__________
1 Reported intersections represent the adjusted Apparent Width
of the ore body as opposed to intersected core lengths
2 ZnEq. or Zinc Equivalent metal grade in this document includes
copper, lead, gold and silver expressed in zinc equivalent terms,
was calculated as follows: ZnEq. % = ((Zn Grade*25.35)+(Pb
Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag
Grade*0.62))/25.35 using metal prices of US$1.15/lb Zn, US$1.05/lb
Pb, $3.05/lb Cu, US$19.40/oz Ag, and 1,250/oz Au, without applying
metallurgical recoveries.
Chris Buncic, President & CEO of Ascendant
stated, “We are very encouraged by these initial results from our
exploration program at Lagoa Salgada. While still early in the
drill program, the results from this first hole support our view of
the potential to rapidly expand the current known high-grade,
massive sulphide mineralization that has been identified in
previous drilling campaigns on the Project and provides confidence
to quickly increase Mineral Resources. The new intersection at
depth which was unexpected further increases the overall potential
of the Project.”
Drill Hole Details
Drill hole LS_MS_07 was collared approximately
30 metres east of previous drill holes in the area targeting the
eastern expansion of the known Main Zone massive sulphide
mineralization contained within the current Mineral Resource as
defined in the National Instrument 43-101 report dated January 5,
2018. The hole was drilled at an angle of 60° to provide more
information of the true thickness and orientation of the ore zone.
Gossan mineralization was intersected down hole at depth of 169
metres (vertical depth 146.3 metres), and the massive sulphide zone
at a depth of 182 metres, approximately 30 metres earlier than
anticipated based upon the previous interpretation of the ore body.
The hole intersected two zones of massive sulphide. The first
intersection of 71.75 metres from 182.15 metres to 253.90 metres
grading on average 13.89% ZnEq, demonstrating the consistency of
the mineralization in both ore body dimension and grades, and
supporting the extension of the LS-1 Deposit to the east.
In addition, a new high-grade intersection of
stringer chalcopyrite mineralization of approximately 12 metres at
the interval of 262 to 274 metres grading 3.19% copper or 10.22%
ZnEq was encountered; including a 4 metre interval grading 8.22%
copper or 24.68% ZnEq. This new zone represents the first
intersection of a copper rich stringer zone in the Main Zone west
of a known fault zone. A second zone of massive sulphide was
encountered at a depth of 280.35 to 289.60 metres grading 5.72%
ZnEq. This zone is significantly higher in copper than the Main
Zone and represents significant upside potential to expand the
deposit at depth. Mineralized intervals are given in Table 1 and
are shown in Figure 1 below which highlights the LS_MS_07
intersection relative to other drill holes in the area. It should
be noted that intersections reported are down hole widths as the
deposit is under 150 metres of Tertiary cover and the geometry of
the Main Zone has not been fully defined yet. At this time, we
believe that the Main Zone is near the nose of a NNW-plunging fold
structure, and there has been subsequent faulting.
Table 1: Significant Drill
Intersections
LS_MS_07 |
|
|
From |
To |
Core Length |
Apparent Width |
Cu |
Pb |
Zn |
Au |
Ag |
ZnEq [1] |
|
|
(m) |
(m) |
(m) |
(m) |
(%) |
(%) |
(%) |
(ppm) |
(ppm) |
(%) |
|
General |
168.95 |
300.00 |
131.1 |
107.9 |
0.54 |
2.72 |
3.22 |
0.81 |
77.86 |
10.25 |
inc |
|
General |
176.00 |
297.00 |
121.0 |
99.7 |
0.58 |
2.89 |
3.42 |
0.87 |
82.95 |
10.90 |
|
gossan |
168.95 |
182.15 |
13.2 |
10.7 |
0.06 |
1.00 |
0.23 |
1.73 |
143.08 |
7.64 |
inc |
|
gossan |
175.00 |
182.15 |
7.2 |
5.8 |
0.10 |
1.34 |
0.25 |
3.19 |
264.29 |
13.43 |
1st MS |
MS |
182.15 |
253.90 |
71.8 |
59.2 |
0.33 |
4.49 |
4.89 |
1.09 |
98.21 |
13.89 |
inc |
|
MS |
182.15 |
199.00 |
16.9 |
13.9 |
0.68 |
6.69 |
4.44 |
1.55 |
150.24 |
18.25 |
inc |
|
MS |
210.00 |
237.00 |
27.0 |
22.3 |
0.21 |
5.73 |
7.43 |
1.28 |
101.67 |
17.73 |
inc |
|
MS |
216.00 |
236.00 |
20.0 |
16.5 |
0.20 |
6.35 |
8.07 |
1.58 |
112.20 |
19.65 |
CuSTKW |
STKW |
262.00 |
274.00 |
12.0 |
9.9 |
3.19 |
0.14 |
0.91 |
0.01 |
28.42 |
10.22 |
inc |
|
STKW |
264.00 |
273.00 |
9.0 |
7.4 |
4.06 |
0.16 |
1.03 |
0.01 |
27.56 |
12.64 |
inc |
|
STKW |
269.00 |
273.00 |
4.0 |
3.3 |
8.22 |
0.26 |
1.44 |
0.01 |
47.75 |
24.68 |
2nd MS |
MS |
280.35 |
289.60 |
9.3 |
7.6 |
0.44 |
0.89 |
2.58 |
0.29 |
44.40 |
5.72 |
Note: 1 ZnEq% was calculated as follows: ZnEq% = ((Zn
Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au
Grade*40.19)+(Ag Grade*0.62))/25.35 2 Metal prices used:
US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz Ag, and
1,250/oz Au. No recoveries were applied.
Table 2: Drill Hole
Information
Drill Hole |
Easting |
Northing |
Total Depth (m) |
Elevation |
Azimuth |
Dip |
LS-MS-07 |
546900 |
4232246 |
646.4 |
95 |
253 |
-60 |
Figure 1: Cross Section of Drill Hole
LS_MS_07
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/edf8879f-1910-4471-b24c-e40155fc1dd4
Drilling continues at Lagoa with additional
drill results expected throughout the fourth quarter of 2018. In
total, the exploration program at Lagoa includes 22 diamond drill
holes with a total of approximately 7,750 metres divided over three
primary areas; the Main Zone, the Stockwork Zone and the new
Central Zone. The drill program is expected to expand the known
deposits and is targeted to be completed by the end of the current
year. In addition to drilling, the exploration program includes
downhole geophysics, relogging and assaying of historical drilling
in the area, and a complete structural reinterpretation of the
property in the context of the overall regional geology. Given the
structural controls seen at similar deposits within the IPB, the
latter will aid in the development of the exploration program over
the entire land package. See Figure 2 below for detailed planned
drill holes.
Figure 2: Plan View of the 2018 Planned
Drill Holes
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/eca9da65-5378-4565-98ba-bae6593ba323
Mineral Resource Estimate for Lagoa
Salgada
Tables 3 and 4 below show the current Mineral
Resource Estimate for the Lagoa Salgada Project. The Mineral
Resources are currently confined to the Main and Stockwork Zones
only. As shown, the current Mineral Resource is already significant
in both size and grade, highlighting the potential of this Project
to rapidly advance towards being defined as a potential mineable
deposit. Both the defined Main (LS-1) and Stockwork (LS-1 Central)
deposits remain open in all directions, providing management with
the confidence that a modest drill program has the potential to
extend mineralization along strike and at depth and significantly
increase resources.
Table 3: Mineral Resources for the LS-1
Deposit at a 3.5% ZnEq cut-off grade – Effective date January 5,
2018
Classification |
Tonnage(‘000
t) |
Zn (%) |
Pb (%) |
Cu (%) |
Ag (gpt) |
Au (gpt) |
ZnEq (%) |
Indicated |
5,840 |
2.79 |
2.96 |
0.32 |
53.54 |
0.78 |
8.88 |
Inferred |
2,010 |
2.44 |
2.80 |
0.24 |
47.37 |
0.65 |
7.82 |
(1) Block matrix is 10mx10mx10m(2) Grades are estimated by
ordinary kriging interpolation(3) A cut-off grade of 3.5% ZnEq was
used to report the Mineral Resource for the LS-1 Deposit(4) Zinc
equivalent metal grade (ZnEq%) was calculated as follows:ZnEq% =
((Zn Grade * 25.35) + (Pb Grade * 23.15) + (Cu Grade * 67.24) + (Au
Grade * 40.19) + (Ag Grade * 0.62)) / 25.35Metal prices used:
US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz Ag, and
1,250/oz AuNo recoveries were applied(5) Mineral Resources that are
not Mineral Reserves do not have demonstrated economic viability(6)
Shown on a 100% basis. Ascendant holds a 25% interest in Redcorp,
the operating subsidiary which holds an 85% interest in the Lagoa
Salgada Project
Table 4: Mineral Resources for the LS-1
Central Deposit at a 3.5% ZnEq cut-off grade – Effective date
January 5, 2018
Classification |
Tonnage(‘000
t) |
Zn (%) |
Pb (%) |
Cu (%) |
Ag (gpt) |
Au (gpt) |
ZnEq (%) |
Inferred |
2,220 |
1.91 |
1.11 |
0.51 |
17.76 |
0.07 |
4.80 |
(1) Block Matrix is 10mx10mx10m(2) Grades are estimated by
inverse distance squared interpolation(3) A cut-off grade of 3.5%
ZnEq was used to report the Mineral Resource for the LS-1 Central
Deposit(4) Zinc equivalent metal grade (ZnEq%) was calculated as
follows:ZnEq% = ((Zn Grade * 25.35) + (Pb Grade * 23.15) + (Cu
Grade * 67.24) + (Au Grade * 40.19) + (Ag Grade * 0.62)) /
25.35Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu,
US$19.40/oz Ag, and 1,250/oz AuNo recoveries were applied(5)
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability(6) Shown on a 100% basis. Ascendant
holds a 25% interest in Redcorp, the operating subsidiary which
holds an 85% interest in the Lagoa Salgada Project
Qualified Persons
The scientific and technical information in this
press release has been reviewed and approved by C. Tucker Barrie,
Ph.D., P.Geo., a geologist with over twenty-five years of
international experience in VMS deposit exploration and
development, and a independent consultant to the Company; and by
Paul Daigle, P.Geo., Senior Associate of AGP Mining Consultants
Inc. Mr. Daigle is responsible for the Technical Report and Mineral
Resource Estimate for the Lagoa Salgada Project and is independent
of Ascendant. Both gentlemen are a “Qualified Person” as defined by
NI 43-101.
About Ascendant Resources
Inc.
Ascendant is a Toronto-based mining company
focused on its flagship 100%-owned producing El Mochito zinc, lead
and silver mine in west-central Honduras, which has been in
production since 1948. After acquiring the mine in December 2016,
Ascendant spent 2017 implementing a rigorous and successful
optimization program restoring the historic potential of El Mochito
delivering record levels of production with profitability restored.
The Company now remains focused on cost reduction and further
operational improvements to drive robust profitability in 2018 and
beyond. Expanding and upgrading El Mochito’s significant Mineral
Reserves and Resources through exploration work for near-mine
growth is an ongoing focus for the Company. With a significant land
package of 11,000 hectares in Honduras and an abundance of
historical data, there are several regional targets providing
longer term exploration upside which could lead to further resource
growth.
Ascendant also holds an interest in the
high-grade polymetallic Lagoa Salgada VMS Project located in the
prolific Iberian Pyrite Belt in Portugal. The Company is engaged in
exploration of the Project with the goal of expanding already
substantial defined Mineral Resources and testing additional known
targets. The Company’s acquisition of its interest in the Lagoa
Salgada Project offers a low-cost entry point to a potentially
significant exploration and development opportunity. The Company
holds an additional option to increase their interest in the
Project upon completion of certain milestones.
Ascendant Resources is engaged in the ongoing
evaluation of producing and development stage mineral resource
opportunities, on an ongoing basis. The Company'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 PrydeDirector, Communications &
Investor RelationsTel: 888-723-7413info@ascendantresources.com
Cautionary Notes to US
Investors
The information concerning the Company’s mineral
properties has been prepared in accordance with National Instrument
43-101 (“NI-43-101”) adopted by the Canadian Securities
Administrators. In accordance with NI-43-101, the terms “mineral
reserves”, “proven mineral reserve”, “probable mineral reserve”,
“mineral resource”, “measured mineral resource”, “indicated mineral
resource” and “inferred mineral resource” are defined in the
Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”)
Definition Standards for Mineral Resources and Mineral Reserves
adopted by the CIM Council on May 10, 2014. While the terms
“mineral resource”, “measured mineral resource”, “indicated mineral
resource” and “inferred mineral resource” are recognized and
required by NI 43-101, the U.S. Securities Exchange Commission
(“SEC”) does not recognize them. The reader is cautioned that,
except for that portion of mineral resources classified as mineral
reserves, mineral resources do not have demonstrated economic
value. Inferred mineral resources have a high degree of uncertainty
as to their existence and as to whether they can be economically or
legally mined. It cannot be assumed that all or any part of any
inferred mineral resource will ever be upgraded to a higher
category. Therefore, the reader is cautioned not to assume that all
or any part of an inferred mineral resource exists, that it can be
economically or legally mined, or that it will ever be upgraded to
a higher category. Likewise, you are cautioned not to assume that
all or any part of a measured or indicated mineral resource will
ever be upgraded into mineral reserves.
Readers should be aware that the Company’s
financial statements (and information derived therefrom) have been
prepared in accordance with International Financial Reporting
Standards (“IFRS”) as issued by the International Accounting
Standards Board and are subject to Canadian auditing and auditor
independence standards. IFRS differs in some respects from United
States generally accepted accounting principles and thus the
Company’s financial statements (and information derived therefrom)
may not be comparable to those of United States companies.
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 and the potential to expand mineralization
and increase mineral resources. 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 ability of the
exploration results to expand mineralization and increase mineral
resources, 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,
uncertainty related to the results of the Company’s exploration
activities at the Lagoa Salgada Project, 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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