Ascendant Resources Inc. (TSX: ASND) (OTCQX: ASDRF; FRA: 2D9)
("Ascendant" or the "Company”) is very pleased to announce
transformational results from its 20-hole drill program totaling
6,950 metres and an initial geophysics program at the Lagoa Salgada
polymetallic VMS Project located on the Iberian Pyrite Belt (“IPB”)
in Portugal; the IPB is home to some of the world’s largest
volcanogenic massive sulphide mines.
Highlights:
- Newly identified tin
mineralization increases ZnEq grade by 15% in the Main
zone
- Drill results expected to
significantly increase new NI43-101 Mineral Resource Estimate due
by end of January
- IP survey identifies 1.6km
anomaly which includes the 2 known mineral deposits
- Geophysics work
significantly expands the Project’s overall exploration potential
by identifying new targets
Drill Hole
Highlights:
-
LS_MS_19Intersected 79.4m massive sulphide zone at
0.64% Cu, 1.94% Pb, 3.36% Zn, 0.57g/t Au, 60.11g/t Ag and 0.17% Sn
(10.16% ZnEq)
-
LS_MS_16Intersected 76.6m massive sulphide zone at
0.48% Cu, 2.06% Pb, 3.43% Zn, 0.39g/t Au, 40.30g/t Ag and 0.22% Sn
(9.84% ZnEq)
-
LS_MS_17Intersected 30.8 metres of high-grade
massive sulphide at 0.32% Cu, 8.44% Pb, 1.91% Zn, 1.79g/t Au,
61.39g/t Ag and 0.26% Sn 15.6% ZnEq
The drill program at Lagoa Salgada consisted of
12 holes (3,964 metres) in the Main Massive Sulphide Zone and 8
holes (3,113 metres) in the Stockwork Zone. The program has been
very successful at confirming and expanding high-grade
mineralization in the Main Massive Sulphide Zone and in expanding
and improving the continuity of the sulphide mineralization in the
Stockwork Zone. Results from the Main Massive Sulphide Zone
indicate additional massive sulphide mineralization at grades in
excess of 10% ZnEq. The identification of tin mineralization within
the massive sulphides has contributed significantly to this grade
improvement. In the Stockwork Zone results indicate that a thick,
well mineralized ore zone has not yet been fully defined.
Concurrent geophysical work has confirmed a
strong 1.6 km long chargeability anomaly which includes the Main
Massive Sulphide and Stockwork Zones. A Residual Bouguer Gravity
anomaly coincides with the Chargeability anomaly, but the gravity
map also identifies numerous additional anomalies within Lagoa
Salgada’s property boundary.
Chris Buncic, President & CEO of Ascendant
stated “We are very pleased by the success of our latest
exploration program at Lagoa Salgada. The drill results have more
than exceeded our expectations in identifying similar high-grade
massive sulphide and stockwork mineralization identified in
previous drill campaigns at Lagoa Salgada. The addition of newly
identified high-grade tin mineralization in the Main Zone provides
further confidence in the potential to quickly increase high-grade
tonnes to the known Mineral Resource. An update to the Mineral
Resource Estimate is expected in January.”
He continued, “In addition to the drill program
the company has completed ground and downhole IP surveys. The
results from these surveys have identified a 1.6 km IP anomaly
coincident with the massive sulphide mineralization intersected by
the drill program from the layered massive sulphides in the
northwest (Massive Sulphide Zone) to the Stockwork Zone in the
southeast. The IP anomaly is also coincident with a significant
regional gravity anomaly which greatly expands exploration
potential to the east.”
Drill Hole Details
Tables 1 and 2 below provide assay results for
11 holes in the Main Massive Sulphide Zone and 5 holes in the
Stockwork Zone. One hole from the Main Massive Sulphide Zone and 3
holes for the Stockwork Zone are still pending. Drill holes in this
program were collared in an area targeting the eastern expansion of
the known main volcanogenic massive sulphide mineralization
contained within the current Mineral Resource Estimate as defined
in the National Instrument 43-101 report dated January 5, 2018 and
targeting expansion of the Stockwork Zone.
The drill holes were drilled at an angle of 60o
to provide additional information of the true thickness and
orientation of the ore zone. Significant thickness of gossan and
massive sulphide mineralization were intersected in holes LS_MS_07,
LS_MS_16 through LS_MS_20. In several of the holes, including
LS_MS_07, LS_MS_16, LS_MS_18 and LS_MS_19, a second massive
sulphide horizon was intersected on the west side of a major fault
identifying a possible new lens.
Figure 1: Plan View of the 2018 Planned
Drill HolesA photo accompanying this announcement is
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/a0ba1d57-2222-4637-b44e-dff4caea0b90
Introduction of Tin in
Mineralization
A significant achievement of the exploration
program has been the identification of cassiterite (SnO2)
associated with the Main Massive Sulphide Zone. The IBP is known
for having areas rich in tin, however, there has been no historical
assaying for tin on previous drill holes at Lagoa Salgada. As such,
Ascendant has incorporated into the exploration program the
analysis of all historic (2017) and current drill holes in the Main
Massive Sulphide Zone being tested for tin (Sn). Significant tin
values have been recognized in the holes and are being reported in
Table 1 below for the current LS_MS holes. In many of the holes the
results are material and add an average 1.5% to the ZnEq grade. The
tin is significant in the gossan, massive sulphide and stringer
zones of the Main Massive Sulphide Zone.
Geophysical Surveys
In addition to the drill program, recently
completed ground and downhole IP surveys have identified a
chargeability anomaly 1.6 kilometres long by 200-300 metres wide
that is coincidental with the sulphide mineralization both in the
Main Massive Sulphide Zone and the Stockwork Zone (Figure 2). This
broad N-S zone of elevated chargeability can be traced from the
Main Massive Sulphide Zone southwards to beyond the zone where the
Stockwork Zone was drilled in 2018 with no evidence of a gap or
eastward offset in mineralization suggested by a 2016 IP/Res
survey. The IP 3D model suggests that the drilling at the Main
Massive Sulphide Zone is coincident with the chargeability anomaly.
However, the model for the Stockwork Zone suggests the stronger
part of the anomaly lies to the east and remains untested.
Furthermore, on the southern lines (lines 14 and 15) on the eastern
extremity, a new anomaly is appearing with the possibility of a new
zone developing that is also untested.
Figure 2: IP Survey Map Coincident with
Known Mineral ResourcesA photo accompanying this
announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/ae8aef75-661f-4117-b0ed-f7163ed285c9
The IP anomaly is also coincident with the more
extensive regional Bouguer gravity anomaly that stretches southeast
by approximately 8km to the Rio de Moinhos Target (Figure 3),
highlighting a significant number of targets for the future.
Pseudosections prepared for the 2018 IP lines indicate a second
target southeast of the Main Massive Sulphide Zone, near the
eastern end of lines 8-10 and extending as far south as line 14.
This target shows a clear association with the anomaly shown on the
map of residual Bouguer Gravity. We are establishing a naming
convention referring to the greater areas within Lagoa Salgada
region as indicated on Figure 3. Note that the Company’s work to
date has been focused within the LS West area.
Figure 3: Gravimetric Survey Map with
High Bouguer Gravity Coincident
with Known Mineral ResourcesA photo accompanying
this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/36312925-4d51-40d6-a77b-f263e198d4f8
Table 1: Drill Intersections
Main Zone (Massive Sulphide
Zone)
|
From |
To |
Length |
True Width |
Cu |
Pb |
Zn |
Sn |
Au |
Ag |
Zn Eq [2] |
|
(m) |
(m) |
(m) |
(m) |
(%) |
(%) |
(%) |
(%) |
(ppm) |
(ppm) |
With Sn(%) |
LS_MS_07* |
168.95 |
300.00 |
131.05 |
106.15 |
0.54 |
2.72 |
3.22 |
0.17 |
0.81 |
77.86 |
11.51 |
including |
176.00 |
297.00 |
121.00 |
98.01 |
0.58 |
2.89 |
3.42 |
0.18 |
0.87 |
82.95 |
12.24 |
gossan |
168.95 |
182.15 |
13.20 |
11.35 |
0.06 |
1.00 |
0.23 |
0.35 |
1.73 |
143.08 |
10.32 |
including |
176.00 |
181.00 |
5.00 |
4.30 |
0.11 |
1.57 |
0.25 |
0.76 |
3.91 |
324.80 |
21.87 |
1st MS |
182.15 |
253.90 |
71.75 |
55.25 |
0.33 |
4.49 |
4.89 |
0.14 |
1.09 |
98.21 |
14.91 |
including |
216.00 |
236.00 |
20.00 |
15.40 |
0.20 |
6.35 |
8.07 |
0.18 |
1.58 |
112.20 |
21.00 |
STKW |
262.00 |
274.00 |
12.00 |
9.24 |
3.19 |
0.14 |
0.91 |
0.33 |
0.01 |
28.42 |
12.68 |
Including |
264.00 |
273.00 |
9.00 |
6.93 |
4.06 |
0.16 |
1.03 |
0.30 |
0.01 |
27.56 |
14.94 |
including |
269.00 |
273.00 |
4.00 |
3.08 |
8.22 |
0.26 |
1.44 |
0.27 |
0.01 |
47.75 |
26.68 |
2nd MS |
280.35 |
289.60 |
9.25 |
7.12 |
0.44 |
0.89 |
2.58 |
0.26 |
0.29 |
44.40 |
7.53 |
LS_MS_08 |
189.00 |
373.25 |
184.25 |
149.24 |
0.11 |
0.04 |
0.34 |
n.m. |
0.02 |
5.32 |
0.81 |
STKW |
208.00 |
219.00 |
11.00 |
8.47 |
0.56 |
0.15 |
1.20 |
n.m. |
0.09 |
24.27 |
3.56 |
Including |
209.00 |
218.00 |
9.00 |
6.94 |
0.67 |
0.15 |
1.25 |
n.m. |
0.10 |
27.89 |
4.01 |
Including |
213.00 |
218.00 |
5.00 |
3.85 |
1.04 |
0.22 |
1.60 |
n.m. |
0.15 |
45.60 |
5.92 |
and |
305.00 |
306.00 |
1.00 |
0.77 |
0.82 |
0.02 |
1.26 |
n.m. |
0.05 |
15.00 |
3.90 |
LS_MS_09 |
194.00 |
370.00 |
176.00 |
142.56 |
0.12 |
0.02 |
0.24 |
n.m. |
0.01 |
2.97 |
0.68 |
STKW |
215.00 |
217.00 |
2.00 |
1.54 |
0.67 |
0.08 |
1.29 |
n.m. |
0.01 |
22.50 |
3.71 |
STKW |
267.00 |
268.00 |
1.00 |
0.77 |
0.08 |
0.18 |
1.85 |
n.m. |
0.05 |
49.00 |
3.51 |
STKW |
284.00 |
290.00 |
6.00 |
4.62 |
0.86 |
0.01 |
1.20 |
n.m. |
0.03 |
5.83 |
3.67 |
Including |
284.00 |
289.00 |
5.00 |
3.85 |
1.02 |
0.01 |
1.39 |
n.m. |
0.02 |
6.80 |
4.30 |
STKW |
320.00 |
322.00 |
2.00 |
1.54 |
1.13 |
0.01 |
0.61 |
n.m. |
0.03 |
15.00 |
4.03 |
STKW |
331.00 |
332.00 |
1.00 |
0.77 |
0.87 |
0.04 |
0.99 |
n.m. |
0.00 |
11.00 |
3.59 |
LS_MS_10 |
146.40 |
267.00 |
120.60 |
97.69 |
0.05 |
0.09 |
0.37 |
0.01 |
0.05 |
3.89 |
0.81 |
gossan |
147.00 |
149.00 |
2.00 |
1.72 |
0.80 |
0.28 |
1.33 |
0.07 |
0.07 |
0.00 |
4.31 |
Stringer |
233.00 |
261.00 |
28.00 |
21.56 |
0.03 |
0.13 |
0.72 |
0.00 |
0.07 |
6.04 |
1.20 |
LS_MS_12 |
No Significant Mineralization |
LS_MS_13 |
167.00 |
200.00 |
33.00 |
26.73 |
0.05 |
0.70 |
1.25 |
0.03 |
0.02 |
10.52 |
2.55 |
Including |
167.00 |
189.00 |
22.00 |
17.82 |
0.07 |
0.84 |
1.42 |
0.04 |
0.02 |
12.77 |
2.98 |
gossan |
151.30 |
153.05 |
1.75 |
1.51 |
0.09 |
0.10 |
0.26 |
0.02 |
0.01 |
0.00 |
0.64 |
Stringer |
167.00 |
168.00 |
1.00 |
0.77 |
0.76 |
0.05 |
0.15 |
0.01 |
0.01 |
100.00 |
4.74 |
Including |
173.00 |
189.00 |
16.00 |
12.32 |
0.04 |
1.06 |
1.85 |
0.05 |
0.02 |
10.50 |
3.55 |
Including |
180.00 |
187.00 |
7.00 |
5.39 |
0.06 |
1.60 |
2.70 |
0.06 |
0.03 |
12.86 |
5.12 |
LS_MS_16 |
163.15 |
349.00 |
185.85 |
150.54 |
0.29 |
1.43 |
2.18 |
0.15 |
0.35 |
27.9 |
6.59 |
including |
163.15 |
273.55 |
110.40 |
89.42 |
0.45 |
2.15 |
3.17 |
0.23 |
0.53 |
39.8 |
9.87 |
gossan |
163.15 |
174.10 |
10.95 |
9.42 |
0.15 |
2.94 |
0.80 |
0.34 |
1.80 |
35.1 |
10.18 |
including |
170.00 |
174.10 |
4.10 |
3.53 |
0.09 |
2.90 |
0.48 |
0.53 |
4.31 |
54.3 |
15.48 |
MS |
174.10 |
273.55 |
99.45 |
76.58 |
0.48 |
2.06 |
3.43 |
0.22 |
0.39 |
40.3 |
9.84 |
including |
194.00 |
222.00 |
28.00 |
21.56 |
0.28 |
3.65 |
5.16 |
0.20 |
0.44 |
43.5 |
12.47 |
including |
257.00 |
262.00 |
5.00 |
3.85 |
2.64 |
0.35 |
2.12 |
1.00 |
0.06 |
63.60 |
18.61 |
MS |
239.00 |
273.55 |
34.55 |
26.60 |
0.68 |
0.86 |
2.47 |
0.30 |
0.26 |
42.72 |
8.74 |
Stringer |
277.00 |
284.00 |
7.00 |
5.39 |
0.19 |
0.63 |
1.76 |
0.07 |
0.19 |
35.9 |
4.54 |
and |
312.00 |
315.00 |
3.00 |
2.31 |
0.15 |
1.93 |
2.72 |
0.13 |
0.18 |
28.3 |
6.85 |
and |
347.00 |
349.00 |
2.00 |
1.54 |
0.19 |
2.37 |
3.30 |
0.15 |
0.15 |
33.5 |
8.16 |
LS_MS_17 |
161.00 |
199.00 |
38.00 |
30.78 |
0.32 |
8.44 |
1.91 |
0.26 |
1.79 |
61.39 |
15.57 |
including |
162.00 |
192.00 |
30.00 |
24.30 |
0.40 |
10.56 |
2.31 |
0.34 |
2.23 |
73.75 |
19.35 |
gossan |
162.50 |
170.75 |
8.25 |
7.10 |
0.16 |
13.44 |
1.43 |
0.60 |
3.06 |
52.89 |
22.12 |
including |
163.00 |
170.75 |
7.75 |
6.67 |
0.17 |
12.61 |
1.44 |
0.63 |
3.08 |
58.38 |
23.16 |
MS |
170.75 |
194.30 |
23.55 |
18.13 |
0.45 |
7.77 |
2.33 |
0.19 |
1.78 |
79.56 |
16.47 |
including |
171.00 |
191.00 |
20.00 |
15.40 |
0.53 |
9.00 |
2.86 |
0.22 |
2.07 |
87.05 |
19.54 |
Stringer |
198.00 |
199.00 |
1.00 |
0.77 |
0.04 |
0.43 |
1.83 |
0.01 |
0.23 |
12.00 |
3.05 |
and |
259.00 |
262.00 |
3.00 |
2.31 |
0.07 |
1.00 |
1.77 |
0.03 |
0.04 |
16.00 |
3.56 |
LS_MS_18 |
164.40 |
304.00 |
139.60 |
113.08 |
0.20 |
1.04 |
1.17 |
0.09 |
0.29 |
46.65 |
4.91 |
including |
167.00 |
231.00 |
64.00 |
51.84 |
0.35 |
2.07 |
1.86 |
0.19 |
0.57 |
92.81 |
9.30 |
gossan |
164.40 |
175.90 |
11.50 |
9.89 |
0.12 |
1.71 |
0.54 |
0.39 |
1.05 |
69.25 |
8.41 |
including |
167.00 |
175.90 |
8.90 |
7.65 |
0.13 |
1.90 |
0.46 |
0.51 |
1.40 |
92.22 |
10.56 |
MS |
175.90 |
247.80 |
71.90 |
55.36 |
0.31 |
1.67 |
1.70 |
0.11 |
0.34 |
73.76 |
7.24 |
including |
175.90 |
231.00 |
55.10 |
42.43 |
0.39 |
2.09 |
2.09 |
0.14 |
0.44 |
92.91 |
9.10 |
including |
175.90 |
197.00 |
21.10 |
16.25 |
0.59 |
3.75 |
3.25 |
0.27 |
0.64 |
159.00 |
15.34 |
Stringer |
249.00 |
250.00 |
1.00 |
0.77 |
0.21 |
0.11 |
1.88 |
0.02 |
0.03 |
17.00 |
3.15 |
and |
259.00 |
261.00 |
2.00 |
1.54 |
0.17 |
0.67 |
1.63 |
0.02 |
0.18 |
15.00 |
3.49 |
and |
281.00 |
283.00 |
2.00 |
1.54 |
0.04 |
0.86 |
2.38 |
0.04 |
0.03 |
8.00 |
3.78 |
and |
291.00 |
293.00 |
2.00 |
1.54 |
0.24 |
0.12 |
2.36 |
0.04 |
0.15 |
19.50 |
4.11 |
2nd MS |
300.60 |
303.30 |
2.70 |
2.08 |
0.35 |
0.22 |
0.77 |
0.02 |
0.18 |
31.75 |
2.50 |
including |
301.00 |
303.00 |
2.00 |
1.54 |
0.52 |
0.27 |
1.04 |
0.04 |
0.28 |
39.00 |
4.32 |
LS_MS_19 |
168.40 |
344.00 |
175.60 |
142.24 |
0.46 |
1.37 |
2.39 |
0.13 |
0.44 |
45.67 |
7.33 |
including |
169.00 |
280.00 |
111.00 |
89.91 |
0.60 |
2.00 |
3.18 |
0.18 |
0.63 |
63.86 |
10.10 |
gossan |
168.40 |
177.50 |
9.10 |
7.83 |
0.19 |
2.45 |
1.00 |
0.32 |
1.19 |
95.50 |
8.13 |
including |
174.00 |
177.50 |
3.50 |
3.01 |
0.23 |
3.10 |
0.49 |
0.35 |
2.63 |
223.25 |
11.13 |
MS |
177.50 |
280.65 |
103.15 |
79.43 |
0.64 |
1.94 |
3.36 |
0.17 |
0.57 |
60.11 |
10.16 |
including |
236.00 |
280.65 |
44.65 |
34.38 |
0.73 |
1.63 |
3.25 |
0.25 |
0.49 |
66.13 |
10.50 |
Alunite |
258.60 |
264.80 |
6.20 |
4.77 |
2.77 |
0.22 |
0.84 |
0.57 |
0.04 |
121.86 |
13.64 |
2 lens MS |
311.70 |
314.40 |
2.70 |
2.08 |
0.73 |
0.35 |
2.00 |
0.05 |
0.31 |
25.75 |
4.03 |
Stringer |
293.00 |
295.00 |
2.00 |
1.54 |
0.50 |
0.52 |
2.88 |
0.02 |
0.11 |
27.50 |
5.66 |
and |
306.00 |
308.00 |
2.00 |
1.54 |
0.07 |
0.16 |
0.36 |
0.46 |
0.17 |
17.50 |
4.81 |
and |
325.00 |
327.00 |
2.00 |
1.54 |
1.60 |
0.58 |
1.97 |
0.13 |
0.32 |
50.50 |
9.41 |
and |
343.00 |
345.00 |
2.00 |
1.54 |
0.13 |
2.24 |
2.74 |
0.10 |
0.05 |
16.50 |
6.33 |
LS_MS_20 |
141.00 |
198.00 |
57.00 |
46.17 |
0.06 |
0.71 |
0.57 |
0.03 |
0.16 |
24.68 |
2.32 |
|
141.00 |
163.00 |
22.00 |
18.04 |
0.09 |
1.26 |
0.33 |
0.06 |
0.17 |
40.87 |
3.19 |
gossan |
146.60 |
171.10 |
24.50 |
21.07 |
0.08 |
1.07 |
0.29 |
0.05 |
0.23 |
33.44 |
2.87 |
including |
151.00 |
163.00 |
12.00 |
10.32 |
0.14 |
1.45 |
0.26 |
0.09 |
0.16 |
24.67 |
3.50 |
including |
149.00 |
155.00 |
6.00 |
5.16 |
0.05 |
2.88 |
0.48 |
0.17 |
0.18 |
14.50 |
5.19 |
including |
162.00 |
164.00 |
2.00 |
1.72 |
0.71 |
0.46 |
0.10 |
0.02 |
0.42 |
109.50 |
5.87 |
Stringer |
178.00 |
181.00 |
3.00 |
2.31 |
0.07 |
0.96 |
2.25 |
0.03 |
0.16 |
21.75 |
3.81 |
including |
197.00 |
199.00 |
2.00 |
1.54 |
0.07 |
0.61 |
2.49 |
0.03 |
0.12 |
14.00 |
3.99 |
* Hole LS_MS_07 was originally reported in the
Company’s press release dated October 15, 2018 and is restated here
to include the tin grades previously not reported. Notes: 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)+Sn
Grade*191.75)/25.35 2 Metal prices used: US$1.15/lb Zn, US$1.05/lb
Pb, $3.05/lb Cu, US$8.70/lb Sn, US$19.40/oz Ag, and 1,250/oz Au. No
recoveries were applied.
Stockwork Zone
|
From |
To |
Length |
True Width |
Cu |
Pb |
Zn |
Au |
Ag |
Zn Eq [1] |
|
(m) |
(m) |
(m) |
(m) |
(%) |
(%) |
(%) |
(ppm) |
(ppm) |
(%) |
LS_ST_05 |
187.00 |
341.00 |
154.00 |
100.10 |
0.06 |
0.24 |
0.39 |
0.03 |
2.04 |
0.87 |
STKW |
207.00 |
208.00 |
1.00 |
0.65 |
0.14 |
1.59 |
2.09 |
0.03 |
7.00 |
4.14 |
STKW |
225.00 |
229.00 |
4.00 |
2.60 |
0.24 |
1.20 |
1.36 |
0.04 |
7.00 |
3.32 |
STKW |
236.00 |
238.00 |
2.00 |
1.30 |
0.38 |
1.30 |
1.80 |
0.02 |
13.50 |
4.35 |
STKW |
256.00 |
258.00 |
2.00 |
1.30 |
0.24 |
1.43 |
2.07 |
0.02 |
8.50 |
4.24 |
STKW |
272.00 |
278.00 |
6.00 |
3.90 |
0.14 |
0.94 |
1.55 |
0.15 |
5.67 |
3.14 |
LS_ST_07 |
170.00 |
421.00 |
251.00 |
163.15 |
0.26 |
0.55 |
1.02 |
0.04 |
11.53 |
2.57 |
STKW |
170.00 |
175.00 |
5.00 |
3.25 |
0.70 |
0.65 |
0.83 |
0.08 |
26.40 |
4.04 |
Including |
170.00 |
173.00 |
3.00 |
1.95 |
1.08 |
0.71 |
0.68 |
0.10 |
38.33 |
5.30 |
STKW |
187.00 |
218.00 |
31.00 |
20.15 |
0.65 |
0.93 |
1.97 |
0.13 |
22.10 |
5.29 |
Including |
206.00 |
218.00 |
12.00 |
7.80 |
1.57 |
1.81 |
3.55 |
0.15 |
44.50 |
10.69 |
STKW |
228.00 |
236.00 |
8.00 |
5.20 |
0.34 |
1.45 |
1.97 |
0.05 |
12.75 |
4.59 |
Including |
228.00 |
232.00 |
4.00 |
2.60 |
0.45 |
1.58 |
2.40 |
0.05 |
14.50 |
5.46 |
STKW |
249.00 |
255.00 |
6.00 |
3.90 |
0.50 |
1.72 |
2.27 |
0.07 |
22.17 |
5.80 |
Including |
253.00 |
255.00 |
2.00 |
1.30 |
1.39 |
4.34 |
5.90 |
0.18 |
59.50 |
15.28 |
STKW |
274.00 |
284.00 |
10.00 |
6.50 |
0.59 |
1.18 |
1.24 |
0.09 |
18.80 |
4.47 |
Including |
275.00 |
282.00 |
7.00 |
4.55 |
0.76 |
1.32 |
1.29 |
0.09 |
23.43 |
5.24 |
STKW |
337.00 |
367.00 |
30.00 |
19.50 |
0.38 |
1.05 |
2.11 |
0.02 |
20.30 |
4.61 |
Including |
337.00 |
361.00 |
24.00 |
15.60 |
0.43 |
1.21 |
2.44 |
0.02 |
23.83 |
5.30 |
Including |
347.00 |
350.00 |
3.00 |
1.95 |
1.09 |
4.80 |
5.31 |
0.05 |
58.33 |
14.10 |
STKW |
376.00 |
378.00 |
2.00 |
1.30 |
0.62 |
1.56 |
4.21 |
0.30 |
39.50 |
8.72 |
STKW |
400.00 |
421.00 |
21.00 |
13.65 |
0.66 |
0.93 |
1.71 |
0.03 |
32.29 |
5.16 |
Including |
400.00 |
409.00 |
9.00 |
5.85 |
1.19 |
0.86 |
2.11 |
0.05 |
34.44 |
6.97 |
Including |
418.00 |
421.00 |
3.00 |
1.95 |
0.73 |
3.30 |
3.62 |
0.03 |
103.00 |
11.16 |
LS_ST_08 |
159.00 |
338.00 |
179.00 |
116.35 |
0.11 |
0.44 |
0.77 |
0.01 |
3.30 |
1.57 |
Main |
170.00 |
194.00 |
24.00 |
15.60 |
0.30 |
0.97 |
1.35 |
0.02 |
3.96 |
3.17 |
Including |
209.00 |
228.00 |
19.00 |
12.35 |
0.16 |
0.69 |
1.79 |
0.01 |
6.05 |
3.02 |
Including |
276.00 |
291.00 |
15.00 |
9.75 |
0.34 |
1.20 |
1.77 |
0.03 |
16.93 |
4.22 |
Including |
333.00 |
338.00 |
5.00 |
3.25 |
0.27 |
1.13 |
2.29 |
0.01 |
6.80 |
4.23 |
STKW |
170.00 |
177.00 |
7.00 |
4.55 |
0.85 |
2.55 |
3.25 |
0.04 |
2.71 |
7.95 |
Including |
171.00 |
174.00 |
3.00 |
1.95 |
1.78 |
5.01 |
6.50 |
0.07 |
2.67 |
15.96 |
STKW |
219.00 |
229.00 |
10.00 |
6.50 |
0.32 |
1.21 |
2.94 |
0.01 |
10.70 |
5.17 |
Including |
222.00 |
228.00 |
6.00 |
3.90 |
0.48 |
1.53 |
3.72 |
0.02 |
14.50 |
6.77 |
STKW |
276.00 |
283.00 |
7.00 |
4.55 |
0.46 |
1.32 |
2.43 |
0.01 |
15.71 |
5.26 |
Including |
276.00 |
279.00 |
3.00 |
1.95 |
0.85 |
2.30 |
4.86 |
0.02 |
30.33 |
9.98 |
STKW |
287.00 |
291.00 |
4.00 |
2.60 |
0.66 |
1.85 |
1.45 |
0.08 |
31.25 |
5.05 |
Including |
287.00 |
289.00 |
2.00 |
1.30 |
0.66 |
3.15 |
1.86 |
0.11 |
53.50 |
7.96 |
STKW |
333.00 |
334.00 |
1.00 |
0.65 |
0.46 |
1.92 |
4.58 |
0.01 |
12.00 |
7.87 |
STKW |
336.00 |
337.00 |
1.00 |
0.65 |
0.49 |
1.89 |
3.32 |
0.02 |
10.00 |
6.62 |
LS_ST_10 |
180.00 |
363.00 |
183.00 |
118.95 |
0.17 |
0.55 |
0.84 |
0.02 |
5.87 |
1.97 |
Including |
181.00 |
331.00 |
150.00 |
97.50 |
0.20 |
0.64 |
0.98 |
0.02 |
6.87 |
2.29 |
Including |
245.00 |
331.00 |
86.00 |
55.90 |
0.29 |
0.89 |
1.26 |
0.03 |
10.03 |
3.14 |
STKW |
181.00 |
196.00 |
15.00 |
9.75 |
0.25 |
0.99 |
1.34 |
0.05 |
8.53 |
3.21 |
Including |
181.00 |
189.00 |
8.00 |
5.20 |
0.43 |
1.47 |
1.80 |
0.07 |
12.88 |
4.70 |
STKW |
245.00 |
249.00 |
4.00 |
2.60 |
0.59 |
1.02 |
3.61 |
0.08 |
11.75 |
6.50 |
Including |
247.00 |
249.00 |
2.00 |
1.30 |
1.08 |
1.59 |
5.95 |
0.10 |
20.00 |
10.90 |
STKW |
269.00 |
304.00 |
35.00 |
22.75 |
0.54 |
1.88 |
2.26 |
0.04 |
20.23 |
5.96 |
Including |
269.00 |
283.00 |
14.00 |
9.10 |
0.89 |
3.28 |
2.93 |
0.04 |
36.36 |
9.24 |
Including |
269.00 |
272.00 |
3.00 |
1.95 |
2.54 |
5.84 |
8.73 |
0.12 |
85.67 |
23.10 |
Including |
294.00 |
304.00 |
10.00 |
6.50 |
0.50 |
1.41 |
2.91 |
0.08 |
14.60 |
5.99 |
STKW |
320.00 |
322.00 |
2.00 |
1.30 |
0.87 |
0.82 |
1.50 |
0.02 |
9.50 |
4.80 |
STKW |
330.00 |
331.00 |
1.00 |
0.65 |
0.85 |
1.33 |
1.76 |
0.02 |
30.00 |
5.98 |
LS_ST_11 |
155.00 |
259.00 |
104.00 |
67.60 |
0.49 |
0.95 |
1.53 |
0.06 |
15.02 |
4.16 |
Including |
160.00 |
175.00 |
15.00 |
9.75 |
1.86 |
0.88 |
0.66 |
0.19 |
39.47 |
7.67 |
Including |
209.00 |
259.00 |
50.00 |
32.50 |
0.36 |
1.32 |
2.47 |
0.05 |
16.06 |
5.11 |
STKW |
160.00 |
175.00 |
15.00 |
9.75 |
1.86 |
0.88 |
0.66 |
0.19 |
39.47 |
7.67 |
Including |
165.00 |
169.00 |
4.00 |
2.60 |
6.54 |
2.20 |
0.80 |
0.32 |
139.00 |
24.07 |
STKW |
201.00 |
203.00 |
2.00 |
1.30 |
0.36 |
1.85 |
2.20 |
0.03 |
13.00 |
5.21 |
Including |
202.00 |
203.00 |
1.00 |
0.65 |
0.71 |
3.43 |
3.79 |
0.05 |
25.00 |
9.49 |
STKW |
209.00 |
222.00 |
13.00 |
8.45 |
0.54 |
2.08 |
3.85 |
0.07 |
25.15 |
7.90 |
Including |
209.00 |
217.00 |
8.00 |
5.20 |
0.72 |
2.34 |
4.68 |
0.08 |
29.50 |
9.56 |
STKW |
225.00 |
229.00 |
4.00 |
2.60 |
0.82 |
1.69 |
4.80 |
0.11 |
32.75 |
9.47 |
Including |
227.00 |
229.00 |
2.00 |
1.30 |
1.56 |
2.96 |
8.35 |
0.21 |
60.50 |
16.98 |
STKW |
234.00 |
247.00 |
13.00 |
8.45 |
0.37 |
1.46 |
2.32 |
0.06 |
16.15 |
5.11 |
Including |
240.00 |
242.00 |
2.00 |
1.30 |
0.75 |
2.95 |
4.68 |
0.10 |
32.50 |
10.32 |
STKW |
255.00 |
259.00 |
4.00 |
2.60 |
0.53 |
2.25 |
3.82 |
0.10 |
21.75 |
7.96 |
Including |
256.00 |
258.00 |
2.00 |
1.30 |
0.91 |
3.63 |
5.67 |
0.10 |
36.50 |
12.43 |
Notes: 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 |
346.40 |
95.00 |
253 |
-60 |
LS_MS_08 |
546946 |
4232211 |
373.25 |
95.00 |
253 |
-60 |
LS_MS_09 |
546957 |
4232158 |
371.80 |
95.00 |
253 |
-60 |
LS_MS_10 |
546902 |
4232084 |
291.30 |
95.00 |
253 |
-60 |
LS_MS_12 |
546949 |
4232047 |
317.35 |
95.00 |
253 |
-60 |
LS_MS_13 |
546952 |
4231993 |
302.45 |
95.00 |
253 |
-60 |
LS_MS_14 |
546761 |
4231865 |
300.00 |
95.00 |
73 |
-60 |
LS_MS_16 |
546868 |
4232232 |
356.35 |
95.00 |
255 |
-60 |
LS_MS_17 |
546843 |
4232228 |
332.35 |
95.00 |
255 |
-60 |
LS_MS_18 |
546918 |
4232199 |
310.50 |
95.00 |
255 |
-60 |
LS_MS_19 |
546794 |
4232330 |
375.05 |
95.00 |
200 |
-60 |
LS_MS_20 |
546936 |
4231942 |
160.10 |
95.00 |
250 |
-60 |
LS_ST_05 |
547311 |
4231359 |
401.25 |
92.00 |
235 |
-60 |
LS_ST_07 |
547360 |
4231274 |
453.00 |
92.00 |
235 |
-60 |
LS_ST_08 |
547304 |
4231235 |
347.40 |
92.00 |
235 |
-60 |
LS_ST_10 |
547350 |
4231212 |
396.00 |
92.00 |
235 |
-60 |
LS_ST_11 |
547384 |
4231173 |
407.35 |
92.00 |
235 |
-60 |
* Hole LS_MS_07 was originally reported in the
Company’s press release dated October 15, 2018
Quality Assurance and Quality
Control
Analytical work was carried out ALS
Laboratories. Drill core samples were prepared in ALS Lab, in
Seville, Spain. Pulp samples were then sent to their analytical
Laboratory in Ireland, for analysis. The core samples are analyzed
for gold (ppm) by fire assay (Au‐AA25), and for the other elements
by Multi element analysis of base metal ores and mill products by
optical emission spectrometry using the Varian Vista inductively
coupled plasma spectrometer (ME-ICPORE). Samples from the Main
Resource, LS_MS_DH ID, are also assayed for Tin (Sn) by ICP-AES
after Sodium Peroxide Fusion (Sn-ICP81x).
ALS Laboratories has routine quality control
procedures which 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.
Qualified Persons
The scientific and technical information in this
press release has been reviewed and approved by Robert Campbell,
P.Geo., Vice President, Exploration for Ascendant Resources Ltd,
whom is a Qualified Persons as defined in National Instrument
43-101.
About Ascendant Resources
Inc.
Ascendant is a Toronto-based mining company
focused on its 100%-owned producing El Mochito zinc, lead and
silver mine in west-central Honduras and its high-grade
polymetallic Lagoa Salgada VMS Project located in the prolific
Iberian Pyrite Belt in Portugal.
After acquiring the El Mochito mine in December
2016, Ascendant spent 2017 implementing a rigorous and successful
optimization program restoring the historic potential of El
Mochito, a mine in production since 1948, to deliver 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. With a significant
land package of approximately 11,000 hectares in Honduras and an
abundance of historical data, there are several near-mine and
regional targets providing longer term exploration upside which
could lead to further Mineral Resource growth.
Ascendant 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 the
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 its 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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