Ascendant Resources Inc. (TSX: ASND) (OTCQX:
ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) announces the
commencement of its 2019 exploration program at the high-grade
Lagoa Salgada volcanic massive sulphide Project (“Lagoa Salgada”)
located on the Iberian Pyrite Belt (“IPB”) in Portugal. This
follows on the back of last year’s successful exploration program
which increased the scale of the project by doubling total tonnes
in an updated Mineral Resource Estimate completed by Micon
International Limited (“Micon”) in February 2019.
The 2019 exploration program will include an
Induced Polarization (“IP”) survey, a soil gas survey over the
northern gravity anomaly and 37 diamond drill holes totaling 15,175
metres - more than double the total metres drilled in the previous
program. Diamond drilling will consist primarily of both step-out
and infill drilling focused on the known North Zone (massive
sulphide) and the South Zone (stockwork), located within the LS
West region. Both these zones are located within the 1.6 km long IP
anomaly, suggesting the deposits remain open along strike and at
depth. Drilling equipment is currently being mobilized to the
property and work will begin shortly.
Chris Buncic, President & CEO of Ascendant
stated, “We are very pleased to continue the exploration program at
Lagoa Salgada following an extremely successful exploration
campaign in 2018 which grew the resource to over 20 million tonnes
while improving the grade profile of the deposit.”
He continued, “We have a great degree of
confidence that the 2019 program will have the ability to
substantially grow the Mineral Resource further. Continued success
of the exploration program this year will allow us to advance the
project to a Preliminary Economic Assessment, which we expect to
complete in the fourth quarter.”
As outlined in Micon International’s recently
updated Mineral Resource Estimate, Lagoa Salgada currently has 1.76
million tonnes of Measured Resources at 11.02% ZnEq1, 4.29 million
tonnes of Indicated Resources at 8.71% ZnEq and 7.85 million tonnes
of Inferred Resources at 7.43% ZnEq in the North Zone. In the South
Zone, there is 1.79 million tonnes of Indicated Resources at 4.99%
ZnEq and 3.90 million tonnes of Inferred Resources at 4.50% ZnEq.
An additional, 1.08 million tonnes of Inferred Resources at 5.41%
ZnEq sits in the Central Zone, which lies between the other larger
zones.
The Lagoa Salgada Project represents a
potentially high-grade, polymetallic zinc-lead-copper exploration
opportunity in a low risk, established and prolific jurisdiction.
The Project covers 10,700 hectares with numerous gravity anomalies
identified with only the LS West area having been significantly
tested.
With improved commodities pricing, the Company
will look to fund exploration work at Lagoa Salgada with income
from operations. The program described within this release is an
optimal program that can be adjusted at the Company’s will to
reflect changing market conditions and balance sheet
requirements.
Targeted Drilling Campaign
Details
The Company’s planned drill program consists of
37 diamond holes totaling of 15,175 metres. This will focus
primarily on both step-out and infill drilling on the known North
Zone (massive sulphide) and the South Zone (stockwork) located
within the LS West region. Both these zones are located within the
1.6 km long IP Chargeability anomaly, suggesting the deposits
remain open along strike and at depth. Ascendant anticipates this
focused drilling program will return similar results as the
previous program. Equipment is currently being mobilized to the
property and work will begin shortly.
Figure 1: Plan view of the 2019 planned
drill
holes: http://www.globenewswire.com/NewsRoom/AttachmentNg/07c4effd-918f-4ded-8213-f2323a45e6ea
Extended IP Survey
The Company’s 2019 exploration program will also
include both additional IP and soil gas surveys covering the
gravity anomaly across the northern portion of the property and
look for new targets along this prospective trend. This follows the
success of the IP work carried out in 2018.
Figure 2: Proposed 2019 IP
Survey: http://www.globenewswire.com/NewsRoom/AttachmentNg/1461b203-544a-4657-a323-28f6c57bf702
Metallurgical Test Work
In addition to drilling, the Company has
commenced detailed metallurgical test work.
Filing of the Technical Report for the
Updated Mineral Resource Estimate
The Company has filed on SEDAR the Technical
Report for the updated Mineral Resource Estimate announced on
February 13, 2019. The Technical Report, titled “NI 43-101
Technical Report Resource Estimate for the Lagoa Salgada Project
Setubal District Portugal” was prepared in accordance with National
Instrument 43-101 (“NI 43-101”) and the CIM Standards for mineral
disclosure by Micon and can be found on SEDAR (www.sedar.com) and
the Company’s website (www.ascendantresources.com).
The Mineral Resource Estimate incorporates all
historic drilling and results of re-assaying of some historic
drilling, the exceptional high-grade drill results from the 2018
exploration program announced in the Company’s January 14, 2019
press release as well as the 4 remaining holes that complete the
20-hole program at Lagoa.
A summary of the Mineral Resource Estimate is
set out in the tables below:
Lagoa Salgada Total Mineral Resource
Estimate
|
|
|
Average Grade |
Category |
MineralizedZones |
Tonnes |
ZnEq |
Cu |
Zn |
Pb |
Sn |
Ag |
Au |
|
|
kt |
% |
% |
% |
% |
% |
g/t |
g/t |
Measured |
All |
1,761 |
11.02 |
0.38 |
3.09 |
3.19 |
0.15 |
62.41 |
0.84 |
Indicated |
All |
6,082 |
7.61 |
0.50 |
2.09 |
1.84 |
0.09 |
48.61 |
0.40 |
M + I |
All |
7,843 |
8.38 |
0.47 |
2.31 |
2.15 |
0.10 |
51.71 |
0.50 |
Inferred |
All |
12,823 |
6.37 |
0.36 |
1.68 |
1.63 |
0.04 |
38.62 |
0.61 |
North Deposit Mineral Resource
Estimate
|
|
|
Average Grade |
Category |
Mineralized |
Tonnes |
ZnEq |
Cu |
Zn |
Pb |
Sn |
Ag |
Au |
|
Zones |
kt |
% |
% |
% |
% |
% |
g/t |
g/t |
Measured |
GO |
177 |
11.65 |
0.15 |
0.65 |
4.12 |
0.40 |
54.14 |
1.55 |
MS |
1,584 |
10.95 |
0.40 |
3.36 |
3.09 |
0.12 |
63.33 |
0.76 |
Total |
1,761 |
11.02 |
0.38 |
3.09 |
3.19 |
0.15 |
62.41 |
0.84 |
Indicated |
GO |
451 |
7.86 |
0.13 |
0.52 |
3.07 |
0.30 |
35.10 |
0.67 |
MS |
3,842 |
8.81 |
0.51 |
2.37 |
2.12 |
0.10 |
61.51 |
0.52 |
Total |
4,293 |
8.71 |
0.47 |
2.18 |
2.22 |
0.12 |
58.73 |
0.54 |
M +
I |
GO |
628 |
8.93 |
0.14 |
0.56 |
3.37 |
0.33 |
40.47 |
0.92 |
MS |
5,426 |
9.43 |
0.48 |
2.66 |
2.40 |
0.11 |
62.04 |
0.59 |
Total |
6,054 |
9.38 |
0.44 |
2.44 |
2.50 |
0.13 |
59.80 |
0.63 |
Inferred |
GO |
1,546 |
7.03 |
0.10 |
0.43 |
3.69 |
0.14 |
32.44 |
0.67 |
MS |
5,911 |
7.78 |
0.36 |
2.31 |
1.96 |
0.05 |
57.08 |
0.58 |
SW |
390 |
3.68 |
0.39 |
1.42 |
0.42 |
0.03 |
19.14 |
0.09 |
Total |
7,847 |
7.43 |
0.31 |
1.90 |
2.22 |
0.07 |
50.34 |
0.58 |
Central Deposit Mineral Resource
Estimate
|
|
|
Average Grade |
Category |
Mineralized |
Tonnes |
ZnEq |
Cu |
Zn |
Pb |
Sn |
Ag |
Au |
|
Zone |
kt |
% |
% |
% |
% |
% |
g/t |
g/t |
Inferred |
Total |
1,078 |
5.41 |
0.11 |
0.17 |
0.06 |
0.00 |
12.15 |
2.89 |
South Deposit Mineral Resource
Estimate
|
|
|
Average Grade |
Category |
Mineralized |
Tonnes |
ZnEq |
Cu |
Zn |
Pb |
Sn |
Ag |
Au |
|
Zones |
kt |
% |
% |
% |
% |
% |
g/t |
g/t |
Indicated |
SW2 |
1,789 |
4.99 |
0.58 |
1.88 |
0.95 |
0.00 |
24.33 |
0.07 |
Inferred |
SW2 |
3,899 |
4.50 |
0.52 |
1.65 |
0.89 |
0.00 |
22.36 |
0.06 |
Notes to all tables and highlight
point:Mineralized Zones, GO=Gossan, MS=Massive Sulphide,
SW=Stringer, SW2=StockworkCut-off: Zn-Eq ≥ 3.00%Zn-Eq =
[Zn%]+([Cu%]*2.652)+([Pb%]*0.913)+([Au g/t]*1.585)+([Ag
g/t]*0.025)+([Sn%]*7.565)Densities: GO = 3.11, MS = 4.85, SW =
2.91, SW2 = 2.91
Mineral Resource Estimate
The Mineral Resource Estimate was prepared by
MICON INTERNATIONAL LIMITED (“Micon”). The effective date of this
Mineral Resource Estimate is February 8, 2019, and it is based on 3
contiguous areas (North, Central and South zones) of VMS style
mineralization defined by 50 diamond drill holes up to December 31,
2018.
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 for Ascendant Resources Ltd,
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 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 and 2018 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 further cost reduction and operational
improvements to drive profitability in 2019 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 Mineral Resource Estimate of over 20 million
tonnes and testing additional known targets as defined by the 2018
exploration program. 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, 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.
1 See notes to Mineral Resource Estimate tables below for ZnEq
calculation.
Ascendant Resources (TSX:ASND.WT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ascendant Resources (TSX:ASND.WT)
Historical Stock Chart
From Jul 2023 to Jul 2024