Ascendant Resources Inc. (TSX: ASND) (OTCQX:
ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) is very pleased to
report additional high-grade results from the final five holes
drilled in the North Zone at the Lagoa Salgada VMS project (“Lagoa
Salgada”) located on the Iberian Pyrite Belt (“IPB”) in Portugal.
Results include the best hole drilled to date at the Lagoa Salgada
project, LS_MS_39.
Drill holes with final assays received to date,
will form the basis of an updated National Instrument 43-101
Mineral Resource Estimate at Lagoa Salgada which is expected to be
completed in the third quarter, followed by a Preliminary Economic
Assessment (“PEA”) in the fourth quarter.
An additional three holes were drilled in the
Central and South Zones that are pending assay results which are
expected to be received over the course of the next several
weeks.
Drill Hole Highlights:
- LS_MS_39 - True thickness 36.2m at 0.39% Cu,
6.26% Pb, 7.30% Zn, 1.37g/t Au, 165.63g/t Ag and 0.20% Sn (21.90%
ZnEq)
- LS_MS_38 - True thickness 35.2m at 0.19% Cu,
2.28% Pb, 4.01% Zn, 0.70g/t Au, 47.98g/t Ag and 0.13% Sn (9.84%
ZnEq)
The new drill results represent the final holes
completed in the first phase of drilling for the 2019 exploration
program in the North Zone at Lagoa Salgada. The completed program
consists of 24 holes totaling 7,964 metres, of which 20 holes were
focused on the North Zone and 4 holes focused on the South and
Central Zones within the LS West Region. In the South Zone, hole
LS_ST_16 was reported on July 24, 2019 and assays are pending for
three additional holes from the South and Central Zones. Two holes
in the South Zone were pre-collared but will be completed in a
future program when the focus is expanded beyond the North
Zone.
Assay results from the five drill holes reported
today have continued to demonstrate significant high-grade massive
sulphide mineralization over good widths (see Table 1 below),
which, combined with previous results (see press release dated July
24, 2019), are expected to contribute significantly to expanding
and upgrading Ascendant’s current Mineral Resource Estimate.
Today’s reported holes continue to intersect massive sulphide
mineralization both extending the mineralization at depth and along
strike, demonstrating the high-grade nature of the North Zone.
Results also support the potential future
extensions of the North Zone in all directions. For example, as
drill hole LS_MS_40 and wedge hole LS_MS_40b indicate, the massive
sulphide mineralization continues north under the north-dipping
Alpine fault where a second massive sulphide lens was intersected.
Drill hole LS_MS_39, which not only is the highest-grade hole
drilled at Lagoa Salgada and having one of the thickest
intersections thus far, is the southern-most hole drilled in the
North Zone, allowing for more potential massive sulphide
mineralization continuity to the south of the known North Zone.
Drill holes LS_MS_37 and LS_MS_38 intersected multiple massive
sulphide horizons opening the zone up to both the west and to the
east for potentially more mineralization and the possibility of
additional lenses.
The remaining three drill holes, that are
expected to be released shortly, tested a new copper-rich zone in
the Central and South Zones. These three holes tested a strong
Induced Polarization (“IP”) chargeability anomaly with widely
spaced holes (> 200-metre spacing between holes). The
mineralization remains open along strike and at depth and further
drilling will be necessary to evaluate the potential of this zone.
We note that most VMS mines in the IPB have both zinc and copper
rich zones.
Metallurgical test work has commenced, and the
results will be incorporated into the upcoming PEA.
Chris Buncic, President & CEO of Ascendant
stated “These exceptional results continue to support our view of
the value potential we see at Lagoa Salgada. The North Zone, which
still remains open, represents a significant portion of our current
Mineral Resource Estimate and with these results, management is
confident in our ability to significantly expand and upgrade the
current Mineral Resource Estimate. The discovery of the copper-rich
zone to the south, highlights the similar characteristics compared
to other major VMS deposits in the Iberian Pyrite Belt. The ongoing
exploration success has also provided strong encouragement to the
team of the mineable potential of the project, which will be
formalized with the completion of a PEA by the end of the
year.”
Drill Hole Details
Tables 1 and 2 below provide assay results for
the final five holes in the North Massive Sulphide Zone (see Figure
1). Drill results from these holes in the North Massive Sulphide
Zone highlight the high-grade nature of the massive sulphide
lens.
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 massive
sulphide mineralization were intersected in all holes in the north
zone see tables for detail.
Table 1: Drill Intersections
Hole # |
Zone |
From(m) |
To(m) |
Length(m) |
Truewidth(m) |
Cu% |
Pb% |
Zn% |
Au(ppm) |
Ag(ppm) |
Sn% |
ZnEq[2]% |
LS_MS_34 |
gossan |
136.80 |
153.90 |
17.10 |
14.71 |
0.05 |
0.13 |
0.35 |
0.04 |
4.29 |
0.02 |
0.94 |
|
MS |
153.90 |
186.00 |
32.10 |
24.72 |
0.24 |
1.99 |
0.51 |
0.60 |
55.34 |
0.27 |
7.34 |
|
Including |
153.90 |
172.00 |
18.10 |
13.94 |
0.38 |
3.38 |
0.39 |
0.91 |
82.17 |
0.48 |
11.56 |
LS_MS_37 |
gossan |
152.50 |
169.80 |
17.30 |
14.88 |
0.02 |
0.48 |
0.36 |
0.03 |
3.72 |
0.14 |
1.99 |
|
MS |
169.80 |
237.80 |
68.00 |
52.36 |
0.36 |
0.56 |
1.48 |
0.17 |
25.46 |
0.04 |
4.14 |
|
Including |
204.00 |
226.00 |
22.00 |
16.94 |
0.36 |
1.18 |
3.78 |
0.41 |
44.82 |
0.07 |
8.07 |
|
2nd MS |
248.70 |
258.20 |
9.50 |
7.32 |
0.47 |
0.23 |
0.72 |
0.12 |
26.33 |
0.04 |
3.46 |
|
stringer |
237.80 |
240.00 |
2.20 |
1.69 |
0.44 |
0.09 |
0.90 |
0.15 |
19.50 |
0.03 |
3.26 |
LS_MS_38 |
gossan |
125.50 |
142.00 |
16.50 |
14.19 |
0.02 |
0.01 |
0.34 |
0.85 |
11.12 |
0.01 |
2.06 |
|
MS |
179.10 |
224.85 |
45.75 |
35.23 |
0.19 |
2.28 |
4.01 |
0.70 |
47.98 |
0.13 |
9.84 |
|
Including |
190.00 |
223.00 |
33.00 |
25.41 |
0.22 |
3.11 |
4.64 |
0.92 |
62.12 |
0.15 |
12.14 |
LS_MS_39 |
gossan |
134.40 |
164.55 |
30.15 |
25.93 |
0.04 |
0.17 |
0.23 |
0.40 |
78.90 |
0.00 |
3.05 |
|
MS |
164.55 |
211.50 |
46.95 |
36.15 |
0.39 |
6.26 |
7.30 |
1.37 |
165.63 |
0.20 |
21.90 |
|
Including |
172.00 |
188.00 |
16.00 |
12.32 |
0.23 |
8.56 |
7.45 |
2.25 |
256.38 |
0.17 |
26.99 |
LS_MS_40 |
gossan |
164.00 |
175.00 |
11.00 |
9.46 |
0.08 |
4.18 |
0.51 |
0.60 |
28.27 |
0.29 |
8.40 |
|
Including |
167.00 |
172.00 |
5.00 |
4.30 |
0.09 |
6.36 |
0.51 |
0.81 |
34.40 |
0.45 |
12.10 |
|
MS |
175.00 |
201.30 |
26.30 |
20.25 |
0.63 |
0.66 |
0.20 |
0.37 |
14.81 |
0.01 |
3.56 |
|
Including |
190.00 |
196.00 |
6.00 |
4.62 |
2.65 |
0.22 |
0.10 |
0.61 |
39.67 |
0.01 |
9.31 |
|
2nd MS |
259.50 |
262.70 |
3.20 |
2.46 |
0.08 |
2.70 |
5.26 |
1.43 |
130.75 |
0.10 |
12.90 |
LS_MS_40b |
MS |
260.35 |
263.00 |
2.65 |
2.04 |
0.05 |
2.12 |
4.93 |
1.29 |
116.67 |
0.10 |
11.94 |
wedge hole |
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
- 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
- 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.
Table 2: Drill Hole
Information
ID |
Easting |
Northing |
Az.(º) |
Dip (º) |
Elevation |
Status |
Depth (m) |
LS_MS_34 |
546932 |
4231967 |
250 |
-60 |
300 |
Finished |
251.05 |
LS_MS_37 |
546703 |
4232063 |
70 |
-60 |
300 |
Finished |
297.50 |
LS_MS_38 |
546693 |
4231988 |
70 |
-60 |
300 |
Finished |
431.05 |
LS_MS_39 |
546751 |
4231920 |
70 |
-60 |
300 |
Finished |
275.35 |
LS_MS_40 |
546822 |
4232181 |
307 |
-60 |
500 |
Finished |
292.05 |
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.
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 cost reduction and further 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 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 and the potential to complete a
Preliminary Economic Assessment before the end of 2019.
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, the ability
to complete a Preliminary Economic Assessment before the end of
2019and 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 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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b26deab9-9b43-4dea-b1ee-3f8cb70a81c0
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