Ascendant Resources Inc. (TSX: ASND) (OTCQX:
ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) is very pleased to
announce that it has intersected copper-rich mineralization in the
Central and South Zones in its final three holes at the Lagoa
Salgada VMS project (“Lagoa Salgada”) located on the Iberian Pyrite
Belt (“IPB”) in Portugal. The results include the best hole,
LS_ST_16, which was reported on July 24, 2019. All drill results
from the recently completed exploration program will form the basis
for an updated National Instrument 43-101 Mineral Resource Estimate
to be reported imminently, followed by a Preliminary Economic
Assessment (“PEA”) by the end of the year.
Drill Hole Highlights:
• LS_ST_16 - True width 130.6m
at 0.32% Cu, 0.82% Pb, 1.50% Zn, 0.04g/t Au, 12.89g/t Ag and 0.01%
Sn (1.33% CuEq)
• Including - True width 26.7m
at 0.58% Cu, 1.13% Pb, 2.66% Zn, 0.03g/t Au, 24.78g/t Ag and 0.01%
Sn (2.24% CuEq)
The drill results reported represent the final
holes completed in the first phase of drilling for the 2019
exploration program at Lagoa Salgada. During this phase, 26 holes
totaling 8,164 metres were completed on the North, Central and
South Zones. Drill results from the last 3 holes in the Central and
South Zones have continued to demonstrate significant sulphide
mineralization (see table 1 below), greatly extending the stockwork
mineralization at depth and along strike.
These remaining three drill holes along with
LS_ST_16, tested a very large and strong Induced Polarization
(“IP”) chargeability anomaly coincident with the gravity anomaly in
the Central and South Zones (see Figure 1). This geophysical
anomaly is associated with the massive sulphide lenses and
stockwork mineralization and intersected new copper-rich
mineralization. The drilling was widely spaced (>200-metre
spacing between holes) and did not completely test the strong
Induced Polarization (“IP”) chargeability anomaly that appears to
be open to the east and along strike. Further drilling will be
necessary to evaluate this zone, but we note that most VMS mines in
the Iberian Pyrite Belt (“IBP”) have both zinc and copper-rich
zones.
With only twelve holes drilled into both the
Central and South Zones over the course of two drill programs,
initial mineralization intercepted has been copper enriched,
similar to what is typically found in the core or feeder zones to a
VMS deposit. Drilling has intercepted stringer and small lenses of
mineralization which is commonly found in the vicinity of massive
sulphides. Also, in the North Zone there has been a strong
correlation between the IP and Gravity surveys and massive sulphide
mineralization. The IP footprint is much larger over the Central
and South Zones compared to that of the North Zone, so we are
optimistic that with additional drilling in the South and Central
Zones we will have success in discovering more massive sulphide
mineralization.
Chris Buncic, President & CEO of Ascendant
stated “Initial results from the Central and North Zones continue
to support our view of a potentially very large system in these
zones which further encourages our optimism for a strong value
proposition at Lagoa Salgada for Ascendant shareholders. The North
Zone represents a significant discovery in its own right and the
discovery of the copper-rich mineralization in the Central and
South Zones highlights the similar characteristics compared to
other major VMS deposits in the Iberian Pyrite Belt.”
Drill Hole Details
Tables 1 and 2 below provide assay results for
the final three holes and LS_ST_16 in the Central and South Zones
(see Figure 2). Drill results from these holes highlight
copper-rich mineralization.
The drill holes were drilled at an angle of 60o
to provide additional information of the true thickness and
orientation of the mineralization. Copper-rich mineralization was
intersected in all holes in the Central and South Zones, see tables
for detail.
Figure 1: Induced Polarization (“IP”)
Chargeability Anomaly Coincident with the Gravity
Anomaly
Figure 1 accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0d0cf4e5-7225-40f7-997d-33543ae2d7d7
Figure 2: Plan View of the All Drill
Holes for Lagoa Salgada
Figure 2 accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/345a0829-c36a-4e7b-8131-7819ac587a92
Table 1: Drill Intersections
Hole # |
Zone |
From (m) |
To (m) |
Length (m) |
True width (m) |
Cu% |
Pb% |
Zn% |
Au (ppm) |
Ag (ppm) |
Sn% |
CuEq[2]% |
LS_ST_16 |
stockwork |
179.00 |
380.00 |
201.00 |
130.65 |
0.32 |
0.82 |
1.50 |
0.04 |
12.89 |
0.01 |
1.33 |
|
Including |
200.00 |
235.00 |
35.00 |
22.75 |
0.56 |
1.59 |
2.55 |
0.12 |
25.66 |
0.01 |
2.38 |
|
Including |
339.00 |
380.00 |
41.00 |
26.65 |
0.58 |
1.13 |
2.66 |
0.03 |
24.78 |
0.01 |
2.24 |
LS_T1_01 |
MS |
301.00 |
311.20 |
1.20 |
0.78 |
0.80 |
0.02 |
0.03 |
0.04 |
10.00 |
0.02 |
1.18 |
|
stockwork |
369.00 |
370.00 |
1.00 |
0.65 |
0.76 |
0.02 |
0.08 |
0.08 |
15.00 |
0.02 |
1.04 |
|
stockwork |
445.00 |
447.00 |
2.00 |
1.30 |
0.57 |
0.27 |
0.44 |
0.26 |
25.00 |
0.00 |
1.21 |
LS_T1_02 |
stockwork |
256.00 |
258.00 |
2.00 |
1.30 |
0.47 |
0.17 |
0.83 |
0.12 |
53.00 |
0.01 |
1.41 |
|
stockwork |
301.00 |
302.00 |
1.00 |
0.65 |
0.01 |
0.09 |
0.14 |
1.52 |
10.00 |
0.00 |
1.10 |
LS_T2_01 |
MS |
318.00 |
320.00 |
2.00 |
1.30 |
0.63 |
0.04 |
0.76 |
0.04 |
17.00 |
0.01 |
1.12 |
|
MS |
468.00 |
469.00 |
1.00 |
0.65 |
0.82 |
0.43 |
0.66 |
0.25 |
27.00 |
0.01 |
1.64 |
|
stockwork |
517.00 |
518.00 |
1.00 |
0.65 |
0.45 |
0.71 |
1.47 |
0.10 |
26.00 |
0.00 |
1.55 |
|
stockwork |
552.00 |
555.00 |
3.00 |
1.95 |
0.36 |
0.17 |
1.91 |
0.11 |
15.67 |
0.00 |
1.36 |
|
stockwork |
571.00 |
572.00 |
1.00 |
0.65 |
0.56 |
0.19 |
2.74 |
0.20 |
30.00 |
0.01 |
2.09 |
|
stockwork |
577.00 |
579.00 |
2.00 |
1.30 |
0.83 |
0.13 |
0.65 |
0.03 |
11.00 |
0.01 |
1.25 |
Notes: 1 CuEq% was calculated as follows: CuEq% = ((Zn
Grade*25.35) +(Pb Grade*23.15) +(Cu Grade * 67.24) +(Au
Grade*40.19) +(Ag Grade*0.62) +Sn Grade*191.75)/67.24
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.
Table 2: Drill Hole
Information
ID |
Easting |
Northing |
Az.(º) |
Dip.(º) |
Elevation |
Depth (m) |
LS_ST_16 |
547364 |
4231303 |
240 |
-60 |
400 |
410.10 |
LS_T1_1 |
547519 |
4231315 |
240 |
-60 |
400 |
552.35 |
LS_T2_1 |
547311 |
4231677 |
240 |
-60 |
450 |
593.80 |
LS_T1_2 |
547063 |
4231345 |
66 |
-60 |
450 |
484.00 |
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 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
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, the ability to update the Mineral
Resource Estimate and prepare a Preliminary Economic Assessment.
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
of the Company to update the Mineral Resource Estimate and prepare
a Preliminary Economic Assessment, 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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