Ascendant Resources drills 20.51% ZnEq over 58.1 metres at Lagoa Salgada, Portugal

Ascendant Resources Inc. [ASND-TSX; ASDRF-OTCQB] reported assay results from an additional three holes drilled to support metallurgical variability testing in the North zone of Venda Nova at the Lagoa Salgada VMS (volcanogenic massive sulphide) project, Portugal.

As of November 29, Ascendant had completed 23 drill holes (11 metallurgy holes reported and 12 infill holes) totalling 10,453 metres as part of the overall drill program to support the completion of the bankable feasibility study expected to be completed by the end of Q1 2023.

Two additional infill holes are currently in progress in the South zone for a total of 985 metres. Assays reported today represent full results received as of Nov. 22, 2022, and include three metallurgical holes collared in the North zone: Met_MS_05, Met_MS_06 and Met_MS_07.

Mark Brennan, executive chairman, commented: “As we near completion of our metallurgical and infill drill program at Venda Nova, results continue to confirm high-grade mineralization in the North zone and extend the potential for a new high-grade copper feeder zone at depth, substantially enhancing future resource potential. Further exploration in the future will aim to more fully define this copper-rich zone as we look to continue to grow the overall resource potential we see at the Lagoa Salgada property.”

The intersections of these drill holes display outstanding thicknesses and grade, which continue to highlight the significant scale and quality of the Venda Nova deposit. In addition to the grade profile, the assay results provide support to the continuing feasibility study for the metallurgical variability testing, which is part of the final stages of the metallurgical program that is under way to optimize mill design, flowsheets and confirm the recoveries to produce clean and saleable zinc, lead and copper concentrates.

The three holes collared in the North zone confirm the existing domains and support our revised expectation for grades in each of the domains. Notably hole Met_MS_07 intercepted 58.1 metres of primary massive sulphide from 165 metres (averaging 20.51% ZnEq (zinc equivalent)) following 6.2 metres at 13.9% ZnEq of transition massive sulphide.

Additionally, both holes Met_MS_06 and Met_MS_07 confirmed the high-grade copper-silver (Cu-Ag) mineralization within the newly domained transition zone. Met_MS_06 intercepted 7.2 metres at 2.01% Cu and 149.4 g/t Ag and Met_MS_07 intercepted 6.2 metres at 1.24% Cu and 210.5 g/t Ag.

Met_MS_05 intercepted a notable high grade copper zone of 14 metres of apparent width starting at 252 metres averaging 12.53% ZnEq (including 2.34% copper alone). High-grade copper in the stringer domain has been previously reported in other holes (e.g. MS_41A), spatially always adjacent to the contact with the overlaying massive sulphides. Ascendant is planning additional holes targeting this copper endowed area to further refine and subdomain the stringer zone. The Company believes the higher-grade copper mineralization found in this part of the stringer zone could be a potential feeder zone as is typically found in many VMS style deposits on the Iberian Pyrite Belt.

Ascendant Resources is focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt, Portugal.

The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of Measured and Indicated Resources of 9.06% ZnEq and 2.50 million tonnes of Inferred Resources of 5.93% ZnEq in the North Zone; and 4.42 million tonnes of Indicated Resources of 1.50% CuEq and 10.83 million tonnes of Inferred resources of 1.35% CuEq in the South Zone.

The deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 50% interest in the Lagoa Salgada project through its position in Redcorp – Empreendimentos Mineiros, Lda, and can earn-in to increase its interest in the project to 80%.

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