Announcement Date: 2022-12-05
Announcement Type: Drilling Results
Announcement Code: NI43-101
Company name: Ascendant Resources Inc.
Project name: Lagoa Salgada
Location: Portugal
Commodities: Gold,Silver,Copper,Lead,Tin,Zinc
Highlight: Drilling results incl. 58.1m at 6.33% Zn, 0.23% Cu, 6.47% Pb, 127.40g/t Ag, 1.22g/t Au, 0.20% Sn, from 165m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: TORONTO, Dec. 05, 2022 — Ascendant Resources Inc. (TSX: ASND, OTCQB:ASDRF) (“Ascendant” or the “Company”) is pleased to report 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 Project, Portugal. As of November 29, Ascendant has completed 23 drill holes (11 Metallurgy holes reported and 12 infill holes) totalling 10,453 meters as part of the overall drill program to support the completion of the Bankable Feasibility Study expected to be completed by the end of Q1/23. Two additional infill holes are currently in progress in the South Zone for a total of 985m. Assays reported today represent full results received as of November 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 mineralisation 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 ongoing Feasibility Study for the metallurgical variability testing which is part of the final stages of the metallurgical program that is underway 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 m of Primary Massive Sulphide from 165.0m (averaging 20.51% ZnEq1 ) following 6.2m @ 13.9% Zn Eq. of Transition Massive Sulphide. Additionally, both holes Met_MS_06 and Met_MS_07 confirmed the high grade Cu-Ag mineralization within the newly domained Transition zone. Met_MS_06 intercepting 7.2m @ 2.01% Cu and 149.4 g/tonne Ag and Met_MS_07 intercepting 6.2m @ 1.24% Cu and 210.5 g/tonne Ag. Met_MS_05 intercepted a notable high grade copper zone of 14m of apparent width starting at 252m 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 highergrade 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.
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