Ascendant Resources Inc. (TSX: ASND) (OTCQB:
ASDRF; FRA: 2D9) (“Ascendant” or the “Company”) announces that it
has commenced its regional exploration program (as announced in its
press release of November 29, 2022), designed to drill two highly
prospective geophysical targets, Anomaly D and B, that appear
analogous to the known geophysical footprint of the massive
sulphides within the North Zone at its Lagoa Salgada property
located on the Iberian Pyrite Belt (“IBP”) in Portugal.
On the IBP, as with most VMS districts around
the world, VMS orebodies tend to occur in “clusters” as opposed to
being single deposits. The Ascendant team have prioritized Anomaly
D and B as having the potential to be additional clusters of
mineralization at scale and with grade.
Drilling has commenced at the first target known
as “Anomaly D” and has reached a depth of approximately 28m,
drilling is expected to intersect the “core” of the target at the
expected depth of 350-400m by early February 2023. Anomaly D is
located 700m to the north-east of the South Zone at Lagoa Salgada
and has estimated dimensions of approximately 500m of strike length
and 600m of downdip length.
Anomaly D coincides with an elongated gravity
anomaly that extends throughout the central part of the 7,209ha
Lagoa Salgada property (see Figure 1.) and demonstrates an
electromagnetic signature very similar to that of the North Zone.
The Company believes this target may represent the folding of the
same permissive horizon as the North Zone (See Figure 2). Anomaly D
has been prioritized based on the confluence of the above factors
and considering the North Zone at Venda Nova is the richest portion
of the current resource with respect to: i) tonnage and grade,
representing 12.8MT of the existing Resource; and ii) importantly,
between 65-75% of the US$246.7m NPV8%, as outlined in the 43-101
PEA dated September 21, 2021.
Mark Brennan, Executive Chairman of Ascendant
stated, “This is the first step-out program to target additional
orebodies since Ascendant acquired the option on the Lagoa Salgada
Project in 2018. We have always held the strong view that Lagoa
Salgada is still in the “Discovery” stage and the North and South
Zones are but two of numerous mineralised ore bodies and the true
exploration potential at Lagoa remains untested and has the
potential to be world class in scale. If Anomaly D is indeed a
replica of the North Zone, the impact on the scale and value of the
project would be truly transformational”.
Drilling on the second target, “Anomaly B”, a
much larger yet deeper target (see below), is expected to commence
later in the first quarter.
Figure 1. Planned Drillholes & Geophysical
context of Anomalies D & B
Figure 2. Anomaly D Target location and
estimated depth
Scales vary by image
Anomaly D
Anomaly D is located ~700m to the East of the
Venda Nova South Zone.
The best fit (predicted vs actual
electromagnetic response) of the Electromagnetic response was
obtained modeling a maxwell plate with a 340 azimuth and an
80-degree dip (northeast), with dimensions of approximately 500m of
strike length and 600m of downdip length. The top of the conductive
plate sits just below the tertiary erosional contact zone at a
depth of approximately 150m. Anomaly D notably coincides with the
elongated gravity anomaly that extends throughout the central part
of the property. This multi-kilometer anomaly was the original
targeting tool for the discovery at Venda Nova. Ascendant believes
that the shape of the anomaly, that shows some bulging to the
northwest, might reflect folding. The inferred fold follows the
main structure identified in the deposit defined by steep dipping
flanks, with a general northwest trend and an axial plunge to the
northwest. Under this assumed fold geometry, Anomaly D (east flank)
might represent the same permissive stratigraphic horizon that
hosts the massive sulphide lenses of the North and South zones
(west flank).
Anomaly B
Anomaly B is located ~1 kilometer to the
northeast of the Venda Nova North Zone massive sulphide lens.
The best fit (predicted vs actual
electromagnetic response) was obtained by using a thick plate that
will be used as a general guide when defining the axis and the
thickness of the conductor. The dimensions of the plate are: 1.3km
strike length by 600m of down dip length. The depth of the top of
the plate is approximately 200m. This conductive zone has the
potential to host a single large or multiple smaller massive
sulphide lenses. As is the case of Anomaly D, the first hole will
target a central zone in order to define a more accurate
understanding of the geometry, extent and general orientation in
order to increase the accuracy of the following holes.
Review of Technical
Information
The scientific and technical information in this
press release has been reviewed and approved by Sergio Gelcich,
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 Resources is a Toronto-based mining
company focused on the exploration and development of the highly
prospective Lagoa Salgada VMS project located on the prolific
Iberian Pyrite Belt in Portugal. Through focused exploration and
aggressive development plans, the Company aims to unlock the
inherent potential of the project, maximizing value creation for
shareholders.
The Venda Nova North Zone deposit at Lagoa
Salgada contains over 10.33 million tonnes of Measured and
Indicated Resources @ 9.06 % ZnEq and 2.50 million tonnes of
Inferred Resources @ 5.93 % ZnEq; and the South Zone contains 4.42
million tonnes of Indicated Resources @ 1.50 % CuEq and 10.83
million tonnes of Inferred resources @ 1.35 % CuEq. 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
7,209ha 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, ("Redcorp") and has an
earn-in opportunity to increase its interest in the project to 80%.
The Company's interest in the Lagoa Salgada project offers a
low-cost entry to a potentially significant exploration and
development opportunity, already demonstrating its mineable
scale.
The Company's common shares are principally
listed on the Toronto Stock Exchange under the symbol "ASND". For
more information on Ascendant, please visit our website at.
Additional information relating to the Company,
including the Preliminary Economic Assessment referenced in this
news release, is available on SEDAR at www.sedar.com.
For further information,
contact: |
|
|
|
Mark Brennan |
|
David Ball |
Executive Chairman, Founder |
|
Vice President, Corporate Development |
Tel: +1-647-796-0023 |
|
Tel: +1-647-796-0068 |
mbrennan@ascendantresources.com |
|
dball@ascendantresources.com |
Forward Looking Information
This press release contains statements that
constitute “forward-looking information” (collectively,
“forward-looking statements”) within the meaning of the applicable
Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this news release. Any statement that discusses predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often but not always using phrases
such as “expects”, or “does not expect”, “is expected”,
“anticipates” or “does not anticipate”, “plans”, “budget”,
“scheduled”, “forecasts”, “estimates”, “believes” or “intends” or
variations of such words and phrases or stating that certain
actions, events or results “may” or “could”, “would”, “might” or
“will” be taken to occur or be achieved) are not statements of
historical fact and may be forward-looking statements.
Forward-looking statements contained in this
press release include, without limitation, statements regarding the
business, the Project, future drill programs, mineral potential and
resource expectations. In making the forward- looking statements
contained in this press release, Ascendant has made certain
assumptions, including, but not limited to the exploration
potential and impact of Anomaly D and Anomaly B and whether such
targets may replicate mineralization found in the North Zone, the
exploration potential and scale of Lagoa Salgada, and the Company’s
ability to execute future drill programs and add to existing
resources. Although Ascendant believes that the expectations
reflected in forward-looking statements are reasonable, it can give
no assurance that the expectations of any forward-looking
statements will prove to be correct. Known and unknown risks,
uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking statements. Such factors include,
but are not limited to general business, economic, competitive,
political and social uncertainties. Accordingly, readers should not
place undue reliance on the forward-looking statements and
information contained in this press release. Except as required by
law, Ascendant disclaims any intention and assumes no obligation to
update or revise any forward-looking statements to reflect actual
results, whether as a result of new information, future events,
changes in assumptions, changes in factors affecting such
forward-looking statements or otherwise.
Forward-looking information is subject to a
variety of risks and uncertainties, which could cause actual events
or results to differ from those reflected in the forward-looking
information, including, without limitation, the risks described
under the heading "Risks Factors" in the Company's Annual
Information Form dated March 24, 2022 and under the heading "Risks
and Uncertainties" in the Company's Management’s Discussion and
Analysis for the years ended December 31, 2021 and 2020 and other
risks identified in the Company's filings with Canadian securities
regulators, which filings are available on SEDAR at www.sedar.com.
The risk factors referred to above are not an exhaustive list of
the factors that may affect any of the Company's forward-looking
information. The Company's statements containing forward-looking
information are based on the beliefs, expectations and opinions of
management on the date the statements are made, and the Company
does not assume any obligation to update such forward-looking
information if circumstances or management's beliefs, expectations
or opinions should change, other than as required by applicable
law. For the reasons set forth above, one should not place undue
reliance on forward-looking information.
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a081f7ec-a7f5-4554-b872-540ec767be2f
https://www.globenewswire.com/NewsRoom/AttachmentNg/76d8856f-886d-47a8-8e04-c3e70fec51ea
Ascendant Resources (TSX:ASND)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Ascendant Resources (TSX:ASND)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025