Ascendant Resources Inc. (TSX: ASND) (OTCQX:
ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) has started its
exploration program at the high-grade Lagoa Salgada polymetallic
volcanic massive sulphide Project (“Lagoa Salgada” or the “Project)
located on the Iberian Pyrite Belt (“IPB”) in Portugal.
The exploration program includes 22 diamond
drill holes with a total of 7,750 metres divided over three primary
areas: the Main Zone, the Stockwork Zone and the new Central Zone.
The drill program is expected to rapidly expand the known deposits
and is targeted to be completed by the end of the current year.
In addition to drilling, the exploration program
includes downhole geophysics, relogging and assaying of historical
drilling in the area and a complete structural reinterpretation of
the property in the context of the overall regional geology. Given
the structural controls seen at similar deposits within the IPB,
the latter will aid in the development of the exploration program
over the entire land package.
“We are thrilled to start our exploration
program at Lagoa Salgada,” stated Chris Buncic, President & CEO
of Ascendant. “There is a strong sense of optimism by our team, as
well as by leading industry experts engaged since our acquisition,
that there is good potential to grow the project substantially,
very quickly. We hope to join the ranks of a number of other
well-established mining companies that have realized
transformational growth on the Iberian Pyrite Belt.”
He continued, “Despite already hosting a
substantial Mineral Resource, this will be the most comprehensive
program completed on the Project to date. We are very encouraged by
the historical drilling success rate and large resource-to-drilling
ratio this Project has achieved thus far. We look forward to
providing the market with drilling results over the course of the
next several months.”
As outlined in the recent Technical Report,
Lagoa Salgada currently has 5.84 million tonnes of Indicated
Resources at 8.88% ZnEq and 2.01 million tonnes of Inferred
Resources at 7.82% ZnEq in the LS-1 Deposit and 2.22 million tonnes
at 4.8% ZnEq in the LS-1 Central Deposit. The Lagoa Salgada Project
represents a potentially high-grade, polymetallic zinc-lead-copper
exploration opportunity in a low risk, established and prolific
jurisdiction. The Project covers 10,700 hectares with 17
gravimetric targets identified, with only the LS-1 and LS-1 Central
areas having been significantly tested.
Targeted Drilling Campaign
Details
The Company’s planned drill program includes 22
diamond drill holes for an estimated total of 7,750 metres divided
over three primary areas. 9 holes totalling approximately 3,000
metres, are planned for the Main Zone (LS-1 resource area) and will
focus on rapidly expanding this high-grade massive sulphide target.
8 holes totalling approximately 3,400 metres are planned for the
Stockwork Zone (LS-1 Central resource area) to further delineate
the size of the known stockwork mineralization. A further 5 holes
totalling approximately 1,350 metres will be drilled in the newly
named Central Zone, located between the Main and Stockwork Zones,
to explore for displaced extensions of both the Main and Stockwork
Zones. See Figure 1 below for the planned drill hole locations.
Ascendant anticipates that this focused drilling program has the
potential to materially increase the size of the known Mineral
Resources at the Project, highlighting its potential to be the next
major, minable, discovery within the IPB. Drilling has already
commenced, with two collar drill rigs mobilized at site and the
first diamond drill hole underway.
As part of the drilling program, the Company
plans to use the downhole geophysical survey results to help better
define the dimensions of the mineralization to assist with future
exploration plans, and to undertake further specific gravity
surveys and initial metallurgical testing to support the rapid
advancement of the project.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/71a5828a-cab4-449e-83b2-72d8dbe71415
Relogging & Assaying of Historical
Drilling Rio de Moinhos Sector
In addition to drilling on the known sulphide
targets in the Main and Stockwork Zones, the Company also plans to
relog the historical drilling conducted on the Rio de Moinhos
Sector in the eastern section of the property. This area hosts
several significant anomalies based upon historical gravimetrical
studies. Several of the historical drill holes were reported as
having intersections of massive sulphide mineralization, however,
planned holes on the border of the targets were never completed. As
such, the Company believes this area warrants further review. Note,
these targets represent just a fraction of the gravimetric
anomalies to be followed up on the property.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/8accfd81-a7b2-4cf1-be9d-360f1fa75879
Structural Reinterpretation
The Company also plans to undertake a
significant geologic reinterpretation of Lagoa Salgada which will
help guide future exploration at both known deposits and additional
historic targets as well as potentially identity new targets. A
gravimetric geophysical survey of the property will be carried out
utilizing a tighter resolution than historically used. This
methodology has proven to be the most successful within the Iberian
Pyrite Belt and was used in the discovery of the Lagoa Salgada
deposits.
The Company estimates the entire exploration
program will cost approximately US$2.2 million
Mineral Resource Estimate for Lagoa
Salagada
Tables 1 and 2 below show the current Mineral
Resource Estimate for the Lagoa Salgada Project. The Mineral
Resources are currently confined to the Main and Stockwork Zones
only. As shown, the current Mineral Resource is already significant
in both size and grade, highlighting the potential of this Project
to rapidly advance towards being defined as a potential mineable
deposit. Both the defined Main (LS-1) and Stockwork (LS-1 Central)
deposits remain open in all directions, providing management with
the confidence that a modest drill program has the potential to
extend mineralization along strike and at depth and significantly
increase resources.
Table 1: Mineral Resources for the LS-1
Deposit at a 3.5% ZnEq cut-off grade – Effective date January 5,
2018
Classification |
Tonnage(‘000 t) |
Zn (%) |
Pb (%) |
Cu (%) |
Ag (gpt) |
Au (gpt) |
ZnEq (%) |
Indicated |
5,840 |
2.79 |
2.96 |
0.32 |
53.54 |
0.78 |
8.88 |
Inferred |
2,010 |
2.44 |
2.80 |
0.24 |
47.37 |
0.65 |
7.82 |
(1) Block matrix is 10mx10mx10m(2) Grades are
estimated by ordinary kriging interpolation(3) A cut-off
grade of 3.5% ZnEq was used to report the Mineral Resource for the
LS-1 Deposit(4) Zinc equivalent metal grade (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)) / 25.35 Metal
prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz
Ag, and 1,250/oz Au No recoveries were
applied (5) Mineral Resources that are not Mineral Reserves
do not have demonstrated economic viability (6) Shown on a
100% basis. Ascendant holds a 25% interest in Redcorp, the
operating subsidiary which holds an 85% interest in the Lagoa
Salgada Project
Table 2: Mineral Resources for the LS-1
Central Deposit at a 3.5% ZnEq cut-off grade – Effective date
January 5, 2018
Classification |
Tonnage(‘000 t) |
Zn (%) |
Pb (%) |
Cu (%) |
Ag (gpt) |
Au (gpt) |
ZnEq (%) |
Inferred |
2,220 |
1.91 |
1.11 |
0.51 |
17.76 |
0.07 |
4.80 |
(1) Block Matrix is 10mx10mx10m (2) Grades are
estimated by inverse distance squared interpolation (3) A
cut-off grade of 3.5% ZnEq was used to report the Mineral Resource
for the LS-1 Central Deposit (4) Zinc equivalent metal grade
(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)) / 25.35
Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb
Cu, US$19.40/oz Ag, and 1,250/oz Au No
recoveries were applied (5) Mineral Resources that are
not Mineral Reserves do not have demonstrated economic viability
(6) Shown on a 100% basis. Ascendant holds a 25% interest in
Redcorp, the operating subsidiary which holds an 85% interest in
the Lagoa Salgada Project
Qualified Persons
The scientific and technical information in this
press release has been reviewed and approved by Robert Campbell,
P.Geo., Director to Ascendant, and by Paul Daigle, P.Geo., Senior
Associate of AGP Mining Consultants Inc. Mr. Daigle is responsible
for the Technical Report and Mineral Resource Estimate for the
Lagoa Salgada Project and is independent of Ascendant. Both
gentlemen are a “Qualified Person” as defined by NI 43-101.
About Ascendant Resources
Inc.
Ascendant is a Toronto-based mining company
focused on its 100%-owned producing El Mochito zinc, silver and
lead mine in west-central Honduras, which has been in production
since 1948. After acquiring the mine in December 2016, Ascendant
implemented a rigorous optimization program aimed at restoring the
historic potential of the El Mochito mine. In 2017, the Company
successfully completed the operational turnaround it set out to
achieve with sustained production at record levels and
profitability restored. The Company now remains focused on cost
reduction and further operational improvements to drive robust free
cash flow in 2018 and beyond. Ascendant is also focused on
expanding and upgrading known resources through extensive
exploration work for near-term growth. With a significant land
package of 11,000 hectares and an abundance of historical data
there are several regional targets providing longer term
exploration upside which could lead to further resource growth. The
Company is also engaged in the 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 el Mochito Mine. 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
and el Mochito Mine , 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,
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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