Ascendant Resources Inc. (TSX: ASND) (OTCQX: ASDRF; FRA: 2D9)
("Ascendant" or the "Company”) is very pleased to announce the
results of an updated National Instrument 43-101 Mineral Resource
Estimate at the Lagoa Salgada polymetallic Volcanogenic Massive
Sulphide (“VMS”) Project located on the Iberian Pyrite Belt (“IPB”)
in Portugal.
The new Mineral Resource Estimate demonstrates
material growth in both the North Zone (Main Massive Sulphide) and
the South Zone (Stockwork) deposits following a modest 7,077 metre
drill program consisting of 20 drill holes. Both zones sit on an
estimated geological strike length of 1.6km and have now been
delineated by less than a total of 50 holes.
Highlights are as follows:
- North Zone: Measured Mineral Resources of 1.8 Mt at
11.02% ZnEq1
- North Zone: Total Measured & Indicated Mineral
Resource of 6.0 Mt at 9.4% ZnEq and Inferred Mineral Resource of
7.8 Mt at 7.4% ZnEq
- South Zone: Indicated Resource of 1.8 Mt @ 5% ZnEq
& Inferred Resource of 3.9Mt @ 4.5% 1ZnEq with limited drilling
(8 holes)
- Infill drilling results continue to strengthen
confidence in ore grade profile
- Potential for further growth along continuous
1.6-km-long induced polarization (“IP”) anomaly suggesting the
deposits remain open along strike and at depth (Figure 1
below)
A summary of the Mineral Resource Estimate is
set out in Table 1 below:
Lagoa Salgada Total Mineral Resource
Estimate
|
|
|
Average Grade |
Category |
Mineralized |
Tonnes |
ZnEq |
Cu |
Zn |
Pb |
Sn |
Ag |
Au |
|
Zones |
kt |
% |
% |
% |
% |
% |
g/t |
g/t |
Measured |
All |
1,761 |
11.02 |
0.38 |
3.09 |
3.19 |
0.15 |
62.41 |
0.84 |
Indicated |
All |
6,082 |
7.61 |
0.50 |
2.09 |
1.84 |
0.09 |
48.61 |
0.40 |
M + I |
All |
7,843 |
8.38 |
0.47 |
2.31 |
2.15 |
0.10 |
51.71 |
0.50 |
Inferred |
All |
12,823 |
6.37 |
0.36 |
1.68 |
1.63 |
0.04 |
38.62 |
0.61 |
North Deposit Mineral Resource
Estimate
|
|
|
Average Grade |
Category |
Mineralized |
Tonnes |
ZnEq |
Cu |
Zn |
Pb |
Sn |
Ag |
Au |
|
Zones |
kt |
% |
% |
% |
% |
% |
g/t |
g/t |
Measured |
GO |
177 |
11.65 |
0.15 |
0.65 |
4.12 |
0.40 |
54.14 |
1.55 |
MS |
1,584 |
10.95 |
0.40 |
3.36 |
3.09 |
0.12 |
63.33 |
0.76 |
Total |
1,761 |
11.02 |
0.38 |
3.09 |
3.19 |
0.15 |
62.41 |
0.84 |
Indicated |
GO |
451 |
7.86 |
0.13 |
0.52 |
3.07 |
0.30 |
35.10 |
0.67 |
MS |
3,842 |
8.81 |
0.51 |
2.37 |
2.12 |
0.10 |
61.51 |
0.52 |
Total |
4,293 |
8.71 |
0.47 |
2.18 |
2.22 |
0.12 |
58.73 |
0.54 |
M + I |
GO |
628 |
8.93 |
0.14 |
0.56 |
3.37 |
0.33 |
40.47 |
0.92 |
MS |
5,426 |
9.43 |
0.48 |
2.66 |
2.40 |
0.11 |
62.04 |
0.59 |
Total |
6,054 |
9.38 |
0.44 |
2.44 |
2.50 |
0.13 |
59.80 |
0.63 |
Inferred |
GO |
1,546 |
7.03 |
0.10 |
0.43 |
3.69 |
0.14 |
32.44 |
0.67 |
MS |
5,911 |
7.78 |
0.36 |
2.31 |
1.96 |
0.05 |
57.08 |
0.58 |
SW |
390 |
3.68 |
0.39 |
1.42 |
0.42 |
0.03 |
19.14 |
0.09 |
Total |
7,847 |
7.43 |
0.31 |
1.90 |
2.22 |
0.07 |
50.34 |
0.58 |
Central Deposit Mineral Resource
Estimate
|
|
|
Average Grade |
Category |
Mineralized |
Tonnes |
ZnEq |
Cu |
Zn |
Pb |
Sn |
Ag |
Au |
|
Zone |
kt |
% |
% |
% |
% |
% |
g/t |
g/t |
Inferred |
Total |
1,078 |
5.41 |
0.11 |
0.17 |
0.06 |
0.00 |
12.15 |
2.89 |
South Deposit Mineral Resource
Estimate
|
|
|
Average Grade |
Category |
Mineralized |
Tonnes |
ZnEq |
Cu |
Zn |
Pb |
Sn |
Ag |
Au |
|
Zones |
kt |
% |
% |
% |
% |
% |
g/t |
g/t |
Indicated |
SW2 |
1,789 |
4.99 |
0.58 |
1.88 |
0.95 |
0.00 |
24.33 |
0.07 |
Inferred |
SW2 |
3,899 |
4.50 |
0.52 |
1.65 |
0.89 |
0.00 |
22.36 |
0.06 |
Notes to all tables and highlight
point:Mineralized Zones, GO=Gossan, MS=Massive Sulphide,
SW=Stringer, SW2=StockworkCut-off: Zn-Eq ≥ 3.00%Zn-Eq =
[Zn%]+([Cu%]*2.652)+([Pb%]*0.913)+([Au g/t]*1.585)+([Ag
g/t]*0.025)+([Sn%]*7.565)Densities: GO = 3.11, MS = 4.85, SW =
2.91, SW2 = 2.91
Chris Buncic, President & CEO of Ascendant
stated, “We are exceptionally pleased to deliver on our goal of
significantly expanding and upgrading the Mineral Resource Estimate
at Lagoa Salgada. The material increases in scale of the resources
represent a significant milestone for Lagoa Salgada and validates
our initial investment thesis that a modest drilling budget could
provide outsize value and show the world class potential for Lagoa
Salgada. Our 2018 exploration program was exceptionally well
executed and significantly exceeded expectations by nearly doubling
the tonnes in both deposits while concurrently improving the grade
profile of the deposits.”
He continued, “The success of our exploration
work in 2018 demonstrates the overall growth potential and
scalability of the Project, which the Company plans to expand with
further exploration work this year. Given the deposits are located
near surface with significant targets identified from the IP and
gravimetric survey data, we are excited about future drilling and
overall long-term development potential of the Project.”
Figure 1: Lagoa Salgada Orebodies with
Geophysics: http://www.globenewswire.com/NewsRoom/AttachmentNg/1c65cebb-34df-4503-8791-da62c3a8c14d
The North Zone, previously referred to as the
Main Massive Sulphide Zone, saw a substantial transition as the
deposit now includes a Measured Resource of 1.8 million tonnes at a
grade of 11.02% ZnEq, as well as Indicated Resources of 4.3 million
tonnes at an average grade of 8.7% ZnEq. The largest increase was
to the Inferred Resources of 7.8 million tonnes with an average
grade of 7.4% ZnEq.
The Mineral Resource Estimate update
incorporates all historic drilling and results of re-assaying of
some historic drilling, the exceptional high-grade drill results
from the 2018 exploration program announced in the Company’s
January 14, 2019 press release as well as the 4 remaining holes
that complete the 20-hole program at Lagoa (see Figure 2).
Metallurgical testing is underway, and the Company expects results
during the first quarter of 2019.
Figure 2: Plan View of the 2018 Planned
Drill
Holes: http://www.globenewswire.com/NewsRoom/AttachmentNg/73818841-2c43-49a5-ac82-29fbc3378e58
Mineral Resource Estimate
The Mineral Resource Estimate was prepared by
MICON INTERNATIONAL LIMITED (“Micon”). The effective date of this
Mineral Resource Estimate is February 8, 2019, and it is based on 3
contiguous areas (North, Central and South zones) of VMS style
mineralization defined by 50 diamond drill holes up to December 31,
2018. Leapfrog Geo 4.4.2 software was used to construct three
dimensional (“3D”) solid models of sulphide mineralization
reflecting a minimum grade of 3% ZnEq and to assign block grades
for copper (%), zinc (%), lead (%), tin (%), silver (g/t), gold
(g/t) and density (g/cm3) for Measured, Indicated and Inferred
Mineral Resources using ordinary kriging interpolation methodology
and capped 2-m hole assay composites. Up to four interpolation
passes were applied using progressively increasing ellipsoid ranges
to cover the range of 3D solid model sizes present. Block size is 5
m across strike (x) by 10 m along strike (y) by 5 m vertically (z).
Mineral Resource categorization was applied using geometric
criteria, i.e. spacing between drill holes/assay composites.
The new Technical Report to disclose the Mineral
Resource Estimate is being prepared in accordance with National
Instrument 43-101 (“NI 43-101”) and the CIM Standards for mineral
disclosure by Micon. This Technical Report will be filed on SEDAR
(www.sedar.com) within 45 days of this press release.
Quality Assurance and Quality
Control
Analytical work was carried out by 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.
Qualified Persons
The Mineral Resource Estimate contents of this
press release have been reviewed and approved by Charlie Murahwi,
M.Sc., P.Geo., Pr. Sci. Nat., FAusIMM, Senior
Geologist, Micon International Limited.
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,
whom is a Qualified Persons 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
polymetallic Lagoa Salgada VMS Project located in the prolific
Iberian Pyrite Belt in Portugal.
After acquiring the El Mochito mine in December
2016, Ascendant spent two years 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 robust 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
polymetallic 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: 888-723-7413
info@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. 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, 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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