First Quarter 2019 highlights:
Ascendant Resources Inc. (TSX: ASND) (OTCQX:
ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) is pleased to
release first quarter 2019 production results highlighted by
operational improvements across the board positioning the Company
for a solid operating year ahead.
Contained metal production for the first quarter
2019 was 23.4 million pounds of zinc equivalent (“ZnEq”) metal,
comprised of 15.2 million pounds of zinc, 6.0 million pounds of
lead and 293 thousand ounces of silver. This represents a 9%
improvement in contained metal production over Q1 2018 due to
higher lead and silver grades combined with a slight increase in
throughput over the previous strong operating quarter.
Milled throughput of 192,922 tonnes also
demonstrated improvements over Q1 2018 of 3% and Q4 2018 of 4%,
reflecting the benefits of the newly completed production ramp
which provides for more direct and efficient access from Esperanza
to the underground crusher.
The average head grade of 6.7% ZnEq for the
quarter represented an increase of 10% over Q1 2018 as the Company
focused throughout 2018 on grade control and mining the average
historical reserve grade. While 4% lower than Q4 2018 due to mine
sequencing, zinc equivalent grade was above expectations based on
the current mine plan.
Zinc processing recoveries of 84.2% in Q1 2019
was 6% lower than those of Q1 2018 due to the continued challenges
of treating metallurgically complex ore at Esperanza. This was
offset by the higher mill throughput and higher lead and silver
head grades, which in turn resulted in a 4% increase in lead and a
1% increase in silver recovery at 79.5% and 79.0% respectively.
Zinc recoveries were in line with Q4 2018, while lead and silver
recoveries were up 2% and 3% respectively as a result of steps made
to improve reagent conditioning for the lead float.
Prior to the first quarter results, the Company
had anticipated reduced metal production during the first half of
the 2019, with stronger performance in the second half of the year
due to higher grades. First quarter results have exceeded
expectations and the mine remains well positioned for strong
performance in 2019.
President and CEO Chris Buncic stated: “We have
had a great start to 2019 at El Mochito in terms of production and
grade as the mine delivered higher than planned results. With the
benefits of shorter haul distances to Esperanza and higher grades
being mined, we are on a solid path to deliver our strongest
performance since our acquisition of the mine.” He continued, “The
Company remains focused on progressing the expansion project
funding for El Mochito, with the goal of commencing construction in
the second half of this year.”
Operational performance for Q1 2019 is provided
in the table below (numbers may not match due to rounding):
|
|
|
2019 |
2018 |
|
|
Units |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Ore Milled |
tonnes |
192,922 |
|
184,913 |
|
191,738 |
|
192,428 |
|
186,955 |
|
AverageHead Grade |
Zinc |
% |
4.2 |
% |
4.2 |
% |
4.5 |
% |
4.3 |
% |
4.2 |
% |
Lead |
% |
1.8 |
% |
1.9 |
% |
1.7 |
% |
1.5 |
% |
1.6 |
% |
Silver |
g/t |
62 |
|
77 |
|
45 |
|
48 |
|
46 |
|
ZnEq |
% |
6.7 |
% |
7.0 |
% |
6.7 |
% |
6.3 |
% |
6.1 |
% |
AverageRecoveries |
Zinc |
% |
84.2 |
% |
84.1 |
% |
87.8 |
% |
89.7 |
% |
89.3 |
% |
Lead |
% |
79.5 |
% |
77.6 |
% |
78.9 |
% |
79.1 |
% |
76.7 |
% |
Silver |
% |
79.0 |
% |
76.6 |
% |
77.8 |
% |
79.4 |
% |
78.3 |
% |
ContainedMetalProduction |
Zinc |
000's
lbs |
15,162 |
|
14,435 |
|
16,579 |
|
16,343 |
|
15,301 |
|
Lead |
000's
lbs |
5,955 |
|
6,023 |
|
5,552 |
|
5,109 |
|
5,125 |
|
Silver |
ozs |
293,287 |
|
347,251 |
|
209,622 |
|
229,043 |
|
215,599 |
|
ZnEq |
000's lbs |
23,370 |
|
23,173 |
|
23,919 |
|
22,926 |
|
21,412 |
|
First Quarter 2019 Conference
Call
Ascendant plans to release first quarter 2019
financial results after market close on May 8, 2019. A conference
call will be held on May 9, 2019, at 10:00am EDT to discuss first
quarter 2019 operational and financial results.
Conference Call Details:Date of
Call: Thursday, May 9, 2019Time of Call: 10:00am EDTConference ID:
1092554Dial-In Numbers:North American Toll-Free:
1-833-696-8362International: 1-612-979-9908
Technical Disclosure/Qualified
Person
All technical information contained herein has
been reviewed and approved by Robert A. Campbell, M.Sc, P.Geo, a
director of the Company. Mr. Campbell is a "qualified person" as
defined by NI 43-101 – Standards of Disclosure for Mineral Projects
(“NI 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 2017 and 2018 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 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: 888-723-7413info@ascendantresources.com
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 production
growth, the consistency of processing recovery levels, improvements
of grades increase in contained metal production, maintenance of
production rates, increase of mill feed grades, reduction of costs,
the ability to fully fund planned development, exploration and
capital expenditures, the undertaking of the expansion program at
El Mochito Mine, and the achievement of the 2019 production, cost
and capital expenditures guidance. Forward-looking information is
not, and cannot be, a guarantee of future results or events.
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 ability of the Company to grow production,
to maintain the consistency of processing recovery levels, to
improve grades, increase contained metal production, increase mill
feed grades, reduce costs, fully fund planned development,
exploration and capital expenditures, undertake the expansion
project at El Mochito Mine, the ability to achieve the 2019
production, cost and capital expenditures guidance, 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.
1 ZnEq lbs and grades in ZnEq % represent zinc metal considered
together with the lead and silver expressed in zinc equivalent
terms of zinc using average spot metal prices and monthly
production ratios.
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