Ascendant Resources Inc. (TSX: ASND) (OTCQX:
ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) is pleased to
provide a summary of its 2019 achievements and a corporate update.
For 2019, the Company had two primary goals; namely the further
advancement of the exploration and economic potential at the Lagoa
Salgada VMS project in Portugal and continuing to advance
operational improvements at the El Mochito mine in Honduras. At
Lagoa Salgada, the resource has more than doubled during 2019 with
evidence of significant room for further growth and is in the final
stages of completion of a maiden Preliminary Economic Assessment
(“PEA”) with the results expected to be released in early January
2020. At El Mochito, the Company is pleased to report that it has
been successful in achieving its grade and contained metal
production growth targets.
Chris Buncic, President and CEO, of Ascendant
stated, "We are more than pleased with the success we have achieved
this year both strategically advancing the Lagoa Salgada project
through two Mineral Resource Estimates to an imminent PEA for the
project. The modest drill programs completed at Lagoa Salgada have
significantly expanded and upgraded the Resource base into in a
sizeable project with significant mineable potential. We look
forward to demonstrating the results of the PEA upon its completion
in early January, especially as Lagoa Salgada shares many traits
common to other VMS deposits within the world class Iberian Pyrite
Belt which have become transformational projects for their owners
and shareholders. We are also very pleased with our results at El
Mochito which have shown record operating levels with reduced unit
costs.”
Lagoa Salgada
To date, the Company has completed two
exploration programs at Lagoa Salgada drilling 44 holes for a total
of 15,241 metres. The aim of these programs was to expand and
upgrade the initial resource in place to demonstrate the economic
viability of a new mining operation at the project. The most recent
Mineral Resource Estimate announced on September 25, 2019, was
based on 8,164 metres drilled over 24 holes with results delivering
material growth in the North Zone (the main massive sulphide)
combined with the conversion of significant resources into the
Measured & Indicated (“M&I”) category while also
identifying copper rich sulphide mineralization in the Central and
South Zones.
Highlights of the Mineral Resource Estimate
include:
- North Zone: Measured Mineral Resources increase 57% to 2.8 Mt
at 10.7% ZnEq1.
- North Zone: Measured & Indicated Mineral Resources increase
71% to 10.3 Mt at 9.1% ZnEq:
- 170% increase in the precious metal rich gossan zone to 1.7 Mt
at 4.6g/t AuEq2.
- Global NI 43-101Measured and Indicated Resources of 12.8
million tonnes and Inferred Resources of 10.3 million tonnes.
- Drilling in the Central and South Zones identified Copper rich
sulphide mineralization. The new resources in these zones are
reported in Copper equivalents. Future drill programs will focus on
expanding and upgrading these zones.
- Results from a PEA are expected in early January 2020.
1 ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu
Grade*67.24)+(Au Grade*40.19)+(Ag Grade*0.62) )+(Sn
Grade*191.75))/25.352 AuEq(g/t) = ((Zn Grade*25.35)+(Pb
Grade*23.15)+(Cu Grade*67.24)+(Au Grade*40.19)+(Ag Grade*0.62)
)+(Sn Grade*191.75))/40.19
The Company’s exploration work to date has
continued to better define and expand the known North, Central and
South Zones, all of which remain open along strike and at depth.
Results highlight the significant potential to continue to expand
the mineralized zones from these known zones while future
exploration at other regional targets is expected to add materially
to additional resources.
The strong correlation of Induced Polarization
(“IP”) surveys to mineralized zones identified by drilling has led
the Company to replicate the use of IP on other areas of the
property for the purpose of identifying additional drill targets.
Initial indications show additional opportunity for growth of the
project as a whole, which the Company intends to follow up on in
the 2020 exploration program.
Despite the modest size of the 2019 exploration
program, the Company was very pleased with the overall growth and
the high-grade nature demonstrated in the updated Mineral Resource
Estimate. The North Zone, which experienced the greatest
transformation, now represents a substantive stand-alone resource
and forms the basis for the PEA, which is nearing completion.
While still early in the long-term development
of the potential at Lagoa Salgada the success achieved in the past
year has the Company extremely encouraged as we are confident this
project has the potential to be a key value driver going
forward.
El Mochito
In light of a challenging metal market and
external cost pressures, the Company has focused on driving further
operational progress at El Mochito and has achieved greater than
expected metal production growth, improved ore head grade and cost
targets this past year.
With a focus on identifying and accessing higher
grade material from the mine, the Company made the strategic
decision to increase investment in underground development work to
access higher-grade areas within the mine. This decision proved
fruitful as the Company reported record head grades and contained
metal production in the third quarter. In addition, results in 2019
saw the benefits from the new haulage tunnel from the Esperanza
zone which not only increased ore production from this higher-grade
zone but also resulted in lowering costs and improving overall
underground conditions through improved ventilation in the mine.
This improvement will continue to benefit the operation going
forward. As a result, the company was able to report the
lowest cash costs and all-in sustaining costs since assuming
operations of El Mochito.
While Ascendant has been successful at driving
continued operational performance from El Mochito, the long-term
benefits will ultimately come from the implementation of the
expansion and optimization program as highlighted from the December
2018 PEA. The Company continues to advance negotiations with
respect to financing options for the project.
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 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
Cautionary Notes to US Investors
The information concerning the Corporation'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 Corporation'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
Corporation's financial statements (and information derived
therefrom) may not be comparable to those of United States
companies.
Forward-Looking Statements
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 Corporation 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
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, the ability to
successfully close its financing initiatives, exploration and
capital expenditures at El Mochito and Lagoa Salgada, the
expectation of expanding and updating the Mineral Resource Estimate
at Lagoa Salgada, the Company’s ability to complete a Preliminary
Economic Assessment for Lagoa Salgada. 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 maintain the
consistency of processing recovery levels, to improve grades,
increase contained metal production, maintain production rates,
reduce costs, fully fund planned development, successfully closing
on its financing initiatives, exploration and capital expenditures,
undertake various long-term optimization programs including but not
limited to the expansion program at El Mochito, the Company’s
ability to expand and update the Mineral Resource Estimate at Lagoa
Salgada, complete a Preliminary Economic Assessment for Lagoa
Salgada, 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
financing on acceptable terms, the failure to achieve guidance, 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.
Although Ascendant has attempted to identify
important factors that could cause actual actions, events or
results or cause actions, events or results not to be estimated or
intended, there can be no assurance that forward-looking statements
will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements. Other
than as required by applicable Canadian securities laws, Ascendant
does not update or revise any such forward-looking statements to
reflect events or circumstances after the date of this document or
to reflect the occurrence of unanticipated events. Accordingly,
readers should not place undue reliance on forward-looking
statements.
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