Ascendant Sources Declares Excessive Grade Copper Assay Outcomes Supporting Excessive-Grade Copper Hall on the Venda Nova South Zone
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Ascendant Resources Inc. (TSX: ASND, OTCQB:ASDRF) (“Ascendant” or the “Firm”) is happy to report assay outcomes from the most recent drill holes executed within the Venda Nova South Zone as a part of the metallurgical, infill and extensional drilling marketing campaign began in 2022. Of be aware from these outcomes, is the upper tenor of copper intercepted that helps the continuing delineation of a excessive grade copper area throughout the South Deposit at it Lagoa Salgada VMS mission on the Iberian Pyrite Belt (“IBP”) in Portugal.
Program Highlights:
- Drilling(true width):
- Met_St_04: 10m @ 2.89% CuEq (1.3% Cu) from 286m
- ST_27: 9m @ 2.29% CuEq (1.9% Cu) from 568m
- ST_30: 10m @ 1.97% CuEq(1.3% Cu) from 423m and
3m @ 3.93percentCuEq (2.8% Cu) from 395m
- Outcomes validate and enhance conversion of inferred to indicated sources
- Metallurgical drill program at Venda Nova now full
- Feasibility Examine to be accomplished finish April 2023
As of January 30, 2023, Ascendant has accomplished 27 drill holes (11 Metallurgical and 16 infill and step-out drill holes) totalling 12,804 meters as a part of the general drill program to help the continuing Feasibility Examine for Venda Nova. Outcomes of the ultimate variability, step-out and infill drill holes within the South Zone will likely be included within the useful resource replace to help the Feasibility Examine focused for the tip of April 2023. Outcomes reported at this time signify full outcomes obtained as of January 28, 2023.
Drilling Highlights (true width):
Highlights of the infill variability metallurgical drilling program outcomes embody:
Met_St_03:
- 4m @ 1.77% CuEq from 226m; and
- 5m @ 1.71% CuEq from 322m
Met_St_04:
- 2m @ 3.65% CuEq from 246m; and
- 10m @ 2.89% CuEq from 286m; and
- 10m @ 1.46% CuEq from 352m
Highlights of the infill/drilling outcomes embody;
ST_27:
- 4m @ 2.63% CuEq from 414m; and
- 9m @ 2.29% CuEq from 568m
ST_30:
- 5m @ 1.99% CuEq from 339m: and
- 3m @ 3.93% CuEq from 395m; and
- 10m @ 1.97% CuEq from 423m
Mark Brennan, Government Chairman commented: “We proceed to be very happy by the outcomes of our 2022 drill program at Lagoa Salgada. Not solely will we count on sturdy conversion and upgrading of sources to help our ongoing feasibility examine, however these outcomes reinforce our sturdy view that the Venda Nova Deposit and the Lagoa Salgada mission as an entire will proceed to develop the recognized sources and stays early within the discovery section. We’re additionally inspired by the affirmation that the South Zone additionally seems to carry copper dominated mineralization just like what we’re seeing at depth within the North Zone. Further drilling sooner or later is anticipated to develop on these discoveries.”
Infill drill gap ST_27 was drilled on the north edge of the present indicated sources envelope within the South Zone. This drill gap is anticipated to spatially lengthen the conversion of inferred useful resource into the indicated class each alongside strike and down dip. Notable intercepts embody 9m @ 2.29% CuEq (1.9% Cu) from 568m together with 2m @ 7.8% of Cu from 576m. This intercept confirms the geometry of the high-grade copper footwall development, mentioned beforehand after the reported outcomes of holes ST_31 and ST_42 (see press launch of November 9, 2022). Copper, alongside this development, happens within the type of chalcopyrite inside veinlets and semi huge (submeter) lenses, concentrated within the low stratigraphically stacked fisssural corridors.
Infill drill gap ST_30 was drilled instantly north of the envelope that outlines the extent of the Indicated portion of the useful resource within the present inside replace of the South Zone. The addition of this gap will possible lengthen the boundary of Indicated Sources each alongside strike and down dip. Notable intercepts embody 4m @ 1.77% CuEq (0.88% Cu) from 226m and 6m @ 1.71% CuEq (0.42% Cu) from 322m.
Variability metallurgical drill holes, Met_St_03 and Met_St_04 had been collared centrally to the Indicated Useful resource envelope and crossed all of the corridors that outline the present South Zone domaining. The holes had been drilled barely indirect to the primary orientation of the present mineralized corridors to supply further mass of mineralized rock to correctly conduct the variability metallurgical setting. Outcomes reconcile nicely with the brand new domains and normal grade distribution estimates. Important intercepts in gap Met_St_03 embody 4m @ 1.77% CuEq from 226m and 5m @ 1.71% CuEq from 322m. Finest intercepts in gap Met_St_04: 2m @ 3.65% CuEq from 246m; 10m @ 2.89% CuEq from 286m; and 12m @ 1.46% CuEq from 352m.
Gap location and collar positions are proven in Determine 1 and Desk 1 beneath.
Determine 1 – Plan view of the Venda Nova with location of the reported drill holes
Figure 2 – Cross sections South Zone (Trace locations included in Figure 1)
Table 1 – Collar Info
| Hole Id | UTM | UTM | Elevation | Dipº | Azimuthº | Depth |
| East* | North* | |||||
| ST_27 | 547369 | 4231458 | 91 | 60 | 240 | 700 |
| ST_30 | 547373 | 4231406 | 91 | 60 | 240 | 640.6 |
| Met_ST_04 | 546928 | 4231994 | 91 | 60 | 270 | 554.6 |
| Met_ST_03 | 546893 | 4232069 | 89 | 60 | 270 | 562.6 |
Table 2 Relevant Economic Intercepts by Domain
| Hole Id | Corridor | from | to | Length | True width | Cu | Zn | Pb | Ag | Au | CuEq |
| (m) | (m) | (m) | (m) | % | % | % | g/t | g/t | % | ||
| ST_27 | C2 sMS | 212.0 | 218.0 | 6 | 5.3 | 0.25 | 0.71 | 0.03 | 8.3 | 0.05 | 0.63 |
| ST_27 | C1 sMS | 324.0 | 326.0 | 2 | 1.5 | 1.27 | 0.38 | 0.20 | 31.0 | 0.12 | 1.83 |
| ST_27 | C1 FR | 414.0 | 418.0 | 4 | 3.7 | 1.49 | 1.75 | 0.67 | 24.5 | 0.17 | 2.63 |
| ST_27 | C2 FR | 458.0 | 462.0 | 4 | 3.7 | 1.09 | 0.39 | 0.24 | 15.5 | 0.05 | 1.47 |
| ST_27 | C3 FR | 568.0 | 578.0 | 10 | 9.1 | 1.90 | 0.55 | 0.05 | 16.4 | 0.05 | 2.29 |
| ST_30 | C3 sMS (new) | 174.4 | 179.0 | 4.6 | 2.7 | 0.09 | 2.06 | 0.46 | 14.1 | 0.13 | 1.15 |
| ST_30 | C2 sMS | 273.0 | 277.0 | 4 | 2.6 | 0.01 | 0.13 | 0.03 | 12.0 | 1.16 | 1.04 |
| ST_30 | C1 FR | 339.0 | 347.0 | 8 | 4.6 | 1.28 | 0.58 | 0.41 | 24.0 | 0.23 | 1.99 |
| ST_30 | C1 FR | 395.0 | 399.0 | 4 | 2.9 | 2.80 | 0.23 | 0.10 | 35.0 | 0.94 | 3.93 |
| ST_30 | C2 FR | 423.0 | 435.0 | 12 | 10.1 | 1.29 | 0.94 | 0.43 | 19.2 | 0.08 | 1.97 |
| Met_ST_04 | C2 sMS | 180.0 | 184.0 | 4 | 2.4 | 0.49 | 0.31 | 0.05 | 15.0 | 0.14 | 0.85 |
| Met_ST_04 | C1 FR | 246.0 | 250.0 | 4 | 2.5 | 2.30 | 1.10 | 0.49 | 77.0 | 0.17 | 3.65 |
| Met_ST_04 | C1 FR | 286.0 | 300.0 | 14 | 10.2 | 1.29 | 2.14 | 1.25 | 41.1 | 0.17 | 2.89 |
| Met_ST_04 | C1 FR | 330.0 | 334.0 | 4 | 3.3 | 0.38 | 2.03 | 0.87 | 21.5 | 0.14 | 1.62 |
| Met_ST_04 | C1 FR | 342.0 | 346.0 | 4 | 3.3 | 2.44 | 1.96 | 1.06 | 35.5 | 0.09 | 3.81 |
| Met_ST_04 | C1 FR | 352.0 | 364.0 | 12 | 9.8 | 0.88 | 0.74 | 0.54 | 14.0 | 0.06 | 1.46 |
| Met_ST_04 | C3 FR | 406.0 | 414.0 | 8 | 7.3 | 0.53 | 1.41 | 0.45 | 14.5 | 0.04 | 1.30 |
| Met_ST_04 | C3 FR | 416.0 | 426.0 | 10 | 8.7 | 0.62 | 1.48 | 0.52 | 18.9 | 0.04 | 1.48 |
| Met_ST_04 | C3 FR | 438.0 | 448.0 | 10 | 7.2 | 0.72 | 1.06 | 0.49 | 15.4 | 0.06 | 1.41 |
| Met_ST_03 | C1 FR | 226.0 | 232.0 | 6 | 3.6 | 0.88 | 1.77 | 0.30 | 13.3 | 0.10 | 1.77 |
| Met_ST_03 | C1 FR | 274.0 | 278.0 | 4 | 2.0 | 0.15 | 1.47 | 0.75 | 14.0 | 0.05 | 1.03 |
| Met_ST_03 | C1 FR | 308.0 | 312.0 | 4 | 2.2 | 0.62 | 2.14 | 0.95 | 17.5 | 0.10 | 1.85 |
| Met_ST_03 | C1 FR | 322.0 | 328.0 | 6 | 4.8 | 0.42 | 2.21 | 1.15 | 17.3 | 0.06 | 1.71 |
- Equivalency calculations are based on in-situ values only. Commodity prices used are as follows: Zn: US$1.20/lb, Pb: US$1.00/lb, Cu: US$3.50/lb, Ag: US$20/Oz, and Au: US$1,650/Oz
Quality Assurance and Quality Control
Core samples are retrieved from the core barrel by the drilling crew. Each core box is labeled with the drill hole number, the depth intervals, and an arrow indicating the downhole direction. Core samples retrieved from the barrel are immediately transferred to the core boxes and transported after to the logging facilities in batches. After the logging, core is cut in half and placed in labeled sample bags with the sample tags and transported to the sample preparation lab of ALS Lab, in Seville, Spain. Samples are dried, crushed to 70 % passing 2 mm, split and finally pulverized to 85 % passing 75 μm. Pulp samples are then sent to their analytical Laboratory in Galway, Ireland, for analysis. The core samples are analyzed for gold (ppm) by fire assay (Au‐AA25), and for the other elements by two different ICP Multi element analysis: 1) (ME-ICPORE) – base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer 2) ME-MS61r: Four-acid digestion paired with ICP-MS and ICP-AES with REE analytes included.
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. No significant QAQC failure issues were identified in the reported batches.
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 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 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 in the North Zone; and 4.42 million tonnes of Indicated Resources @ 1.50% CuEq and 10.83 million tonnes of Inferred resources @ 1.35% CuEq in the South Zone. 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 www.ascendantresources.com.
Further info referring to the Firm, together with the Preliminary Financial Evaluation referenced on this information launch, is offered on SEDAR at www.sedar.com.
Neither the Toronto Inventory Trade nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX) accepts accountability for the adequacy or accuracy of this launch.
For additional info, contact:
Ahead Trying Data
This press launch incorporates statements that represent “forward-looking info” (collectively, “forward-looking statements”) throughout the which means of the relevant Canadian securities laws. All statements, apart from statements of historic truth, are forward-looking statements and are based mostly on expectations, estimates and projections as on the date of this information launch. Any assertion that discusses predictions, expectations, beliefs, plans, projections, aims, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases similar to “expects”, or “doesn’t count on”, “is anticipated”, “anticipates” or “doesn’t anticipate”, “plans”, “price range”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “could” or “might”, “would”, “may” or “will” be taken to happen or be achieved) usually are not statements of historic truth and could also be forward-looking statements.
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