Ascendant Resources Inc. (TSX: ASND) ("Ascendant"
or the "Company”) is pleased to announce the appointment of Mr.
Joao Barros to the position of President, Ascendant Resources,
where he will continue to oversee the exploration and development
efforts at the Lagoa Salgada VMS project (“Lagoa Salgada”), located
on the prolific Iberian Pyrite Belt in Portugal. Mr. Barros is a
Civil Engineer with an MSc in Geology with more than 17 years of
experience tied to the mining industry in Portugal.
Mr. Barros is currently President of Ascendant
Portugal and President of Redcorp – Empreendimentos Mineiros, Lda.,
the joint venture company in which Ascendant has its investment and
is earning an 80% interest in Lagoa Salgada. Mr. Barros has been
instrumental in the advancement of the Lagoa Salgada project under
Ascendant’s direction. Mr. Barros has a strong technical background
having significant senior mining management experience with the
exploration and development of numerous polymetallic VMS, gold and
tungsten operations in Portugal.
Ascendant is currently moving towards
Feasibility and development at Lagoa Salgada and is anticipating
three key milestones in the coming months:
- End
May: New 43-101 Mineral Resource Estimate following latest
drilling program
- End
June: PFS Quality Metallurgical Testwork Report
- End
July: New 43-101 PEA to include North & South
zones
Ascendant also announces the resignation of
Chris Buncic as CEO of the company effective April 30, 2021. Mark
Brennan, Executive Chairman will assume CEO responsibilities in the
interim.
Alonso Sotomayor, currently Corporate
Controller, will be named Interim CFO following the resignation of
Rohan Hazelton effective April 30, 2021.
Mark Brennan, Executive Chairman commented, “We
are thrilled to have Joao join us at Ascendant. Joao comes from an
esteemed family steeped in the recent history of mining in
Portugal. His depth of experience in mining project management,
having built several operations in Portugal over the past two
decades, will add tremendous strength to Ascendant’s management
team. We are grateful for his guidance and contributions to our
exploration success thus far at Lagoa Salgada, and we have the
greatest confidence in our continued success under his direction in
Portugal.”
He continued, “The Company would like to thank
Chris for his efforts to transition the focus of Ascendant from its
operation of the complex El Mochito mine to the very exciting
prospect of developing the potentially world class Lagoa Salgada
project. We would also like to thank Rohan for his discipline and
versatility in keeping a stable ship while the very difficult
market environment of lower zinc prices during 2020. We hope that
the development of the Lagoa Salgada project will be a testimony of
their efforts.”
Ascendant is also pleased to announce that it has retained
Hybrid Financial Ltd. The service provided by Hybrid to the Company
is a database of Registered Financial Professionals in North
America. Hybrid is not promoting the specific purchase or sale
of securities. It provides its database, technology, and call
center services to enable the issuer to disseminate its information
to Financial Professionals only. Hybrid provides its services
directly to the Company.
Hybrid has agreed to comply with all applicable
securities laws and the policies of the TSX Exchange (the
“TSX”) in providing the Services.
Hybrid has been engaged by the Company for an
initial period of 6 months starting November 23, 2020 (the
“Initial Term”) and then shall be
renewed automatically for successive 3 month periods thereafter,
unless terminated by the Company in accordance with the Agreement.
Hybrid will be paid a monthly fee of $22,000 plus applicable taxes,
during the Initial Term.
Hybrid Financial connects issuers to the
investment community across North America. Using a data driven
approach, Hybrid provides its clients with comprehensive coverage
of both American and Canadian markets. Hybrid Financial has offices
in Toronto and Montreal.
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.
Lagoa Salgada contains over 12.8 million tonnes of M&I
Resources and 10.3 million tonnes in Inferred Resources and
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
10,700ha 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 21.25%
interest in the Lagoa Salgada project through its 25% position in
Redcorp - Empreendimentos Mineiros, Lda, (“Redcorp”) and has an
earn-in opportunity to increase its interest in the project to 80%.
Mineral & Financial Investments Limited owns the additional 75%
of Redcorp. The remaining 15% of the project is held by Empresa de
Desenvolvimento Mineiro, S.A., a Portuguese Government owned
company supporting the strategic development of the country’s
mining sector. 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.
Additional information relating to the Company, including the
Preliminary Economic Assessment referenced in this news release, is
available on SEDAR at www.sedar.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:
Nick CampbellManager, Corporate Development Tel:
905 630 0148info@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 the
exploration activities and the results of such activities at the
Lagoa Salgada Project, the ability of the Company to advance the
Lagoa Salgada Project to a Preliminary Economic Assessment, and the
ability of the Company to fund the exploration with funds from
operations. 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 Company advancing the project to a
Preliminary Economic Assessment, the ability of the Company to fund
the exploration program at Lagoa Salgada with funds from operations
, 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.
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