Ascendant Resources Inc. (TSX: ASND) (FRA: 2D9)
("Ascendant" or the "Company”) is extremely pleased to announce
robust economic results from its Preliminary Economic Assessment
(PEA) at its Lagoa Salgada VMS project in Portugal. The PEA
presents a low capex, low operating cost, high margin underground
mining operation with strong economics and the opportunity for
significant benefit to the Company, the local stakeholders, and
will boost Portugal’s economy through exports, taxes and local
employment.
The PEA was completed by QUADRANTE, a
multidisciplinary engineering and consulting company with more than
23 years of activity and projects completed in Europe, Africa and
the Americas, and mine planning, design and engineering undertaken
by IGAN INGENIERÍA, an independent consulting firm specializing in
mine planning and engineering for open pit and underground mining
projects and operations based in Spain.
The PEA is based upon the Company’s current
Mineral Resource Estimate completed by MICON International reported
in a NI 43-101 report dated March 26, 2021, updated on June 10,
2021, and focuses on the mining and processing of ore from both the
North Zone and the South Zones at the Venda Nova area. The PEA
demonstrates robust economics for Lagoa Salgada based on the
current defined resources, however, the company anticipates that
future exploration work to define additional resources should
extend the mine life or increase the scale of the outlined
operation.
Mark Brennan, CEO & Chairman of Ascendant
stated, “We are extremely pleased with the results from this new
PEA which highlights the strong potential of the Project to deliver
significant value to all stakeholders going forward. This PEA is
transformative and one of the most significant milestones for
Ascendant to date, demonstrating a high-quality project with strong
economics and a progressive environmentally conscious mine design.
Our consulting engineers and management team have set the basis for
a quality feasibility study which is planned to start in Q4 2021.
We look forward to completion of the Feasibility Study by the end
of 2022, which should provide a solid foundation for the start of
the build phase.”
He continued, “While the PEA has demonstrated
potential for a very robust project, it is extremely important to
reiterate that Lagoa Salgada is still in its infancy from a
geological understanding perspective and is still in the discovery
stage of the total resource endowment we believe is present on the
property. There has been less than 40,000 meters drilled to date on
the property and geophysical studies indicate that our qualified
resources are just the beginning of the resource potential on the
property. We believe this highlights the world class potential of
the Lagoa Salgada property.”
The PEA for the Lagoa Salgada Project is being
prepared in accordance with National Instrument 43-101 (“NI
43-101”) Standards of Disclosure for Mineral Projects. The
Company intends to file the final PEA on its profile on SEDAR
(www.sedar.com) within 45 days of this news release.
The PEA is preliminary in nature and includes
inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves, and
there is no certainty that the PEA will be realized.
Project Overview
The Lagoa Salgada Project is located within the
north-western section of the prolific Iberian Pyrite Belt (IPB) in
Portugal, approximately 80 km southeast of Lisbon and is accessible
by national highways and roads. The Project is comprised of a
single exploration permit covering an area of approximately 10,700
hectares.
Figure 1 – Location map of the
Lagoa Salgada Property (IPB) is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9a286d22-46fc-4940-91d9-d3125e180f85
The Iberian Pyrite Belt (IBP) is host to some of
the world’s largest VMS deposits (80) and mines such as Neves-Corvo
(Lundin Mining Corporation), Aguas Tenidas (Trafigura Mining Group)
and Aljustrel (ALMINA). It represents the largest concentration of
massive sulphide deposits in the world, forming an arch through
Portugal and Spain about 250 km long and 30-50 km wide and has
produced more than 1,750 million tonnes of massive sulfide ore and
2,500 million tonnes of mineralized stockwork over the past hundred
years.
PEA Overview
The table below outlines the key project metrics
on a 100% basis:
Financials |
|
LOM Total / Avg. |
Pre-Tax NPV (8%) |
MUS$ |
$ |
341.6 |
Pre-Tax
IRR |
% |
|
68.2% |
Pre-Tax
Payback |
Years |
|
1.3 |
Post-Tax NPV (8%) |
MUS$ |
$ |
246.7 |
Post-Tax IRR |
% |
|
54.9% |
Post-Tax Payback |
Years |
|
1.5 |
General |
|
|
Cu
price |
US$/lb |
$ |
3.25 |
Zn
price |
US$/lb |
$ |
1.20 |
Pb
price |
US$/lb |
$ |
1.05 |
Ag
price |
US$/oz |
$ |
20.00 |
Au
price |
US$/oz |
$ |
1,650.00 |
Sn
price |
US$/lb |
$ |
12.00 |
Exchange
Rate (EUR:USD) |
- |
$ |
1.20 |
Mine
Life |
Years |
|
14 |
Total Mill
Feed Tonnes - Oxides |
kt |
|
1,101 |
Total Mill
Feed Tonnes - Massive Sulphides |
kt |
|
7,838 |
Total Mill
Feed Tonnes - Stockwork |
kt |
|
17,131 |
Total Mill
Feed Tonnes - Total Ore |
kt |
|
26,070 |
Total Waste
Tonnes Mined |
kt |
|
7,342 |
Production Summary |
|
|
Cu
Payable |
klb |
|
90,747 |
Zn
Payable |
klb |
|
556,383 |
Pb
Payable |
klb |
|
459,513 |
Ag Payable
(in Pb Concentrate) |
koz |
|
8,490 |
Ag Payable
(in Zn Concentrate) |
koz |
|
3,425 |
Ag Payable
(in Leach) |
koz |
|
5,746 |
Ag Payable
(Total) |
koz |
|
17,661 |
Au Payable
(in Pb Concentrate) |
koz |
|
18 |
Au Payable
(in Zn Concentrate) |
koz |
|
- |
Au Payable
(in Leach) |
koz |
|
149 |
Au Payable
(Total) |
koz |
|
167 |
Sn
Payable |
klb |
|
8,938 |
Zn
Payable Equivalent |
Mlb |
|
1,818 |
Zn
Payable Equivalent |
kt |
|
825 |
A financial model was completed based on the
mine plan developed in addition to other inputs such as mining
inventory and rates, processing throughputs and metallurgical
recoveries, capital and operating costs, net smelter return
(“NSR”) royalties, government royalty and taxation
parameters.
Sensitivities of pre-tax and post-tax NPV and
IRR to metal prices per ounce are as
follows:https://www.globenewswire.com/NewsRoom/AttachmentNg/a8171505-c463-4290-a3a6-3bccf18e4f2d
Mineral Resource Estimates
The PEA is based upon the recently updated
Mineral Resource Estimate summarized as of June 17, 2021, and has
been estimated in alignment with the Canadian Institute of Mining,
Metallurgy and Petroleum (“CIM”) Estimation of
Mineral Resource and Mineral Reserves Best Practices Guidelines
(CIM, 2019) and reported in accordance with NI 43-101 by MICON
International. The PEA is based on the total combined resources of
both the North and South zones at Lagoa Salgada as currently
defined.
The details of the Mineral Resource Estimate are
shown in the table below:
Mineral Resource Estimate for the North and South zones
within the Lagoa Salgada Project - June 2021
LS Project North Deposit Resources
Effective September 5, 2019, Reported at Cut-off Grades Shown in
Table
Category |
Min Zones |
Average Grade |
Contained Metal |
Tonnes (kt) |
Cut-off ZnEq (%) |
Cu (%) |
Zn (%) |
Pb (%) |
Sn (%) |
Ag (g/t) |
Au (g/t) |
ZnEq (%) |
AuEq (g/t) |
Cu (kt) |
Zn (kt) |
Pb (kt) |
Sn (kt) |
Ag (koz) |
Au (koz) |
Measured (M) |
GO |
234 |
2.5 |
0.13 |
0.70 |
4.32 |
0.36 |
51 |
1.50 |
11.38 |
7.18 |
0.3 |
1.6 |
10.1 |
0.9 |
385.2 |
11.3 |
Indicated |
GO |
1.462 |
2.5 |
0.08 |
0.43 |
2.55 |
0.26 |
37 |
0.51 |
6.63 |
4.18 |
1.2 |
6.2 |
37.3 |
3.8 |
1,742.1 |
23.8 |
M & I |
GO |
1.696 |
2.5 |
0.09 |
0.47 |
2.79 |
0.27 |
39 |
0.64 |
7.28 |
4.60 |
1.5 |
7.9 |
47.4 |
4.6 |
2,127.2 |
35.1 |
Inferred |
GO |
831 |
2.5 |
0.08 |
0.48 |
2.62 |
0.17 |
27 |
0.37 |
5.66 |
3.57 |
0.7 |
4.0 |
21.8 |
1.4 |
727.6 |
9.9 |
Measured |
MS |
2.444 |
3.0 |
0.40 |
3.12 |
2.97 |
0.15 |
72 |
0.74 |
10.95 |
6.91 |
9.7 |
76.3 |
72.5 |
3.7 |
5,623.9 |
58.4 |
Indicated |
MS |
5.457 |
3.0 |
0.45 |
2.35 |
2.30 |
0.13 |
75 |
0.67 |
9.55 |
6.03 |
24.5 |
128.1 |
125.6 |
7.3 |
13,221.5 |
116.9 |
M & I |
MS |
7.902 |
3.0 |
0.43 |
2.59 |
2.51 |
0.14 |
74 |
0.69 |
9.98 |
6.30 |
34.2 |
204.4 |
198.1 |
10.9 |
18,845.5 |
175.2 |
Inferred |
MS |
1.529 |
3.0 |
0.23 |
1.96 |
1.32 |
0.09 |
45 |
0.49 |
6.36 |
4.01 |
3.6 |
30.0 |
20.2 |
1.4 |
2,219.7 |
24.0 |
Measured |
Str |
94 |
2.5 |
0.37 |
0.88 |
0.28 |
0.05 |
17 |
0.12 |
3.08 |
1.94 |
0.3 |
0.8 |
0.3 |
0.0 |
51.0 |
0.4 |
Indicated |
Str |
643 |
2.5 |
0.34 |
0.90 |
0.23 |
0.09 |
17 |
0.06 |
3.23 |
2.04 |
2.2 |
5.8 |
1.5 |
0.6 |
354.0 |
1.3 |
M & I |
Str |
737 |
2.5 |
0.34 |
0.90 |
0.24 |
0.09 |
17 |
0.07 |
3.21 |
2.03 |
2.5 |
6.6 |
1.7 |
0.6 |
405.0 |
1.7 |
Inferred |
Str |
142 |
2.5 |
0.24 |
1.12 |
0.39 |
0.04 |
17 |
0.09 |
2.95 |
1.86 |
0.3 |
1.6 |
0.6 |
0.1 |
75.6 |
0.4 |
M & I |
All zones |
10.334 |
2.9 |
0.37 |
2.12 |
2.39 |
0.16 |
64 |
0.64 |
9.06 |
5.72 |
38.2 |
219.0 |
247.2 |
16.2 |
21,377.7 |
212.0 |
Inferred |
All zones |
2.502 |
2.8 |
0.18 |
1.42 |
1.70 |
0.12 |
38 |
0.43 |
5.93 |
3.74 |
4.6 |
35.6 |
42.6 |
2.9 |
3,022.8 |
34.3 |
LS Property South Deposit Updated
Resources Effective June 10, 2021, Reported at 1.10%
CuEq
Category |
Tonnes (kt) |
Average Grade |
Contained Metal |
CuEq |
Cu |
Zn |
Pb |
Ag |
Au |
CuEq |
Cu |
Zn |
Pb |
Ag |
Au |
(%) |
(%) |
(%) |
(%) |
(g/t) |
(g/t) |
(kt) |
(kt) |
(kt) |
(kt) |
(k oz) |
(k oz) |
Indicated |
4.044 |
1.50 |
0.42 |
1.55 |
0.87 |
17.64 |
0.06 |
60.54 |
16.94 |
62.53 |
35.13 |
2.294 |
7 |
Inferred |
10.827 |
1.35 |
0.31 |
0.79 |
0.43 |
14.56 |
0.76 |
145.65 |
33.12 |
86.03 |
46.67 |
5.068 |
266 |
Notes To Table1. Mineral resources unlike
mineral reserves do not have demonstrated economic viability. The
estimate of mineral resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.2. The mineral resources have
been estimated in accordance with the CIM Best Practice Guidelines
(2019) and the CIM Definition Standards (2014).3. The resources for
the South Zone are reported at a cut-off grade of 1.10 % CuEq; for
the North zone, resources contained in the Gossan and Stringer
domains are reported at a cut-off grade of 2.5 % ZnEq, and within
the Massive Sulphide domain at 3.0 % ZnEq.4. Totals may not tally
due to rounding5. CuEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu
Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/67.246. 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))/25.357. Metal
Prices: Cu $6,724/t, Zn $2,535/t, Pb $2,315/t, Au $1,250/oz, Ag
$19.40/oz, Sn $19,175/t8. Densities: GO=3.12, MS=4.76, Str=2.88,
Str/Fr=2.88 (north Zone) & 3.00 (South Zone)9. MMlb: Million
Pounds.
Mining Design
The mine is designed using a single access ramp
from surface and will target the extraction of ore from both the
north and south zones at a rate of 2.0 million tonnes per annum.
The initial years will focus more highly on the north zone due to
the higher grade profile with additional ore delivered from the
south zone.
The proposed underground mine design
incorporates a main decline, starting from the surface portal
located close to the processing plant, which will be used to access
the mine. This main access then splits into two independent
declines , one for each mine zone (i.e., “North and South”). The
underground mine is planned to support the extraction of 2.0
million tonnes of ore per year (“Mtpa”) through a combination of
transverse sublevel stoping and cut&fill. Paste backfill is
used in both mining methods to maximize ore recovery and
productivity.
The use of an independent decline for each
orebody, instead of one decline serving both zones, was chosen to
reduce the initial Capital Cost (“CAPEX”) considering that
production starts earlier in the North zone.
A fleet of LHDs (“Load-Haul-Dump”) and trucks
will be used for material loading and hauling from production areas
to the orepass system. From the orepass collecting points, trucks
will be hauling the ore to the surface. Waste is also transported
to the surface by trucks.
A pre-production development program will be
required to provide access to the initial stoping levels in the
North zone during the first two years. Production will start in the
second year, reaching the nominal plant feed in the fourth
year.
Based upon the current resources available, the
mine life is estimated at 14 years, however, this excludes any
benefit of future exploration. We note the North and South deposits
remain open to depth and along strike, with additional satellite
targets also available for future exploration. Relative to other
operations in the IPB Lagoa Salgada remains relatively shallow with
significant room to grow over time.
Metallurgy and Processing
Metallurgical test work has been carried out by
Grinding Solutions Ltd. (GSL) as outlined in the Press Release
dated September 9, 2021. Studies were conducted on the massive
sulphide material form the North zone, Stockwork material from the
South zone and on blended ore as planned under the mine plan.
Results support that a conventional polymetallic process flowsheet
capable of recovering coper, lead, zinc, gold and silver. The
flotation tailings will be leached for additional gold and silver
values. The oxide ore can be leached to recover precious metals.
Tin will be recovered from processing the tails material by
flotation.
The projected recoveries and concentrate grades
are presented in the table below are estimated for the project
based on recent test results and the extensive experience working
with polymetallic ores in the IPB. Additional testing is planned to
as the project moves towards feasibility.
Metallurgy |
Oxide |
Copper Recovery |
|
0 |
% |
Zinc Recovery |
|
0 |
% |
Lead Recovery |
|
65 |
% |
Silver Recovery |
|
66 |
% |
Gold Recovery |
|
86 |
% |
Tin Recovery |
|
40 |
% |
Massive Sulphide |
Copper Recovery |
|
25 |
% |
Zinc Recovery |
|
80 |
% |
Lead Recovery |
|
65 |
% |
Silver Recovery (in Lead Concentrate) |
|
35 |
% |
Silver Recovery (in Zinc Concentrate) |
|
20 |
% |
Silver Recovery (Leach) |
|
20 |
% |
Gold Recovery (in Lead Concentrate) |
|
10 |
% |
Gold Recovery (Leach) |
|
65 |
% |
Tin Recovery |
|
30 |
% |
Stockwork |
Copper Recovery |
|
80 |
% |
Zinc Recovery |
|
80 |
% |
Lead Recovery |
|
75 |
% |
Silver Recovery (in Lead Concentrate) |
|
40 |
% |
Silver Recovery (in Zinc Concentrate) |
|
20 |
% |
Silver Recovery (Leach) |
|
20 |
% |
Gold Recovery (in Lead Concentrate) |
|
10 |
% |
Gold Recovery (Leach) |
|
65 |
% |
Tin Recovery |
|
0 |
% |
Concentrate |
Cu Concentrate Grades |
|
|
Oxides |
% Cu |
25 |
% |
Massive Sulphide |
% Cu |
25 |
% |
Stockwork |
% Cu |
25 |
% |
Zn Concentrate Grades |
|
|
Oxides |
% Zn |
48 |
% |
Massive Sulphide |
% Zn |
48 |
% |
Stockwork |
% Zn |
48 |
% |
Pb Concentrate Grades |
|
|
Oxides |
% Pb |
45 |
% |
Massive Sulphide |
% Pb |
45 |
% |
Stockwork |
% Pb |
45 |
% |
Sn Concentrate Grades |
|
|
Oxides |
% Sn |
30 |
% |
Massive Sulphide |
% Sn |
30 |
% |
Stockwork |
% Sn |
30 |
% |
Operating Costs
The PEA contemplates an underground mine from
which mineralized material will be trucked to a conventional IPB
crushing, grinding and floatation concentration plant located close
to the main portal.
The operating costs were estimated using
external databases, refined with benchmark costs from operations on
the IPB. These costs were scaled to the estimated production rates
and to the labor costs in Portugal. LOM operating costs are
summarized in the table below:
Operating Cost Estimate
Operating Costs |
|
LOM Total / Avg. |
Mining (1) |
$/t |
$19.13 |
Processing (2) |
$/t |
$15.89 |
G&A |
$/t |
$3.50 |
Total Operating Costs |
$/t |
$38.52 |
Treatment & Refining Charges |
$/t |
$8.57 |
Royalties |
$/t |
$1.80 |
Total Cash Costs |
$/t |
$48.89 |
Total Cash Costs |
$/lb Zn eq. |
$0.70 |
Sustaining Capital |
$/t |
$3.93 |
All-in Sustaining Costs (AISC) |
$/t |
$52.83 |
All-in Sustaining Costs (AISC) |
$/lb Zn eq. |
$0.76 |
1 - includes pastefill, maintenance and all UG activities |
|
2 - Includes tailings disposal |
|
|
Average unit mining costs of $19.13/tonne were
estimated based on the proposed mine plan, local cost benchmarking
and experience from similar operations in other operating mines in
the IPB and local conditions. It is envisaged that the mining
operations will be carried out by a contractor.
Average processing costs of $15.89/tonne were
estimated based on the design process flowsheet and considered
process labour requirements and rates, as well as calculated
consumption rates of reagents, consumables, electricity, and
maintenance.
Capital Costs
Up front capital costs are estimated at $132
million, inclusive of a 10% contingency and closure costs. Up front
capital costs have been minimized via a staged build out of certain
life of mine infrastructure such as the tailing dam, paste backfill
and a ramp up in the mine fleet as needed by production. Sustaining
capital over the life of mine is estimated at $102MM million.
The accuracy range for the capital costs is
expected to be ±35% which is consistent with industry standards for
a PEA. All costs are expressed in 2021 US$ and uses an exchange
rate EUR:US$ of 1.2 where applicable. A summary of the Lagoa
Salgada capital cost estimates is shown in the table below:
Capital Cost Estimate
Capital Costs |
|
Total |
WasteDeveloment |
$MM |
$29.2 |
Mobile Equipment |
$MM |
$8.5 |
Processing Plant |
$MM |
$60.0 |
Pastefill Plant |
$MM |
$8.0 |
Dry Stack Facility |
$MM |
$1.5 |
Infrastructure |
$MM |
$10.6 |
Other |
$MM |
$2.5 |
Initial Capital Costs - Excluding Contingency |
$MM |
$120.3 |
Contingency |
$MM |
$12.0 |
Initial Capital Costs - Including Contingency |
$MM |
$132.3 |
Sustaining Capital Costs |
$MM |
$102.6 |
Closure Costs |
$MM |
$6.0 |
Site Infrastructure
Lagoa Salgada is well situated to benefit from
the well-established regional infrastructure to support mine
development with access to skilled labour, roads, ports and the
national electrical grid. Lagoa Salgada is situated in southern
Portugal about 100km south west of Lisbon, in close proximity to
the town of Grândola, and is currently accessed via paved roads to
Cilha do Pascoal, followed by 4 km of gravel roads to the mine
site.
The site will require an office, changeroom,
shop and warehouse as well as storage for fuel, laydown areas, site
fencing, and a security building. An allowance for a total of 2,600
m2 of building space has been included in the PEA.
The anticipated direct infrastructure for the
Project includes an electrical substation, paste plant, equipment
maintenance workshop, refueling facilities, assay laboratory,
office administration facilities and changing rooms, among
others.
The tailings and waste rock disposal concepts
were developed in full compliance with the most current standards
for sustainable tailings management, including consideration of
Best Available Practices (BAT) and Technologies. The method
considered in the PEA includes co-disposal of filtered tailings and
mine waste rock, in addition to the novel implementation of
Geotubes for additional risk reduction for the dry-stacked
tailings.
Exploration and Geological Potential
Update
Current geological understanding suggests that
the original spatial breakdown of the Venda Nova deposit at Lagoa
Salgada into the North, Central and South deposits was arbitrary.
This segmentation is due to the drilling pattern. Ascendant
believes that mineralization continuity gaps are probably related
to varying strike, dip, and plunge along the system further
systematic drilling may prove that the known sectors are likely to
coalesce into a continuous zinc-lead-copper VMS system, displaying
local variation of mineralization styles and tenors: from secondary
gossan to primary massive sulphide ending with peripheral
primary/secondary stringer/fissure type mineralization. This
interpretation is backed by continuity of the geophysical
footprint.
Notably the current northern edge of the
southern zone, that shows a North-Northwest plunge shows a
significant increase in gold tenors. This zone warrants systematic
drilling as it could reflect deeper stringer levels that can carry
high precious metal grades. Surface and Borehole 3D Models show
that all three Venda Nova deposits lie on continuous, coincidental
Resistivity (Low) and Chargeability (High) anomalies with an
estimated geological strike length of 1.7 km. Anomalies extend in a
SSE to NNW direction from the South deposit to beyond the North
deposit and terminating against the Alpine fault. Combined drilling
and geophysical results indicate that the mineralization remains
open beyond the current limits of drilling, along strike in both
directions and down plunge/dip.
The known footprint of the large continuous
system is constrained vertically by the depth of penetration of the
IP/Res system, ~ 350 m. A deep penetrating Electro Magnetic (DEPM)
survey will be completed in Q4 2021 aiming to image the roots of
the IP/Res anomalies and test the existence of high-grade massive
sulphide lenses below the current threshold of the geophysical
footprint (350 m below surface)
Ascendant firmly believes that the large proven
footprint of the Lagoa Salgada VMS system suggests high potential
exploration upside at the property. Given the size of the system it
is probable that the exhalative system recognized at Lagoa Salgada
is associated with fertile deep-rooted fractures that may be
related to additional stacked or lateral mineralized lenses.
Qualified Persons
Technical work on the PEA was guided by Charley
Murahwi, M.Sc., P.Geo., Pr. Sci. Nat., FAusIMM, Senior Economic
Geologist, Micon International Limited, who was also responsible
for the resource determination and metallurgical results
validation, who will act as the QP for the NI 43-101 report. Work
regarding the site infrastructure was undertaken by João Nunes,
Mining Engineer, BSc (Mine Eng), director of Quadrante, SA
QUADRANTE, a multidisciplinary engineering and consulting company
with more than 23 years of activity and projects completed in
Europe, Africa and Americas. QUADRANTE’s activity focuses across 7
main business Units – Industry and Energy (including Mining
Segment), Buildings, Transports, Airports, Environment, Water
Utilities, and Construction Management and Supervision, QUADRANTE
has been involved in recent years in several mining projects,
mainly in Portugal, Spain, Chile, Mozambique, and Zimbabwe and has
a staff of over 200 employees. The company has significant direct
experience at numerous operations within the Iberian Pyrite
Belt.
Mine planning, design and engineering it was the
responsibility of PAblo Gancedo Minguez, Mining Engineer, BSc (Mine
Eng), Director of IGAN Ingeniería, SL,IGAN INGENIERÍA, an
independent consulting firm specializing in mine planning and
engineering for open pit and underground mining projects and
operations. Based in Spain, IGAN has completed projects across 8
countries and 3 continents for international mining companies (both
private and publicly listed), equity firms and state-owned
companies. The company has significant direct experience at
numerous operations within the Iberian Pyrite Belt.
Metallurgical test work was carried out by Jon
Rumbles, MCSM Project Metallurgist for Grinding Solutions Limited
(GSL), a UK mineral processing services company with a strong
technical knowledge on the mineral processing of the IBP ores and
has been guided by Micon International, who was also responsible
for the metallurgical results validation, resource determination
and will act as the QP for the NI 43-101 preliminary economic
assessment report.
The scientific and technical information in this
press release has been reviewed and approved by João Nunes, Mining
Engineer, BSc (Mine Eng), director of Quadrante and by Dr. Sergio
Gelcich, P.Geo., Vice President for Exploration for Ascendant
Resources Ltd. Both are all Qualified Persons as defined in NI
43-101.The QPs have reviewed and approved the technical content of
this news release.
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 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 tones of Indicated Resources @ 1.50 % CuEq and 10.83
million tonnes of Inferred resources @ 1.35 % CuEq in the South
Zone at Venda Nova. 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 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:
Mark
Brennan |
Nicholas
Campbell, CFA |
CEO, Executive Chairman, Founder |
Manager, Corporate Development |
Tel: +1-647-796-0023 |
Tel: +1-905-630-0148 |
mbrennan@ascendantresources.com |
ncampbell@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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