Ascendant Resources Makes US$2.5 Million Final Payment Under Earn-In Agreement for Lagoa Salgada VMS Project, Portugal
14 Dezember 2022 - 12:00PM
Ascendant Resources Inc. (TSX: ASND; OTCQB: ASDRF;
FRA: 2D9) ("Ascendant" or the "Company”) is pleased to announce
that it has satisfied all financial conditions required to increase
its effective ownership interest from 50% to 80% in the Lagoa
Salgada VMS project (the “Project”) in Portugal. Ascendant has made
the final US$2.5 million payment to the optionor, Mineral &
Financial Investment AG, as required under the earn in agreement
with respect to the Project. Ascendant expects to satisfy the only
remaining condition; the completion of the current ongoing
Feasibilty Study, to increase its stake in the Project to 80% by
the end of Q1 2023.
Mark Brennan, Ascendant’s Executive Chairman
commented, “With this payment we are now just one step away from
increasing our ownership to 80% in this highly prospective and
economicly robust project. The feasibility study is progressing
extremely well and we remain on-track for completion by the end of
Q1 2023, well ahead of the deadline to execute our remaining option
to achieve an 80% interest in the Lagoa Salgada Project. In
addition, the project remains in the exploration discovery stage,
and we look forward to commencing imminently a new, pure greenfield
exploration program targeting two highly prospective satellite
targets which we anticipate could significantly expand the overall
resource potential we see at Lagoa Salgada.”
As per the earn-in agreement, the Company has
the option to earn an additional 30%, totaling an 80% effective
interest in the Project, by making the US$2.5 million payment and
completing a feasibility study by June 22, 2023.
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.
Additional information relating to the Company,
including the Preliminary Economic Assessment referenced in this
news release, is available on SEDAR at www.sedar.com.
For further information please contact: |
|
|
Mark Brennan |
David Ball |
Executive Chairman, Founder |
Vice President, Corporate Development |
Tel: +1-647-796-0023 |
Tel: +1-647-796-0068 |
mbrennan@ascendantresources.com |
dball@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
feasibility study and the results of such activities at the
Project, the ability of the Company to complete a feasibility study
in Q1 2023 and by June 2023, and the anticipated outcome of such
feasibility study, to earn an 80% interest in the Project, the
economics of the Project and the ability of the Company to fund
exploration and development of the Project. 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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