Ascendant Resources Inc. (TSX: ASND) (FRA: 2D9)
("Ascendant" or the "Company”) is pleased to announce that it has
engaged to undertake the new NI 43-101 Preliminary Economic
Assessment (“PEA”) for its Lagoa Salgada VMS project in Portugal.
Both Quadrante and IGAN have extensive experience on the Iberian
Pyrite Belt, The PEA will be designed to look at a combined mining
operation encompassing the mineralization contained within the
North and South Zones and incorporating the updated metallurgical
test work that is currently underway.
Mark Brennan, Executive Chairman of Ascendant
stated, “We are very excited to start our larger scale Preliminary
Economic Assessment for Lagoa Salgada. We believe the results from
the detailed metallurgical studies and the enhanced scale of
operations should deliver robust economics. We believe Quadrante
and IGAN, who will complete the studies, are well positioned given
their local knowledge and expertise of the Iberian Pyrite Belt to
deliver the best development scenario based on the current
resources at Lagoa Salgada. Longer term, we expect exploration to
significantly grow the overall resource base to continue to provide
the opportunity to expand operations further and add significant
value.”
The new PEA is planned to encompass an updated
NI 43-101 Resource for both the North and South Zones at Lagoa
Salgada which should be completed shortly. This resource will
reflect an update from the current resource as outlined in Table 1
below to reflect the results of 3 additional drill holes in the
South Zone. Given the increased combined resource size, it is
anticipated that the PEA will review a larger scale operation
relative to the previous PEA completed on the North Zone on a
standalone basis as reported in December 2019.
Table 1: Lagoa Salgada Resources (North
and South Zones)
A table accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ec9b9f5-c876-482a-bf8f-253657264532
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
The PEA is expected to be completed by end of
July 2021, subject to the completion of the Phase 2 metallurgical
investigations as outlined in our press release dated March 17
,2021.
Technical work on the PEA will be guided by
Micon International, who will be responsible for the resource
determination and metallurgical results validation, and will act as
the QP for the NI 43-101 report. Work regarding the site
infrastructure will be undertaken by 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 develops 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 will be
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, 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 testwork is being carried out by
Grinding Solutions Limited (GSL), a UK mineral processing services
company with a strong technical knowledge on the mineral processing
of the IBP ores. Grinding Solutions specialises in exploring novel
approaches for mineral liberation and separation to help his
clients maximise their value and opportunities to meet the
ever-increasing global challenges that the mining industry now
faces. Another GSL objective is to reduce mining and processing
costs as well as the environmental impact whilst maximising value
for Ascendant.
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 and Director for Ascendant
Resources Ltd, who is a Qualified Persons as defined in National
Instrument 43-101.
About Ascendant Resources
Inc.
Ascendant Resources Inc. 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 aggressive
exploration and development plans, the Company aims to unlock the
significant potential of the project and maximize value for
shareholders.
Lagoa Salgada contains over 14.8 million tonnes
of M&I Resources and over 11.9 million tonnes in Inferred
Resources within the North, Central and South Zones 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 completed in
2020. 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.
(EDM), 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.
Ascendant Resources is also engaged in the
ongoing evaluation of producing and development stage mineral
resource opportunities. The Corporation'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:
Mark BrennanExecutive ChairmanTel:
647-796-0023mbrennan@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.
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
additional financing on acceptable terms, 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.
Should one or more risk, uncertainty,
contingency, or other factor materialize, or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, the reader should not place undue reliance on
forward-looking information. Ascendant does not assume any
obligation to update or revise any forward-looking information
after the date of this news release or to explain any material
difference between subsequent actual events and any forward-looking
information, except as required by applicable law.
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