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Ascendant Resources Announces Additional High-Grade Drill Results From Its 2018 Exploration Program at El Mochito

 

 

 

 

 

Ascendant Resources Inc. (TSX: ASND) (OTCQX: ASDRF) (FRA: 2D9) is pleased to announce results from an additional 24 diamond drill holes (4,254 metres) from its 2018 exploration and definition drilling program at its El Mochito mine in Honduras. The drilling was split between in-fill (48%) and step-out (52%) drill holes, and targeted extensions of four ore bodies, namely Porvenir, Santa Elena, Port Royal Manto and Esperanza (See Figure 1 and Tables 1 & 2 below). These results continue to support the Company’s goal of identifying higher-grade ore for immediate production and increasing tonnage for further Mineral Reserve and Resource growth at El Mochito. 

 

 

Key highlights (true/apparent widths1) include:

 

 

Infill Drilling

 

  • DDH 10996 – 7.1m at 14.0% ZnEq, 7.4% Zn, 6.2% Pb and 86.5 g/t Ag (Esperanza)
  • DDH 10998 – 13.7m at 10.7% ZnEq, 5.7% Zn, 4.6% Pb and 72.0 g/t Ag (Esperanza)
  • DDH 10999 – 4.8m at 16.4% ZnEq, 8.2% Zn, 6.6% Pb and 166.5 g/t Ag (Esperanza)
  • DDH 11017 – 16.1m at 9.9% ZnEq, 9.4% Zn, 0.1% Pb and 25.9 g/t Ag (Port Royal Manto)

 

Step-out Drilling

 

  • DDH 10994 – 2.6m at 9.5% ZnEq1, 6.0% Zn, 3.4% Pb and 35.2 g/t Ag (Porvenir)
  • DDH 10987 – 7.0m at 6.1% ZnEq, 3.4% Zn, 2.6% Pb and 30 g/t Ag (Porvenir)
  • DDH 10973 – 2.7m at 7.3% ZnEq, 4.1% Zn, 3.1% Pb and 38.3 g/t Ag (Santa Elena)

 

 

Infill drilling at the Esperanza Orebody continues to deliver high-grade results demonstrating its ability to continue to contribute significantly towards 2018 production as well as for the foreseeable future. The Santa Elena Orebody forms part of the El Mochito production plan in 2019 and beyond with step-out drilling continuing to indicate an eastern extension of the orebody. The newly defined Porvenir Orebody, forms part of the Inferred Mineral Resource, and current drilling aids further in its definition and delineation. These orebodies remain open along strike and at depth.

 

 

1 Please refer to tables for true/apparent widths which are estimated from actual drilled lengths.

 

 

In May 2018, the Company published an update of its Mineral Reserves and Resources Estimate showing a significant increase, providing for a Mineral Reserve mine life of more than seven years, confirming the long-term conversion of Resources into Reserves and the continued growth achieved at El Mochito over the mines 70-year history. Given El Mochito’s substantial Reserve base, and in light of the short-term price weakness in the commodities markets, the Company has decided to defer significant underground exploration drilling at El Mochito as part of its overall cost management program. Of the 23,930 metres completed to date, 57% constitutes step-out drilling and 43% infill drilling. The Company will continue with infill drilling and expects to complete total drilling of approximately 30,000 metres for the year. Assay results from 7,661 metres of previous drilling are expected in the fourth quarter.

 

 

Chris Buncic, President and CEO of Ascendant commented: “We are pleased with these results as they provide new high-grade mineralization at grades higher than current mining grades and the existing Reserve and Resource grades. There continues to be significant opportunity for Reserve and Resource conversion and growth through exploration to fulfill our long-term goal of increasing head grades to the mill and increase the value per tonne mined.” He continued, “Despite a minor adjustment to our 2018 exploration program, management believes the work to date should be more than sufficient for continued conversion and expansion of El Mochito’s Reserves and Resources and we look forward to resuming exploration activities as commodity market pricing improves.”

 

A photo accompanying this announcement is available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/14a9c98c-a456-4f7e-bb79-c628f26a7b74

 

 

Table 1: Significant Assays

 

 

Drill Hole
Category
DDH No. From
(m)
To (m) Length
(m)
True /
Apparent
Width (m)*
Ag (g/t) Pb (%) Zn (%) ZnEq
(%)**
Area
Infill 10991 57.9 65.3 7.5 7.2 109.0 5.8 6.2 12.9 Esperanza
including 57.9 59.3 1.5 1.4 58.0 4.0 3.5 7.8
including 59.3 64.0 4.7 4.5 136.1 7.6 8.4 16.9
including 64.0 65.3 1.3 1.3 70.0 1.9 1.6 4.3
Infill 10993 82.4 84.9 2.5 2.0 137.3 8.8 6.9 16.4 Esperanza
including 82.4 83.7 1.2 1.0 235.0 15.7 11.5 28.3
including 83.7 84.9 1.2 1.0 42.0 2.1 2.5 4.8
Infill 10996 63.1 71.8 8.7 7.1 86.5 6.2 7.4 14.0 Esperanza
including 63.1 65.5 2.4 2.0 137.5 7.7 9.2 17.8
including 65.5 71.8 6.2 5.1 66.6 5.7 6.7 12.5
Infill 10998 69.5 89.3 19.8 13.7 72.0 4.6 5.7 10.7 Esperanza
including 69.5 77.9 8.4 5.8 38.5 2.2 3.8 6.2
including 77.9 78.2 0.3 0.2 1.0 0.0 0.0 0.0
including 78.2 80.2 2.0 1.4 64.0 3.4 7.0 10.8
including 80.2 82.0 1.8 1.3 172.0 13.6 14.2 28.3
including 82.0 89.3 7.3 5.1 90.2 5.6 5.8 11.9
Infill 10999 55.8 60.7 5.0 4.8 166.5 6.6 8.2 16.4 Esperanza
including 55.8 57.6 1.8 1.8 301.0 9.5 12.2 25.0
including 57.6 59.4 1.8 1.8 107.0 5.5 7.0 13.3
including 59.4 60.7 1.3 1.3 62.0 4.1 4.3 8.7
Infill 11002 77.3 78.8 1.5 0.9 59.0 4.5 4.8 9.5 Esperanza
and 107.4 108.8 1.4 0.9 74.0 3.2 3.6 7.4
Infill 11005 53.0 57.0 4.0 3.7 75.9 5.7 7.1 13.0 Esperanza
Infill 11010 14.4 16.6 2.2 2.0 57.0 0.8 3.5 5.1 Esperanza
and 67.2 70.1 2.9 2.7 78.2 4.8 5.8 11.1
including 67.2 68.6 1.3 1.3 92.0 5.7 6.9 13.1
including 68.6 70.1 1.5 1.4 66.0 4.1 4.9 9.3
and 75.6 80.3 4.7 4.5 55.8 2.5 4.5 7.4
including 75.6 77.6 2.0 1.9 58.0 4.9 5.1 10.1
including 77.6 79.2 1.6 1.6 38.0 0.6 3.3 4.5
including 79.2 80.3 1.0 1.0 80.0 0.8 5.1 7.0
and 107.9 109.7 1.8 1.6 129.0 0.1 3.0 5.1
and 114.3 115.5 1.2 1.1 30.0 0.6 3.9 4.9
and 117.0 121.9 4.9 4.6 34.3 1.7 5.5 7.5
including 117.0 118.7 1.7 1.6 16.0 0.5 3.9 4.5
including 118.7 120.4 1.7 1.6 61.0 4.4 8.4 13.1
including 120.4 121.9 1.5 1.4 25.0 0.2 3.9 4.5
Infill 11015 13.5 25.3 11.8 9.2 74.2 5.1 5.8 11.3 Esperanza
including 13.5 15.2 1.7 1.4 116.0 7.0 7.8 15.5
including 15.2 18.3 3.0 2.4 130.5 8.1 10.0 18.8
including 18.3 20.1 1.8 1.4 62.0 5.3 5.8 11.2
including 20.1 21.9 1.8 1.4 31.0 2.9 3.1 5.9
including 21.9 23.1 1.2 0.9 1.0 0.2 0.2 0.3
including 23.1 25.3 2.2 1.7 47.8 3.7 3.8 7.7
and 55.2 62.5 7.3 4.9 64.1 0.6 4.2 5.7
including 55.2 56.4 1.2 0.8 32.0 1.5 4.4 6.1
including 56.4 57.9 1.5 1.0 7.0 0.0 2.7 2.8
including 57.9 62.5 4.6 3.1 91.3 0.6 4.7 6.6
and 68.0 71.3 3.4 2.3 28.0 0.0 4.3 4.8
including 68.0 69.6 1.7 1.2 44.0 0.0 3.2 3.9
including 69.6 71.3 1.7 1.2 12.0 0.0 5.4 5.6
Infill 10986 143.3 146.0 2.7 1.5 340.3 1.7 2.4 9.1 Port Royal Manto
including 143.3 144.8 1.5 0.8 111.0 1.0 4.3 6.8
including 144.8 146.0 1.2 0.7 627.0 2.5 0.0 12.0
and 168.9 173.4 4.6 2.5 96.2 1.2 1.7 4.2
including 168.9 170.7 1.8 1.0 170.0 1.5 1.3 5.2
including 170.7 173.4 2.7 1.5 47.0 1.0 1.9 3.5
Infill 10990 158.5 171.0 12.5 6.2 41.8 2.9 4.1 7.2 Port Royal Manto
including 158.5 161.5 3.0 1.5 85.0 5.3 7.3 13.1
including 161.5 163.1 1.5 0.8 38.0 3.6 5.5 9.1
including 163.1 166.0 2.9 1.4 70.7 5.2 7.0 12.4
including 166.0 167.0 1.1 0.5 4.0 0.1 0.2 0.3
including 167.0 171.0 4.0 2.0 109.1 0.9 3.5 5.9
Infill 10992 No Significant Intercepts Port Royal Manto
Infill 11000 101.1 107.3 6.2 2.7 102.6 4.5 5.7 11.1 Port Royal Manto
including 101.1 104.4 3.3 1.4 156.3 6.0 8.0 15.5
including 104.4 105.2 0.9 0.4 29.0 1.9 1.9 3.9
including 105.2 107.3 2.0 0.9 48.0 3.2 3.7 7.2
and 125.0 131.1 6.1 3.4 51.3 0.7 8.5 10.0
including 125.0 128.0 3.0 1.7 58.5 1.0 9.5 11.3
including 128.0 131.1 3.0 1.7 44.0 0.5 7.5 8.6
Infill 10997 124.4 126.0 1.7 0.9 49.0 3.1 4.3 7.7 Port Royal Manto
and 140.5 142.2 1.7 1.0 34.0 2.3 4.4 6.8
Infill 11012 86.9 88.4 1.5 0.6 64.0 4.6 7.2 12.1 Port Royal Manto
and 91.4 93.0 1.5 1.0 46.0 0.1 9.6 10.4
Infill 11014 No Significant Intercepts Port Royal Manto
Infill 11020 No Significant Intercepts Port Royal Manto
Infill 11017 40.8 41.7 0.9 0.8 217.0 5.2 9.9 17.7 Port Royal Manto
and 44.2 64.9 20.7 16.1 25.9 0.1 9.4 9.9
including 44.2 47.9 3.7 2.8 43.0 0.4 11.8 12.9
including 47.9 48.8 0.9 0.7 9.0 0.2 3.0 3.3
including 48.8 50.0 1.2 0.9 48.0 0.1 13.5 14.3
including 50.0 53.3 3.4 2.6 14.1 0.1 5.8 6.1
including 53.3 55.0 1.7 1.3 33.0 0.1 15.3 15.9
including 55.0 56.7 1.7 1.3 1.0 0.0 0.5 0.5
including 56.7 58.2 1.5 1.2 12.0 0.0 6.1 6.4
including 58.2 60.0 1.8 1.4 55.0 0.1 12.6 13.5
including 60.0 62.5 2.4 1.9 20.1 0.0 7.8 8.1
including 62.5 64.9 2.4 1.9 17.0 0.0 14.4 14.7
Step Out 10994 35.2 38.3 3.0 2.9 22.2 2.1 3.0 5.1 Porvenir
including 35.2 36.6 1.4 1.3 20.0 1.5 1.9 3.5
including 36.6 38.3 1.7 1.6 24.0 2.6 3.8 6.4
and 43.9 46.5 2.7 2.6 35.2 3.4 6.0 9.5
including 43.9 45.1 1.2 1.2 26.0 2.7 3.7 6.3
including 45.1 46.5 1.4 1.4 43.0 4.1 8.0 12.1
and 273.1 283.5 10.4 7.9 17.5 0.3 4.4 4.9
including 273.1 276.0 2.9 2.2 22.1 0.8 4.3 5.3
including 276.0 278.9 2.9 2.2 6.4 0.1 2.8 3.0
including 278.9 283.5 4.6 3.5 21.7 0.2 5.4 5.9
and 292.9 294.9 2.0 1.5 96.0 2.1 3.9 7.1
and 296.9 298.7 1.8 1.5 27.0 4.0 5.0 8.8
and 300.2 301.8 1.5 1.2 6.0 0.0 7.4 7.5
and 305.7 307.1 1.4 1.1 7.0 0.1 3.9 4.1
Step Out 10987 22.1 24.4 2.3 2.3 36.0 3.4 3.6 7.0 Porvenir
and 33.5 40.7 7.2 7.0 30.0 2.6 3.4 6.1
including 33.5 38.1 4.6 4.5 33.7 2.9 3.5 6.5
including 38.1 39.6 1.5 1.5 17.0 1.6 2.4 4.0
including 39.6 40.7 1.1 1.1 33.0 3.0 4.1 7.1
and 253.0 254.4 1.4 1.2 10.0 0.6 4.7 5.4
and 265.2 266.9 1.7 1.4 33.0 2.0 7.7 9.9
Step Out 10973 325.8 330.1 4.3 4.1 30.9 2.3 2.6 5.0 Santa Elena
including 325.8 327.7 1.8 1.7 33.0 3.7 4.3 7.9
including 327.7 328.7 1.0 1.0 7.0 0.0 0.0 0.1
including 328.7 330.1 1.4 1.4 45.0 2.0 2.4 4.8
and 336.0 338.9 2.8 2.7 38.3 3.1 4.1 7.3
including 336.0 337.4 1.4 1.3 13.0 1.3 2.4 3.6
including 337.4 338.9 1.5 1.4 62.0 4.8 5.8 10.7
Step Out 10988 349.6 350.8 1.2 1.2 28.0 2.6 2.6 5.2 Santa Elena
and 355.6 356.6 1.0 1.0 6.0 0.1 10.4 10.6
Step Out 10982 325.2 333.8 8.5 8.1 5.5 0.2 5.6 5.8 Santa Elena
including 325.2 330.3 5.0 4.8 9.4 0.4 9.4 9.9
including 330.3 332.2 2.0 1.9 1.0 0.0 0.8 0.8
including 332.2 333.8 1.5 1.4 10.0 0.2 8.9 9.2
and 338.3 345.9 7.6 7.1 23.1 0.4 3.6 4.3
including 338.3 339.9 1.5 1.4 67.0 0.3 3.5 4.8
including 339.9 341.7 1.8 1.7 7.0 0.1 1.5 1.7
including 341.7 345.9 4.3 4.0 14.3 0.6 4.6 5.3
Step Out 10995 No Significant Intercepts Santa Elena
* True Thickness and apparent widths are estimates.
** Price assumptions used were US$1.21/lb Zn, US$1.06/lb Pb and US$18/troy oz Ag. Zinc equivalent metal grade (ZnEq. %) was calculated as follows:  Zn% +(Pb x 0.82) +(Ag g/t x 0.0149) = ZnEq% and is based on 88.9% Zn recovery, 74.3% Pb recovery and 77.7% Ag
 

 

 

Table 2: Collar Table

 

 

               
        UTM Coordinates (WGS84Z16N)      
Area Drill
Hole
Category
Mine
Level (ft)
DDH No. Easting
(m)
Northing
(m)
Elev. (m) Azi. Incl. Length
(m)
Esperanza Infill 2605 10991 381,780 1,643,192 171 249 19 73.2
Esperanza Infill 2605 10993 381,780 1,643,192 172 250 41 94.5
Esperanza Infill 2605 10996 381,780 1,643,192 172 263 30 82.3
Esperanza Infill 2605 10998 381,780 1,643,192 172 262 45 96.0
Esperanza Infill 2605 10999 381,780 1,643,192 171 260 17 73.2
Esperanza Infill 2605 11002 381,780 1,643,192 173 260.6 53.6 121.3
Esperanza Infill 2605 11005 381,781 1,643,194 171 291 26 83.8
Esperanza Infill 2605 11010 381,781 1,643,196 170 326 -15 150.6
Esperanza Infill 2605 11015 381,782 1,643,195 170 331 -36.4 74.1
Port Royal Manto Infill 2450 10986 381,780 1,643,192 172 328.5 -36 96.0
Port Royal Manto Infill 2450 10990 382,308 1,642,557 193 311 -35 180.1
Port Royal Manto Infill 2450 10992 382,308 1,642,557 193 312 -30 217.9
Port Royal Manto Infill 2450 11000 382,308 1,642,556 192 290 -44 150.9
Port Royal Manto Infill 2450 10997 382,309 1,642,559 192 346.9 -42.5 175.3
Port Royal Manto Infill 2450 11012 382,311 1,642,555 192 90 -43.5 103.9
Port Royal Manto Infill 2450 11014 382,311 1,642,556 192 86 -58.5 82.3
Port Royal Manto Infill 2450 11020 382,311 1,642,557 192 16.2 -40 103.6
Port Royal Manto Infill 2450 11017 382,311 1,642,557 192 30 -59 71.6
Porvenir Step Out 2790 10994 384,385 1,642,350 111 73 -42 323.1
Porvenir Step Out 2790 10987 384,383 1,642,351 111 44 -39 300.2
Santa Elena Step Out 2680 10973 383,378 1,643,006 125 80 -74 350.5
Santa Elena Step Out 2680 10988 383,373 1,643,007 126 312 -38 420.6
Santa Elena Step Out 2680 10982 383,378 1,643,003 125 127.5 -61 353.6
Santa Elena Step Out 2680 10995 383,374 1,643,007 125 330.6 -39.4 475.5
                   

 

 

Quality Assurance and Quality Control

 

 

Analytical work was carried out by Bureau Veritas Commodities Canada Ltd. (ACME), Vancouver, Canada.  Drill core samples were prepared in Bureau Veritas’s laboratory in Guatemala City, Guatemala. Pulp samples were then sent to their analytical Laboratory in Vancouver, Canada. All samples were analyzed for zinc, Lead, copper, iron and silver values determined by method code AR402 atomic absorption spectrometry, and any over limit values were determined using method code FA410. Bureau Veritas has routine quality control procedures which ensure that every batch of 40 prepared samples includes three sample repeats, two commercial standards and blanks. Bureau Veritas is independent from Ascendant. Ascendant used standard QA/QC procedures, when inserting blanks, for the drilling program.

 

 

Qualified Persons

 

 

The scientific and technical information in this press release has been reviewed and approved by Patrick E. Toth, P.Geo., Director Exploration to Ascendant and a Qualified Person as defined by National Instrument 43-101.

 

 

About Ascendant Resources Inc.

 

 

Ascendant is a Toronto-based mining company focused on its flagship 100%-owned producing El Mochito zinc, lead and silver mine in west-central Honduras, which has been in production since 1948. After acquiring the mine in December 2016, Ascendant spent 2017 implementing a rigorous and successful optimization program restoring the historic potential of El Mochito delivering record levels of production with profitability restored. The Company now remains focused on cost reduction and further operational improvements to drive robust profitability in 2018 and beyond. Expanding and upgrading El Mochito’s significant Mineral Reserves and Resources through exploration work for near-mine growth is an ongoing focus for the Company. With a significant land package of 11,000 hectares in Honduras and an abundance of historical data, there are several regional targets providing longer term exploration upside which could lead to further resource growth.

 

 

Ascendant also holds an interest in the high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal. The Company is engaged in exploration of the Project with the goal of expanding already substantial defined Mineral Resources and testing additional known targets. The Company’s acquisition of its interest in the Lagoa Salgada Project offers a low-cost entry point to a potentially significant exploration and development opportunity. The Company holds an additional option to increase their interest in the Project upon completion of certain milestones.

 

 

Ascendant Resources is engaged in the ongoing evaluation of producing and development stage mineral resource opportunities, on an ongoing basis.

 

Posted September 10, 2018

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