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

Table 2: Collar Table

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.