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Ascendant Resources Drills 108 Metres Grading 10.25% Zinc Equivalent in the Main Zone in the First Hole Drilled at the Lagoa Salgada Polymetallic VMS Project in Portugal

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Ascendant Resources Drills 108 Metres Grading 10.25% Zinc Equivalent in the Main Zone in the First Hole Drilled at the Lagoa Salgada Polymetallic VMS Project in Portugal

 

 

 

 

 

Ascendant Resources Inc. (TSX: ASND) (OTCQX: ASDRF) (FRA: 2D9) is very pleased to announce the results from the first drill hole, LS_MS_07, from its recently initiated 22 hole drill program at the high-grade Lagoa Salgada polymetallic volcanogenic massive sulphide Project, located in the Iberian Pyrite Belt in Portugal; home to some of the world’s largest VMS mines.

 

 

Highlights from LS_MS_07 include:

 

  • LS_MS_07 represents the first step out hole of the new drill program, approximately 30 metres to the east of the Main Zone
  • Intersected 107.91 metres of high-grade mineralization grading 10.25% ZnEq2, approximately 30 metres longer than anticipated by previous intercepts
  • Significant intercepts include:
    • 10.7m gossan cap at 1.73g/t Au and 143.08g/t Ag (7.64% ZnEq)
      – Includes 5.79m higher grade at 3.19g/t Au and 264.29g/t Ag (13.43% ZnEq)
    • 59.2m massive sulphide zone at 0.33% Cu, 4.49% Pb, 4.89% Zn, 1.09g/t Au and 98.21g/t Ag (13.89% ZnEq)
      – Including 13.9m high-grade lead zone at 0.68% Cu, 6.69% Pb, 4.44% Zn, 1.55g/t Au and 150.24g/t Ag (18.25% ZnEq) and
      – Second 22.3m high-grade lead zone at 0.21% Cu, 5.73% Pb, 7.43% Zn, 1.28g/t Au and 101.67g/t Ag (17.73% ZnEq) and
      – 16.5m high-grade zinc zone at 0.2% Cu, 6.35% Pb, 8.07% Zn, 1.58g/t Au and 112.20g/t Ag (19.65% ZnEq)
  • New zone of high-grade chalcopyrite rich stringer mineralization of 9.9 metres grading 3.19% Cu or 10.22% ZnEq intersected at depth post fault zone, supporting view of the fault displacement of the ore zone
    • Including 3.3m grading 8.22% Cu or 24.68% ZnEq.
  • Intersection of second massive sulphide zone of 7.6m grading 0.44% Cu, 0.89% Pb, 2.58% Zn, 0.29g/t Au and 44.4g/t Ag (5.72% ZnEq), demonstrating additional massive sulphide at depth and west of a known fault.

__________

1 Reported intersections represent the adjusted Apparent Width of the ore body as opposed to intersected core lengths

2 ZnEq. or Zinc Equivalent metal grade in this document includes copper, lead, gold and silver expressed in zinc equivalent terms, was calculated as follows: ZnEq. % = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/25.35 using metal prices of US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz Ag, and 1,250/oz Au, without applying metallurgical recoveries.

 

 

Chris Buncic, President & CEO of Ascendant stated, “We are very encouraged by these initial results from our exploration program at Lagoa Salgada. While still early in the drill program, the results from this first hole support our view of the potential to rapidly expand the current known high-grade, massive sulphide mineralization that has been identified in previous drilling campaigns on the Project and provides confidence to quickly increase Mineral Resources. The new intersection at depth which was unexpected further increases the overall potential of the Project.”

 

 

Drill Hole Details

 

 

Drill hole LS_MS_07 was collared approximately 30 metres east of previous drill holes in the area targeting the eastern expansion of the known Main Zone massive sulphide mineralization contained within the current Mineral Resource as defined in the National Instrument 43-101 report dated January 5, 2018. The hole was drilled at an angle of 60° to provide more information of the true thickness and orientation of the ore zone. Gossan mineralization was intersected down hole at depth of 169 metres (vertical depth 146.3 metres), and the massive sulphide zone at a depth of 182 metres, approximately 30 metres earlier than anticipated based upon the previous interpretation of the ore body. The hole intersected two zones of massive sulphide. The first intersection of 71.75 metres from 182.15 metres to 253.90 metres grading on average 13.89% ZnEq, demonstrating the consistency of the mineralization in both ore body dimension and grades, and supporting the extension of the LS-1 Deposit to the east.

 

 

In addition, a new high-grade intersection of stringer chalcopyrite mineralization of approximately 12 metres at the interval of 262 to 274 metres grading 3.19% copper or 10.22% ZnEq was encountered; including a 4 metre interval grading 8.22% copper or 24.68% ZnEq. This new zone represents the first intersection of a copper rich stringer zone in the Main Zone west of a known fault zone. A second zone of massive sulphide was encountered at a depth of 280.35 to 289.60 metres grading 5.72% ZnEq. This zone is significantly higher in copper than the Main Zone and represents significant upside potential to expand the deposit at depth. Mineralized intervals are given in Table 1 and are shown in Figure 1 below which highlights the LS_MS_07 intersection relative to other drill holes in the area. It should be noted that intersections reported are down hole widths as the deposit is under 150 metres of Tertiary cover and the geometry of the Main Zone has not been fully defined yet. At this time, we believe that the Main Zone is near the nose of a NNW-plunging fold structure, and there has been subsequent faulting.

 

 

Table 1: Significant Drill Intersections

 

 

LS_MS_07
    From

To

Core 
Length
Apparent 
Width
Cu

Pb

Zn

Au

Ag

ZnEq [1]

    (m) (m) (m) (m) (%) (%) (%) (ppm) (ppm) (%)
  General 168.95 300.00 131.1 107.9 0.54 2.72 3.22 0.81 77.86 10.25
inc  
General 176.00 297.00 121.0 99.7 0.58 2.89 3.42 0.87 82.95 10.90
  gossan 168.95 182.15 13.2 10.7 0.06 1.00 0.23 1.73 143.08 7.64
inc  
gossan 175.00 182.15 7.2 5.8 0.10 1.34 0.25 3.19 264.29 13.43
1st MS

MS 182.15 253.90 71.8 59.2 0.33 4.49 4.89 1.09 98.21 13.89
inc  
MS 182.15 199.00 16.9 13.9 0.68 6.69 4.44 1.55 150.24 18.25
inc  
MS 210.00 237.00 27.0 22.3 0.21 5.73 7.43 1.28 101.67 17.73
inc  
MS 216.00 236.00 20.0 16.5 0.20 6.35 8.07 1.58 112.20 19.65
CuSTKW

STKW 262.00 274.00 12.0 9.9 3.19 0.14 0.91 0.01 28.42 10.22
inc  
STKW 264.00 273.00 9.0 7.4 4.06 0.16 1.03 0.01 27.56 12.64
inc  
STKW 269.00 273.00 4.0 3.3 8.22 0.26 1.44 0.01 47.75 24.68
2nd MS MS 280.35 289.60 9.3 7.6 0.44 0.89 2.58 0.29 44.40 5.72

Note: 
ZnEq% was calculated as follows: ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/25.35 
2 Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz Ag, and 1,250/oz Au. No recoveries were applied.

 

Table 2: Drill Hole Information

 

 

Drill Hole Easting Northing Total Depth (m) Elevation Azimuth Dip
LS-MS-07 546900 4232246 646.4 95 253 -60

 

 

Figure 1: Cross Section of Drill Hole LS_MS_07

 

A photo accompanying this announcement is available at 

http://www.globenewswire.com/NewsRoom/AttachmentNg/edf8879f-1910-4471-b24c-e40155fc1dd4

 

 

Drilling continues at Lagoa with additional drill results expected throughout the fourth quarter of 2018. In total, the exploration program at Lagoa includes 22 diamond drill holes with a total of approximately 7,750 metres divided over three primary areas; the Main Zone, the Stockwork Zone and the new Central Zone. The drill program is expected to expand the known deposits and is targeted to be completed by the end of the current year. In addition to drilling, the exploration program includes downhole geophysics, relogging and assaying of historical drilling in the area, and a complete structural reinterpretation of the property in the context of the overall regional geology. Given the structural controls seen at similar deposits within the IPB, the latter will aid in the development of the exploration program over the entire land package. See Figure 2 below for detailed planned drill holes.

 

 

Figure 2: Plan View of the 2018 Planned Drill Holes

 

A photo accompanying this announcement is available at

 http://www.globenewswire.com/NewsRoom/AttachmentNg/eca9da65-5378-4565-98ba-bae6593ba323

 

 

Mineral Resource Estimate for Lagoa Salgada

 

 

Tables 3 and 4 below show the current Mineral Resource Estimate for the Lagoa Salgada Project. The Mineral Resources are currently confined to the Main and Stockwork Zones only. As shown, the current Mineral Resource is already significant in both size and grade, highlighting the potential of this Project to rapidly advance towards being defined as a potential mineable deposit. Both the defined Main (LS-1) and Stockwork (LS-1 Central) deposits remain open in all directions, providing management with the confidence that a modest drill program has the potential to extend mineralization along strike and at depth and significantly increase resources.

 

 

Table 3: Mineral Resources for the LS-1 Deposit at a 3.5% ZnEq cut-off grade – Effective date January 5, 2018

 

 

 

Classification

Tonnage
(‘000 t)

Zn 
(%)

Pb
(%)

Cu 
(%)

Ag 
(gpt)

Au 
(gpt)

ZnEq 
(%)

Indicated 5,840 2.79 2.96 0.32 53.54 0.78 8.88
Inferred 2,010 2.44 2.80 0.24 47.37 0.65 7.82

(1) Block matrix is 10mx10mx10m
(2) Grades are estimated by ordinary kriging interpolation
(3) A cut-off grade of 3.5% ZnEq was used to report the Mineral Resource for the LS-1 Deposit
(4) Zinc equivalent metal grade (ZnEq%) was calculated as follows:
ZnEq% = ((Zn Grade * 25.35) + (Pb Grade * 23.15) + (Cu Grade * 67.24) + (Au Grade * 40.19) + (Ag Grade * 0.62)) / 25.35
Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz Ag, and 1,250/oz Au
No recoveries were applied
(5) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
(6) Shown on a 100% basis. Ascendant holds a 25% interest in Redcorp, the operating subsidiary which holds an 85% interest in the Lagoa Salgada Project

                         

 

 

Table 4: Mineral Resources for the LS-1 Central Deposit at a 3.5% ZnEq cut-off grade – Effective date January 5, 2018

 

 

 

Classification

Tonnage
(‘000 t)
Zn 
(%)
Pb 
(%)
Cu 
(%)
Ag 
(gpt)
Au 
(gpt)
ZnEq 
(%)
Inferred 2,220 1.91 1.11 0.51 17.76 0.07 4.80

 

(1) Block Matrix is 10mx10mx10m
(2) Grades are estimated by inverse distance squared interpolation
(3) A cut-off grade of 3.5% ZnEq was used to report the Mineral Resource for the LS-1 Central Deposit
(4) Zinc equivalent metal grade (ZnEq%) was calculated as follows:
ZnEq% = ((Zn Grade * 25.35) + (Pb Grade * 23.15) + (Cu Grade * 67.24) + (Au Grade * 40.19) + (Ag Grade * 0.62)) / 25.35
Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz Ag, and 1,250/oz Au
No recoveries were applied
(5) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
(6) Shown on a 100% basis. Ascendant holds a 25% interest in Redcorp, the operating subsidiary which holds an 85% interest in the Lagoa Salgada Project

 

 

Qualified Persons

 

 

The scientific and technical information in this press release has been reviewed and approved by C. Tucker Barrie, Ph.D., P.Geo., a geologist with over twenty-five years of international experience in VMS deposit exploration and development, and a independent consultant to the Company; and by Paul Daigle, P.Geo., Senior Associate of AGP Mining Consultants Inc. Mr. Daigle is responsible for the Technical Report and Mineral Resource Estimate for the Lagoa Salgada Project and is independent of Ascendant. Both gentlemen are a “Qualified Person” as defined by NI 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.

 

Posted October 15, 2018

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