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Ascendant Resources Intersects Additional 36.2 Meters Grading 21.90% ZnEq¹ at the Lagoa Salgada VMS Project in Portugal

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Ascendant Resources Intersects Additional 36.2 Meters Grading 21.90% ZnEq¹ at the Lagoa Salgada VMS Project in Portugal

 

 

 

 

 

Ascendant Resources Inc. (TSX: ASND) (OTCQX: ASDRF) (FRA: 2D9) is very pleased to report additional high-grade results from the final five holes drilled in the North Zone at the Lagoa Salgada VMS project located on the Iberian Pyrite Belt in Portugal. Results include the best hole drilled to date at the Lagoa Salgada project, LS_MS_39.

 

Drill holes with final assays received to date, will form the basis of an updated National Instrument 43-101 Mineral Resource Estimate at Lagoa Salgada which is expected to be completed in the third quarter, followed by a Preliminary Economic Assessment in the fourth quarter.

 

An additional three holes were drilled in the Central and South Zones that are pending assay results which are expected to be received over the course of the next several weeks.

 

Drill Hole Highlights:

 

  • LS_MS_39 – True thickness 36.2m at 0.39% Cu, 6.26% Pb, 7.30% Zn, 1.37g/t Au, 165.63g/t Ag and 0.20% Sn (21.90% ZnEq)
  • LS_MS_38 – True thickness 35.2m at 0.19% Cu, 2.28% Pb, 4.01% Zn, 0.70g/t Au, 47.98g/t Ag and 0.13% Sn (9.84% ZnEq)

 

The new drill results represent the final holes completed in the first phase of drilling for the 2019 exploration program in the North Zone at Lagoa Salgada. The completed program consists of 24 holes totaling 7,964 metres, of which 20 holes were focused on the North Zone and 4 holes focused on the South and Central Zones within the LS West Region. In the South Zone, hole LS_ST_16 was reported on July 24, 2019 and assays are pending for three additional holes from the South and Central Zones. Two holes in the South Zone were pre-collared but will be completed in a future program when the focus is expanded beyond the North Zone.

 

Assay results from the five drill holes reported today have continued to demonstrate significant high-grade massive sulphide mineralization over good widths (see Table 1 below), which, combined with previous results (see press release dated July 24, 2019), are expected to contribute significantly to expanding and upgrading Ascendant’s current Mineral Resource Estimate. Today’s reported holes continue to intersect massive sulphide mineralization both extending the mineralization at depth and along strike, demonstrating the high-grade nature of the North Zone.

 

Results also support the potential future extensions of the North Zone in all directions. For example, as drill hole LS_MS_40 and wedge hole LS_MS_40b indicate, the massive sulphide mineralization continues north under the north-dipping Alpine fault where a second massive sulphide lens was intersected. Drill hole LS_MS_39, which not only is the highest-grade hole drilled at Lagoa Salgada and having one of the thickest intersections thus far, is the southern-most hole drilled in the North Zone, allowing for more potential massive sulphide mineralization continuity to the south of the known North Zone. Drill holes LS_MS_37 and LS_MS_38 intersected multiple massive sulphide horizons opening the zone up to both the west and to the east for potentially more mineralization and the possibility of additional lenses.

 

The remaining three drill holes, that are expected to be released shortly, tested a new copper-rich zone in the Central and South Zones. These three holes tested a strong Induced Polarization (“IP”) chargeability anomaly with widely spaced holes (> 200-metre spacing between holes). The mineralization remains open along strike and at depth and further drilling will be necessary to evaluate the potential of this zone. We note that most VMS mines in the IPB have both zinc and copper rich zones.

 

Metallurgical test work has commenced, and the results will be incorporated into the upcoming PEA.

 

Chris Buncic, President & CEO of Ascendant stated “These exceptional results continue to support our view of the value potential we see at Lagoa Salgada. The North Zone, which still remains open, represents a significant portion of our current Mineral Resource Estimate and with these results, management is confident in our ability to significantly expand and upgrade the current Mineral Resource Estimate. The discovery of the copper-rich zone to the south, highlights the similar characteristics compared to other major VMS deposits in the Iberian Pyrite Belt. The ongoing exploration success has also provided strong encouragement to the team of the mineable potential of the project, which will be formalized with the completion of a PEA by the end of the year.”

 

Drill Hole Details

 

Tables 1 and 2 below provide assay results for the final five holes in the North Massive Sulphide Zone (see Figure 1). Drill results from these holes in the North Massive Sulphide Zone highlight the high-grade nature of the massive sulphide lens.

 

The drill holes were drilled at an angle of 60o to provide additional information of the true thickness and orientation of the ore zone. Significant thickness of massive sulphide mineralization were intersected in all holes in the north zone see tables for detail.

 

Table 1: Drill Intersections

 

 

Hole #    Zone From
(m)
To
(m)
Length
(m)
True
width
(m)
Cu
%
Pb
%
Zn
%
Au
(ppm)
Ag
(ppm)
Sn
%
ZnEq[2]
%
LS_MS_34 gossan 136.80 153.90 17.10 14.71 0.05 0.13 0.35 0.04 4.29 0.02 0.94
  MS 153.90 186.00 32.10 24.72 0.24 1.99 0.51 0.60 55.34 0.27 7.34
  Including 153.90 172.00 18.10 13.94 0.38 3.38 0.39 0.91 82.17 0.48 11.56
LS_MS_37 gossan 152.50 169.80 17.30 14.88 0.02 0.48 0.36 0.03 3.72 0.14 1.99
  MS 169.80 237.80 68.00 52.36 0.36 0.56 1.48 0.17 25.46 0.04 4.14
  Including 204.00 226.00 22.00 16.94 0.36 1.18 3.78 0.41 44.82 0.07 8.07
  2nd MS 248.70 258.20 9.50 7.32 0.47 0.23 0.72 0.12 26.33 0.04 3.46
  stringer 237.80 240.00 2.20 1.69 0.44 0.09 0.90 0.15 19.50 0.03 3.26
LS_MS_38 gossan 125.50 142.00 16.50 14.19 0.02 0.01 0.34 0.85 11.12 0.01 2.06
  MS 179.10 224.85 45.75 35.23 0.19 2.28 4.01 0.70 47.98 0.13 9.84
  Including 190.00 223.00 33.00 25.41 0.22 3.11 4.64 0.92 62.12 0.15 12.14
LS_MS_39 gossan 134.40 164.55 30.15 25.93 0.04 0.17 0.23 0.40 78.90 0.00 3.05
  MS 164.55 211.50 46.95 36.15 0.39 6.26 7.30 1.37 165.63 0.20 21.90
  Including 172.00 188.00 16.00 12.32 0.23 8.56 7.45 2.25 256.38 0.17 26.99
LS_MS_40 gossan 164.00 175.00 11.00 9.46 0.08 4.18 0.51 0.60 28.27 0.29 8.40
  Including 167.00 172.00 5.00 4.30 0.09 6.36 0.51 0.81 34.40 0.45 12.10
  MS 175.00 201.30 26.30 20.25 0.63 0.66 0.20 0.37 14.81 0.01 3.56
  Including 190.00 196.00 6.00 4.62 2.65 0.22 0.10 0.61 39.67 0.01 9.31
  2nd MS 259.50 262.70 3.20 2.46 0.08 2.70 5.26 1.43 130.75 0.10 12.90
LS_MS_40b MS 260.35 263.00 2.65 2.04 0.05 2.12 4.93 1.29 116.67 0.10 11.94
wedge hole                        

Notes:

  1. 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)+Sn Grade*191.75)/25.35
  2. Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$8.70/lb Sn, US$19.40/oz Ag, and 1,250/oz Au. No recoveries were applied.

 

Table 2: Drill Hole Information

 

 

ID Easting Northing Az.(º) Dip (º) Elevation Status Depth (m)
LS_MS_34 546932 4231967 250 -60 300 Finished 251.05
LS_MS_37 546703 4232063 70 -60 300 Finished 297.50
LS_MS_38 546693 4231988 70 -60 300 Finished 431.05
LS_MS_39 546751 4231920 70 -60 300 Finished 275.35
LS_MS_40 546822 4232181 307 -60 500 Finished 292.05

 

Quality Assurance and Quality Control

 

Analytical work was carried out ALS Laboratories. Drill core samples were prepared in ALS Lab, in Seville, Spain. Pulp samples were then sent to their analytical Laboratory in Ireland, for analysis. The core samples are analyzed for gold (ppm) by fire assay (Au‐AA25), and for the other elements by Multi element analysis of base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer (ME-ICPORE). Samples from the Main Resource, LS_MS_DH ID, are also assayed for Tin (Sn) by ICP-AES after Sodium Peroxide Fusion (Sn-ICP81x).

 

ALS Laboratories has routine quality control procedures which ensure that every batch of samples includes three sample repeats, two commercial standards and blanks. ALS Laboratories is independent from Ascendant. Ascendant used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program.

 

Review of Technical Information

 

The scientific and technical information in this press release has been reviewed and approved by Robert Campbell, P.Geo., Vice President, Exploration for Ascendant Resources Ltd, who is a Qualified Person as defined in National Instrument 43-101.

 

About Ascendant Resources Inc.

 

Ascendant is a Toronto-based mining company focused on its 100%-owned producing El Mochito zinc, lead and silver mine in west-central Honduras and its high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal.

 

After acquiring the El Mochito mine in December 2016, Ascendant spent 2017 and 2018 implementing a rigorous and successful optimization program restoring the historic potential of El Mochito, a mine in production since 1948, to deliver record levels of production with profitability restored. The Company now remains focused on cost reduction and further operational improvements to drive profitability in 2019 and beyond. With a significant land package of approximately 11,000 hectares in Honduras and an abundance of historical data, there are several near-mine and regional targets providing longer term exploration upside which could lead to further Mineral Resource growth.

 

Ascendant 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 the 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 its 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.

 

Photos accompanying this announcement are available at

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/b26deab9-9b43-4dea-b1ee-3f8cb70a81c0

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/3e2109ca-c72e-4d65-bdee-b9deab515bed

 

Posted August 13, 2019

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