Ascendant Resources Inc. (TSX: ASND) (OTCQX: ASDRF) (FRA: 2D9) is very pleased to announce that it has intersected copper-rich mineralization in the  Central and South Zones in its final three holes at the Lagoa Salgada VMS project located on the Iberian Pyrite Belt in Portugal. The results include the best hole, LS_ST_16, which was reported on July 24, 2019. All drill results from the recently completed exploration program will form the basis for an updated National Instrument 43-101 Mineral Resource Estimate to be reported imminently, followed by a Preliminary Economic Assessment by the end of the year.

Drill Hole Highlights:

• LS_ST_16 – True width 130.6m at 0.32% Cu, 0.82% Pb, 1.50% Zn, 0.04g/t Au, 12.89g/t Ag and 0.01% Sn (1.33% CuEq)
• Including – True width 26.7m at 0.58% Cu, 1.13% Pb, 2.66% Zn, 0.03g/t Au, 24.78g/t Ag and 0.01% Sn (2.24% CuEq)

The drill results reported represent the final holes completed in the first phase of drilling for the 2019 exploration program at Lagoa Salgada. During this phase, 26 holes totaling 8,164 metres were completed on the North, Central and South Zones. Drill results from the last 3 holes in the Central and South Zones have continued to demonstrate significant sulphide mineralization (see table 1 below), greatly extending the stockwork mineralization at depth and along strike.

These remaining three drill holes along with LS_ST_16, tested a very large and strong Induced Polarization chargeability anomaly coincident with the gravity anomaly in the Central and South Zones (see Figure 1). This geophysical anomaly is associated with the massive sulphide lenses and stockwork mineralization and intersected new copper-rich mineralization. The drilling was widely spaced (>200-metre spacing between holes) and did not completely test the strong Induced Polarization chargeability anomaly that appears to be open to the east and along strike. Further drilling will be necessary to evaluate this zone, but we note that most VMS mines in the Iberian Pyrite Belt have both zinc and copper-rich zones.

With only twelve holes drilled into both the Central and South Zones over the course of two drill programs, initial mineralization intercepted has been copper enriched, similar to what is typically found in the core or feeder zones to a VMS deposit. Drilling has intercepted stringer and small lenses of mineralization which is commonly found in the vicinity of massive sulphides. Also, in the North Zone there has been a strong correlation between the IP and Gravity surveys and massive sulphide mineralization. The IP footprint is much larger over the Central and South Zones compared to that of the North Zone, so we are optimistic that with additional drilling in the South and Central Zones we will have success in discovering more massive sulphide mineralization.

Chris Buncic, President & CEO of Ascendant stated “Initial results from the Central and North Zones continue to support our view of a potentially very large system in these zones which further encourages our optimism for a strong value proposition at Lagoa Salgada for Ascendant shareholders. The North Zone represents a significant discovery in its own right and the discovery of the copper-rich mineralization in the Central and South Zones highlights the similar characteristics compared to other major VMS deposits in the Iberian Pyrite Belt.”

Drill Hole Details

Tables 1 and 2 below provide assay results for the final three holes and LS_ST_16 in the Central and South Zones (see Figure 2). Drill results from these holes highlight copper-rich mineralization.

The drill holes were drilled at an angle of 60^o to provide additional information of the true thickness and orientation of the mineralization. Copper-rich mineralization was intersected in all holes in the Central and South Zones, see tables for detail.

Figure 1: Induced Polarization Chargeability Anomaly Coincident with the Gravity Anomaly

Figure 1 accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/0d0cf4e5-7225-40f7-997d-33543ae2d7d7

F

igure 2: Plan View of the All Drill Holes for Lagoa Salgada

Figure 2 accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/345a0829-c36a-4e7b-8131-7819ac587a92

Table 1: Drill Intersections

Notes:

¹ CuEq% was calculated as follows: CuEq% = ((Zn Grade*25.35) +(Pb Grade*23.15) +(Cu Grade * 67.24) +(Au Grade*40.19) +(Ag Grade*0.62) +Sn Grade*191.75)/67.24

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

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 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 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.