• Hole ST_31 returns 16m @ 2.6% Cu (4.33% CuEq) from 505m; including 12m @ 3.3% Cu (5.50% CuEq) from 509m
• New high-grade copper zone intersected at depth below current resource wireframe with 22m @ 0.83% Cu (2.11% CuEq) from 541m
• Results define a new High-grade copper lens within the South Zone, along a strike of length of +300m and open at depth

Ascendant Resources Inc. (TSX: ASND) (OTCQB:ASDRF) reports assay results from hole ST_31 completed as part of the ongoing infill drill program at the Venda Nova Deposit at the Company’s Lagoa Salgada VMS Project, Portugal. Based on the drill intercepts reported and in conjunction with prior results, the Company has defined a new High-grade copper zone within the South Zone with potential extension at depth. The High-grade copper intercepts reported in hole ST_31 are significant due to the following: i) it is expected to increase the mineralized volume and the grade of the existing block model for the South Zone; ii) based on data collected to date, it could support the sub domaining of a high-grade copper dominated stacked lens towards and beyond the footwall of the existing constraining wireframe; and iii) it continues to support resource conversion for the ongoing feasibility study at the Venda Nova deposit.

As of July 18, 2022, Ascendant has completed 15 drill holes (6 Metallurgy holes and 9 infill holes) totalling 6,118m with an additional 3 drill holes currently in progress. Assays reported today represent full results received as of July 26.

Mark Brennan, Executive Chairman commented: “As drilling continues, our understanding of the deposit continues to improve and highlights that we remain in the early stages of defining a greater VMS system at Lagoa Salgada. These results are yet another in a stream of successive discoveries that have been uncovered as part of the infill program at Venda Nova and positions the project extremely well for both our upcoming Mineral Resource update targeted for Q3 and our future exploration programs at Lagoa Salgada.”

Drill Hole Highlights (apparent thickness):

ST_31

• 16m at 2.60% Cu (4.33% CuEq containing 2.60% Cu, 2.06% Zn, 0.78% Pb, 68.9 g/t Ag and 0.16 g/t Au) from 505m
  • Including 12m at 3.30% Cu (5.50% CuEq containing 3.30% Cu, 2.57% Zn, 1.00% Pb, 88.7 g/t Ag and 0.20 g/t Au) from 509m
• 22m at 0.83% Cu (2.11% CuEq containing 0.83% Cu, 0.44% Zn, 0.50% Pb, 44.3 g/t Ag and 0.04 g/t Au) from 541m
  • Including 10m at 1.57% Cu (3.98% CuEq containing 1.57% Cu, 3.92%Zn. 0.95% Pb, 79.6 g/t Ag and 0.06 g/t Au) from 553m

Hole location and collar positions are shown in Figure 1 and Table 1 below.

High-grade Copper Lens

Hole ST-31 results are encouraging, particularly towards the deeper portion of the hole which targeted the stratigraphic base of the current South Zone wireframe. Results extend mineralization beyond the current domain and more importantly define a high-grade Cu dominated zone of stacked lenses that are expected to have a notable impact upgrading the metal endowment of neighbouring blocks.

Mineralization in these lenses is believed to represent stringer veining to semi massive sulphides with a strong Cu component associated to veins and semi massive pods of chalcopyrite. Texturally, these copper rich seams are distinctive to the fissural ore in the central part of the South Zone wireframe preserving possible primary features including angular vein cross cutting inter-relations.

A preliminary exercise has been carried out to understand the context of this high-grade Cu zone integrating current results with historic data. When highlighting only the copper content in the South Zone (current resource model, see Figure 3), it is possible to delineate a trend in the footwall of the current wireframe that extends for over 300m along strike with a northwest plunge. This trend outlines composites from 5 drill holes (4 historic and ST_31) averaging 2.94% Cu (with additional base and precious metal credits). This subdomain is open along the plunge direction towards the Northwest.

Hole ST_31 suggests that along this trend both Cu grade and lens thickness increase towards the Northwest, opening a relevant extensional upside target zone. Pending holes within the current infill program will continue to target this potential new zone.

Metal refinement in VMS systems is a common feature. The newly outlined Cu dominated hanging wall lens, jointly with the Cu-Au hanging wall outlined earlier during this program (see Ascendant’s June 14 press release), proves that efficient metal zoning (primary and secondary) occurs in the South Zone of the Venda Nova deposit. Ascendant is confident that the proper domaining of these lenses will have a significant impact in terms of overall metal endowment and in processing efficiencies and recoveries.

Table 1. 2022 Collar Info (New holes reported in this release and previously reported holes)

Table 2. Relevant Intercepts

1. Equivalency calculations are based on in-situ values only. Commodity prices used are as follows: Zn: US$1.20/lb, Pb: US$1.00/lb, Cu: US$3.50/lb, Ag: US$20/Oz, and Au: US$1,650/Oz
2. Structural data validation pending for true width

Quality Assurance and Quality Control

Core samples are retrieved from the core barrel by the drilling crew. Each core box is labeled with the drill hole number, the depth intervals, and an arrow indicating the downhole direction. Core samples retrieved from the barrel are immediately transferred to the core boxes and transported after to the logging facilities in batches. After the logging, core is cut in half and placed in labeled sample bags with the sample tags and transported to the sample preparation lab of ALS Lab, in Seville, Spain. Samples are dried, crushed to 70 % passing 2 mm, split and finally pulverized to 85 % passing 75 μm. Pulp samples are then sent to their analytical Laboratory in Galway, Ireland, for analysis. The core samples are analyzed for gold (ppm) by fire assay (Au‐AA25), and for the other elements by two different ICP Multi element analysis: 1) (ME-ICPORE) – base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer 2) ME-MS61r: Four-acid digestion paired with ICP-MS and ICP-AES with REE analytes included.

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. No significant QAQC failure issues were identified in the reported batches.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, 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 the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. Through focused exploration and aggressive development plans, the Company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.

The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of Measured and Indicated Resources @ 9.06% ZnEq and 2.50 million tonnes of Inferred Resources @ 5.93% ZnEq in the North Zone; and 4.42 million tonnes of Indicated Resources @ 1.50% CuEq and 10.83 million tonnes of Inferred resources @ 1.35% CuEq in the South Zone. The deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209ha property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 50% interest in the Lagoa Salgada project through its position in Redcorp – Empreendimentos Mineiros, Lda, and has an earn-in opportunity to increase its interest in the project to 80%. The Company’s interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its mineable scale.