Ascendant Sources Pronounces Excessive Grade Copper Assay Outcomes Supporting Excessive-Grade Copper Hall on the Venda Nova South Zone

Ascendant Resources Inc. (TSX: ASND, OTCQB:ASDRF) (“Ascendant” or the “Firm”) is happy to report assay outcomes from the most recent drill holes executed within the Venda Nova South Zone as a part of the metallurgical, infill and extensional drilling marketing campaign began in 2022. Of be aware from these outcomes, is the upper tenor of copper intercepted that helps the continued delineation of a excessive grade copper area inside the South Deposit at it Lagoa Salgada VMS mission on the Iberian Pyrite Belt (“IBP”) in Portugal.

Program Highlights:

  • Drilling(true width):
    • Met_St_04: 10m @ 2.89% CuEq (1.3% Cu) from 286m
    • ST_27: 9m @ 2.29% CuEq (1.9% Cu) from 568m
    • ST_30: 10m @ 1.97% CuEq(1.3% Cu) from 423m and
      3m @ 3.93percentCuEq (2.8% Cu) from 395m
  • Outcomes validate and enhance conversion of inferred to indicated assets
  • Metallurgical drill program at Venda Nova now full
  • Feasibility Research to be accomplished finish April 2023

As of January 30, 2023, Ascendant has accomplished 27 drill holes (11 Metallurgical and 16 infill and step-out drill holes) totalling 12,804 meters as a part of the general drill program to help the continued Feasibility Research for Venda Nova. Outcomes of the ultimate variability, step-out and infill drill holes within the South Zone might be included within the useful resource replace to help the Feasibility Research focused for the top of April 2023. Outcomes reported immediately signify full outcomes obtained as of January 28, 2023.

Drilling Highlights (true width):

Highlights of the infill variability metallurgical drilling program outcomes embody:


  • 4m @ 1.77% CuEq from 226m; and
  • 5m @ 1.71% CuEq from 322m


  • 2m @ 3.65% CuEq from 246m; and
  • 10m @ 2.89% CuEq from 286m; and
  • 10m @ 1.46% CuEq from 352m

Highlights of the infill/drilling outcomes embody;


  • 4m @ 2.63% CuEq from 414m; and
  • 9m @ 2.29% CuEq from 568m


  • 5m @ 1.99% CuEq from 339m: and
  • 3m @ 3.93% CuEq from 395m; and
  • 10m @ 1.97% CuEq from 423m

Mark Brennan, Government Chairman commented: “We proceed to be more than happy by the outcomes of our 2022 drill program at Lagoa Salgada. Not solely can we count on robust conversion and upgrading of assets to help our ongoing feasibility research, however these outcomes reinforce our robust view that the Venda Nova Deposit and the Lagoa Salgada mission as an entire will proceed to develop the recognized assets and stays early within the discovery part. We’re additionally inspired by the affirmation that the South Zone additionally seems to carry copper dominated mineralization much like what we’re seeing at depth within the North Zone. Further drilling sooner or later is predicted to develop on these discoveries.”

Infill drill gap ST_27 was drilled on the north edge of the present indicated assets envelope within the South Zone. This drill gap is predicted to spatially prolong the conversion of inferred useful resource into the indicated class each alongside strike and down dip. Notable intercepts embody 9m @ 2.29% CuEq (1.9% Cu) from 568m together with 2m @ 7.8% of Cu from 576m. This intercept confirms the geometry of the high-grade copper footwall pattern, mentioned beforehand after the reported outcomes of holes ST_31 and ST_42 (see press launch of November 9, 2022). Copper, alongside this pattern, happens within the type of chalcopyrite inside veinlets and semi large (submeter) lenses, concentrated within the low stratigraphically stacked fisssural corridors.

Infill drill gap ST_30 was drilled instantly north of the envelope that outlines the extent of the Indicated portion of the useful resource within the present inner replace of the South Zone. The addition of this gap will doubtless prolong the boundary of Indicated Sources each alongside strike and down dip. Notable intercepts embody 4m @ 1.77% CuEq (0.88% Cu) from 226m and 6m @ 1.71% CuEq (0.42% Cu) from 322m.

Variability metallurgical drill holes, Met_St_03 and Met_St_04 had been collared centrally to the Indicated Useful resource envelope and crossed all of the corridors that outline the present South Zone domaining. The holes had been drilled barely indirect to the primary orientation of the present mineralized corridors to offer further mass of mineralized rock to correctly conduct the variability metallurgical setting. Outcomes reconcile nicely with the brand new domains and basic grade distribution estimates. Vital intercepts in gap Met_St_03 embody 4m @ 1.77% CuEq from 226m and 5m @ 1.71% CuEq from 322m. Finest intercepts in gap Met_St_04: 2m @ 3.65% CuEq from 246m; 10m @ 2.89% CuEq from 286m; and 12m @ 1.46% CuEq from 352m.

Gap location and collar positions are proven in Determine 1 and Desk 1 beneath.

Determine 1 – Plan view of the Venda Nova with location of the reported drill holes

Plan view of the Venda Nova with location of the reported drill holes

Figure 2 – Cross sections South Zone (Trace locations included in Figure 1)

Cross sections South Zone (Trace locations included in Figure 1)

Table 1 – Collar Info

Hole Id UTM UTM Elevation Dipº Azimuthº Depth
East* North*
ST_27 547369 4231458 91 60 240 700
ST_30 547373 4231406 91 60 240 640.6
Met_ST_04 546928 4231994 91 60 270 554.6
Met_ST_03 546893 4232069 89 60 270 562.6

Table 2 Relevant Economic Intercepts by Domain

Hole Id Corridor from to Length True width Cu Zn Pb Ag Au CuEq
(m) (m) (m) (m) % % % g/t g/t %
ST_27 C2 sMS 212.0 218.0 6 5.3 0.25 0.71 0.03 8.3 0.05 0.63
ST_27 C1 sMS 324.0 326.0 2 1.5 1.27 0.38 0.20 31.0 0.12 1.83
ST_27 C1 FR 414.0 418.0 4 3.7 1.49 1.75 0.67 24.5 0.17 2.63
ST_27 C2 FR 458.0 462.0 4 3.7 1.09 0.39 0.24 15.5 0.05 1.47
ST_27 C3 FR 568.0 578.0 10 9.1 1.90 0.55 0.05 16.4 0.05 2.29
ST_30 C3 sMS (new) 174.4 179.0 4.6 2.7 0.09 2.06 0.46 14.1 0.13 1.15
ST_30 C2 sMS 273.0 277.0 4 2.6 0.01 0.13 0.03 12.0 1.16 1.04
ST_30 C1 FR 339.0 347.0 8 4.6 1.28 0.58 0.41 24.0 0.23 1.99
ST_30 C1 FR 395.0 399.0 4 2.9 2.80 0.23 0.10 35.0 0.94 3.93
ST_30 C2 FR 423.0 435.0 12 10.1 1.29 0.94 0.43 19.2 0.08 1.97
Met_ST_04 C2 sMS 180.0 184.0 4 2.4 0.49 0.31 0.05 15.0 0.14 0.85
Met_ST_04 C1 FR 246.0 250.0 4 2.5 2.30 1.10 0.49 77.0 0.17 3.65
Met_ST_04 C1 FR 286.0 300.0 14 10.2 1.29 2.14 1.25 41.1 0.17 2.89
Met_ST_04 C1 FR 330.0 334.0 4 3.3 0.38 2.03 0.87 21.5 0.14 1.62
Met_ST_04 C1 FR 342.0 346.0 4 3.3 2.44 1.96 1.06 35.5 0.09 3.81
Met_ST_04 C1 FR 352.0 364.0 12 9.8 0.88 0.74 0.54 14.0 0.06 1.46
Met_ST_04 C3 FR 406.0 414.0 8 7.3 0.53 1.41 0.45 14.5 0.04 1.30
Met_ST_04 C3 FR 416.0 426.0 10 8.7 0.62 1.48 0.52 18.9 0.04 1.48
Met_ST_04 C3 FR 438.0 448.0 10 7.2 0.72 1.06 0.49 15.4 0.06 1.41
Met_ST_03 C1 FR 226.0 232.0 6 3.6 0.88 1.77 0.30 13.3 0.10 1.77
Met_ST_03 C1 FR 274.0 278.0 4 2.0 0.15 1.47 0.75 14.0 0.05 1.03
Met_ST_03 C1 FR 308.0 312.0 4 2.2 0.62 2.14 0.95 17.5 0.10 1.85
Met_ST_03 C1 FR 322.0 328.0 6 4.8 0.42 2.21 1.15 17.3 0.06 1.71
  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

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, (“Redcorp”) 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.

The Company’s common shares are principally listed on the Toronto Stock Exchange under the symbol “ASND”. For more information on Ascendant, please visit our website at

Further info regarding the Firm, together with the Preliminary Financial Evaluation referenced on this information launch, is offered on SEDAR at

Neither the Toronto Inventory Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX) accepts accountability for the adequacy or accuracy of this launch.

For additional info, contact:

Ahead Trying Data

This press launch incorporates statements that represent “forward-looking info” (collectively, “forward-looking statements”) inside the that means of the relevant Canadian securities laws. All statements, aside from statements of historic reality, are forward-looking statements and are primarily based on expectations, estimates and projections as on the date of this information launch. Any assertion that discusses predictions, expectations, beliefs, plans, projections, aims, assumptions, future occasions or efficiency (typically however not all the time utilizing phrases akin to “expects”, or “doesn’t count on”, “is predicted”, “anticipates” or “doesn’t anticipate”, “plans”, “finances”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “could” or “may”, “would”, “would possibly” or “will” be taken to happen or be achieved) will not be statements of historic reality and could also be forward-looking statements.

Ahead-looking statements contained on this press launch embody, with out limitation, statements relating to the enterprise, the Challenge, funds to the Advisor (together with the variety of Widespread Shares issued thereunder) and an affiliate of the Lender and operations of Ascendant. In making the forward- trying statements contained on this press launch, Ascendant has made sure assumptions, together with, however not restricted to the Firm’s capability to finish the feasibility research by the top of April 2023 and its capability to develop on the discoveries disclosed on this new launch with further drilling. Though Ascendant believes that the expectations mirrored in forward-looking statements are affordable, it may give no assurance that the expectations of any forward-looking statements will show to be appropriate. Identified and unknown dangers, uncertainties, and different components which can trigger the precise outcomes and future occasions to vary materially from these expressed or implied by such forward-looking statements. Such components embody, however will not be restricted to basic enterprise, financial, aggressive, political and social uncertainties. Accordingly, readers mustn’t place undue reliance on the forward-looking statements and data contained on this press launch. Besides as required by regulation, Ascendant disclaims any intention and assumes no obligation to replace or revise any forward-looking statements to replicate precise outcomes, whether or not on account of new info, future occasions, modifications in assumptions, modifications in components affecting such forward-looking statements or in any other case.

Ahead-looking info is topic to quite a lot of dangers and uncertainties, which may trigger precise occasions or outcomes to vary from these mirrored within the forward-looking info, together with, with out limitation, the dangers described below the heading “Dangers and Uncertainties” within the Firm’s Administration’s Dialogue and Evaluation for the years ended December 31, 2021 and 2020 and different dangers recognized within the Firm’s filings with Canadian securities regulators, which filings can be found on SEDAR at The danger components referred to above will not be an exhaustive checklist of the components which will have an effect on any of the Firm’s forward-looking info. The Firm’s statements containing forward-looking info are primarily based on the beliefs, expectations and opinions of administration on the date the statements are made, and the Firm doesn’t assume any obligation to replace such forward-looking info if circumstances or administration’s beliefs, expectations or opinions ought to change, aside from as required by relevant regulation. For the explanations set forth above, one mustn’t place undue reliance on forward-looking info.


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