ASCENDANT RES INC ORD - ASDRF STOCK NEWS

Ascendant Resources has launched a targeted exploration drill program at its Lagoa Salgada VMS Project in Portugal. The program aims to test Massive and Semi-Massive Sulphide targets identified through IP, EM, and gravity surveys near the Venda Nova North and South Zone deposits. Initial drilling in the North Zone targets potential high-grade massive sulphide lenses southwest and beneath the existing PMS zone. In the South Zone, drilling will focus on a gravity anomaly up-dip and on the western flank of the Stockwork zone, which could indicate massive to semi-massive sulphides. The program is expected to be completed by year-end.

Ascendant Resources Inc. (TSX:ASND)(OTCQX:ASDRF) has successfully completed Phase I of its metallurgical test work optimization program for the Lagoa Salgada VMS project in Portugal. The results show significant improvements in metal recoveries and concentrate grades:

- PMS domain: Zinc recovery improved to 79% (from 70%) with a 43% concentrate grade. Lead recovery stabilized at 53% with a 24% concentrate grade. Mercury content was successfully reduced through thermal treatment.

- STWKS domain: Previous testing showed improvements in Zinc, Copper, and Lead concentrate grades. Phase II will target improved recoveries using fresh samples.

The company plans to begin Phase II of the metallurgical optimization program imminently, focusing on optimizing all domains and validating initial results. Phase II is expected to be completed by late Q2 2025, with results incorporated into an updated Feasibility Study.

Ascendant Resources has been approved to participate in the European Union's UNDERCOVER Project at its Lagoa Salgada Project in Portugal. This two-year program, fully funded by the EU's Horizon Program, aims to unlock hidden critical mineral deposits at depth using cutting-edge geophysical techniques. The project will employ advanced methods such as Seismic Reflection and Refraction, Magnetotellurics, Gravity and Magnetic Surveys, and Electromagnetic Surveys.

The UNDERCOVER project is scheduled to commence in Q1 2025 and run for 36 months. It seeks to transform critical raw material discovery by integrating advanced geophysical techniques, allowing Ascendant to explore deeper and more complex mineral systems at Lagoa Salgada, which holds potential for zinc, copper, lead, tin, silver, and gold. The project aligns with Ascendant's commitment to innovation and is expected to improve exploration efficiency and success rates.

Ascendant Resources Inc. (TSX:ASND, OTCQB:ASDRF) has announced a partnership with the University of Évora, Portugal, to integrate Artificial Intelligence (AI) and machine learning into mineral exploration at the Lagoa Salgada Project. The collaboration, part of the HYPERMETAL project, aims to revolutionize polymetallic mineral exploration by combining hyperspectral technology with traditional methods. The project will be funded through an application to the Portugal 2030 program, with results expected by November 2024.

Additionally, Ascendant has granted an extension to EDM (Portuguese State Mining Development Agency) for its option to acquire up to a 15% interest in the Lagoa Salgada Project. The deadline is now set to 120 days after the issuance of the Environmental Impact Statement and completion of the project's feasibility study optimization.

Ascendant Resources (TSX:ASND, OTCQX:ASDRF) has submitted the final stage of its Environmental Impact Assessment (EIA) for the Lagoa Salgada project in Portugal. Key points include:

1. The submission responds to additional information requested by APA, the Portuguese environmental agency.
2. A 90-working day review period has resumed.
3. A 'declaration of conformity' is expected within 20 working days.
4. Public consultation and APA Evaluation Committee review will follow.
5. The project will then enter the RECAPE phase, expected to take 60 working days.
6. EIA approval could allow for construction to begin in Q4 2024.

Ascendant Resources announced a Protocol of Cooperation with the Faculty of Sciences of the University of Lisbon.

This agreement, made through its subsidiary Redcorp, aims to facilitate joint projects focusing on education, training, research on environment and natural resources, and innovation.

The collaboration seeks to bridge academic research and the business community, highlighting a mutual commitment to advancing these fields.

Executive Chairman Mark Brennan emphasized the importance of engaging with local communities and professionals, predicting numerous benefits for both the community and Portugal.

Ascendant Resources has appointed McGovern Hurley LLP as its new auditor, effective immediately. This decision follows a mutual agreement between Ascendant and KPMG LLP, with KPMG LLP resigning from their role. The new auditor will serve until the next shareholders' meeting. Ascendant Resources trades under the symbols TSX:ASND, OTCQB:ASDRF, and FRA:2D9.

Ascendant Resources reported the outcomes of its Annual General Shareholders' Meeting held on June 13, 2024, in Toronto. Voting results covered several governance matters.

A total of 51,497,589 common shares, representing 27.59% of all outstanding shares, were voted. The resolution to set the number of directors at six was approved with 99.46% in favor. All seven director nominees were elected, each receiving over 99% of the vote.

KPMG LLP was reappointed as the auditor, with 99.57% of votes in favor. Notably, Stephen Shefsky, co-founder and Lead Director, did not stand for re-election.