Ascendant Resources Acquires 50% Ownership of Lagoa Salgada VMS Project, Portugal
Ascendant Resources Inc. announces an increase in its ownership of the Lagoa Salgada VMS project from 25% to 50%. The company has invested US$9 million and made a US$1 million payment to Mineral & Financial Investment AG. Plans are in place to elevate ownership to 80% by year-end pending completion of a feasibility study. The Lagoa Salgada project, located in Portugal, demonstrates significant resource potential with over 10.33 million tonnes of Measured and Indicated Resources. A Preliminary Economic Assessment indicates strong financial prospects with a low capital investment.
- Effective ownership increased to 50% in Lagoa Salgada project, enhancing control.
- Projected increase to 80% ownership by end of 2022 upon feasibility study completion.
- Significant resource potential with over 10.33 million tonnes of Measured and Indicated Resources.
- Preliminary Economic Assessment indicates strong after-tax NPV of $246 million and IRR of 55%.
- None.
TORONTO, May 25, 2022 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND; OTCQB: ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) is pleased to announce that it has satisfied the conditions to increase its effective ownership interest from
Mark Brennan, Ascendant’s Executive Chairman commented, “We are thrilled by the outcomes of the development work conducted at Lagoa Salgada since our acquisition. On the exploration front, the yield of tonnage to resources has been exceptional suggesting significant resource growth still to come and on the technical front we are seeing better results than initially expected across the board. We remain optimistic that Lagoa Salgada will become a world class project.”
Effective May 25, 2022, M&FI and Redcorp - Empreendimentos Mineiros, Lda have confirmed cumulative development expenditures at Lagoa Salgada in excess of US
As per the earn-in agreement, the Company has the option to earn an additional
As previously reported, the feasibility study has commenced following the completion in August 2021 of a NI 43-101 Preliminary Economic Assessment (“PEA”) entitled “NI 43-101 Technical Report and PEA for the Lagoa Salgada Project”, which is available on the company’s website and SEDAR. The PEA highlights a low capital-intensive project (Capex US
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
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 www.ascendantresources.com.
Additional information relating to the Company, including the Preliminary Economic Assessment referenced in this news release, is available on SEDAR at www.sedar.com.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Mark Brennan | Nicholas Campbell, CFA |
Executive Chairman, Founder | Director, Corporate Development |
Tel: +1-647-796-0023 | Tel: +1-905-630-0148 |
mbrennan@ascendantresources.com | ncampbell@ascendantresources.com |
Forward Looking Information
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). Forward-looking information is also identifiable in statements of currently occurring matters which may continue in the future, such as "providing the Company with", "is currently", "allows/allowing for", "will advance" or "continues to" or other statements that may be stated in the present tense with future implications. All of the forward-looking information in this news release is qualified by this cautionary note.
Forward-looking information in this news release includes, but is not limited to, statements regarding the exploration activities and the results of such activities at the Project, the ability of the Company to complete a feasibility study and make an additional US
FAQ
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