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Ascendant Resources Approved for EU Sponsored Cutting-Edge Geophysical "Undercover" Program at Its Lagoa Salgada Project

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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 è stata approvata per partecipare al Progetto UNDERCOVER dell'Unione Europea presso il suo Progetto Lagoa Salgada in Portogallo. Questo programma di due anni, completamente finanziato dal Programma Horizon dell'UE, mira a svelare giacimenti di minerali critici nascosti in profondità attraverso tecniche geofisiche all’avanguardia. Il progetto utilizzerà metodi avanzati come riflessione e rifrazione sismica, magnetotellurica, indagini gravimetriche e magnetiche, e indagini elettromagnetiche.

Il progetto UNDERCOVER è previsto per iniziare nel primo trimestre del 2025 e durare 36 mesi. Si propone di trasformare la scoperta di materie prime critiche integrando tecniche geofisiche avanzate, consentendo ad Ascendant di esplorare sistemi minerari più profondi e complessi a Lagoa Salgada, che ha potenziale per zinco, rame, piombo, stagno, argento e oro. Il progetto è in linea con l'impegno di Ascendant per l’innovazione ed è atteso per migliorare l'efficienza e i tassi di successo delle esplorazioni.

Ascendant Resources ha sido aprobada para participar en el Proyecto UNDERCOVER de la Unión Europea en su Proyecto Lagoa Salgada en Portugal. Este programa de dos años, completamente financiado por el Programa Horizon de la UE, tiene como objetivo descubrir depósitos ocultos de minerales críticos en profundidad utilizando técnicas geofísicas de vanguardia. El proyecto empleará métodos avanzados como Reflexión y Refracción Sísmica, Magnetotelluricidad, Encuestas de Gravedad y Magnetismo, y Encuestas Electromagnéticas.

El proyecto UNDERCOVER está programado para comenzar en el primer trimestre de 2025 y durar 36 meses. Busca transformar el descubrimiento de materias primas críticas integrando técnicas geofísicas avanzadas, permitiendo a Ascendant explorar sistemas minerales más profundos y complejos en Lagoa Salgada, que tiene potencial para zinco, cobre, plomo, estaño, plata y oro. El proyecto está alineado con el compromiso de Ascendant con la innovación y se espera que mejore la eficiencia y las tasas de éxito de la exploración.

Ascendant Resources는 유럽연합의 UNDERCOVER 프로젝트에 참여하는 것이 승인되었습니다 포르투갈의 Lagoa Salgada 프로젝트에서. 이 2년 프로그램은 유럽연합의 Horizon 프로그램에서 전액 자금 지원을 받습니다 고급 지구물리학 기술을 사용하여 깊이 숨겨진 중요한 광물 자원을 발견하는 것을 목표로 합니다. 이 프로젝트는 지진 반사 및 굴절, 자기유도, 중력 및 자기 조사, 전자기 조사와 같은 고급 방법을 사용할 것입니다.

UNDERCOVER 프로젝트는 2025년 1분기 시작할 예정입니다 그리고 36개월 동안 진행됩니다. 이 프로젝트는 고급 지구물리학 기술을 통합하여 중요한 원자재 발견을 변모시키는 것을 목표로 하며, Ascendant가 Lagoa Salgada에서 보다 깊고 복잡한 광물 시스템을 탐사할 수 있도록 합니다. 이 지역은 아연, 구리, 납, 주석, 은, 금의 잠재력을 가지고 있습니다. 이 프로젝트는 Ascendant의 혁신에 대한 헌신과 일치하며, 탐사 효율성과 성공률을 향상시킬 것으로 기대됩니다.

Ascendant Resources a été approuvée pour participer au projet UNDERCOVER de l'Union européenne dans son projet Lagoa Salgada au Portugal. Ce programme de deux ans, entièrement financé par le programme Horizon de l'UE, vise à découvrir des dépôts minéraux critiques cachés en profondeur grâce à des techniques géophysiques de pointe. Le projet utilisera des méthodes avancées telles que la réflexion et la réfraction sismiques, la magnétotellurique, les enquêtes gravimétriques et magnétiques, et les enquêtes électromagnétiques.

Le projet UNDERCOVER devrait commencer au premier trimestre 2025 et se déroulera sur 36 mois. Il cherche à transformer la découverte de matières premières critiques en intégrant des techniques géophysiques avancées, permettant ainsi à Ascendant d'explorer des systèmes minéraux plus profonds et plus complexes à Lagoa Salgada, qui offre un potentiel pour zinc, cuivre, plomb, étain, argent et or. Le projet s'inscrit dans l'engagement d'Ascendant en faveur de l'innovation et devrait améliorer l'efficacité et les taux de succès de l'exploration.

Ascendant Resources wurde genehmigt, am UNDERCOVER-Projekt der Europäischen Union in ihrem Lagoa Salgada-Projekt in Portugal teilzunehmen. Dieses zweijährige Programm, das vollständig durch das Horizon-Programm der EU finanziert wird, zielt darauf ab, verborgene kritische Mineralien in großer Tiefe mit modernsten geophysikalischen Techniken zu erschließen. Das Projekt wird fortschrittliche Methoden wie Seismische Reflexion und Refraktion, Magnetotellurik, Schwere- und Magnetfeldmessungen sowie Elektromagnetische Untersuchungen einsetzen.

Das UNDERCOVER-Projekt soll im ersten Quartal 2025 beginnen und 36 Monate dauern. Es zielt darauf ab, die Entdeckung kritischer Rohstoffe durch die Integration fortschrittlicher geophysikalischer Techniken zu revolutionieren, sodass Ascendant tiefere und komplexere Mineralsysteme in Lagoa Salgada erkunden kann, das Potenzial für Zink, Kupfer, Blei, Zinn, Silber und Gold aufweist. Das Projekt steht im Einklang mit dem Engagement von Ascendant für Innovation und soll die Effizienz und Erfolgsquote der Exploration verbessern.

Positive
  • EU funding secured for advanced geophysical exploration at Lagoa Salgada Project
  • Potential for discovering deeper ore bodies and expanding mineral resources
  • Improved exploration efficiency, potentially reducing drilling costs
  • Alignment with EU's critical raw materials initiative, enhancing project visibility
Negative
  • None.
  • Lagoa Salgada selected to participate in the European Union's UNDERCOVER Project to unlock hidden critical mineral deposits at depth using cutting edge Geophysical techniques

  • UNDERCOVER Project will employ Seismic Reflection and Refraction, Magnetotellurics (MT), Gravity and Magnetic Surveys, Electromagnetic (EM) Surveys, and Joint Inversion Techniques to delineate potential deposits of critical minerals at depth

  • The two-year program is fully funded by the EU under its Horizon Program and is expected to commence in Q1 2025

TORONTO, ON / ACCESSWIRE / September 30, 2024 / Ascendant Resources Inc. (TSX:ASND), through its Portuguese subsidiary, Redcorp Empreendimentos Mineiros Lda is pleased to announce its award of EU funding through its participation in the UNDERCOVER project. The project aims to advance mineral exploration by applying state-of-the-art geophysical technologies to uncover hidden mineral deposits at significant depths. One of the key focus areas for this innovative project is Ascendant's flagship Lagoa Salgada Project, located on Portugal's Iberian Pyrite Belt.

The project seeks to transform how critical raw material deposits are discovered by integrating advanced geophysical techniques. The application of these methods will allow Ascendant to explore deeper and more complex mineral systems, particularly at Lagoa Salgada, which holds significant potential for zinc, copper, lead, tin, silver, and gold. A preliminary program has been defined as part of the application; however, this is to be refined by a panel of experts during October, 2024 to determine any change in scale and scope. The UNDERCOVER project is scheduled to run over 36 months, beginning in early 2025. Within the first two years, exploration efforts will focus on key study sites, including Lagoa Salgada, with results expected to guide future development and expansion of the project.

Mark Brennan, Executive Chairman of Ascendant, commented: "We are pleased to participate in this EU funded critical minerals exploration initiative. The UNDERCOVER project is an exciting initiative, and along with our recently announced AI partnership with the University of Evora, demonstrates our commitment to innovation using cutting edge technology to unlock the vast exploration potential we see at our Lagoa Salgada project. We look forward to defining the initial program in the coming months and starting works onsite early next year. "

The involvement of Ascendant Resources, through Redcorp, in the UNDERCOVER project should provide substantial benefits to the Lagoa Salgada project. These geophysical technics are targeted for the discovery of deeper ore bodies which conventional exploration methods may not detect. These new geophysical approaches should greatly improve the efficiency of future exploration at Lagoa Salgada, reducing the amount of exploration drilling required and increasing the likelihood of success. Additionally, the project will include environmental monitoring such as water management, ensuring that Lagoa Salgada's exploration aligns with sustainable mining practices.

At Lagoa Salgada, the focus will be on applying these advanced geophysical methods to explore deep-seated anomalies that could represent additional ore bodies beneath known deposits, similar to other deposits in the region. The use of seismic imaging, magnetotellurics, and electromagnetic surveys will allow the team to precisely map subsurface structures, identify conductive mineral bodies, and develop accurate 3D models of the deposit.

Advanced Geophysical Methods

The UNDERCOVER project will apply the following advanced geophysical techniques to the Lagoa Salgada project:

  • Seismic Reflection and Refraction: Used to create detailed subsurface images by measuring how seismic waves travel through different rock layers, helping to locate deep geological structures that may host mineralization.

  • Magnetotellurics (MT): Measures natural electromagnetic fields to map subsurface electrical conductivity, potentially identifying large, conductive mineral deposits.

  • Gravity and Magnetic Surveys: These methods help detect variations in the Earth's gravitational and magnetic fields, identifying dense ore bodies hidden beneath the surface.

  • Electromagnetic (EM) Surveys: EM surveys detect conductive mineral bodies such as sulphides that host critical metals like zinc, lead, and copper.

  • Joint Inversion Techniques: This involves combining data from various geophysical methods to create an integrated, accurate subsurface model. This will significantly enhance the precision of mineral targeting and exploration success.

EU Funding through Horizon Europe

The UNDERCOVER project is funded by the European Union under the Horizon Europe program, the EU's key funding initiative for research and innovation. Horizon Europe focuses on promoting scientific excellence, fostering technological advancements, and addressing global challenges, including sustainable resource management and securing critical raw materials for Europe's future. This funding underscores the significance of the UNDERCOVER project in advancing innovative exploration techniques while ensuring environmental responsibility.

UNDERCOVER aims to transform Critical Raw Materials (CRM) exploration by extending the mineral systems concept, currently underutilized in quantitative exploration, to cover regional, district, and ore scales. The UNDERCOVER project is focused on the following main goals:

  • Development of a New Exploration Strategy: The first objective of the UNDERCOVER project is to establish the first viable strategy for the systematic exploration of CRM deposits concealed beneath thick cover. This involves advancing the mineral systems concept for deep mineral exploration.

  • Application of Novel Technologies: The project's second goal is to develop and integrate new technologies and methods that are cost-effective and have a low environmental impact. These include geophysical techniques such as magnetotelluric surveys, passive and active seismics, and airborne, UAV-borne, and ground electromagnetics. Geological methods, including geochemistry and geochronology, will also play a key role.

  • Environmental, Social, and Governance (ESG) Integration: A crucial third objective is the development of actions that address and mitigate environmental, social, and governance (ESG) aspects at every stage of the exploration process, ensuring responsible exploration practices.

  • Mapping Mineral Systems: The fourth objective is to map the raw materials potential in both EU and non-EU countries, focusing on three major mineral belts: the Kuusamo Schist Belt (Finland), the Iberian Pyrite Belt (Portugal), and the Kalahari Copper Belt (Namibia). These regions hold significant potential for CRMs, including cobalt, rare earth elements (REE), and base metals such as copper, zinc, and lead.

  • United Nations Framework for Classification (UNFC) Promotion: The project also aims to promote the use of the United Nations Framework for Classification (UNFC) to enhance a socially and environmentally sustainable exploration strategy.

  • Advancement of Deep Exploration Technologies: Finally, UNDERCOVER seeks to advance deep mineral exploration technologies and ensure their adoption by European exploration and mining stakeholders. The project aims to inspire confidence among policymakers and stakeholders, encouraging them to adopt sustainable exploration outcomes.

For more information on Horizon Europe, visit Horizon Europe Program.

About Ascendant Resources Inc.

Ascendant Resources 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. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession.

Located just 80km from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its mineable scale and cashflow generation potential.

Ascendant currently holds an 80% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp"). 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 http://www.ascendantresources.com/.

Additional information relating to the Company is available on SEDAR+ at www.sedarplus.ca.

For further information, contact:

Mark Brennan
Executive Chairman, Founder

Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@ascendantresources.com

Forward Looking Information

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business, the Lagoa Salgada project and timing of completion of studies. In making the forward- looking statements contained in this press release, Ascendant has made certain assumptions, including, but not limited to potential programs or involvement with the EU and the above disclosed programs, including the likelihood of discoveries and potential of the Lagoa Salgada project. Although Ascendant believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Ascendant disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risks Factors" in the Company's Annual Information Form dated April 3, 2024 and under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis for the years ended December 31, 2023 and 2022 and other risks identified in the Company's filings with Canadian securities regulators, which filings are available on SEDAR+ at www.sedarplus.ca. The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. The Company's statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

SOURCE: Ascendant Resources, Inc.



View the original press release on accesswire.com

FAQ

What is the UNDERCOVER Project that Ascendant Resources (ASDRF) is participating in?

The UNDERCOVER Project is an EU-funded initiative aimed at advancing mineral exploration using state-of-the-art geophysical technologies to uncover hidden mineral deposits at significant depths. Ascendant Resources' Lagoa Salgada Project in Portugal has been selected as a key study site for this program.

When is the UNDERCOVER Project expected to start for Ascendant Resources (ASDRF)?

The UNDERCOVER Project is scheduled to commence in Q1 2025 and run for 36 months, with the first two years focusing on key study sites including Ascendant Resources' Lagoa Salgada Project.

What geophysical techniques will be used in the UNDERCOVER Project at Ascendant Resources' (ASDRF) Lagoa Salgada site?

The project will employ advanced geophysical techniques including Seismic Reflection and Refraction, Magnetotellurics (MT), Gravity and Magnetic Surveys, Electromagnetic (EM) Surveys, and Joint Inversion Techniques to explore for critical mineral deposits at depth.

How is the UNDERCOVER Project funded for Ascendant Resources (ASDRF)?

The UNDERCOVER Project is fully funded by the European Union under its Horizon Europe program, which is the EU's key funding initiative for research and innovation. This funding covers Ascendant Resources' participation in the project at its Lagoa Salgada site.

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