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Ascendant Resources Initiates Drill Program at Its Lagoa Salgada VMS Project

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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 ha avviato un programma di trivellazione esplorativa mirato presso il suo Progetto VMS Lagoa Salgada in Portogallo. Il programma ha l'obiettivo di testare i target di solfuri massivi e semi-massivi identificati tramite indagini IP, EM e di gravità vicino ai depositi della Zona Venda Nova Nord e Sud. La trivellazione iniziale nella Zona Nord mira a potenziali lenti di solfuri massivi ad alta legge a sud-ovest e sotto l'attuale zona PMS. Nella Zona Sud, la trivellazione si concentrerà su un'anomalia di gravità verso l'alto e sul fianco occidentale della zona Stockwork, che potrebbe indicare solfuri massivi a semi-massivi. Si prevede che il programma si concluda entro la fine dell'anno.

Ascendant Resources ha lanzado un programa de perforación exploratoria dirigido en su Proyecto VMS Lagoa Salgada en Portugal. El programa tiene como objetivo probar los objetivos de sulfuros masivos y semi-masivos identificados a través de encuestas IP, EM y de gravedad cerca de los depósitos de la Zona Venda Nova Norte y Sur. La perforación inicial en la Zona Norte apunta a posibles lentes de sulfuros masivos de alta ley al suroeste y debajo de la zona PMS actual. En la Zona Sur, la perforación se centrará en una anomalía de gravedad en la parte superior y en el flanco occidental de la zona Stockwork, lo que podría indicar sulfuros masivos a semi-masivos. Se espera que el programa se complete para fin de año.

Ascendant Resources는 포르투갈의 라고아 살가다 VMS 프로젝트에서 목표 탐사 드릴 프로그램을 시작했습니다. 이 프로그램은 Venda Nova 북쪽 및 남쪽 지역 근처에서 IP, EM 및 중력 조사에 의해 식별된 대량 및 반대량 유황 광물 목표를 테스트하는 것을 목표로 합니다. 북쪽 지역에서의 초기 드릴링은 기존 PMS 지역의 남서쪽 및 그 아래에서 고품질 대량 유황 렌즈의 잠재력을 겨냥하고 있습니다. 남쪽 지역에서는 드릴링이 상부 경사와 Stockwork 지역의 서쪽 측면에 있는 중력 이상에 집중되며, 이는 대량에서 반대량 유황을 나타낼 수 있습니다. 프로그램은 연말까지 완료될 것으로 예상됩니다.

Ascendant Resources a lancé un programme de forage exploratoire ciblé sur son Projet VMS Lagoa Salgada au Portugal. Le programme vise à tester des cibles de sulfures massifs et semi-massifs identifiés grâce à des enquêtes IP, EM et gravimétriques près des dépôts des zones Venda Nova Nord et Sud. Les premiers forages dans la zone nord visent des lentilles de sulfures massifs de haute teneur au sud-ouest et sous la zone PMS existante. Dans la zone sud, le forage se concentrera sur une anomalie gravimétrique en pente et sur le flanc occidental de la zone de Stockwork, ce qui pourrait indiquer des sulfures massifs à semi-massifs. Le programme devrait être achevé d'ici la fin de l'année.

Ascendant Resources hat ein gezieltes Explorationsbohrprogramm bei seinem Lagoa Salgada VMS-Projekt in Portugal gestartet. Das Programm zielt darauf ab, massive und semi-massive Sulfidziele zu testen, die durch IP-, EM- und Schwerefelduntersuchungen in der Nähe der Lagerstätten der Venda Nova Nord- und Südzone identifiziert wurden. Die erste Bohrung in der Nordzone zielt auf potenzielle hochgradige massive Sulfidelinsen im Südwesten und unterhalb der bestehenden PMS-Zone ab. In der Südzone liegt der Fokus der Bohrungen auf einer Schwereanomalie, die sich hangaufwärts und an der westlichen Flanke der Stockwork-Zone befindet, was auf massive bis semi-massive Sulfide hinweisen könnte. Es wird erwartet, dass das Programm bis Ende des Jahres abgeschlossen ist.

Positive
  • Potential expansion of high-grade massive sulphide mineralization in the North deposit
  • Discovery of new gravity anomaly indicating possible additional mineral resources
  • Opportunity to expand overall resource potential in both North and South Zones
Negative
  • None.
  • Program driven by reinterpreted geophysical data and new gravity survey targets adjacent to existing North and South Zone deposits.

TORONTO, ON / ACCESSWIRE / November 4, 2024 / Ascendant Resources Inc. (TSX:ASND)(OTCQX:ASDRF)(FRA:2D9) ("Ascendant" or the "Company") ") is pleased to announce that it has initiated a targeted exploration program at its Lagoa Salgada VMS Project, in Portugal.

Targeted Exploration Drill Program

The drill program has been initiated to test promising Massive and Semi-Massive Sulphide targets based on a combination of IP, EM, and detailed gravity signatures conducted over and surrounding the existing Venda Nova North and South Zone deposits. These holes have also been designed to further infill, and potentially expand, the resources within the Venda Nova North and South Zones; . Drilling is expected to be completed by year end.

Initial drill holes are planned in the North Zone, targeting potential additional Massive Sulphide lenses offset to the South-West and underneath the existing PMS zone at the Venda Nova North deposit. This target represents an opportunity to expand the known high-grade massive sulphide mineralization in the North deposit. Targeting is based on the interpretation of the high-density anomaly announced earlier this year (Press Release dated February 28, 2024. Additionally, the second drill hole is expected to intercept copper Stringer mineralization to refine the outline of this domain and improve the estimates in the current model.

Additional drill holes are targeted in the South Zone of Venda Nova with a similar focus to expand the overall resource potential, . Detailed gravimetric surveying has identified a gravity anomaly up-dip and on the western flank of the inferred portion of the Stockwork zone which has a similar signature to the Semi-Massive zone encountered on the eastern flank. This dense material also sits above the potential Cu-rich corridors and, from a density perspective, could relate to massive to semi-massive sulphides.

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 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, the potential success of drill programs or their economic impact on the 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, the potential for success of identifying additional massive sulphide lenses in the proposed drill program, the likelihood of being selected for funding by the Portugal 2030 program and the potential for EDM to exercise the EDM Option and for M&FI to exercise its put option. 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 purpose of Ascendant Resources' (ASDRF) new drill program at Lagoa Salgada?

The drill program aims to test Massive and Semi-Massive Sulphide targets identified through geophysical surveys, with the goal of expanding resources within the Venda Nova North and South Zones.

When will Ascendant Resources (ASDRF) complete its current Lagoa Salgada drilling program?

The drilling program at Lagoa Salgada VMS Project is expected to be completed by the end of 2024.

What are the target areas for Ascendant Resources' (ASDRF) current drilling at Lagoa Salgada?

The program targets the North Zone for massive sulphide lenses southwest and beneath the PMS zone, and the South Zone's gravity anomaly up-dip and on the western flank of the Stockwork zone.

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