Ascendant Resources Makes US$2.5 Million Final Payment Under Earn-In Agreement for Lagoa Salgada VMS Project, Portugal
Ascendant Resources Inc. (OTCQB: ASDRF) has announced its completion of financial obligations to increase its stake in the Lagoa Salgada VMS project from 50% to 80%. A final payment of US$2.5 million was made to Mineral & Financial Investment AG. The feasibility study, crucial for the stake increase, is expected to finish by Q1 2023. The Lagoa Salgada project, located in Portugal, boasts over 10.33 million tonnes of zinc equivalent resources and significant exploration potential, benefiting from proximity to Lisbon and robust infrastructure.
- Increased ownership in Lagoa Salgada project from 50% to 80% upon feasibility study completion.
- Feasibility study expected to enhance the project's economic outlook.
- Project contains over 10.33 million tonnes of Measured and Indicated Resources at 9.06% ZnEq.
- None.
80% ownership to be achieved upon completion of Feasibility Study in Q1 2023
TORONTO, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND; OTCQB: ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) is pleased to announce that it has satisfied all financial conditions required to increase its effective ownership interest from
Mark Brennan, Ascendant’s Executive Chairman commented, “With this payment we are now just one step away from increasing our ownership to
As per the earn-in agreement, the Company has the option to earn an additional
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 @
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.
For further information please contact: | |
Mark Brennan | David Ball |
Executive Chairman, Founder | Vice President, Corporate Development |
Tel: +1-647-796-0023 | Tel: +1-647-796-0068 |
mbrennan@ascendantresources.com | dball@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 feasibility study and the results of such activities at the Project, the ability of the Company to complete a feasibility study in Q1 2023 and by June 2023, and the anticipated outcome of such feasibility study, to earn an
FAQ
What is Ascendant Resources' stake in the Lagoa Salgada project?
When is the feasibility study for Lagoa Salgada expected to be completed?
What payment did Ascendant Resources make to increase its ownership in Lagoa Salgada?
What are the resource metrics for the Lagoa Salgada project?