Ascendant Resources to Advance Development of Lagoa Salgada VMS Project, Portugal
Ascendant Resources (TSX:ASND, OTCQB:ASDRF) continues developing its flagship Lagoa Salgada VMS Project in Portugal's Iberian Pyrite Belt. The company reports progress in exploration, metallurgy, permitting, and feasibility optimization, highlighting the project's potential as a significant global polymetallic venture.
Cerrado Gold, following its sale of the Monte do Carmo Gold Project to Hochschild Mining PLC, has provided Ascendant with a US$275,000 loan at 10% annual interest, compounded monthly, with a minimum 366-day notice for maturity. The loan, while involving common directors and officers between both companies, is not considered a related party transaction under MI 61-101.
Ascendant Resources (TSX:ASND, OTCQB:ASDRF) continua a sviluppare il suo progetto di punta Lagoa Salgada VMS nella cintura di pirite iberica in Portogallo. L'azienda riporta progressi nell'esplorazione, nella metallurgia, nel rilascio delle autorizzazioni e nell'ottimizzazione della fattibilità, evidenziando il potenziale del progetto come un importante investimento globale polimetallico.
Cerrado Gold, dopo la vendita del Monte do Carmo Gold Project a Hochschild Mining PLC, ha fornito ad Ascendant un prestito di 275.000 dollari USA con un interesse annuale del 10%, composto mensilmente, con un periodo minimo di preavviso di 366 giorni per la scadenza. Sebbene il prestito comporti direttori e funzionari comuni tra entrambe le aziende, non è considerato una transazione con parti correlate ai sensi della MI 61-101.
Ascendant Resources (TSX:ASND, OTCQB:ASDRF) continúa desarrollando su proyecto insignia Lagoa Salgada VMS en la Cinturón de Pirita Ibérica de Portugal. La compañía informa sobre avances en exploración, metalurgia, permisos y optimización de viabilidad, resaltando el potencial del proyecto como una significativa iniciativa polimetálica a nivel global.
Cerrado Gold, tras la venta del Monte do Carmo Gold Project a Hochschild Mining PLC, ha proporcionado a Ascendant un préstamo de 275,000 dólares estadounidenses con un interés anual del 10%, compuesto mensualmente, con un aviso mínimo de 366 días para el vencimiento. Aunque el préstamo implica directores y funcionarios comunes entre ambas compañías, no se considera una transacción con partes vinculadas bajo la MI 61-101.
Ascendant Resources (TSX:ASND, OTCQB:ASDRF)는 포르투갈의 이베리아 황철광 벨트에서 Lagoa Salgada VMS 프로젝트를 계속 개발하고 있습니다. 이 회사는 탐사, 금속 처리, 허가 및 타당성 최적화의 진행 상황을 보고하며, 프로젝트가 글로벌 다중 금속 사업으로서의 잠재력을 강조하고 있습니다.
Cerrado Gold는 Hochschild Mining PLC에 Monte do Carmo Gold Project를 매각한 후, Ascendant에 275,000달러의 대출을 10%의 연이율로 제공했으며, 이자는 월복리로 계산되며 만기까지 최소 366일의 통지를 요구합니다. 이 대출은 두 회사 간의 공통 이사 및 임원을 포함하지만 MI 61-101에 따라 관련당사자 거래로 간주되지 않습니다.
Ascendant Resources (TSX:ASND, OTCQB:ASDRF) continue à développer son projet phare Lagoa Salgada VMS dans la ceinture de pyrite ibérique au Portugal. L'entreprise fait état d'avancées dans l'exploration, la métallurgie, les autorisations et l'optimisation de la faisabilité, soulignant le potentiel du projet en tant que projet polymétallique mondial significatif.
Cerrado Gold, suite à la vente du Monte do Carmo Gold Project à Hochschild Mining PLC, a accordé à Ascendant un prêt de 275 000 dollars US à un taux d'intérêt annuel de 10 %, composé mensuellement, avec un préavis minimum de 366 jours avant l'échéance. Bien que le prêt implique des directeurs et des responsables communs entre les deux sociétés, il n'est pas considéré comme une transaction entre parties liées en vertu de la MI 61-101.
Ascendant Resources (TSX:ASND, OTCQB:ASDRF) entwickelt weiterhin sein Flaggschiffprojekt Lagoa Salgada VMS im iberischen Pyritgürtel in Portugal. Das Unternehmen berichtet über Fortschritte bei der Exploration, Metallurgie, Genehmigungen und der Optimierung der Machbarkeit und hebt das Potenzial des Projekts als bedeutendes globales polymetallisches Unternehmen hervor.
Cerrado Gold hat nach dem Verkauf des Monte do Carmo Gold Project an Hochschild Mining PLC Ascendant einen Darlehen in Höhe von 275.000 US-Dollar mit einem jährlichen Zinssatz von 10%, monatlich compoundiert, sowie einer Mindestkündigungsfrist von 366 Tagen vor der Fälligkeit gewährt. Obwohl das Darlehen gemeinsame Direktoren und Führungskräfte zwischen beiden Unternehmen umfasst, wird es nicht als Transaktion zwischen verbundenen Parteien gemäß MI 61-101 betrachtet.
- Project development progress in exploration, metallurgy, and permitting
- Secured US$275,000 in financing through Cerrado Gold loan
- Project requires external funding through debt financing
- Project still in development phase with no current revenue generation
TORONTO, ON / ACCESSWIRE / December 30, 2024 / Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASDRF) ("Ascendant" or the "Company") is pleased to announce it continues to develop its flagship Lagoa Salgada VMS Project, located in Portugal's Iberian Pyrite Belt. Recent success in exploration, metallurgy, permitting and feasibility optimization have reinforced Lagoa Salgada's potential to become a significant global polymetallic project. Continued development is planned in the areas of exploration at recently identified targets, further metallurgical testing and improvements. Additionally, completion of Definitive Feasibility Study Optimization and permitting advancement are all planned for the coming year.
Cerrado Gold Inc. ("Cerrado"), having recently completed the sale of its Monte do Carmo Gold Project in Brazil to a subsidiary of Hochschild Mining PLC (as per its announcement dated November 6, 2024), recognizes the tremendous potential of Lagoa Salgada. As such, Cerrado has provided Ascendant with a loan in the principal amount of US
Mark Brennan, Chairman of Ascendant and Cerrado, commented: "Cerrado is pleased to support Ascendant as it develops the Lagoa Salgada Project, a highly prospective asset with the potential to become the next world-class VMS deposit on the Iberian Pyrite Belt. Ascendant continues to successfully advance the Lagoa Salgada Project creating long term value for stakeholders."
The Company notes that while there is a commonality of directors and officers between Ascendant and Cerrado, the companies are not "related parties" as defined in Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101") and accordingly the Loan is not considered a "related party transaction" as defined in MI 61-101.
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
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 outcomes associated with metallurgical testing and optimization works at the Lagoa Salgada Project such as improved recoveries and economics, the potential of the Lagoa Salgada Project and/or Cerrado's continuing to support the Company. 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.
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FAQ
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