Erratum: Ascendant Resources Increases M&I Resources By 79% and Inferred Resources By 26% on the Copper Stockwork South Zone at Lagoa Salgada
Ascendant Resources Inc. (TSX: ASND) has announced a significant upgrade in the Mineral Resource Estimate for its Lagoa Salgada project, revealing 4.4Mt of Indicated and 7.7Mt of Inferred resources. This marks a 79% increase in Indicated and a 26% increase in Inferred resources. Following a successful Phase 1 drill program, the ongoing Phase II program aims to further expand the South Zone, which remains open for exploration. The resources reported are compliant with Canadian National Instrument 43-101 guidelines, highlighting strong potential for future growth.
- Indicated Mineral Resources increased by 79% to 4.4Mt at 1.51% CuEq.
- Inferred Mineral Resources increased by 26% to 7.7Mt at 1.41% CuEq.
- Phase II drill program underway to further expand resources.
- None.
• New Mineral Resource Estimate of 4.4Mt Indicated and 7.7Mt Inferred demonstrates significant growth from successful Phase 1 drill program
• Phase II drill program underway to expand South Zone with intent to eclipse North Zone
• ERRATUM: The increase in M&I Resources of
TORONTO, March 03, 2021 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND) ("Ascendant" or the "Company”) is pleased to announce an updated Mineral Resource Estimate for the copper rich South Zone at its Lagoa Salgada project located on the Iberian Pyrite Belt (“IPB”) in Portugal. The new Mineral Resource Estimate was prepared in accordance with Canadian National Instrument 43-101 (“NI 43-101”) by Micon International and resulted in a significant upgrade and expansion of the resources at the South Zone at the Lagoa Salgada Volcanogenic Massive Sulphide (“VMS”) Project.
Key Highlights:
- South Zone: Indicated Mineral Resources increase
79% to 4.4 Mt at1.51% CuEq1. - South Zone: Inferred Mineral Resources increase
26% to 7.7 Mt at1.41% CuEq1. - Deposit remains open to the north and south on strike and at depth; Phase II drill program ongoing targeting further expansion.
The new Mineral Resource Estimate was completed after the recent Phase 1 drill program focused primarily on step-out drilling in the South Zone to increase the resources along strike. Drilling tested the strong geophysical anomaly in the South Zone which remains open to further expansion. Results demonstrate material growth in the stockwork copper-dominant mineralization with the conversion of significant resources into the Indicated and Inferred categories. To date, the South Zone has been delineated by a total of 9,134 metres of drilling.
The Phase II drill program commenced in late January 2021 (see press release dated January 27, 2021). The South Zone sits on a continuous coincidental Induced Polarization (“IP”) chargeability anomaly and stockwork mineralization, significantly providing encouragement for potential exploration upside to continue to expand the resource. The zone has an estimated geological strike length of 1.7km. To date only 900 metres of this strike length has been tested, and it remains open both along strike and at depth.
Chris Buncic, President & CEO of Ascendant stated, “As witnessed from the assay results from the drill holes of the Phase 1 drill program as press released in January 2021, the 50m step-out holes included long intercepts with substantial grades that were very exciting and confirmed our thesis of expansion of the South Zone to the south and east. The updated Mineral Resource Estimate and the large increase in resulting tonnage at consistent grades, highlights how it is possible to add material volume to the overall size of the South Zone Resource. We remain very optimistic that Lagoa Salgada can be grown quickly and efficiently to a size of global consequence.”
A summary of the new Mineral Resource Estimate for the South Zone is set out in Table 1 below. It should be noted that these resources are in addition to the current Mineral Resource Estimate for the North Zone at Lagoa Salgada:
Table 1: Lagoa Salgada Updated Mineral Resource Estimate
South Zones Mineral Resource Estimate - Effective January 31, 2021
| Average Grade | Contained Metal | |||||||||||||||||
| Deposit | Category | Min | Cut-off | Tonnes | Cu | Zn | Pb | Sn | Ag | Au | CuEq | Cu | Zn | Pb | Sn | Ag | Au | |
| Zones | CuEq% | (kt) | (%) | (%) | (%) | (%) | (g/t) | (g/t) | (%) | (kt) | (kt) | (kt) | (kt) | (kt Oz) | (kt Oz) | |||
| South | Indicated(I) | Str/Fr | 1.1 | 4,416 | 0.45 | 1.48 | 0.87 | 0.00 | 18 | 0.07 | 1.51 | 19.7 | 65.2 | 38.4 | 0.0 | 2,528.6 | 10.0 | |
| South | Inferred | Str/Fr | 1.1 | 7,668 | 0.48 | 1.18 | 0.77 | 0.00 | 19 | 0.07 | 1.41 | 37.0 | 90.9 | 59.1 | 0.0 | 4,637.5 | 17.7 | |
Notes to tables:
1. Mineral resources unlike mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2. The mineral resources have been estimated in accordance with the CIM Best Practice Guidelines (2019) and the CIM Definition Standards (2014)
3. The resources are reported at a cut-off grade of 1.10 % CuEq.
4. Totals may not tally due to rounding
5. CuEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/67.24
6. Metal Prices: Cu
7. Densities: Str/Fr=3.0
Table 2 below is a sensitivity table for the South Deposit showing the global mineralized tonnes at various CuEq Cut-off Grades.
Table 2: South Deposit Global Mineralized Tonnes at various CuEq Cut-off Grades
| Average Grade | Contained Metal | ||||||||||||
| Cut-off | Tonnes | CuEq | Cu | Zn | Pb | Ag | Au | CuEq | Cu | Zn | Pb | Ag | Au |
| kt | % | % | % | % | g/t | g/t | kt | kt | kt | kt | k oz | k oz | |
| 0.9 | 18,339 | 1.29 | 0.41 | 1.19 | 0.72 | 15.96 | 0.07 | 237.08 | 74.72 | 218.77 | 132.30 | 9,407.96 | 39.52 |
| 1 | 14,958 | 1.37 | 0.44 | 1.24 | 0.76 | 17.22 | 0.07 | 204.98 | 65.65 | 185.86 | 114.04 | 8,279.72 | 33.63 |
| 1.1 | 12,084 | 1.45 | 0.47 | 1.29 |
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FAQ
What are the latest Mineral Resource estimates for ASDRF?
Ascendant Resources has reported 4.4Mt Indicated and 7.7Mt Inferred resources for the Lagoa Salgada project.
How much has the Indicated resource increased for ASDRF?
The Indicated resource has increased by 79%.
What is the current focus of Ascendant Resources' drilling program?
The current focus is on the Phase II drill program aimed at expanding the South Zone.
Is the Lagoa Salgada project compliant with Canadian regulations?
Yes, the resource estimates comply with Canadian National Instrument 43-101.
What are the average grades for the South Zone resources of ASDRF?
The average grade for Indicated resources is 1.51% CuEq, and for Inferred resources, it is 1.41% CuEq.
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