Ascendant Resources reports high-grade copper intercept, extends footwall lens to 550-meter strike length, and drills 200-meter step-out drill in Lagoa Salgada’s Venda Nova South deposit.

• Hall LS ST_42 returned 6.9 m @ 1.59 % Cu (1.99 % CuEq)
• Hole LS ST_31 (16m @ 2.6% Cu (4.33% CuEq)
• Extends the previously defined copper-rich footwall lens an additional 200m to a strike length of ~550m
• Results support the definition of laminated high-grade copper lenses for potential future resources

TORONTO, November 9, 2022 (GLOBE NEWSWIRE) — Ascendant Resources Inc. (TSX: ASND) (OTCQB: ASDRF; FRA: 2D9) (“Ascendant” or “Company”) is pleased to announce the complete analysis of the 200m step-out drill hole at Venda Nova South of the Lagoa Salgada Project. I am happy. ,Portugal. The extent of this drill hole was to test the downplunge extension of a recently identified high grade footwall Cu lens (see his Ascendant press release dated July 28).^th).

Mark Brennan, executive chairman of Ascendant, said: “We are very happy to share these latest drilling results. The current drilling program continues to add new exploration potential that not only upgrades the currently known resource, but also defines a new high-grade Cu mineralization at Venda Nova South that could significantly enhance the resource. is. Possibility of Venda Nova. The intersection within LS_St_42 exhibits outstanding thickness and grade that continue to underscore the significant scale and quality of the Venda Nova deposit and Lagoa Salgada project. Furthermore, this supports management’s view that Lagoa remains in the early stages of exploration to fully define its resource potential, as seen at other mines in the region. . ”

As of October 31^stIn 2022, Ascendant will complete 21 drill holes totaling 9,378 m (9 metallurgical holes and 12 filling/expansion holes), with 3 more drill holes currently underway (see Table 1 and Figure 1) .

Drill hole highlights (true thickness):

LS_ST_42

• 6.9m at 1.59% Cu (1.99% CuEq with 1.59% Cu, 0.24% Zn, 0.11% Pb, 21.5 g/t Ag and 0.31 g/t Au) from 790m downhole

high grade copper lens

Hall ST-42 was colored in the northern section of Benda Nova South and targeted the deep plunge extension of Cu-rich lenses previously outlined in the central/north segment of Benda Nova South (e.g. Hall ST_31, 16m (apparent width) @ 2.6% Cu and 4.33% CuEq). Mineralization in the main section of the pit from 790m to 6.9m (true width) @ 1.59% Cu (1.99% CuEq) is associated with veins and semi-massive chalcopyrite pods.

As with hole ST_31, hole ST-42 extends mineralization beyond the current resource and, more importantly, upgrades the metal endowments of adjacent blocks when integrated into future resources. It confirms the high-grade nature of copper mineralization, which has a pronounced effect on Update.

Confirmation of ore properties, Cu tenors and the general shape of Cu lenses is very promising as it supports size prediction and structural control (potential for stretching along the linear direction of the folding axis). Given the depth of this target, Ascendant believes the most effective way to continue infill and extension drilling is to consider an underground pad.

Figure 1. Floor plan of Venda Nova with reported drill hole locations and new domain wireframes

Figure 2. Long section view along footwall lens highlight hole ST_42.

table 1. Collar information

hole id	UTM East	UTM North	Dipº	Azimuth º	depth
ST_42*	547388	4231779	60	240	891.95

Table 2. Associated intercept

Hall ID	from (Moon)	To (Moon)	copper %	length (Moon)	true width (Moon)	zinc %	lead %	Silver g/t	Oh g/t	Soon %	CuEq % 1
ST_42	417	419	0.38	2.0	1.7	1.35	0.12	9.00	0.14		1.06
ST_42	727	729	0.79	2.0	1.7	0.09	0.13	13.00	0.05	0.02	1.08
ST_42	766	770	0.96	4.0	3.4	0.04	0.02	10.50	0.04	0.03	1.20
ST_42	790	798	1.59	8.0	6.9	0.24	0.11	21.50	0.08	0.01	1.99
ST_42	828	830	0.97	2.0	1.7	0.05	0.04	18.00	0.31	0.01	1.43

1. Equality calculations are based on in situ values ​​only. The commodity prices used are: Zn: US$1.20/lb, Pb: US$1.00/lb, Cu: US$3.50/lb, Ag: US$20/Oz, Au: US$1,650/Oz

Quality assurance and quality control
Core samples are taken from core barrels by drill crews. Each core box is labeled with a borehole number, depth interval, and downhole direction arrows. Core samples recovered from the barrels are immediately transferred to core boxes and then transported in batches to the logging facility. After harvesting, the cores are cut in half, placed in labeled sample bags with sample tags, and transported to the sample preparation lab at the ALS Lab in Seville, Spain. The sample is dried, crushed to 70% passing 2 mm, split and finally ground to 85% passing 75 μm. Pulp samples are sent to the Analytical Laboratory in Galway, Ireland for analysis. Core samples are analyzed for gold (ppm) by fire analysis (Au-AA25) and other elements he by two different ICP multi-element analyses. Using a Varian Vista Inductively Coupled Plasma Spectrometer 2) ME-MS61r: Four-acid digestion (including REE analytes) combined with ICP-MS and ICP-AES.

ALS Laboratories have regular quality control procedures to ensure that every batch of samples contains 3 sample repeats, 2 commercial standards and a blank. ALS Laboratories is independent of Ascendant. Ascendant used standard QA/QC procedures when inserting reference standards and blanks for the drilling program. No critical QAQC failure issues were observed in the batch reported.

technical information review
Scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich (P.Geo.), Vice President Exploration, Ascendant Resources Ltd, a qualified person as defined in National Instrument 43-101 It has been.

About Ascendant Resources
Ascendant is a Toronto-based mining company focused on the exploration and development of the highly promising Lagoa Salgada VMS project located in Portugal’s prolific Iberian pyrite belt. Through focused exploration and aggressive development planning, we aim to unlock the inherent potential of our projects and maximize shareholder value creation.

The Venda Nova deposit at Lagoa Salgada contains a Measured and Indicated Resource of over 10.33 million tons at 9.06% ZnEq and an Inferred Resource of 2.5 million tons at 5.93% ZnEq in the North Zone. There is an Indicative Resource of 4.42 Mt @ 1.50% CuEq and an Inferred Resource of 10.83 Mt @ 1.35% CuEq in the South Zone. This deposit exhibits typical mineralization characteristics of the Iberian Pyrite Belt VMS deposits, including zinc, copper, lead, tin, silver and gold. Across a massive 7,209ha property concession, there is extensive exploration upside potential, both near deposits and future step-out targets. The project has also demonstrated compelling economic viability with scalability to accommodate future resource growth in preliminary economic evaluation results. Located just 80 km from Lisbon, Lagoa Salgada is easily accessible by car and surrounded by excellent infrastructure. Ascendant, through his position at Redcorp – Empreendimentos Mineiros, Lda (“Redcorp”), holds his 50% interest in the Lagoa Salgada project and has an earn-in opportunity to increase its interest in the project to his 80%. I have. Our interest in the Lagoa Salgada project offers low-cost entry into potentially significant exploration and development opportunities and has already demonstrated its mineable scale.

Our common stock is primarily listed on the Toronto Stock Exchange under the symbol “ASND”. For more information on Ascendant, please visit: www.ascendantresources.com.

Additional information about the company, including the preliminary economic evaluation referenced in this news release, is available on SEDAR. www.sedar.com.

For more information, please contact:

Forward-Looking Information

This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Any statement discussing predictions, expectations, beliefs, plans, predictions, objectives, assumptions, future events, or performance (phrases such as “expect,” “do not expect,” “expect,” “predict,” etc.) is not always used) or “not expected”, “planned”, “budgeted”, “intended”, “forecast”, “estimate”, “believe”, “intend”, or such “could” or “could”, “could”, “could”, or “could” refer to variations of a word or phrase or a particular action, event or outcome “to be” is deemed to occur or be achieved) may be forward-looking statements rather than statements of historical fact.

Forward-looking statements contained in this press release include, but are not limited to, statements regarding business, projects, future drill programs and resource expectations. In making the forward-looking statements contained in this press release, Ascendant has made certain assumptions, including, but not limited to, its ability to execute future drill programs and add to existing resources. . Although Ascendant believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that the expectations in the forward-looking statements will prove correct. Known and unknown risks, uncertainties and other factors that could cause 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. Readers should therefore not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Ascendant does not make forward-looking statements to reflect actual results as a result of new information, future events, changes in assumptions or changes in factors affecting such forward-looking statements. disclaims any intention, and assumes no obligation, to update or revise any statements relating to Looking for a statement or other.

Forward-looking information is subject to various risks and uncertainties that may cause actual events or results to differ from those reflected in the forward-looking information. of See the heading “Risk Factors” in the Company’s Annual Information Form dated March 24, 2022 and the “Discussion and Analysis of Company Management for the years ended December 31, 2021 and December 31, 2020. Under the heading “Risks and Uncertainties” and other risks identified in the Company’s filings, filings with Canadian securities regulators are available at SEDAR at: www.sedar.comThe risk factors set forth above are not an exhaustive list of factors that may affect our forward-looking information. Our statements, including forward-looking information, are based on management’s beliefs, expectations and opinions as of the date the statements are made and not as required by the circumstances or management’s beliefs, expectations or applicable law. Opinions should be changed unless For the reasons set forth above, you should not place undue reliance on forward-looking information.

TSX: ASND
www.ascendantresources.com

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