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Ascendant Resources announces 5,000-meter satellite target exploration program at Portugal’s Lagoa Salgada property, The Canadian Business Journal

  • 5,000m Program for Unexplored IP/EM Anomaly Targets
  • Two high priority un-drilled targets identified within the Venda Nova area:
    • Anomaly D: A shallow target located northeast of the Benda Nova South Zone
    • Anomaly B: Large deep target located northeast of the Benda Nova North Zone

TORONTO, November 29, 2022 (GLOBE NEWSWIRE) — Ascendant Resources Inc. (TSX: ASND) (OTCQB: ASDRF; FRA: 2D9) (“Ascendant” or “Company”) are several high priority geophysical geophysical We are pleased to announce a program of exploration targeting astronomical anomalies. region. This program is the first exploration program designed to test the potential for newly mineralized lenses in the Venda Nova region outside of the currently known resources. This initial stage will consist of 6-8 DDH holes totaling 5,000 m. See Figure 1 for planned drill locations.

These early targets were identified by physical properties consistent with VMS sediments and successes in the north and south zones: high density, conductivity and electrification. The first phase of the investigation will focus on two high-priority targets, including modeled conductive plates, through an interpretation of the DPEM survey conducted earlier this year. Both targets have dimensions and predicted physical properties comparable to the existing northern and southern zones of Benda Nova, indicating the likely presence of significant concentrations of massive to semi-massive sulfides.

Mark Brennan, executive chairman of Ascendant, said:We are pleased to begin a new phase of exploration that we believe has the potential to significantly increase the resource and extend the long-term potential seen at Lagoa Salgada. The interpretation has contributed significantly to our understanding of the northern and southern zones of Benda Nova and has proven a successful exploration tool for the Iberian pyrite belt. While the North and South Zone feasibility studies continue to progress, we are optimistic that this first step-out exploration program will unlock new orebody potential at Lagoa Salgada.

A brief description and rationale for two high-priority anomalies are outlined below.

Figure 1. Planned boreholes and geophysical background for Anomalies D and B.

Anomaly D

Anomaly D is located 700 meters east of the Benda Nova South Zone.

The best fit of the electromagnetic response (predicted versus actual electromagnetic response) was obtained modeling a Maxwell plate at 340 azimuth and 80 degree tilt (northeast). The top of the conductive plate is just below the tertiary erosion contact zone at a depth of approximately 150m. Anomaly D is particularly consistent with an elongated gravitational anomaly extending across the central portion of the property. This multi-kilometer anomaly was the initial target tool for the discovery at Venda Nova. The Ascendant believes that the unusual shape, which bulges somewhat to the northwest, may reflect a fold. The inferred folding follows the main structures identified in the deposit defined by steep flanks, with a general NW trend and an axial dip to the NW. Under this assumed fold shape, anomaly D (eastern flank) may represent the same permissive stratigraphic horizon that hosts giant sulfide lenses in the northern and southern zones (western side).

Anomaly B

Anomaly B is located 1 km northeast of the giant sulfide lens in the Benda Nova North Zone.

The best fit (predicted versus actual electromagnetic response) was obtained by using a slab used as a general guide in defining the conductor axis and thickness. Plate dimensions are as follows: 1.3km strike length 600m dip length. The depth of the top of the plate is about 200m. This conductive zone may host a single large or multiple small massive sulfide lenses. As with anomaly D, the first hole targets the central zone to better understand the geometry, extent, and overall orientation and improve the accuracy of subsequent holes.

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 Resources 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:

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 drilling programs, mineral potential 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.

A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7429b33d-903b-4106-a855-a8362c2276e8.


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Ascendant Resources announces 5,000-meter satellite target exploration program at Portugal’s Lagoa Salgada property, The Canadian Business Journal

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