Ascendant Resources Increases Measured and Indicated Resources by 71% to 10.3 Million Tonnes at 9.1% Zinc Equivalent Grade in the North Zone at Its Lagoa Salgada VMS Project in Portugal

Ascendant Resources Increases Measured and Indicated Resources by 71% to 10.3 Million Tonnes at 9

TORONTO, Sept. 25, 2019 (GLOBE NEWSWIRE) — Ascendant Resources Inc. (TSX: ASND) (OTCQX: ASDRF; FRA: 2D9) (“Ascendant” or the “Company”) is pleased to announce an updated Mineral Resource Estimate prepared in accordance with Canadian National Instrument 43-101 (“NI 43-101”) significantly upgrading the resources at the Lagoa Salgada Volcanogenic Massive Sulphide (“VMS”) Project located on the Iberian Pyrite Belt (“IPB”) in Portugal. This Mineral Resource Estimate will be used as a basis for the Preliminary Economic Assessment (“PEA”) to be completed by year end.The modest 8,164-metre, 24-hole, drill program focused primarily on infill drilling to increase the confidence in the grade and tonnage of the North Zone, with four of those holes allocated to testing the strong geophysical anomaly in the Central and South Zones. Results demonstrate material growth in the North Zone (the main massive sulphide) with the conversion of significant resources into the Measured & Indicated (“M&I”) category. To date the North Zone has been delineated by less than a total of 76 holes.The North Zone is characterized as a zinc-rich massive sulphide deposit with a precious metal rich oxide gossan lying on top. The four widely spaced holes in the Central and South Zones, have identified a copper-rich sulphide zone that will be the focus of the next phase of drilling to expand these zones. All zones sit on a continuous coincidental Induced Polarization (“IP”) chargeability anomaly with an estimated geological strike length of 1.7km. The most recent drill program corroborated a strong correlation between the IP chargeability anomaly to the massive sulphide mineralization, leaving significant encouragement in the exploration upside to continue to expand the resource. All zones remain open along strike and at depth.Highlights are as follows:North Zone: Measured Mineral Resources increase 57% to 2.8 Mt at 10.7% ZnEq1.North Zone: Measured & Indicated Mineral Resources increase 71% to 10.3 Mt at 9.1% ZnEq:170% increase in the precious metal rich gossan zone to 1.7 Mt at 4.6g/t AuEq2.Global NI 43-101Measured and Indicated Resources of 12.8 million tonnes and Inferred Resources of 8.6 million tonnes.Drilling in the Central and South Zones identified Copper rich sulphide mineralization. The new resources in these zones are reported in Copper equivalents. Future drill programs will focus on expanding and upgrading these zones.Results from a PEA are expected in the fourth quarter and will be based upon this new Mineral Resource Estimate.1 ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*191.75))/25.352 AuEq(g/t) = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62) )+(Sn Grade * 191.75))/40.19A summary of the Mineral Resource Estimate is set out in Table 1 below:Table 1: Lagoa Salgada Updated Mineral Resource EstimateNorth Zone Mineral Resource Estimate – Effective September 5, 2019Central and South Zones Mineral Resource Estimate – Effective September 5, 2019Notes to tables:
(1) Min(eralized) Zones: GO=Gossan, MS=Massive Sulphide, Str=Stringer, Str/Fr=Stockwork
(2) ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*191.75))/25.35
(3) CuEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/67.24
(4) AuEq(g/t) = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62) )+(Sn Grade * 191.75))/40.19
(5) Metal Prices: Cu $6,724/t, Zn $2,535/t, Pb $2,315/t, Au $1,250/oz, Ag $19.40/oz, Sn $19,175/t
(6) Densities: GO=3.12, MS=4.76, Str=2.88, Str/Fr=2.88
Chris Buncic, President & CEO of Ascendant, stated, “We are exceptionally pleased with the updated Mineral Resource Estimate as it demonstrates a substantial milestone towards the goal of developing Lagoa Salgada. We believe there is ample opportunity to expand the resource substantially as this resource follows a rather modest drill program targeted at infill drilling the North Zone. Lagoa Salgada has many traits common to other VMS deposits and mines in the IPB, while it appears to be at the higher range on the grade scale, and we continue to be encouraged for the mineable potential of the project. This is an excellent starting point for a PEA, and we are focused on completing a study before the end of the year.”He continued, “Our exploration work continues to better define and expand the known zones which still remain open along strike and at depth; highlighting the significant growth opportunity remaining in the North Zone and especially in the Central and South Zones where the massive sulphides have yet to be fully tested. The success of drilling achieved to date, correlating drill results to anticipated mineralization with IP tools in the LS West region, has led the Company to replicate this strategy further down the 8km gravity anomaly in the LS North and LS East regions and we remain optimistic of the long-term, large-scale exploration and resource potential of the project as a whole.”The North Zone, which makes up the majority of the updated Mineral Resource Estimate, saw a substantial conversion of Inferred Resources to M&I Resources, growing by 71%. This was the focus of the 8,164-metre drill program in 2019 which saw 20 new holes drilled in the North Zone. The Central and South Zones were tested by only 4 holes primarily to test the continuation of the strong geophysical anomaly. While drilling was limited, the results to date are very encouraging to support the future expansion of the total resource with indicated growth from all zones. Further drilling will be required to expand and upgrade these resources in the future.Of particularly interesting importance is the gossan zone; a precious metals-rich oxidized cap on top of the massive sulphide, which is noted in the highlights and table above. Also of note is the wide zone of copper-rich mineralization highlighted in hole LS_ST_16 (see September 3, 2019 press release), which correlates to the mineralization found in the Central and South Zones. Further exploration of this zone will also be a focus in future drill programs.The Mineral Resource Estimate update incorporates all historic drilling, the high-grade drill results from the 2018 and 2019 exploration programs and includes all the holes announced in the Company’s recent press releases. Metallurgical testing is underway, and the Company expects to complete a PEA prior to the end of 2019.Updated IP Chargeability AnomalyThere is a strong correlation between the strong continuous IP Chargeability anomaly and coincidental gravity anomaly and the massive sulphide mineralization drilled at Lagoa Salgada. That anomaly extends from just north of the North Zone continuously for over 1.7km to just south of the South Zone (see Figure 3). The IP work supports the further growth potential in the area.During the 2019 drilling program, Ascendant conducted ground IP along the 8-kilometre-long gravity anomaly in the northern part of the property in the LS North region, and Ascendant continues to see a strong chargeability IP anomaly coincidental to the gravity anomaly. Where the tertiary cover is not deep and/or there is not a lot of sand, we are able to see strong chargeability IP anomalies coincident with the gravity to both the east and west of the current Resource area, making these good targets for future drilling (see Figure 4). As has been demonstrated during the 2018 and 2019 drill programs, downhole techniques can successfully be used to further delineate such prospective targets.Mineral Resource EstimateThe Mineral Resource Estimate was prepared by MICON INTERNATIONAL LIMITED (“Micon”). The effective date of this Mineral Resource Estimate is September 5, 2019, and it is based on 3 contiguous areas (North, Central and South Zones within the LS West region) of VMS style mineralization defined by 76 diamond drill holes up to August 31, 2019. Leapfrog Geo 4.4.2 software was used to construct three dimensional (“3D”) solid models of massive sulphide, gossan and stringer mineralization reflecting a minimum grade of 3% ZnEq, 2.5% ZnEq, and 2.5% ZnEq respectively and to assign block grades for copper (%), zinc (%), lead (%), tin (%), silver (g/t), gold (g/t) and density (g/cm3) for Measured, Indicated and Inferred Mineral Resources using ordinary kriging interpolation methodology and capped 2-m hole assay composites. Up to four interpolation passes were applied using progressively increasing ellipsoid ranges to cover the range of 3D solid model sizes present. Block size is 5 m across strike (x) by 10 m along strike (y) by 5 m vertically (z). Mineral Resource categorization was applied using geometric criteria, i.e. spacing between drill holes/assay composites.The new Technical Report to disclose the Mineral Resource Estimate is being prepared in accordance with National Instrument 43-101 (“NI 43-101”) and the CIM Standards for mineral disclosure by Micon. This Technical Report will be filed on SEDAR ( within 45 days of this press release.Quality Assurance and Quality Control
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