Ascendant drills 22.72% ZnEq over 78.5 metres at Lagoa Salgada, Portugal

Ascendant Resources Inc. [ASND-TSX; ASDRF-OTC; 2D9-FSE] reported assay results from 6 metallurgical holes drilled between November 2021 and March 2022 at the Venda Nova deposit at the Lagoa Salgada Project, 80 km southeast of Lisbon, Portugal. The scope of the program was designed to generate fresh representative samples to optimize metal recoveries from the various ore types seen within Venda Nova as part of the ongoing metallurgical testwork.

Drill results outlined continuous intervals of high-grade mineralized in the North Zone throughout the different domains and several corridors of Fissural ore in the southern zone. The high-grade tenor of these results are expected to significantly increase the contained metal in both deposits.

In addition, the new holes (and incorporating previous results) have now identified a new subdomain within the massive sulphides in the North Zone. This new subdomain is characterized by a secondary enrichment blanket, rich in both copper and silver. The increased understanding of the various domains is expected to improve the accuracy of metallurgical testing and subsequent results.

Drilling highlights include (apparent width) hole Met_MS_01 that returned 109.0 metres of 20.15% ZnEq (Zinc Equivalent) from 167 metres (6.03% Zn, 0.33% Cu, 5.14% Pb, 1.67 g/t Au, 118.35 g/t Ag and 0.20% Sn) including 6.0 metres of 9.06% CuEq (Copper Equivalent) from 176 metres (0.12% Zn, 1.25% Cu, 4.68% Pb, 2.57 g/t Au, 401 g/t Ag and 0.23% Sn) (newly defined Secondary Massive Sulphide zone); and 78.5 metres of 22.72% ZnEq from 182 metres (8.17% Zn, 0.26% Cu, 6.57% Pb, 1.60 g/t Au, 105 g/t Ag and 0.20% Sn) (Primary Massive Sulphide zone).

Hole Met_MS_02 returned 84.6 metres of 8.95% ZnEq from 161.9 metres (1.61% Zn, 0.35% Cu, 2.28% Pb, 0.40g/t Au, 53.36g/t Ag and 0.21% Sn); and 48.9 metres of 11.68% ZnEq from 143.1 metres (0.34% Zn, 0.41% Cu, 1.65% Pb, 1.55 g/t Au, 103.83 g/t Ag, and 0.26% Sn).

Hole Met_MS_04 returned 46.2 metres of 15.43% ZnEq from 151.1 metres (4.55% Zn, 0.28% Cu, 4.09% Pb, 0.83 g/t Au, 129.04 g/t Ag and 0.14% Sn). Hole Met_ST_01 returned 18 metres of 2.59% CuEq from 227.0 metres (2.55% Zn, 0.79% Cu, 1.84% Pb, 0.11g/t Au and 35.00g/t Ag); and 12 metres of 1.94% CuEq from 365 metres (2.25% Zn, 0.79% Cu, 0.59% Pb, 0.04g/t Au and 19.67g/t Ag).

Current results and ongoing infill drilling to date have assisted in the definition of more accurate metal zoning within the massive sulphide including the addition of a Copper-Silver enriched blanket (named the Secondary Massive Sulphide Zone) directly below the Gossan and above the primary massive sulphides; provided discreet and fresh representative samples to assist with ongoing metallurgical testing; and returned grades significantly higher than the predictive block model in the north zone which should enhance the overall metal content.

Mark Brennan, Chairman, stated, “Our metallurgical and infill drilling program continues to enhance the potential resource and economic opportunity we see at Lagoa Salgada and these exceptional high grade results and new enrichment blanket demonstrate we are still in the early stages of understanding the mineral endowment at the Venda Nova area. With these strong results we continue to focus on rapidly progressing our feasibility study however we continue to believe there is still significant upside at Venda Nova and the greater Lagoa Salgada land package.”

The metallurgical drilling program consisted of six drill holes that were completed in Q1 2022. Four holes were collared in the North Zone and 2 in the South Zone.

Drilling in the property continued after the completion of the Met holes. As of April 22, a total of 5,036 metres have been completed (inclusive of the 2,000m reported today). Five infill holes have been finalized (2 in the North and 3 in the south) and three are in progress (South Zone).

The Venda Nova deposit at Lagoa Salgada contains over 10.33M tonnes of Measured and Indicated Resources at 9.06% ZnEq and 2.50M tonnes of Inferred Resources at 5.93 % ZnEq in the North Zone; and 4.42M tonnes of Indicated Resources at 1.50% CuEq and 10.83M tonnes of Inferred resources at 1.35% CuEq in the South Zone. Lagoa Salgada is accessible by road with excellent infrastructure.

Ascendant holds a 21.25% interest in the Lagoa Salgada project through its 25% position in Redcorp – Empreendimentos Mineiros and can increase its interest to 80%. Mineral & Financial Investments owns the additional 75% of Redcorp. The remaining 15% of the project is held by Empresa de Desenvolvimento Mineiro, S.A., a Portuguese Government owned company.