Ascendant Resources: District-scale Polymetallic Project in the Prolific Iberian Pyrite Belt

Ascendant Resources (TSX:ASND, OTCQB:ASDRF), OTCQB:ASDRF) focuses on exploring and developing the highly prospective Lagoa Salgada VMS project located at the prolific Iberian Pyrite Belt in Portugal. The Iberian Pyrite Belt is widely considered an unparalleled depository of mineral wealth. The Lagoa Salgada project’s volcanogenic massive sulfide (VMS) is underexplored and under-drilled, creating tremendous blue-sky potential as Ascendant proceeds to explore the project.

The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of measured and indicated resources @ 9.06 percent ZnEq and 2.50 million tonnes of inferred resources @ 5.93 percent ZnEq in the North Zone; and 4.42 million tonnes of indicated resources @ 1.50 percent CuEq and 10.83 million tonnes of inferred resources @ 1.35 percent CuEq in the South Zone. The deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession.

The project has a completed preliminary economic assessment (PEA) indicating post-tax net present value (NPV) of US$247 million and an Internal Rate of Return (IRR) of 55 percent. The PEA also indicates a 14-year mine life with an average production of 130 million pounds of zinc equivalent per year. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. The company will look to expand upon this in its feasibility study Q2/2023.

Company Highlights

• Ascendant Resources is an exploration and development polymetallic mining company pursuing its district-scale Lagoa Salgada project in Portugal.
• Many near-term milestones: metallurgy coming in the next month, feasibility study being completed Q2/2023.
• The flagship Lagoa Salgada project is on the prolific Iberian Pyrite Belt, giving Ascendant a district-scale asset with the potential to generate revenue from precious and base metal deposits.
• The Iberian Pyrite Belt has a rich mining history with some 250 known deposits, and many regions remaining underexplored.
• The Lagoa Salgada has a PEA that determines a post-tax NPV of US$247 million and an IRR of 55 percent.
• The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of Measured and Indicated Resources @ 9.06 percent ZnEq and 2.50 million tonnes of Inferred Resources @ 5.93 percent ZnEq in the North Zone; and 4.42 million tonnes of Indicated Resources @ 1.50 percent CuEq and 10.83 million tonnes of Inferred resources @ 1.35 percent CuEq in the South Zone
• A management team with the right experience throughout the mining industry leads the company toward fully developing its district-scale asset.

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