Ascendant Resources has aquired an interest in the polymetallic Lagoa Salgada volcanic massive sulfide project located in Portugal.
Ascendant Resources (TSX:ASND) has announced that it has acquired from TH Crestgate a 25 percent interest in Redcorp – Empreendimentos Mineiros, which holds an 85 percent interest in the polymetallic Lagoa Salgada volcanic massive sulfide project located within the prolific Iberian pyrite belt in Portugal.
President and CEO of Ascendant, Chris Buncic said:
“While we are very cognizant of our responsibility to continue the strong progress and operational excellence that we have achieved at our El Mochito mine in the last 18 months, we are extremely pleased to work with Crestgate and Redcorp to develop a project that has the potential of becoming a mine of consequence in the prolific Iberian pyrite belt, a belt that has been transformative for Lundin Mining and for Trafigura’s mining operations.
“Lagoa Salgada already has a good-sized resource which is very near the scale and grade necessary to be an operating mine. Leading VMS experts and geo statisticians engaged by Ascendant concur that a high impact, low-cost drilling program can be completed by year end that will have the potential to substantially increase current resources. It is our expectation that this program could have a material impact on net asset value for Ascendant shareholders.”
As stated in Ascendant’s release, Lagoa Salgada currently has 5.84 million tonnes of indicated resources at 8.88 percent zinc equivalent and 2.01 million tonnes of inferred resources at 7.82 percent zinc equivalent in the LS-1 Deposit and 2.22 million tonnes at 4.8 percent zinc equivalent in the LS-1 Central Deposit. Lagoa represents a potentially high-grade, polymetallic zinc-lead-copper exploration opportunity in a low risk, established and prolific jurisdiction. The project covers 10,700 hectares with 17 gravimetric targets identified, with only the LS-1 and LS-1 Central zone having been significantly tested.