Ascendant Resources Announces Discovery of New Copper-Gold Zone and Reports Additional Strong Results From Its Infill Campaign at Lagoa Salgada, Portugal

• New semi massive sulphide Copper-Gold zone discovered east of the South Zone;
  • including: 6m @ 1.77% Cu and 0.8 g/t Au from 201m

• Continuous high-grade mineralization intersected through the North Zone of 59m @ 16.76% ZnEq1 from 161m;
  • including 22m @ 26.30% ZnEq1 from 177m

• Stringer zone continuity confirmed below the North Zone;
  • including: 39m @ 3.61% ZnEq1 from 273m

TORONTO, June 14, 2022 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND, OTCQB:ASDRF) (“Ascendant” or the “Company”) reports assay results from an additional seven holes drilled as part of the ongoing infill drill program at its Lagoa Salgada VMS Project, Portugal. Drill hole assays released today continue to support resource conversion for the ongoing feasibility study at the Venda Nova deposit but have also (i) outlined the discovery of a new Copper-Gold rich semi massive sulphide lens east of the South Zone, which was not previously included in the Mineral Resources; and (ii) confirmed the continuity of the stringer zone below the massive sulphide lens in the North Zone.

As of today, Ascendant has reported 13 drill holes totalling 4,749.9 meters (6 Metallurgical holes reported in May and 7 infill holes reported today). Assays reported today represent full results received as at June 5th 2021 and include three holes collared in the North Zone: LS_MS-41, LM-MS-41 A and LS_MS-45; and four in the South Zone: LS_ST_28, LS_ST_29, LS_ST_33 and LS_ST_49.

Mark Brennan, Executive Chairman commented: “Venda Nova continues to surprise to the upside and supports our view that we remain at a relatively early stage of exploration at Lagoa Salgada. The discovery of a new Cu-Au rich semi massive sulphide lens could potentially add to the scale of the deposit as this new zone was not included in previous Resources statements. As we complete our infill drilling campaign, we are encouraged to see continued evidence for strong resource conversion underpinning the ongoing feasibility study for Venda Nova.”

Continuous intersections (apparent width along different domains) from recent assays include:

Venda Nova North Zone (Apparent Width)

LS_MS_41: 59.0m @ 16.76 % ZnEq1 from 161.0m (1.55% Zn, 0.37% Cu, 6.09% Pb, 1.84 g/t Au, 123.2 g/t Ag and 0.17% Sn)

LS_MS_41A: 38.7m @ 3.61% ZnEq1 from 273.3m (0.74% Zn, 0.45% Cu, 0.15% Pb, 0.04 g/t Au, 13.54 g/t Ag and 0.10% Sn)

LS_MS_45: 6.0m @ 3.56% ZnEq1 from 197.0m (1.20% Zn, 0.04% Cu, 0.52% Pb, 0.48 g/t Au, 23.3 g/t Ag and 0.01% Sn)

Venda Nova South Zone (Apparent Width)

LS_ST_28: 6.0m @ 7.36% ZnEq1 from 201.0m (0.02% Zn, 1.77% Cu, 0.02% Pb, 0.78 g/t Au, and 16 g/t Ag- No Sn Assay)

LS_ST_33: 4.0m @ 3.86% ZnEq1 from 221.0m (2.34% Zn, 0.11% Cu, 0.58% Pb, 0.06 g/t Au, and 21.5 g/t Ag – No Sn Assay)

LS_ST_48: 2.0m @ 3.31% ZnEq1 from 312.0m (0.08% Zn, 0.87% Cu, 0.04% Pb, 0.13 g/t Au, and 14 g/t Ag – No Sn Assay)

LS_ST_29: 12.0m @ 4.04 ZnEq1 from 533.0 m (1.02% Zn, 0.66% Cu, 0.44% Pb, 0.04 g/t Au, 17.2 g/t Ag and 0.02% Sn)

Hole location and collar positions are shown in Figure 1 and Table 1 below.

Figure 1 – Plan view of the Venda Nova with location of the reported drill holes

A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3351e0b0-0daf-4882-a754-11214a02476c

South Zone: New Discovery

Drill holes collared in the South Zone refined the outline of the bulk wireframe and confirmed the continuity of the higher-grade corridors contained within the broader domain. As such the infill drill program continues to support resource conversion as expected.

In addition to confirming the known mineralization, the potential to expand the resource in the South Zone beyond the current resource envelope is demonstrated by results from drill holes ST_28 and ST_29 which intercepted semi massive sulphide mineralization with high Cu and Au grades outside the current main stringer wireframe and within the hanging wall. These intercepts include 6.0m at 1.77% Cu and 0.8 g/t Au from 201m in hole ST_28 and 4m at 1.34% Cu starting at 311m in hole ST_29. This new semi massive lens is hosted by the same sedimentary exhalative rocks that overlay the stringer zone in the North Zone and is capped by the same volcanic rocks. It should also be noted that the intervals reported today can be correlated with a few historic holes (e.g. LS-26 and LS-24) that show discrete intersections of grades comparable to the stringer zones in the same pyrite rich exhalative host rock. A preliminary outline of this lens has been modeled along a strike length of ~ 400 m.

In light of this new discovery, the Company has slightly amended its infill drill plan by collaring holes further to the east to target this new zone as well as the existing stringer mineralization that forms the South Zone. The aim is to test the possible stratigraphic continuity of exhalative/massive sulphides and potentially show a near continuous connection to the North Zone. While still in the early stages of definition, this discovery could grow the resource in the South Zone.

Figure 2 - Cross section of South Zone (Trace locations included in Figure 1)

A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b55cbe6b-c8e1-435c-b7d4-ea6fdf6ff09c

North Zone Results

The three holes collared in the North Zone confirms the existing mineralized domains and support our revised expectation for grades in each domain as we work towards upgrading the resources. Notably hole MS-41 intercepted 21.9m of massive sulphide from 177m (Secondary and primary, averaging 26.3% ZnEq1) and MS-41a (drilled in continuity after technical issues of the original hole) intercepted a 38.7m interval starting at 273.3m (apparent width) of continuous stringer mineralization averaging 3.61% ZnEq1, including subintervals dominated by chalcopyrite veins. Hole MS-45 collared in the southern part of the North Zone intercepted a 6m interval of stringer mineralization which the Company believes represents the southern extent of the modeled continuous massive sulphide mineralization that extends for ~500m towards the northwest.

Figure 3 – Cross section North Zone (Trace locations included in Figure 1)

A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/08a1cd99-f378-45e3-890e-59d02139d2f1

Table 1 - Collar Info

* Deviation drill hole from LS_MS_41 at depth 222.80 m

Table 2 Relevant Economic Intercepts by Domain

A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/62c3834a-0baa-4bc3-b9e3-9e3d74c03a1d

1. Equivalency calculations are based on in-situ values only. Commodity prices used are as follows: Zn: US$1.20/lb, Pb: US$1.00/lb, Cu: US$3.50/lb, Ag: US$20/Oz, Au: US$1,650/Oz and Sn: US$12/lb.
   

Quality Assurance and Quality Control

Core samples are retrieved from the core barrel by the drilling crew. Each core box is labeled with the drill hole number, the depth intervals, and an arrow indicating the downhole direction. Core samples retrieved from the barrel are immediately transferred to the core boxes and transported to the logging facilities in batches. After the logging, the core is cut in half and placed in labeled sample bags with the sample tags and transported to the sample preparation lab of ALS Lab, in Seville, Spain. Samples are dried, crushed to 70% passing 2 mm, split and finally pulverized to 85% passing 75 mm. Pulp samples are then sent to their analytical Laboratory in Galway, Ireland, for analysis. The core samples are analyzed for gold (ppm) by fire assay (Au‐AA25), and for the other elements by two different ICP Multi element analysis: 1) (ME-ICPORE) - base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer 2) ME-MS61r: Four-acid digestion paired with ICP-MS and ICP-AES with REE analytes included.

ALS Laboratories has routine quality control procedures which ensure that every batch of samples includes three sample repeats, two commercial standards and blanks. ALS Laboratories is independent from Ascendant. Ascendant used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program. No significant QAQC failure issues were identified in the reported batches.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, P.Geo., Vice President, Exploration for Ascendant Resources Ltd, who is a Qualified Person as defined in National Instrument 43-101.

About Ascendant Resources Inc.

Ascendant is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. Through focused exploration and aggressive development plans, the Company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.

The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of Measured and Indicated Resources @ 9.06% ZnEq and 2.50 million tonnes of Inferred Resources @ 5.93% ZnEq in the North Zone; and 4.42 million tonnes of Indicated Resources @ 1.50% CuEq and 10.83 million tonnes of Inferred resources @ 1.35% 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 7,209ha property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 50% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp") and has an earn-in opportunity to increase its interest in the project to 80%. The Company's interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its mineable scale.

The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant, please visit our website at www.ascendantresources.com.

Additional information relating to the Company, including the Preliminary Economic Assessment referenced in this news release, is available on SEDAR at www.sedar.com.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business, and the Lagoa Salgada Project, including its exploration potential and feasibility. In making the forward- looking statements contained in this press release, Ascendant has made certain assumptions, including, but not limited to the Company’s ability to refinance the Loan prior to the end of its term. Although Ascendant believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the 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. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Ascendant disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risks and Uncertainties" in the Company's Management’s Discussion and Analysis for the years ended December 31, 2021 and 2020 and other risks identified in the Company's filings with Canadian securities regulators, which filings are available on SEDAR at www.sedar.com. The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. The Company's statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.