September 10, 2018 - 6:30 AM EDT
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Ascendant Resources Announces Additional High-Grade Drill Results From Its 2018 Exploration Program at El Mochito

TORONTO, Sept. 10, 2018 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND) (OTCQX: ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) is pleased to announce results from an additional 24 diamond drill holes (4,254 metres) from its 2018 exploration and definition drilling program at its El Mochito mine in Honduras. The drilling was split between in-fill (48%) and step-out (52%) drill holes, and targeted extensions of four ore bodies, namely Porvenir, Santa Elena, Port Royal Manto and Esperanza (See Figure 1 and Tables 1 & 2 below). These results continue to support the Company’s goal of identifying higher-grade ore for immediate production and increasing tonnage for further Mineral Reserve and Resource growth at El Mochito. 

Figure 1
Drill Hole Location Map


Key highlights (true/apparent widths1) include:

Infill Drilling

  • DDH 10996 – 7.1m at 14.0% ZnEq, 7.4% Zn, 6.2% Pb and 86.5 g/t Ag (Esperanza)
  • DDH 10998 – 13.7m at 10.7% ZnEq, 5.7% Zn, 4.6% Pb and 72.0 g/t Ag (Esperanza)
  • DDH 10999 – 4.8m at 16.4% ZnEq, 8.2% Zn, 6.6% Pb and 166.5 g/t Ag (Esperanza)
  • DDH 11017 – 16.1m at 9.9% ZnEq, 9.4% Zn, 0.1% Pb and 25.9 g/t Ag (Port Royal Manto)

Step-out Drilling

  • DDH 10994 – 2.6m at 9.5% ZnEq1, 6.0% Zn, 3.4% Pb and 35.2 g/t Ag (Porvenir)
  • DDH 10987 – 7.0m at 6.1% ZnEq, 3.4% Zn, 2.6% Pb and 30 g/t Ag (Porvenir)
  • DDH 10973 – 2.7m at 7.3% ZnEq, 4.1% Zn, 3.1% Pb and 38.3 g/t Ag (Santa Elena)

Infill drilling at the Esperanza Orebody continues to deliver high-grade results demonstrating its ability to continue to contribute significantly towards 2018 production as well as for the foreseeable future. The Santa Elena Orebody forms part of the El Mochito production plan in 2019 and beyond with step-out drilling continuing to indicate an eastern extension of the orebody. The newly defined Porvenir Orebody, forms part of the Inferred Mineral Resource, and current drilling aids further in its definition and delineation. These orebodies remain open along strike and at depth.

1 Please refer to tables for true/apparent widths which are estimated from actual drilled lengths.

In May 2018, the Company published an update of its Mineral Reserves and Resources Estimate showing a significant increase, providing for a Mineral Reserve mine life of more than seven years, confirming the long-term conversion of Resources into Reserves and the continued growth achieved at El Mochito over the mines 70-year history. Given El Mochito’s substantial Reserve base, and in light of the short-term price weakness in the commodities markets, the Company has decided to defer significant underground exploration drilling at El Mochito as part of its overall cost management program. Of the 23,930 metres completed to date, 57% constitutes step-out drilling and 43% infill drilling. The Company will continue with infill drilling and expects to complete total drilling of approximately 30,000 metres for the year. Assay results from 7,661 metres of previous drilling are expected in the fourth quarter.

Chris Buncic, President and CEO of Ascendant commented: “We are pleased with these results as they provide new high-grade mineralization at grades higher than current mining grades and the existing Reserve and Resource grades. There continues to be significant opportunity for Reserve and Resource conversion and growth through exploration to fulfill our long-term goal of increasing head grades to the mill and increase the value per tonne mined.” He continued, “Despite a minor adjustment to our 2018 exploration program, management believes the work to date should be more than sufficient for continued conversion and expansion of El Mochito’s Reserves and Resources and we look forward to resuming exploration activities as commodity market pricing improves.”

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/14a9c98c-a456-4f7e-bb79-c628f26a7b74

Table 1: Significant Assays

Drill Hole
Category
DDH No.
From
(m)
To (m)Length
(m)
True /
Apparent
Width (m)*
Ag (g/t)

Pb (%)

Zn (%)

ZnEq
(%)**
Area

Infill



1099157.965.37.57.2109.05.86.212.9Esperanza



including57.959.31.51.458.04.03.57.8
including59.364.04.74.5136.17.68.416.9
including64.065.31.31.370.01.91.64.3
Infill


1099382.484.92.52.0137.38.86.916.4Esperanza


including82.483.71.21.0235.015.711.528.3
including83.784.91.21.042.02.12.54.8
Infill


1099663.171.88.77.186.56.27.414.0Esperanza


including63.165.52.42.0137.57.79.217.8
including65.571.86.25.166.65.76.712.5
Infill





1099869.589.319.813.772.04.65.710.7Esperanza




including69.577.98.45.838.52.23.86.2
including77.978.20.30.21.00.00.00.0
including78.280.22.01.464.03.47.010.8
including80.282.01.81.3172.013.614.228.3
including82.089.37.35.190.25.65.811.9
Infill


1099955.860.75.04.8166.56.68.216.4Esperanza


including55.857.61.81.8301.09.512.225.0
including57.659.41.81.8107.05.57.013.3
including59.460.71.31.362.04.14.38.7
Infill

1100277.378.81.50.959.04.54.89.5Esperanza

and107.4108.81.40.974.03.23.67.4
Infill1100553.057.04.03.775.95.77.113.0Esperanza
Infill












1101014.416.62.22.057.00.83.55.1Esperanza












and67.270.12.92.778.24.85.811.1
including67.268.61.31.392.05.76.913.1
including68.670.11.51.466.04.14.99.3
and75.680.34.74.555.82.54.57.4
including75.677.62.01.958.04.95.110.1
including77.679.21.61.638.00.63.34.5
including79.280.31.01.080.00.85.17.0
and107.9109.71.81.6129.00.13.05.1
and114.3115.51.21.130.00.63.94.9
and117.0121.94.94.634.31.75.57.5
including117.0118.71.71.616.00.53.94.5
including118.7120.41.71.661.04.48.413.1
including120.4121.91.51.425.00.23.94.5
Infill












1101513.525.311.89.274.25.15.811.3Esperanza












including13.515.21.71.4116.07.07.815.5
including15.218.33.02.4130.58.110.018.8
including18.320.11.81.462.05.35.811.2
including20.121.91.81.431.02.93.15.9
including21.923.11.20.91.00.20.20.3
including23.125.32.21.747.83.73.87.7
and55.262.57.34.964.10.64.25.7
including55.256.41.20.832.01.54.46.1
including56.457.91.51.07.00.02.72.8
including57.962.54.63.191.30.64.76.6
and68.071.33.42.328.00.04.34.8
including68.069.61.71.244.00.03.23.9
including69.671.31.71.212.00.05.45.6
Infill




10986143.3146.02.71.5340.31.72.49.1Port Royal Manto




including143.3144.81.50.8111.01.04.36.8
including144.8146.01.20.7627.02.50.012.0
and168.9173.44.62.596.21.21.74.2
including168.9170.71.81.0170.01.51.35.2
including170.7173.42.71.547.01.01.93.5
Infill




10990158.5171.012.56.241.82.94.17.2Port Royal Manto




including158.5161.53.01.585.05.37.313.1
including161.5163.11.50.838.03.65.59.1
including163.1166.02.91.470.75.27.012.4
including166.0167.01.10.54.00.10.20.3
including167.0171.04.02.0109.10.93.55.9
Infill10992No Significant InterceptsPort Royal Manto
Infill





11000101.1107.36.22.7102.64.55.711.1Port Royal Manto





including101.1104.43.31.4156.36.08.015.5
including104.4105.20.90.429.01.91.93.9
including105.2107.32.00.948.03.23.77.2
and125.0131.16.13.451.30.78.510.0
including125.0128.03.01.758.51.09.511.3
including128.0131.13.01.744.00.57.58.6
Infill

10997124.4126.01.70.949.03.14.37.7Port Royal Manto

and140.5142.21.71.034.02.34.46.8
Infill

1101286.988.41.50.664.04.67.212.1Port Royal Manto

and91.493.01.51.046.00.19.610.4
Infill11014No Significant InterceptsPort Royal Manto
Infill11020No Significant InterceptsPort Royal Manto
Infill












1101740.841.70.90.8217.05.29.917.7Port Royal Manto











and44.264.920.716.125.90.19.49.9
including44.247.93.72.843.00.411.812.9
including47.948.80.90.79.00.23.03.3
including48.850.01.20.948.00.113.514.3
including50.053.33.42.614.10.15.86.1
including53.355.01.71.333.00.115.315.9
including55.056.71.71.31.00.00.50.5
including56.758.21.51.212.00.06.16.4
including58.260.01.81.455.00.112.613.5
including60.062.52.41.920.10.07.88.1
including62.564.92.41.917.00.014.414.7
Step Out











1099435.238.33.02.922.22.13.05.1Porvenir











including35.236.61.41.320.01.51.93.5
including36.638.31.71.624.02.63.86.4
and43.946.52.72.635.23.46.09.5
including43.945.11.21.226.02.73.76.3
including45.146.51.41.443.04.18.012.1
and273.1283.510.47.917.50.34.44.9
including273.1276.02.92.222.10.84.35.3
including276.0278.92.92.26.40.12.83.0
including278.9283.54.63.521.70.25.45.9
and292.9294.92.01.596.02.13.97.1
and296.9298.71.81.527.04.05.08.8
and300.2301.81.51.26.00.07.47.5
and305.7307.11.41.17.00.13.94.1
Step Out





1098722.124.42.32.336.03.43.67.0Porvenir





and33.540.77.27.030.02.63.46.1
including33.538.14.64.533.72.93.56.5
including38.139.61.51.517.01.62.44.0
including39.640.71.11.133.03.04.17.1
and253.0254.41.41.210.00.64.75.4
and265.2266.91.71.433.02.07.79.9
Step Out




10973325.8330.14.34.130.92.32.65.0Santa Elena




including325.8327.71.81.733.03.74.37.9
including327.7328.71.01.07.00.00.00.1
including328.7330.11.41.445.02.02.44.8
and336.0338.92.82.738.33.14.17.3
including336.0337.41.41.313.01.32.43.6
including337.4338.91.51.462.04.85.810.7
Step Out

10988349.6350.81.21.228.02.62.65.2Santa Elena

and355.6356.61.01.06.00.110.410.6
Step Out






10982325.2333.88.58.15.50.25.65.8Santa Elena






including325.2330.35.04.89.40.49.49.9
including330.3332.22.01.91.00.00.80.8
including332.2333.81.51.410.00.28.99.2
and338.3345.97.67.123.10.43.64.3
including338.3339.91.51.467.00.33.54.8
including339.9341.71.81.77.00.11.51.7
including341.7345.94.34.014.30.64.65.3
Step Out10995No Significant InterceptsSanta Elena
* True Thickness and apparent widths are estimates.
** Price assumptions used were US$1.21/lb Zn, US$1.06/lb Pb and US$18/troy oz Ag. Zinc equivalent metal grade (ZnEq. %) was calculated as follows:  Zn% +(Pb x 0.82) +(Ag g/t x 0.0149) = ZnEq% and is based on 88.9% Zn recovery, 74.3% Pb recovery and 77.7% Ag
 

Table 2: Collar Table

        
    UTM Coordinates (WGS84Z16N)   
Area

Drill
Hole
Category
Mine
Level (ft)
DDH No.Easting
(m)
Northing
(m)
Elev. (m)

Azi.

Incl.

Length
(m)
EsperanzaInfill260510991381,7801,643,1921712491973.2
EsperanzaInfill260510993381,7801,643,1921722504194.5
EsperanzaInfill260510996381,7801,643,1921722633082.3
EsperanzaInfill260510998381,7801,643,1921722624596.0
EsperanzaInfill260510999381,7801,643,1921712601773.2
EsperanzaInfill260511002381,7801,643,192173260.653.6121.3
EsperanzaInfill260511005381,7811,643,1941712912683.8
EsperanzaInfill260511010381,7811,643,196170326-15150.6
EsperanzaInfill260511015381,7821,643,195170331-36.474.1
Port Royal MantoInfill245010986381,7801,643,192172328.5-3696.0
Port Royal MantoInfill245010990382,3081,642,557193311-35180.1
Port Royal MantoInfill245010992382,3081,642,557193312-30217.9
Port Royal MantoInfill245011000382,3081,642,556192290-44150.9
Port Royal MantoInfill245010997382,3091,642,559192346.9-42.5175.3
Port Royal MantoInfill245011012382,3111,642,55519290-43.5103.9
Port Royal MantoInfill245011014382,3111,642,55619286-58.582.3
Port Royal MantoInfill245011020382,3111,642,55719216.2-40103.6
Port Royal MantoInfill245011017382,3111,642,55719230-5971.6
PorvenirStep Out279010994384,3851,642,35011173-42323.1
PorvenirStep Out279010987384,3831,642,35111144-39300.2
Santa ElenaStep Out268010973383,3781,643,00612580-74350.5
Santa ElenaStep Out268010988383,3731,643,007126312-38420.6
Santa ElenaStep Out268010982383,3781,643,003125127.5-61353.6
Santa ElenaStep Out268010995383,3741,643,007125330.6-39.4475.5
          

Quality Assurance and Quality Control

Analytical work was carried out by Bureau Veritas Commodities Canada Ltd. (ACME), Vancouver, Canada.  Drill core samples were prepared in Bureau Veritas’s laboratory in Guatemala City, Guatemala. Pulp samples were then sent to their analytical Laboratory in Vancouver, Canada. All samples were analyzed for zinc, Lead, copper, iron and silver values determined by method code AR402 atomic absorption spectrometry, and any over limit values were determined using method code FA410. Bureau Veritas has routine quality control procedures which ensure that every batch of 40 prepared samples includes three sample repeats, two commercial standards and blanks. Bureau Veritas is independent from Ascendant. Ascendant used standard QA/QC procedures, when inserting blanks, for the drilling program.

Qualified Persons

The scientific and technical information in this press release has been reviewed and approved by Patrick E. Toth, P.Geo., Director Exploration to Ascendant and a Qualified Person as defined by National Instrument 43-101.

About Ascendant Resources Inc.

Ascendant is a Toronto-based mining company focused on its flagship 100%-owned producing El Mochito zinc, lead and silver mine in west-central Honduras, which has been in production since 1948. After acquiring the mine in December 2016, Ascendant spent 2017 implementing a rigorous and successful optimization program restoring the historic potential of El Mochito delivering record levels of production with profitability restored. The Company now remains focused on cost reduction and further operational improvements to drive robust profitability in 2018 and beyond. Expanding and upgrading El Mochito’s significant Mineral Reserves and Resources through exploration work for near-mine growth is an ongoing focus for the Company. With a significant land package of 11,000 hectares in Honduras and an abundance of historical data, there are several regional targets providing longer term exploration upside which could lead to further resource growth.

Ascendant also holds an interest in the high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal. The Company is engaged in exploration of the Project with the goal of expanding already substantial defined Mineral Resources and testing additional known targets. The Company’s acquisition of its interest in the Lagoa Salgada Project offers a low-cost entry point to a potentially significant exploration and development opportunity. The Company holds an additional option to increase their interest in the Project upon completion of certain milestones.

Ascendant Resources is engaged in the ongoing evaluation of producing and development stage mineral resource opportunities, on an ongoing basis. The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant Resources, please visit our website at www.ascendantresources.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.

For further information please contact:

Katherine Pryde
Director, Communications & Investor Relations
Tel: 888-723-7413
[email protected]

Cautionary Notes to US Investors

The information concerning the Company’s mineral properties has been prepared in accordance with National Instrument 43-101 (“NI-43-101”) adopted by the Canadian Securities Administrators. In accordance with NI-43-101, the terms “mineral reserves”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014. While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required by NI 43-101, the U.S. Securities Exchange Commission (“SEC”) does not recognize them. The reader is cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. It cannot be assumed that all or any part of any inferred mineral resource will ever be upgraded to a higher category. Therefore, the reader is cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of a measured or indicated mineral resource will ever be upgraded into mineral reserves.

Readers should be aware that the Company’s financial statements (and information derived therefrom) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and are subject to Canadian auditing and auditor independence standards. IFRS differs in some respects from United States generally accepted accounting principles and thus the Company’s financial statements (and information derived therefrom) may not be comparable to those of United States companies.

Forward Looking Information
           
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). Forward-looking information is also identifiable in statements of currently occurring matters which may continue in the future, such as "providing the Company with", "is currently", "allows/allowing for", "will advance" or "continues to" or other statements that may be stated in the present tense with future implications. All of the forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information in this news release includes, but is not limited to, statements regarding the opportunity for reserves and resources conversion and growth through exploration, the increase in head grade and value per tonne mined and the resume of exploration activities in 2019. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Ascendant at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Ascendant identified and were applied by Ascendant in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to, the ability to increase the feed and the ability to expand resources and grades at the Mine, the ability to continue with exploration activities in 2019 and other events that may affect Ascendant's ability to develop its project; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets.

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), uncertainties related to the development and operation of Ascendant's projects, the continuance of exploration activities in 2019, dependence on key personnel and employee and union relations, risks related to political or social unrest or change, rights and title claims, operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, volatile financial markets that may affect Ascendant's ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, tax refunds, hedging transactions, as well as the risks discussed in Ascendant's most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at www.sedar.com.

Should one or more risk, uncertainty, contingency, or other factor materialize, or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. Ascendant does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.

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Source: GlobeNewswire (September 10, 2018 - 6:30 AM EDT)

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