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Ascendant Resources Inc.
Summary
| Project: | Lagoa Salgada | |
|---|---|---|
| Deposit: | Lagoa Salgada | |
| Location: | Portugal | |
| Commodities: | Copper-Zinc-Lead-Tin-Silver-Gold | |
| Date: | 1/14/2020 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 14-1-2020: Ascendant Resources Inc. announces a PEA report for its Lagoa Salgada deposit at the Lagoa Salgada project. PEA results incl. post-tax NPV (8%) of $106M, IRR of 31%. TORONTO, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND | |
| Resources: | ||
| CP/QP: | [Resources]: Charley Murahwi (Micon International Ltd.) | |
| ABSTRACT: | TORONTO, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND) (OTCQX: ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) is very pleased to announce exceptional results of its maiden Preliminary Economic Assessment (“PEA”) for the Lagoa Salgada VMS project located on the Iberian Pyrite Belt (“IPB”) in Portugal. The PEA is based upon the Company’s current Mineral Resource Estimate for the North Zone reported in the recently released National Instrument 43-101 Technical Report with an effective date of September 5, 2019, and demonstrates the potential viability of mining the Measured, Indicated and Inferred Mineral Resources of the North Zone only. It outlines a robust and compelling economic assessment for Lagoa Salgada as it assumes a two-stage underground mining development scenario, with single trackless ramp access, transverse sublevel open stoping method with pastefill. Ventilation and secondary escape ways are planned through raise-bored holes to surface. Milling rates of 2,700 tonnes per day in a standard process circuit is anticipated, with primary crushing, grinding, flotation and leaching of tailings to produce concentrates including lead, zinc, copper and tin, as well as gold and silver doré. There is ample opportunity for extensive expansion from future exploration work to define additional resources to extend the mine life or increase the scale of the outlined operation. Chris Buncic, President & CEO of Ascendant commented, "We are very pleased that our confidence and investment in the Lagoa Salgada project has been more than justified by the results of this maiden PEA. Over the short period that Ascendant has advanced the Lagoa Salgada project, we have demonstrated a long-life mine with a modest initial capital expenditure and low operating costs while also having a rapid timeline to production. This study outlines a low cost, high-margin operation which the Company intends to improve through continued growth in the size of the Resource and improvement in quality of the mineralization through further exploration work. This study highlights the tremendous intrinsic value created for our shareholders, and our expectation is that there are many further opportunities here to continue building value. We expect this project to increasingly become a major focus and priority for the Company over the coming years. | |
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