Ascendant Resources Files Technical Report for the Updated Mineral Resource Estimate at Its Lagoa Salgada VMS Project in Portugal

Increases M&I Resources by 71% to 10.3 million tonnes at 9.1% ZnEq in the North ZoneNew resource follows modest 8,164-metre drill program that provides strong encouragement for Preliminary Economic Assessment due by year-endTORONTO, Nov. 07, 2019 (GLOBE NEWSWIRE) — Ascendant Resources Inc. (TSX: ASND) (OTCQX: ASDRF; FRA: 2D9) (“Ascendant” or the “Company”) is pleased to announce the filing of the Technical Report entitled, “Technical Report on the Resource Estimate Update for the Lagoa Salgada Project Setúbal District Portugal”, supporting the updated Mineral Resource Estimate, significantly upgrading the resources at the Lagoa Salgada Volcanogenic Massive Sulphide (“VMS”) Project in Portugal. The Technical Report dated November 5, 2019 has an effective date of September 5, 2019 and was prepared in accordance with Canadian National Instrument 43-101 (“NI 43-101”) and will be used as a basis for the Preliminary Economic Assessment (“PEA”) expected to be completed by year end.Highlights from the Technical Report include:North Zone: Measured Mineral Resources increased by 57% to 2.8 Mt at 10.7% ZnEq1.North Zone: Measured & Indicated Mineral Resources increased by 71% to 10.3 Mt at 9.1% ZnEq:
— 170% increase in the precious metal rich gossan zone to 1.7 Mt at 4.6g/t AuEq2.
Global NI 43-101 Measured and Indicated Resources of 12.8 million tonnes and Inferred Resources of 10.33 million tonnes.Drilling in the Central and South Zones identified Copper rich sulphide mineralization. The new resources in these zones are reported in Copper equivalent grades. Future drill programs will focus on expanding and upgrading the strong potential anticipated in these zones._______________
1 ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62)+(Sn Grade*191.75))/25.35
2 AuEq(g/t) = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))+(Sn Grade * 191.75))/40.19
3 In the September 25, 2019 press release, the Company made a calculation error and understated this total number value as 8.6 million tonnes
A summary of the Mineral Resource Estimate is set out in Table 1 below:Table 1: Lagoa Salgada Updated Mineral Resource EstimateNorth Zone Mineral Resource Estimate – Effective September 5, 2019Central and South Zones Mineral Resource Estimate – Effective September 5, 2019Notes to tables:
(1) Min(eralized) Zones: GO=Gossan, MS=Massive Sulphide, Str=Stringer, Str/Fr=Stockwork
(2) ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade*67.24)+(Au Grade*40.19)+(Ag Grade*0.62)+(Sn Grade*191.75))/25.35
(3) CuEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade*67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/67.24
(4) AuEq(g/t) = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62) )+(Sn Grade * 191.75))/40.19
(5) Metal Prices: Cu $6,724/t, Zn $2,535/t, Pb $2,315/t, Au $1,250/oz, Ag $19.40/oz, Sn $19,175/t
(6) Densities: GO=3.12, MS=4.76, Str=2.88, Str/Fr=2.88
The Technical Report is available for review under the Company’s profile on SEDAR (www.sedar.com) and on the Company’s website (www.ascendantresources.com).Mineral Resource EstimateThe Mineral Resource Estimate was prepared by MICON INTERNATIONAL LIMITED (“Micon”). The effective date of this Mineral Resource Estimate is September 5, 2019, and it is based on 3 contiguous areas (North, Central and South Zones within the LS West region) of VMS style mineralization defined by 76 diamond drill holes up to August 31, 2019. Leapfrog Geo 4.5.2 software was used to construct three dimensional (“3D”) solid models of massive sulphide, gossan and stringer and stockwork mineralization reflecting minimum grades of 3% ZnEq, 2.5% ZnEq, 2.5% ZnEq and 0.9% CuEq, respectively and to assign block grades for copper (%), zinc (%), lead (%), tin (%), silver (g/t), gold (g/t) and density (g/cm3) for Measured, Indicated and Inferred Mineral Resources using ordinary kriging interpolation methodology and capped 2-m hole assay composites. Two interpolation passes were applied using progressively increasing ellipsoid ranges to cover the range of 3D solid model sizes present. Block size is 5 m across strike (x) by 10 m along strike (y) by 5 m vertically (z). Mineral Resource categorization was applied using geometric criteria, i.e. spacing between drill holes/assay composites.Quality Assurance and Quality Control
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