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Ascendant Resources update on Lagoa Salgada project in Portugal

Mining News - Published on Fri, 15 Feb 2019

Image Source: Ascendant Resources Inc.
Investing News reported that Canada’s Ascendant Resources has announced that an updated resource estimate for the Lagoa Salgada project in Portugal has markedly increased its resource base. Ascendant said the updated NI 43-101 mineral resource estimate more than doubled Lagoa Salgada’s previous mineral resources with a modest drill program.

The Canadian company owns a 25-percent interest in Redcorp Empreendimentos Mineiros — a Portuguese base metals explorer and developer with an 85-percent interest in Lagoa Salgada. Ascendant announced it had acquired its interest in Lagoa Salgada in August 2018 — paying US$2.45 million in cash and shares and securing the option to acquire up to an 80-percent interest in Redcorp through further investment and the delivery of a feasibility study.

Company said that with a modest drill program of 20 drill holes, it now had a measured and indicated mineral resource across two zones of 7.8 million tonnes grading 8.38 percent zinc equivalent. The north zone has a measured mineral resource of 1.8 million tonnes grading 11.02 zinc equivalent.

President and CEO of Ascendant, Chris Buncic, said that with the drill program, the company was delivering on its goal to expand and upgrade the estimates for Lagoa Salgada, which in August the company had described as a high-grade deposit on the Iberian Pyrite trend. The area has zinc mines operated by Lundin Mining and Trafigura — which has a significant interest in zinc-smelter Nyrstar.The material increases in scale of the resources represent a significant milestone for Lagoa Salgada and validates our initial investment thesis that a modest drilling budget could provide outsize value and show the world class potential for Lagoa Salgada.”

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Posted By : Rabi Wangkhem on Fri, 15 Feb 2019
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