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Drilling 'exceeding expectations' at Ascendant's zinc project in Portugal

Zinc-focused Ascendant Resources (TSX: ASND) says 2019 drill results at the Lagoa Salgada VMS project in Portugal are “exceeding expectations” as it aims for a resource update this quarter and a preliminary economic assessment by year-end.
Drilling 'exceeding expectations' at Ascendant's zinc project in Portugal Drilling 'exceeding expectations' at Ascendant's zinc project in Portugal Drilling 'exceeding expectations' at Ascendant's zinc project in Portugal Drilling 'exceeding expectations' at Ascendant's zinc project in Portugal Drilling 'exceeding expectations' at Ascendant's zinc project in Portugal

Zinc flotation at Ascendant’s El Mochito mine in Honduras

Staff reporter

The latest highlights included 9.1m at 16.52% zinc-equivalent and 24.9m at 21.09% Zn-eq in the gossan and sulphide lenses respectively, in the North Zone of the LS West Region.

The company is now planning an IP survey on an 8km gravity anomaly identified in the LS North and East regions, following the "tremendous success" of correlating drilling results to anticipated mineralisation from IP surveys in the LS West Region.

"Lagoa Salgada is proving to be an exceptional VMS host; this is especially apparent as seen by the high-grade and significant intervals of the 2019 drill results," president and CEO Chris Buncic said.

Ascendant's June quarter results were above expectations and budget, following record throughput and production of 24.6 million pounds Zn-eq at its El Mochito zinc mine in Honduras.

Assuming fixed metal prices over the past 2.5 years, production on a Zn-eq basis has increased consecutively every quarter for all 10 quarters of Ascendant's ownership, the company said last week.

In Portugal, Ascendant has the option to earn up to 80% of Lagoa Salgada, which currently has a measured and indicated 7.84 million tonne resource grading 8.38% Zn-eq and an inferred 12.82Mt at 6.37% Zn-eq.

The company's shares have fallen from C83c to a 52-week low of 32c last week.

They closed unchanged yesterday at 41c to capitalise Ascendant at $31.6 million (US$24  million).