Ascendant Resources Inc. (TSX: ASND | FRA: 2D9) has announced results of its initial NI 43-101 feasibility study (FS) for its Venda Nova deposit at its Lagoa Salgada VMS Project, Portugal, based upon an updated mineral reserves and resources estimate.
Mark Brennan, executive chairman of Ascendant stated, “We are very pleased to have completed this initial FS for the Venda Nova deposit at Lagoa Salgada. It is the first comprehensive study covering all aspects of the operations required for the commercialization of the project,”
“It will also serve to secure our 80% interest in what is proving to be a robust project, even at this very early stage in its development. Lagoa Salgada remains a discovery project with significant upside potential expected as we optimize these results and as we continue to expand the resource base.”
While completing the FS satisfies the requirements for Ascendant to earn an 80% interest in the project as required under the earn in option agreement, the company believes that with additional time now available, the following near-term optimization opportunities exist to further enhance the FS prior to commencing development work over the next six months.
Ascendant has said its focus will be as follows:
- Optimize mine ore sequencing to maximize revenues in the initial years
- Optimization of the mining and processing rate to optimize NPV and IRR
- Undertake further metallurgical test work to enhance metal recoveries above those already achieved in tests to date
Additionally, the project has converted 77% of its measured and indicated resources into reserves. There are 0.5Mt at a grade of 6.62% ZnEq in the North Zone, and 8.13Mt at a grade of 1.16% CuEq in the South Zone of inferred resource.
Additional drilling is required to upgrade these additional resources to the measured and indicated categories.
To find out more, please visit www.ascendantresources.com
