Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF | FRA:2D9) has announced the results of its high-resolution gravity survey completed over the Venda Nova North and South Deposits at its Lagoa Salgada VMS Project, Portugal.
Four new high priority targets have been identified near existing deposits, with the highest priority target located below and west of current high-grade North Deposit. The second priority target sits above the known copper corridor in the South Deposit.
The company has confirmed the potential to expand the known mineralization materially and rapidly at Venda Nova and enhance the value of the results of the recent feasibility study.
Mark Brennan, executive chairman of Ascendant, stated, “The results of this most recent high-resolution gravity survey combined with reinterpreted previous IP data have identified two strong drill ready targets that have the potential to add material tonnage and value to the existing mineralization at Venda Nova and potentially enhance the overall economics relative to the recently completed feasibility study. The presence of additional massive sulphide lenses would be congruent with existing deposits on the IPB which typically consist of multiple stacked massive sulphide lenses.”
Additionally, the company has reported that Empresa de Desenvolvimento Mineiro (EDM) requested and has been granted an extension to the term of its option agreement for a 15% interest in the Lagoa Salgada Project. The extension has been granted by the company’s 80% owned subsidiary, Redcorp, and extends the deadline for exercise from to 30 September 2024.
Mr. Brennan added, “Additionally, in light of upcoming elections in Portugal, and the ensuing change in government, Ascendant and its partner are pleased to grant an extension to EDM for its option on the project. We see EDM, and by extension both the government and communities of Portugal, as integral partners for the development of our project as we aim to build the next producing mine on the Iberian Pyrite Belt. “
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