Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF | FRA: 2D9) has satisfied all financial conditions required to increase its effective ownership interest from 50% to 80% in its Lagoa Salgada VMS project, located in Portugal.
Mark Brennan, Ascendant’s executive chairman commented, “With this payment we are now just one step away from increasing our ownership to 80% in this highly prospective and economically robust project. The feasibility study is progressing extremely well, and we remain on-track for completion by the end of Q1 2023, well ahead of the deadline to execute our remaining option to achieve an 80% interest in the Lagoa Salgada Project.”
Ascendant has made the final US$2.5M payment to the optionor, Mineral & Financial Investment AG, as required under the earn in agreement with respect to the project.
Ascendant expects to satisfy the only remaining condition; the completion of the current ongoing feasibility study, to increase its stake in the project to 80% by the end of Q1 2023.
“In addition, the project remains in the exploration discovery stage, and we look forward to commencing imminently a new, pure greenfield exploration program targeting two highly prospective satellite targets which we anticipate could significantly expand the overall resource potential we see at Lagoa Salgada.” Mark added.
As per the earn-in agreement, the Company has the option to earn an additional 30%, totalling an 80% effective interest in the Project, by making the US$2.5M payment and completing a feasibility study by 22 June 2023.
To find out more, please visit www.ascendantresources.com
