Toronto-based explorer Ascendant Resources (TSX: ASND) has mobilized a second drill rig at a large geophysical target, named Anomaly B, approximately 1km northeast of the Venda Nova North deposit at its Lagoa Salgada project in Portugal.
The company says the target has a strike potential of approximately 1,300m in length and 600m of down dip length. The first hole will target the central zone of the modelled conductive plate to better understand the geometry and guide additional drilling.
Drilling of Anomaly B is part of the ongoing 5,000m step-out exploration programme at the Lagoa Salgado Project in the Iberian Pyrite Belt, Portugal, which is targeting additional new potential massive sulphide deposits clustered around the initial deposit. Ascendant says these deposits would be similar to most other mines in the Iberian Pyrite Belt.
Mark Brennan, Ascendant Resources’ executive chairman, said, “It is very exciting to see progress on our step out exploration programme. Not only do we expect to see a strong development case presented when our Feasibility Study is completed on the existing resource in April, but this programme has the capability to expand our resources materially to equal other world class mines on the IBP.”
Additionally, drilling of the first step out exploration hole at Anomaly D, LS_D01, which commenced in January, has now reached a down-hole depth of approximately 350m. Visual inspection of the core is showing evidence of disseminated sulphides, which is indicative of proximity to an enhanced mineralized system.
Mr Brennan said the nature of these disseminated sulphides intersected to date does not explain the strong electromagnetic signature that defines the target of Anomaly D. Ascendant’s exploration team expects they are approximately 100m from the centre of the mapped conductive plate and the heart of the geophysical target at Anomaly D. The company expects drilling to intersect the boundary of the conductive plate within the next week.
“Most mines on the IBP have a cluster of two or more deposits which are largely identified through geophysics. Geophysics are presenting to us optimism for a similar opportunity,” Mr Brennan added.
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