SOURCE: Ascendant Copper Corporation

December 04, 2006 17:42 ET

Ascendant Copper Corporation Announces Results From First Three Drill Holes at Its Chaucha Copper Project in Ecuador

VANCOUVER, BC -- (MARKET WIRE) -- December 4, 2006 -- Ascendant Copper Corporation (TSX: ACX) (BERLIN: A0HMLE) ("Ascendant" or the "Company") announced today the assay results from the first three diamond drill holes at its Chaucha copper project, Ecuador. These three exploration diamond drill holes were located along the southeastern edge of previously drilled zones of the Naranjos chalcocite enrichment zone. In the Micon International Co. Limited Technical Report (2), the Naranjos supergene blanket is estimated to have the drill indicated potential mineralization of 129 MT of 0.4% to 0.5% Cu and 0.02% to 0.03% Mo at a cut off of 0.3% Cu. This resource is based on 126 shallow (averaging approximately 100M in depth), small diameter (AX and BX) drilling accomplished by governmental agencies in the 1970s.

These three new exploration drill holes which were drilled to significantly greater depths discovered an extensive, well-developed, stockwork primary porphyry copper mineralization. The hydrothermal, primary copper and molybdenum mineralization is continuous and uniform in intensity from near the top of all three holes to bottom depths. Although no significant secondary enrichment was encountered, the style, intensity and uniformity of mineralization encountered suggest the presence of a major porphyry copper deposit lying to the south of the currently known Naranjos copper resource.

The independent analysis of the drill core and certification of results from these drill holes was conducted by ALS Chemex Laboratories, an ISO certified laboratory in Quito, Ecuador. The assay results are summarized as follows:

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Na-01     vertical, total depth 256 meters
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          From      To    Intercept    True width    Cu%         Mo%
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           24m    256m      232m          232m     0.25%       0.02%
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Within    212m    256m       44m           44m     0.42%       0.02%
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Na-02     vertical, total depth 328m
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          From      To    Intercept    True width    Cu%         Mo%
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           54m    328m      274m          274m     0.36%       0.02%
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Na-03     angle -50, total depth 490m
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          From      To    Intercept    True width    Cu%         Mo%
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           22m    490m      468m       358.48m     0.33%       0.02%
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Within     22m    166m      144m       110.30m     0.47%       0.03%
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Mr. John R. King, the Company's' resident exploration and geological expert as well as a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed the above statements and assay results. Mr. King confirms that quality controls and correct assay procedures were followed by the Company and those geologic observations and interpretations of the core are correct. Mr. King states, "The stockwork porphyry copper mineralization discovered in these three holes is a first for the Chaucha copper project and likely represents the outer edge of a very large, Andean style porphyry copper deposit. The next round of drilling will step out significantly to the east to accomplish two objectives: extend the size of the discovered system and to discover the higher grade core areas."

This drilling is part of a much larger program slated for the project. 10 to 16 holes (5,000m total) are scheduled for the next 4 to 6 months. Construction of several new drill pads has been completed with drilling using a LongYear L-38, which provides the capability for deeper holes, to re-commence within the next few days.

Ascendant's principal business is the exploration for copper in Ecuador. The Company has two primary properties, the Junin and Chaucha properties, as well as an extensive exploration database developed for Ecuador by Rio Tinto Mining and Exploration Limited and the recently acquired Telimbela copper/molybdenum grass roots exploration property in an historical mining district in south-central Ecuador. The Junin Project, located in northern Ecuador, is a copper-molybdenum, gold and silver porphyry property with a reported inferred mineral resource of 982 million tonnes grading 0.89% copper, 0.04% molybdenum and 1.9 grams per ton of silver, at a 0.4% copper cut-off grade (1). The Company has recently partnered with Antofagasta PLC for the exploration and advancement of the Company's Chaucha copper-molybdenum property in southern Ecuador (2). Results from the current drilling program on the Chaucha property will be reported as they become available.

(1) See www.sedar.com "Technical Report Review of the Quartz Porphyry-Hosted Copper-Molybdenum Mineralisation at Junin, Otavalo, Ecuador" prepared by Qualified Person, Paul D. Gribble, C. Eng., Senior Mineral Resources Geologist, of Micon International Co Limited ("Micon").

(2) See www.sedar.com "Technical Report dated April 8, 2005, and amended August 5, 2005, Review of the Quartz Porphyry-Hosted Copper-Molybdenum Mineralisation at Chaucha, Cuenca, Ecuador" prepared by Qualified Persons, Paul D. Gribble, C. Eng., Senior Mineral Resources Geologist, and David T. Wells, Senior Metallurgist, of Micon.

Contact Information

  • Company contact:

    Gary E. Davis
    President
    303-824-0271

    ASCENDANT COPPER CORPORATION
    10920 West Alameda Avenue, Suite 201
    Lakewood, CO 80226
    Tel: (303) 824-0271
    Fax: (720) 962-4648
    www.ascendantcopper.com
    Email Contact