Ascendant Resources Inc.
TSX VENTURE : ASND
FRANKFURT : 2D9

Ascendant Resources Inc.

June 26, 2017 07:30 ET

Ascendant Intersects Significant High-Grade Mineralized Intercepts at Its El Mochito Mine

TORONTO, ONTARIO--(Marketwired - June 26, 2017) - Ascendant Resources Inc. (TSX VENTURE:ASND)(FRANKFURT:2D9) ("Ascendant" or the "Company") is pleased to announce results of 29 diamond drill holes (7,447m) as part of its ongoing underground exploration and definition drilling program at its El Mochito Mine in Honduras. The drilling results are evenly split between step-out and in-fill drill holes, targeting the extensions of four ore bodies, namely Palmar Dyke, Santa Elena, Victoria and Esperanza.

Three areas are very close to existing workings and could be accessed within six to twelve months. The fourth, the Esperanza orebody, is already being mined on its western edge while this drilling represents a further extension to the East showing similar grades. All orebodies remain open along strike and at depth.

Key Highlights

A few significant results include (these are all true widths):

Step-out Holes

  • HOLE 10846 - 17.6m at 5.3% zinc, 3.8% lead and 83 g/t silver (Palmer Dyke)

  • HOLE 10844 - 8.6m at 10.7% zinc, 4.0% lead and 95 g/t silver (Palmar Dyke)

  • HOLE 10845 - 17.0m at 5.0% zinc, 2.0% lead and 53 g/t silver (Victoria)

  • HOLE 10837 - 5.5m at 17.3% zinc, 3.6% lead and 142 g/t silver (Palmar Dyke)

In-fill Holes

  • HOLE 10833 - 35.4m at 5.6% zinc, 2.0% lead and 31 g/t silver,

    • including 5.4m at 7.8% zinc, 2.6% lead and 35 g/t silver (Santa Elena)

  • HOLE 10847 - 17.5m at 6.2% zinc, 2.2% lead, and 41 g/t silver (Esperanza)

  • HOLE 10828 - 26.5m at 5.7% zinc, 0.6% lead and 18 g/t silver (Santa Elena)

  • HOLE 10826 - 17.1m at 5.8% zinc, 1.2% lead and 36 g/t silver (Esperanza)

Chris Buncic, President and CEO of Ascendant commented: "These initial drill results are well above current mining grades and highlight the incredible potential for additional high grade zinc mineralization at our El Mochito property. Of critical importance is the fact that many of the areas we are drilling from are at current workings that can be brought into the production schedule within the next twelve months. This is the first serious exploration program undertaken at El Mochito in many years and we are hopeful that more opportunities can be exposed. We look forward to providing further results from our current 33,200m drill program as they become available over the coming months."

Table 1: Significant Assays
Drill holes From To Interval
(m)
True/Apparent* width (m) Zn (%) Pb (%) Ag (g/t) Area
10839** 191.41 196.69 5.27 4.75 2.9 2.5 67 Palmar Dyke
including 195.07 196.69 1.62 1.45 7.9 6.7 164 Palmar Dyke
10846** 173.13 192.69 19.57 17.61 5.3 3.8 83 Palmar Dyke
including 173.13 179.53 6.40 5.76 3.9 3.2 66 Palmar Dyke
including 180.44 184.40 3.96 3.57 6.3 4.4 97 Palmar Dyke
including 188.67 192.69 4.02 3.62 11.7 8.1 179 Palmar Dyke
10852** 40.75 41.76 1.01 0.91 4.4 12.4 1,565 Palmar Dyke
and 184.86 190.20 5.33 4.80 4.5 3.0 394 Palmar Dyke
and 195.07 201.63 6.55 5.90 5.6 4.2 75 Palmar Dyke
including 196.60 198.12 1.52 1.37 6.5 6.8 116 Palmar Dyke
Including 199.64 201.63 1.98 1.78 10.9 6.7 118 Palmar Dyke
10854** 38.25 39.47 1.22 1.10 0.7 0.8 658 Palmar Dyke
and 40.54 41.76 1.22 1.10 1.4 1.2 148 Palmar Dyke
and 166.12 176.48 10.36 9.33 3.9 2.2 59 Palmar Dyke
and 191.11 193.55 2.44 2.19 9.8 1.3 80 Palmar Dyke
10856** 164.59 166.73 2.13 1.92 14.0 6.4 188 Palmar Dyke
and 207.26 211.23 3.96 3.57 6.9 5.1 58 Palmar Dyke
10848** 29.41 30.18 0.76 0.69 1.0 0.7 324 Palmar Dyke
and 179.22 181.05 1.83 1.65 3.2 4.5 126 Palmar Dyke
10842** 21.64 23.62 1.98 1.78 2.2 1.6 220 Palmar Dyke
and 171.91 173.58 1.68 1.51 1.4 0.9 1,882 Palmar Dyke
10837** 129.84 131.22 1.37 1.23 29.7 12.7 277 Palmar Dyke
and 135.33 136.40 1.07 0.96 3.3 2.7 1,405 Palmar Dyke
and 146.30 152.40 6.10 5.49 17.3 3.6 142 Palmar Dyke
including 146.30 149.05 2.74 2.47 34.1 7.0 287 Palmar Dyke
and 160.63 167.03 6.40 4.11 2.6 1.7 203 Palmar Dyke
including 165.81 167.03 1.22 1.10 4.9 3.2 665 Palmar Dyke
10844** 174.50 184.10 9.60 8.64 10.7 4.0 95 Palmar Dyke
including 178.31 181.05 2.74 2.47 15.2 7.1 163 Palmar Dyke
10828 327.69 328.03 0.34 0.30 4.0 3.8 65 Santa Elena
and 332.93 362.41 29.47 26.53 5.7 0.6 18 Santa Elena
including 332.93 334.37 1.43 1.29 11.3 7.7 90 Santa Elena
including 337.41 338.72 1.31 1.18 14.1 0.1 7 Santa Elena
including 341.38 347.78 6.40 5.76 6.5 0.2 22 Santa Elena
including 355.40 362.41 7.01 6.31 11.0 0.3 10 Santa Elena
10833 345.34 389.53 44.20 35.36 5.6 2.0 31 Santa Elena
including 345.34 352.04 6.71 5.36 7.8 2.6 35 Santa Elena
Including 346.86 348.48 1.62 1.29 16.3 5.5 73 Santa Elena
and 355.55 362.41 6.86 5.49 8.3 0.9 14 Santa Elena
and 363.63 374.90 11.28 9.02 5.9 5.1 69 Santa Elena
and 382.83 389.53 6.71 5.36 7.2 0.9 37 Santa Elena
including 385.27 386.79 1.52 1.22 17.0 1.3 95 Santa Elena
10838 330.37 345.03 14.66 12.02 7.8 3.7 46 Santa Elena
including 330.37 337.11 6.74 5.52 9.2 8.0 95 Santa Elena
including 332.54 337.11 4.57 3.75 11.6 10.2 125 Santa Elena
and 343.20 345.03 1.83 1.50 11.4 0.0 8 Santa Elena
10826 369.20 393.19 23.99 17.13 5.8 1.2 36 Esperanza
Including 369.20 380.09 10.88 7.77 5.6 2.5 57 Esperanza
Including 369.20 370.33 1.13 1.68 7.1 7.3 136 Esperanza
including 372.86 376.12 3.26 2.33 7.5 2.7 72 Esperanza
including 383.44 393.19 9.75 6.97 7.3 0.2 21 Esperanza
10834 307.54 309.37 1.83 1.31 11.0 0.0 9 Esperanza
and 315.47 325.37 9.91 7.08 7.3 0.5 22 Esperanza
and 329.18 337.41 8.23 5.88 3.4 0.6 24 Esperanza
including 329.18 330.71 1.52 1.09 5.1 1.6 97 Esperanza
10840 234.39 237.74 3.35 2.39 4.6 4.8 117 Esperanza
and 354.97 360.76 5.79 3.18 5.2 0.2 14 Esperanza
and 368.50 379.84 11.34 8.10 6.7 2.8 171 Esperanza
including 368.50 374.60 6.10 4.35 3.8 2.1 187 Esperanza
including 376.12 379.84 3.72 2.66 13.8 5.1 213 Esperanza
10843 283.46 306.02 22.56 18.07 4.3 3.3 45 Esperanza
and 312.12 314.55 2.44 1.74 6.7 0.1 12 Esperanza
10847 387.25 410.87 23.62 17.53 6.2 2.2 41 Esperanza
including 387.25 399.59 12.34 8.82 9.4 4.1 70 Esperanza
and 405.08 410.87 5.79 4.14 5.5 0.4 22 Esperanza
10850 420.01 429.77 9.75 6.97 9.4 3.1 54 Esperanza
and 436.78 438.91 2.13 1.52 0.0 0.2 306 Esperanza
10853 344.82 363.93 19.11 13.65 4.0 0.9 30 Esperanza
Including 344.82 350.22 5.39 3.85 4.6 1.3 20 Esperanza
including 356.92 363.93 7.01 5.01 5.7 0.7 28 Esperanza
10823 49.99 52.76 2.77 2.50 8.0 4.3 54 Victoria
including 51.51 52.76 1.25 1.12 14.6 8.7 107 Victoria
10824** 86.87 88.48 1.62 1.45 2.6 2.1 50 Victoria
10827** 40.05 41.45 1.40 1.26 8.6 5.6 56 Victoria
10841** 126.34 128.02 1.68 1.51 2.2 1.8 352 Victoria
and 144.29 146.33 2.04 1.84 23.8 2.0 134 Victoria
and 147.40 148.74 1.34 1.21 3.6 2.2 151 Victoria
and 155.14 156.97 1.83 1.65 27.3 0.1 25 Victoria
10845** 139.29 158.19 18.90 17.01 5.0 2.0 53 Victoria
including 149.35 158.19 8.84 7.96 8.1 3.1 69 Victoria
including 149.35 150.88 1.52 1.37 14.3 2.7 47 Victoria
and 154.23 155.30 1.07 0.96 17.0 10.4 211 Victoria
and 156.97 158.19 1.22 1.10 8.6 5.0 101 Victoria
and 103.33 104.55 1.22 1.10 1.6 1.4 215 Victoria
10851** 156.36 158.50 2.13 1.92 20.8 0.5 93 Victoria
10855 98.63 102.29 3.66 3.29 4.7 3.7 469 Victoria
including 100.58 102.29 1.71 1.54 8.4 5.3 740 Victoria
and 144.38 149.35 4.97 4.47 11.0 4.3 123 Victoria
and 153.92 156.97 3.05 2.74 10.2 1.4 53 Victoria
10836, 10849, 10857 No significant assays
* True thickness is not known at this time in the case of Victoria and Palmar Dyke
** Step-out drill hole
Table 2: Drill Hole Information
Local Coordinates
DDH No. East North Elevation Azimuth Inclination Depth Area UG Level Category
10826 2,632.5 12,212.1 10,796.00 12 -47 1360 Esperanza 1815 In-fill
10834 2,631.9 12,213.1 10,796.00 5 -51.5 1170 Esperanza 1815 In-fill
10840 2,632.0 12,213.6 10,796.00 4.5 -44.5 1307 Esperanza 1815 In-fill
10843 2,632.5 12,214.4 10,801.00 7.5 -55.2 1130 Esperanza 1815 In-fill
10847 2,632.8 12,217.2 10,801.00 7 -45 1390 Esperanza 1815 In-fill
10850 2,632.9 12,217.7 10,801.00 7 -39.3 1510 Esperanza 1815 In-fill
10853 2,633.4 12,217.0 10,801.00 11.5 -49.5 1250 Esperanza 1815 In-fill
10837 11,348.5 9,950.5 9,845.70 341.5 64 583 Palmar Dyke 2790 Step-out
10839 11,048.4 9,975.1 9,843.70 340 58.8 763 Palmar Dyke 2790 Step-out
10841 11,350.0 9,945.0 9,844.00 341 52.7 590 Palmar Dyke 2790 Step-out
10842 11,048.4 9,975.1 9,843.70 337.1 51.2 775 Palmar Dyke 2790 Step-out
10844 11,051.0 9,975.1 9,848.70 23 65.2 710 Palmar Dyke 2790 Step-out
10845 11,348.6 9,950.5 9,847.70 342.5 69.5 578 Palmar Dyke 2790 Step-out
10846 11,052.7 9,974.7 9,849.70 30 72 703 Palmar Dyke 2790 Step-out
10848 11,052.7 9,974.7 9,847.70 31 60 749 Palmar Dyke 2790 Step-out
10851 11,350.0 9,950.8 9,845.70 30 60 536 Palmar Dyke 2790 Step-out
10852 11,052.7 9,974.7 9,850.70 31 79.5 715 Palmar Dyke 2790 Step-out
10854 11,054.2 9,974.4 9,848.70 46 67 717 Palmar Dyke 2790 Step-out
10855 11,350.0 9,950.8 9,846.70 3.8 69 545 Palmar Dyke 2790 In-fill
10856 11,050.0 9,973.3 9,851.90 355 80 723 Palmar Dyke 2790 Step-out
10857 11,048.0 9,975.0 9,849.70 329.5 74.2 765 Palmar Dyke 2790 Step-out
10828 8,062.4 12,123.3 9,876.00 19.5 -67.3 1260 Santa Elena 2680 In-fill
10833 8,061.7 12,121.5 9,876.60 18.5 -63.5 1349 Santa Elena 2680 In-fill
10838 8,061.3 12,120.5 9,876.60 17.5 -74.1 1200 Santa Elena 2680 In-fill
10823 11,347.8 9,948.8 9,831.70 327.6 -23 438 Victoria 2790 In-fill
10824 11,349.6 9,946.6 9,831.70 342.6 -5.6 400 Victoria 2790 Step-out
10827 11,348.6 9,950.2 9,831.70 341.5 -41.5 365 Victoria 2790 Step-out
10836 11,348.5 9,946.2 9,831.70 310 -51.2 330 Victoria 2790 Step-out
10849 11,348.6 9,950.5 9,836.70 343.2 21.5 522 Victoria 2790 Step-out

The following link shows the position of the discussed Areas relative to the mine layout: http://bit.ly/2t3O9YN

Quality Assurance and Quality Control

Analytical work was carried out by Bureau Veritas Commodities Canada Ltd. (ACME), Vancouver, Canada. Drill core samples were prepared in Bureau Veritas's laboratory in Guatemala City, Guatemala. Pulp samples were then sent to their analytical Laboratory in Vancouver, Canada. All samples were analyzed for zinc, Lead, copper, iron and silver values determined by method code AR402 atomic absorption spectrometry, and any over limit values were determined using method code FA410. Bureau Veritas has routine quality control procedures which ensure that every batch of 40 prepared samples includes three sample repeats, two commercial standards and blanks. Bureau Veritas is independent from Ascendant. Ascendant used standard QA/QC procedures, when inserting blanks, for the drilling program. The scientific and technical information in this press release has been reviewed and approved by Andy Campbell, P.Geo., Director to Ascendant and a Qualified Person as defined by National Instrument 43-101.

About Ascendant Resources

Ascendant Resources Inc. is a mining company focused on its producing El Mochito zinc, silver and lead mine in west-central Honduras in which the Company has a 100% interest. El Mochito has been in production since 1948. The Company evaluates producing and advanced development stage mineral resource acquisition opportunities in North, South and Central America, on an ongoing basis. The Company's common shares are principally listed on the TSX Venture Exchange under the symbol "ASND". For more information on Ascendant Resources, please visit our website at www.ascendantresources.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.

Forward-looking information is based on reasonable assumptions that have been made by Ascendant as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Ascendant to be materially different from those expressed or implied by such forward-looking information, including but not limited to: drilling results, production statistics; ore grades; tonnes milled; recovery rates; operating costs; the timing and amount of estimated future production; capital expenditures; the impact of general business and economic conditions; the ability of the Company to increase production; the arrival of new equipment; problems inherent to the marketability of base and precious metals; industry conditions, including fluctuations in the price of base and precious metals, fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Ascendant; stock market volatility; competition; and such other factors described or referred to elsewhere herein, including unanticipated and/or unusual events. Many such factors are beyond Ascendant's ability to control or predict.

Although Ascendant has attempted to identify important factors that could cause actual outcomes to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate as actual outcomes and future events could differ materially from those reliant on forward-looking information.

All of the forward-looking information given in this press release is qualified by these cautionary statements and readers are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Ascendant disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. This forward-looking information should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.

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