Ascendant Resources Inc. (TSX: ASND) (FRA: 2D9) ("Ascendant" or the
"Company”) is pleased to announce results from its Phase 2
metallurgical test work program, conducted by Grinding Solutions
Limited (GSL), a UK mineral processing services company with strong
technical knowledge of mineral processing of IPB ores and has been
guided by Micon International, who was responsible for the
metallurgical results validation on material from both the massive
sulphide and stockwork ores from the Venda Nova North and South
Zones, at its Lagoa Salgada VMS project located in Portugal.
In addition to supplementing further information
regarding metal recoveries and concentrate grades, the Phase 2
metallurgical test work results support the use of a conventional
polymetallic process flowsheet capable of recovering copper, lead,
zinc, gold, and silver in three saleable concentrates. Flotation
tailings will be leached for additional gold and silver values and
tin will be recovered from processing the tailings material by
flotation.
It should be noted that due to limited
availability of fresh core, the testing material used was
approximately 2 years old and partially oxidized which had a
negative impact limiting results at this time. Grinding Solutions
Ltd. is confident that with further work on fresh core, recovery
expectations will be in line with or better than the average seen
at existing mines on the Iberian Pyrite Belt.
Mark Brennan, Executive Chairman and Interim CEO
of Ascendant stated, “We are pleased that the test work completed
by Grinding Solutions continued to show improved results as
compared to our previous results despite having less than ideal
material. Grinding Solutions are confident in achieving at least
benchmark recoveries for the IBP at Lagoa Salgada. Enhanced testing
developed a more robust and flexible flow sheet that could handle
variability throughout the orebody and if encountered, also
efficiently process oxidised fresh feed. We will continue to look
for improvements with continued testing, which is likely to
culminate in a full pilot test in Q1 2022. Testing of oxidized
samples is necessary to fully understand the behaviour of ore
characteristics on an industrial scale and the results achieved in
the Phase 2 test work program continues to provide the confidence
necessary to initiate a full feasibility metallurgical test work
program in Q1 2022.”
The second stage of metallurgical testing was
undertaken on samples with a more representative head grade of the
overall resource to determine the conformity of the results (head
grades shown in Figure 1). The testing was split into 5 main phases
looking at both the massive sulphide and stockwork material and is
summarized as follows: Comminution testing determining the specific
energy requirement for tertiary milling in a stirred mill, this was
because the primary grind size for the proposed testing is
nominally 30-40µm. Gravity separation to evaluate the potential of
a pre-concentrate of tin prior to sulphide flotation on the massive
sulphide. Flotation scoping studies including rougher and cleaner
rate kinetics resulting in a potentially more robust circuit
configuration for ore variability was confirmed through locked
cycle testing. From the locked cycle tailings flotation of the
remaining tin to produce additional concentrates. Finally blend
test work to confirm whether processing both the massive sulphide
and stockwork together would be a potential process route.
As noted above, fresh core was not available and
samples used for the test work had been in non-refrigerated storage
for approximately 2 years at a crush size of 2mm. As a consequence,
the samples had been oxidized and this was confirmed when
undertaking initial milling trials where pH level reductions were
seen differing from trials carried out on previously tested fresh
feed. Further evidence was seen in EDTA extraction tests that
indicated free Cu, Pb, Zn ions present which would lead to mineral
activation during flotation. Flowsheet and reagent scheme
modifications were made to both the Massive Sulphide and Stock Work
resulting in comparable results (Figure 2) with the initial
testing. In general, a decrease in grade but increase in the
mineral recovery was observed.
Figure 1 - Head grades of samples
testedhttps://www.globenewswire.com/NewsRoom/AttachmentNg/20c33012-d94b-48a2-949a-3bf0b5657dde
Metallurgical testing showed that despite the
oxidized sample, comparable performance could be achieved and
allowed for the development of a more robust and flexible circuit
that could handle variability throughout the orebody and if
encountered, oxidized fresh feed.
Figure 2 – Grades and recoveries achieved
across both test work
phaseshttps://www.globenewswire.com/NewsRoom/AttachmentNg/0ae050b0-d478-405b-bcde-8287c5630af6
It should be noted that reported numbers
shown above are calibrated results from Portable X-ray
Fluorescence analysis (pXRF) results with confirmation via wet
chemical assay are expected soon. The grades and recoveries will
then be updated with an increased level of confidence, however,
they are not expected to change materially.
The locked cycle results from the massive
sulphide materials showed that grade was sacrificed for recovery in
the second set of more oxidised samples, and clean concentrates
were more challenging to achieve due to the “free” ions in
solution. This issue was also identified in the stockwork sample
where lead (Pb) deportment compromised both the lead and the zinc
concentrate grades and recoveries. Further test work in reducing
this difficulty is currently underway.
It should be noted that the second set of
samples received do not represent the whole orebody, but some
specific sections of the North and South Sectors, that were
important to evaluate. Based on the results from the two phases of
test work undertaken at Grinding Solutions, Grinding Solutions are
confident that comparative performance could be achieved on
projects working on similar ore bodies in the IPB, thus supporting
recovery and concentrate grade assumptions used in the PEA. Further
and continuous testing on fresh representative samples from
drilling will be required to confirm. Ascendant plans to undertake
additional test work going forward. The following table summaries
the assumptions to be used in the upcoming PEA.
Figure 3 accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/df86ca80-9432-4743-b117-f38759e11431
Qualified Persons
Metallurgical test work is being carried out by
Grinding Solutions Limited (GSL), a UK mineral processing services
company with a strong technical knowledge on the mineral processing
of the IBP ores and has been guided by Micon International, who was
also responsible for the metallurgical results validation, resource
determination and will act as the QP for the NI 43-101 preliminary
economic assessment report.
Review of Technical Information
The scientific and technical information in this
press release has been reviewed and approved by João Nunes, Mining
Engineer, BSc (Mine Eng), director of Quadrante and by Dr. Sergio
Gelcich, P.Geo., Vice President for Exploration for Ascendant
Resources Ltd. Both are all Qualified Persons as defined in NI
43-101.
About Ascendant Resources
Inc.
Ascendant is a Toronto-based mining company
focused on the exploration and development of the highly
prospective Lagoa Salgada VMS project located on the prolific
Iberian Pyrite Belt in Portugal. Through focused exploration and
aggressive development plans, the Company aims to unlock the
inherent potential of the project, maximizing value creation for
shareholders.
Lagoa Salgada contains over 10.33 million tonnes
of Measured and Indicated Resources @ 9.06 % ZnEq and 2.50 million
tonnes of Inferred Resources @ 5.93 % ZnEq in the Northern Zone;
and 4.42 million tones of Indicated Resources @ 1.50 % CuEq and
10.83 million tonnes of Inferred resources @ 1.35 % CuEq in the
South Zone. The deposit demonstrates typical mineralization
characteristics of Iberian Pyrite Belt VMS deposits containing
zinc, copper, lead, tin, silver and gold. Extensive exploration
upside potential lies both near deposit and at prospective step-out
targets across the large 10,700ha property concession. The project
also demonstrates compelling economics with scalability for future
resource growth in the results of the Preliminary Economic
Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily
accessible by road and surrounded by exceptional Infrastructure.
Ascendant holds a 21.25% interest in the Lagoa Salgada project
through its 25% position in Redcorp - Empreendimentos Mineiros,
Lda, ("Redcorp") and has an earn-in opportunity to increase its
interest in the project to 80%. Mineral & Financial Investments
Limited owns the additional 75% of Redcorp. The remaining 15% of
the project is held by Empresa de Desenvolvimento Mineiro, S.A., a
Portuguese Government owned company supporting the strategic
development of the country's mining sector. The Company's interest
in the Lagoa Salgada project offers a low-cost entry to a
potentially significant exploration and development opportunity,
already demonstrating its mineable scale.
The Company's common shares are principally
listed on the Toronto Stock Exchange under the symbol "ASND". For
more information on Ascendant, please visit our website
at www.ascendantresources.com.
Additional information relating to the Company,
including the Preliminary Economic Assessment referenced in this
news release, is available on SEDAR at www.sedar.com.
Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX)
accepts responsibility for the adequacy or accuracy of this
release.
For further information please contact: |
|
|
Mark Brennan |
Nicholas Campbell, CFA |
CEO, Executive Chairman, Founder |
Manager, Corporate Development |
Tel: +1-647-796-0023 |
Tel: +1-905-630-0148 |
mbrennan@ascendantresources.com |
ncampbell@ascendantresources.com |
Forward Looking Information
This news release contains "forward-looking
statements" and "forward-looking information" (collectively,
"forward-looking information") within the meaning of applicable
Canadian securities legislation. All information contained in this
news release, other than statements of current and historical fact,
is forward-looking information. Often, but not always,
forward-looking information can be identified by the use of words
such as "plans", "expects", "budget", "guidance", "scheduled",
"estimates", "forecasts", "strategy", "target", "intends",
"objective", "goal", "understands", "anticipates" and "believes"
(and variations of these or similar words) and statements that
certain actions, events or results "may", "could", "would",
"should", "might" "occur" or "be achieved" or "will be taken" (and
variations of these or similar expressions). Forward-looking
information is also identifiable in statements of currently
occurring matters which may continue in the future, such as
"providing the Company with", "is currently", "allows/allowing
for", "will advance" or "continues to" or other statements that may
be stated in the present tense with future implications. All of the
forward-looking information in this news release is qualified by
this cautionary note.
Forward-looking information in this news release
includes, but is not limited to, statements regarding the
exploration activities and the results of such activities at the
Lagoa Salgada Project, the ability of the Company to advance the
Lagoa Salgada Project to a Preliminary Economic Assessment, and the
ability of the Company to fund the exploration with funds from
operations. Forward-looking information is based on, among other
things, opinions, assumptions, estimates and analyses that, while
considered reasonable by Ascendant at the date the forward-looking
information is provided, inherently are subject to significant
risks, uncertainties, contingencies and other factors that may
cause actual results and events to be materially different from
those expressed or implied by the forward-looking information. The
material factors or assumptions that Ascendant identified and were
applied by Ascendant in drawing conclusions or making forecasts or
projections set out in the forward-looking information include, but
are not limited to, the success of the exploration activities at
Lagoa Salgada Project, the Company advancing the project to a
Preliminary Economic Assessment, the ability of the Company to fund
the exploration program at Lagoa Salgada with funds from
operations, and other events that may affect Ascendant's ability to
develop its project; and no significant and continuing adverse
changes in general economic conditions or conditions in the
financial markets.
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