Ascendant Resources Inc (TSE:ASND) (OTCMKTS:ASDRF) has hailed an updated resource estimate for the South Zone at its Lagoa Salgada project in Portugal, which, it said, shows the deposit could be grown to a size of "global consequence".
Higher confidence indicated resources were expanded by 79% to 4.4 million tonnes (Mt) at 1.51% copper equivalent (CuEq), the firm said. Meanwhile, the inferred resource has grown by 26% to stand at 7.7 Mt at 1.41% CuEq.
READ: Ascendant Resources starts more drilling at South Zone at Lagoa Salgada in bid to expand resource
"As witnessed from the assay results from the drill holes of the Phase 1 drill program as press released in January 2021, the 50m step-out holes included long intercepts with substantial grades that were very exciting and confirmed our thesis of expansion of the South Zone to the south and east," said CEO Chris Buncic in a statement.
"The updated Mineral Resource Estimate and the large increase in resulting tonnage at consistent grades, highlights how it is possible to add material volume to the overall size of the South Zone Resource. We remain very optimistic that Lagoa Salgada can be grown quickly and efficiently to a size of global consequence."
The company's Phase 1 drill program focused mainly on step-out drilling in the South Zone to increase resources along strike. So far, the South Zone has been delineated by a total of 9,134 metres (m) of drilling.
A Phase II drill program began in late January 2021 and the deposit remains open to the north and south on strike and at depth, the company said.
Ascendant holds a 25% interest in the 10,700 hectare polymetallic Lagoa Salgada VMS project, which lies in the prolific Iberian Pyrite Belt in Portugal, and has an option to earn up to 80%.
Shares added 4.35% in Toronto to C$0.24 each.
--- Updates for share price and amended details on resource from the company ---
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