Ascendant Resources Inc (TSE:ASND) (OTCQX:ASDRF) (FRA:2D9) announced an updated mineral resource estimate for the Venda Nova deposit on its flagship Lagoa Salgada project in Portugal.
The new resource estimate incorporates results from three recently-drilled holes that confirmed the expansion of the South Sector towards the north, combining the Central and South Zones.
According to Toronto-based Ascendant, the drill holes demonstrated that the stockwork or disseminated mineralization continues along strike in both north and south directions.
READ: Ascendant Resources begins a new preliminary economic assessment on its Lagoa Salgada project in Portugal
The firm added that it saw evidence of a large volcanic massive system that it hopes will lead to additional potential zones.
Drill results returned 16.1 metres true width of 0.6% copper equivalent, including 2.1 metres at 1.94%; 14.7 metres true width at a grade of 0.87% copper equivalent, including 1.4 metres at 2.16%, and 6.3 metres true width at 1% copper equivalent, including 1.4 metres at 4.94%.
Other notable intercepts include 36 metres at 1.20% copper equivalent and 5 metres 2.68% copper equivalent at the north of the south zone bridging the central and southern zones.
The result was a “modest” upgrade to the previous Venda Nova South resource estimate, Ascendant told investors, with just over 4 million tons of 1.5% copper equivalent (0.42% copper, 1.55% zinc, 0.87% lead, 17.64 grams per ton silver and 0.06 g/t gold) in the indicated category and another 10.8 million tons grading 1.35% copper equivalent of inferred resource at a 1.1% copper equivalent cutoff grade. Contained metal includes 60,540 tons of copper equivalent in the indicated category and 145,650 tons in the inferred.
“While the resource update is modest in size given the small amount of drilling, the Venda Nova deposit at Lagoa Salgada continues to deliver impressive resource growth and indicates significant potential for future expansion,” Ascendant CEO Mark Brennan said in a statement.
“With our strong understanding of the relationship of geophysics and mineralogy, we continue to expect further resource expansion in the future that supports our view that Lagoa Salgada may be the next world class mine on the Iberian Pyrite Belt.”
The new resource and enhanced knowledge will be incorporated into an upcoming Preliminary Economic Assessment (PEA) which is expected by the end of July, Brennan added. The PEA will include both the North and South Zones.
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