Ascendant Resources Inc Executive Chairman and Interim CEO Mark Brennan tells Proactive it has signed with the Portuguese government the definitive mining concession contract for its Lagoa Salgada VMS project in the prolific Iberian Pyrite Belt.
Brennan says the initial contract term is for 20 years renewable with two extension periods of 15 years each, 3% royalty on the value of mining products or concentrates shipped or used.
Starting Monday, the company will begin an in-fill drilling program, to be completed by the end of the year and leads to the start of the feasibility study in 2022.