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Mineral & Financial Invest. Limited Investment Update: Lagoa Salgada Drill Results

14/01/2019 11:56am

UK Regulatory (RNS & others)


Mineral & Fin (LSE:MAFL)
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1 Month : From Dec 2018 to Jan 2019

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RNS Number : 0141N

Mineral & Financial Invest. Limited

14 January 2019

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Lagoa Salgada Exploration Program Successfully Expands and Improves Grades at The Main Massive Sulphide Zone and Significantly Expands The Stockwork Zone

HIGHLIGHTS:

-- Excellent results from new holes drilled, such as: LS_MS_19 which intersected 79.4m of high grade Massive Sulphide which contained 10.16% of Zn Eq.; LS_MS_16 which intersected 76.6m of 9.84% ZnEq, and; LS_MS_17 which intersected 30.8m of 15.6% ZnEq.

   --     Newly identified tin mineralization increases ZnEq grade by 15% in the Main Zone 
   --     IP survey identifies 1.6km anomaly which includes the 2 known mineral deposits 

-- Geophysics work significantly expands the Project's overall exploration potential by identifying new targets

-- Drill results expected to significantly increase new Mineral Resource in NI 43-101 estimate due by end of January

GEORGE TOWN CAYMAN ISLANDS, January 14, 2019 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is very pleased to announce the results from the first full drill program completed by Redcorp Empreedimentos Mineiros Lda. (Redcorp), funded and guided by Ascendant Resources (Ascendant) as part of Ascendant's previously announced earn-in agreement with TH Crestgate, Mineral and Financial's wholly owned subsidiary. In conjunction with Ascendant, M&FI is very pleased to announce these transformational results from this 20-hole drill program totaling 7,077 meters. Additionally, an additional geophysics program was completed at the Lagoa Salgada, a polymetallic VMS Project located on the Iberian Pyrite Belt ("IPB") in Portugal. The IPB is home to some of the world's largest volcanogenic massive sulphide mines.

Drill Hole Highlights:

-- LS_MS_19: Intersected 79.4m massive sulphide zone at 0.64% Cu, 1.94% Pb, 3.36% Zn, 0.57g/t Au, 60.11g/t Ag and 0.17% Sn (10.16% ZnEq)

-- LS_MS_16: Intersected 76.6m massive sulphide zone at 0.48% Cu, 2.06% Pb, 3.43% Zn, 0.39g/t Au, 40.30g/t Ag and 0.22% Sn (9.84% ZnEq)

-- LS_MS_17: Intersected 30.8 meters of high-grade massive sulphide at 0.32% Cu, 8.44% Pb, 1.91% Zn, 1.79g/t Au, 61.39g/t Ag and 0.26% Sn (15.6% ZnEq)

The drill program at Lagoa Salgada consisted of 12 holes (3,964 meters) in the Main Massive Sulphide Zone and 8 holes (3,113 meters) in the Stockwork Zone. The program has been very successful at confirming and expanding high-grade mineralization in the Main Massive Sulphide Zone and in expanding and improving the continuity of the sulphide mineralization in the Stockwork Zone. Results from the Main Massive Sulphide Zone indicate additional massive sulphide mineralization at grades in excess of 10% ZnEq. The identification of tin mineralization within the massive sulphides has contributed significantly to this grade improvement. In the Stockwork Zone results indicate that a thick, well mineralized ore zone has not yet been fully defined.

Concurrent geophysical work has confirmed a strong 1.6 km long chargeability anomaly which includes the Main Massive Sulphide and Stockwork Zones. The Residual Bouguer Gravity Map that includes the Chargeability anomaly identifies numerous additional anomalies within Lagoa Salgada's property boundary.

Jacques Vaillancourt, Chairman of M&FI stated "We are very pleased by the success of the latest exploration program at Lagoa Salgada. The drill results have more than exceeded our expectations in identifying similar high-grade massive sulphide and stockwork mineralization identified in previous drill campaigns at Lagoa Salgada. The addition of newly identified high-grade tin mineralization in the Main Zone provides further confidence in the potential to quickly increase high-grade tonnes to the known Mineral Resource. An update to the Mineral Resource Estimate is expected in January."

He continued, "In addition to the drill program the company has completed ground and downhole IP surveys. The results from these surveys have identified a 1.6 km IP anomaly coincident with the massive sulphide mineralization intersected by the drill program from the layered massive sulphides in the northwest (Massive Sulphide Zone) to the Stockwork Zone in the southeast. The IP anomaly is also coincident with a significant regional gravity anomaly which greatly expands exploration potential to the east."

Drill Hole Details

Tables 1 and 2 below provide assay results for 9 holes in the Main Massive Sulphide Zone and 5 holes in the Stockwork Zone. Drill holes in this program were collared in an area targeting the eastern expansion of the known main volcanogenic massive sulphide mineralization contained within the current Mineral Resource Estimate as defined in the National Instrument 43-101 report dated January 5, 2018 and targeting expansion of the Stockwork Zone.

The drill holes were drilled at an angle of 60(o) to provide additional information of the true thickness and orientation of the ore zone. Significant thickness of gossan and massive sulphide mineralization were intersected in holes LS_MS_07, LS_MS_16 through LS_MS_20. In several of the holes, including LS_MS_07, LS_MS_16, LS_MS_18 and LS_MS_19, a second massive sulphide horizon was intersected on the west side of a major fault identifying a possible new lens.

Figure 1: Plan View of the 2018 Planned Drill Holes

http://www.rns-pdf.londonstockexchange.com/rns/0141N_1-2019-1-14.pdf

Introduction of Tin in Mineralization

A significant achievement of the exploration program has been the identification of cassiterite (SnO2) associated with the Main Massive Sulphide Zone. The IBP is known for having areas rich in tin, however, there has been no historical assaying for tin on previous drill holes at Lagoa Salgada. As such, Ascendant has incorporated into the exploration program the analysis of all historic (2017) and current drill holes in the Main Massive Sulphide Zone being tested for tin (Sn). Significant tin values have been recognized in the holes and are being reported in Table 1 below for the current LS_MS holes. In many of the holes the results are material and add an average 1.5% to the ZnEq grade. The tin is significant in the gossan, massive sulphide and stringer zones of the Main Massive Sulphide Zone. In the Q1- 2019 period Redcorp will complete a preliminary metallurgical recovery test work assessment which will provide guidance on expected mineral recovery levels

Geophysical Surveys

In addition to the drill program, recently completed ground and downhole IP surveys have identified a chargeability anomaly 1.6 kilometers long by 200-300 meters wide that is coincidental with the sulphide mineralization both in the Main Massive Sulphide Zone and the Stockwork Zone (Figure 2). This broad N-S zone of elevated chargeability can be traced from the Main Massive Sulphide Zone southwards to beyond the zone where the Stockwork Zone was drilled in 2018 with no evidence of a gap or eastward offset in mineralization suggested by a 2016 IP/Res survey. The IP 3D model suggests that the drilling at the Main Massive Sulphide Zone is coincident with the chargeability anomaly. However, the model for the Stockwork Zone suggests the stronger part of the anomaly lies to the east and remains untested. Furthermore, on the southern lines (lines 14 and 15) on the eastern extremity, a new anomaly is appearing with the possibility of a new zone developing that is also untested.

Figure 2: IP Survey Map Coincident with Known Mineral Resources

http://www.rns-pdf.londonstockexchange.com/rns/0141N_1-2019-1-14.pdf

The IP anomaly is also coincident with the more extensive regional Bouguer gravity anomaly that stretches southeast by approximately 8km to the Rio de Moinhos Target (Figure 3), highlighting a significant number of targets for the future. Pseudosections prepared for the 2018 IP lines indicate a second target southeast of the Main Massive Sulphide Zone, near the eastern end of lines 8-10 and extending as far south as line 14. This target shows a clear association with the anomaly shown on the map of residual Bouguer Gravity. We are establishing a naming convention referring to the greater areas within Lagoa Salgada region as indicated on Figure 3. Note that the Company's work to date has be focused within the LS West area.

Figure 3: Gravimetric Survey Map with High Bouguer Gravity Coincident with Known Mineral Resources

http://www.rns-pdf.londonstockexchange.com/rns/0141N_1-2019-1-14.pdf

Table 1: Drill Intersections

Main Zone (Massive Sulphide Zone)

 
               From      To     Length    True     Cu     Pb      Zn     Sn     Au       Ag     Zn Eq(2) 
                                          Width 
               (m)      (m)      (m)      (m)     (%)     (%)    (%)    (%)    (ppm)   (ppm)      With 
                                                                                                 Sn (%) 
                      -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
 LS_MS_07*    168.95   300.00   131.05   106.15   0.54   2.72    3.22   0.17   0.81    77.86     11.51 
  including   176.00   297.00   121.00   98.01    0.58   2.89    3.42   0.18   0.87    82.95     12.24 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
     gossan   168.95   182.15   13.20    11.35    0.06   1.00    0.23   0.35   1.73    143.08    10.32 
  including   176.00   181.00    5.00     4.30    0.11   1.57    0.25   0.76   3.91    324.80    21.87 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
   1st MS     182.15   253.90   71.75    55.25    0.33   4.49    4.89   0.14   1.09    98.21     14.91 
  including   216.00   236.00   20.00    15.40    0.20   6.35    8.07   0.18   1.58    112.20    21.00 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
    STKW      262.00   274.00   12.00     9.24    3.19   0.14    0.91   0.33   0.01    28.42     12.68 
  Including   264.00   273.00    9.00     6.93    4.06   0.16    1.03   0.30   0.01    27.56     14.94 
  including   269.00   273.00    4.00     3.08    8.22   0.26    1.44   0.27   0.01    47.75     26.68 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
   2nd MS     280.35   289.60    9.25     7.12    0.44   0.89    2.58   0.26   0.29    44.40      7.53 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
  LS_MS_08    189.00   373.25   184.25   149.24   0.11   0.04    0.34   n.m.   0.02     5.32      0.81 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
    STKW      208.00   219.00   11.00     8.47    0.56   0.15    1.20   n.m.   0.09    24.27      3.56 
  Including   209.00   218.00    9.00     6.94    0.67   0.15    1.25   n.m.   0.10    27.89      4.01 
  Including   213.00   218.00    5.00     3.85    1.04   0.22    1.60   n.m.   0.15    45.60      5.92 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
        and   305.00   306.00    1.00     0.77    0.82   0.02    1.26   n.m.   0.05    15.00      3.90 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
  LS_MS_09    194.00   370.00   176.00   142.56   0.12   0.02    0.24   n.m.   0.01     2.97      0.68 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
    STKW      215.00   217.00    2.00     1.54    0.67   0.08    1.29   n.m.   0.01    22.50      3.71 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
    STKW      267.00   268.00    1.00     0.77    0.08   0.18    1.85   n.m.   0.05    49.00      3.51 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
    STKW      284.00   290.00    6.00     4.62    0.86   0.01    1.20   n.m.   0.03     5.83      3.67 
  Including   284.00   289.00    5.00     3.85    1.02   0.01    1.39   n.m.   0.02     6.80      4.30 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
    STKW      320.00   322.00    2.00     1.54    1.13   0.01    0.61   n.m.   0.03    15.00      4.03 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
    STKW      331.00   332.00    1.00     0.77    0.87   0.04    0.99   n.m.   0.00    11.00      3.59 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
   LS_MS_10   146.40   267.00   120.60   97.69    0.05   0.09    0.37   0.01   0.05     3.89      0.81 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
     gossan   147.00   149.00    2.00     1.72    0.80   0.28    1.33   0.07   0.07     0.00      4.31 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
   Stringer   233.00   261.00   28.00    21.56    0.03   0.13    0.72   0.00   0.07     6.04      1.20 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
   LS_MS_12                                 No Significant Mineralization 
             ------------------------------------------------------------------------------------------- 
   LS_MS_13   167.00   200.00   33.00    26.73    0.05   0.70    1.25   0.03   0.02    10.52      2.55 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
  Including   167.00   189.00   22.00    17.82    0.07   0.84    1.42   0.04   0.02    12.77      2.98 
             =======  =======  =======  =======  =====  ======  =====  =====  ======  =======  ========= 
   gossan     151.30   153.05    1.75     1.51    0.09   0.10    0.26   0.02   0.01     0.00      0.64 
  Stringer    167.00   168.00    1.00     0.77    0.76   0.05    0.15   0.01   0.01    100.00     4.74 
  Including   173.00   189.00   16.00    12.32    0.04   1.06    1.85   0.05   0.02    10.50      3.55 
  Including   180.00   187.00    7.00     5.39    0.06   1.60    2.70   0.06   0.03    12.86      5.12 
-----------  -------  -------  -------  -------  -----  ------  -----  -----  ------  ------- 
  LS_MS_16    163.15   349.00   185.85   150.54   0.29   1.43    2.18   0.15   0.35     27.9      6.59 
  including   163.15   273.55   110.40   89.42    0.45   2.15    3.17   0.23   0.53     39.8      9.87 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
   gossan     163.15   174.10   10.95     9.42    0.15   2.94    0.80   0.34   1.80     35.1     10.18 
  including   170.00   174.10    4.10     3.53    0.09   2.90    0.48   0.53   4.31     54.3     15.48 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
     MS       174.10   273.55   99.45    76.58    0.48   2.06    3.43   0.22   0.39     40.3      9.84 
  including   194.00   222.00   28.00    21.56    0.28   3.65    5.16   0.20   0.44     43.5     12.47 
  including   257.00   262.00    5.00     3.85    2.64   0.35    2.12   1.00   0.06    63.60     18.61 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
     MS       239.00   273.55   34.55    26.60    0.68   0.86    2.47   0.30   0.26    42.72      8.74 
             -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
  Stringer    277.00   284.00    7.00     5.39    0.19   0.63    1.76   0.07   0.19     35.9      4.54 
        and   312.00   315.00    3.00     2.31    0.15   1.93    2.72   0.13   0.18     28.3      6.85 
        and   347.00   349.00    2.00     1.54    0.19   2.37    3.30   0.15   0.15     33.5      8.16 
  LS_MS_17    161.00   199.00   38.00    30.78    0.32   8.44    1.91   0.26   1.79    61.39     15.57 
  including   162.00   192.00   30.00    24.30    0.40   10.56   2.31   0.34   2.23    73.75     19.35 
===========  =======  =======  =======  -------  =====  ======  =====  =====  ======  =======  ========= 
   gossan     162.50   170.75    8.25     7.10    0.16   13.44   1.43   0.60   3.06    52.89     22.12 
  including   163.00   170.75    7.75     6.67    0.17   12.61   1.44   0.63   3.08    58.38     23.16 
===========  =======  =======  =======  =======  =====  ======  =====  =====  ======  =======  ========= 
     MS       170.75   194.30   23.55    18.13    0.45   7.77    2.33   0.19   1.78    79.56     16.47 
  including   171.00   191.00   20.00    15.40    0.53   9.00    2.86   0.22   2.07    87.05     19.54 
  Stringer    198.00   199.00    1.00     0.77    0.04   0.43    1.83   0.01   0.23    12.00      3.05 
        and   259.00   262.00    3.00     2.31    0.07   1.00    1.77   0.03   0.04    16.00      3.56 
-----------           -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
  LS_MS_18    164.40   304.00   139.60   113.08   0.20   1.04    1.17   0.09   0.29    46.65      4.91 
  including   167.00   231.00   64.00    51.84    0.35   2.07    1.86   0.19   0.57    92.81      9.30 
===========  =======  =======  =======  -------  =====  ======  =====  =====  ======  =======  ========= 
   gossan     164.40   175.90   11.50     9.89    0.12   1.71    0.54   0.39   1.05    69.25      8.41 
  including   167.00   175.90    8.90     7.65    0.13   1.90    0.46   0.51   1.40    92.22     10.56 
===========  =======  =======  =======  =======  =====  ======  =====  =====  ======  =======  ========= 
     MS       175.90   247.80   71.90    55.36    0.31   1.67    1.70   0.11   0.34    73.76      7.24 
  including   175.90   231.00   55.10    42.43    0.39   2.09    2.09   0.14   0.44    92.91      9.10 
  including   175.90   197.00   21.10    16.25    0.59   3.75    3.25   0.27   0.64    159.00    15.34 
-----------           -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
  Stringer    249.00   250.00    1.00     0.77    0.21   0.11    1.88   0.02   0.03    17.00      3.15 
        and   259.00   261.00    2.00     1.54    0.17   0.67    1.63   0.02   0.18    15.00      3.49 
        and   281.00   283.00    2.00     1.54    0.04   0.86    2.38   0.04   0.03     8.00      3.78 
        and   291.00   293.00    2.00     1.54    0.24   0.12    2.36   0.04   0.15    19.50      4.11 
-----------           -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
   2nd MS     300.60   303.30    2.70     2.08    0.35   0.22    0.77   0.02   0.18    31.75      2.50 
  including   301.00   303.00    2.00     1.54    0.52   0.27    1.04   0.04   0.28    39.00      4.32 
-----------  -------  -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
  LS_MS_19    168.40   344.00   175.60   142.24   0.46   1.37    2.39   0.13   0.44    45.67      7.33 
  including   169.00   280.00   111.00   89.91    0.60   2.00    3.18   0.18   0.63    63.86     10.10 
===========  =======  =======  =======  =======  =====  ======  =====  =====  ======  =======  ========= 
   gossan     168.40   177.50    9.10     7.83    0.19   2.45    1.00   0.32   1.19    95.50      8.13 
  including   174.00   177.50    3.50     3.01    0.23   3.10    0.49   0.35   2.63    223.25    11.13 
===========  =======  =======  =======  =======  =====  ======  =====  =====  ======  =======  ========= 
     MS       177.50   280.65   103.15   79.43    0.64   1.94    3.36   0.17   0.57    60.11     10.16 
  including   236.00   280.65   44.65    34.38    0.73   1.63    3.25   0.25   0.49    66.13     10.50 
    Alunite   258.60   264.80    6.20     4.77    2.77   0.22    0.84   0.57   0.04    121.86    13.64 
-----------           -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
   2 lens 
     MS       311.70   314.40    2.70     2.08    0.73   0.35    2.00   0.05   0.31    25.75      4.03 
-----------           -------  -------  -------  -----  ------  -----  -----  ------  -------  --------- 
  Stringer    293.00   295.00    2.00     1.54    0.50   0.52    2.88   0.02   0.11    27.50      5.66 
        and   306.00   308.00    2.00     1.54    0.07   0.16    0.36   0.46   0.17    17.50      4.81 
        and   325.00   327.00    2.00     1.54    1.60   0.58    1.97   0.13   0.32    50.50      9.41 
        and   343.00   345.00    2.00     1.54    0.13   2.24    2.74   0.10   0.05    16.50      6.33 
----------- 
  LS_MS_20    141.00   198.00   57.00    46.17    0.06   0.71    0.57   0.03   0.16    24.68      2.32 
              141.00   163.00   22.00    18.04    0.09   1.26    0.33   0.06   0.17    40.87      3.19 
===========                                                                                    --------- 
   gossan     146.60   171.10   24.50    21.07    0.08   1.07    0.29   0.05   0.23    33.44      2.87 
  including   151.00   163.00   12.00    10.32    0.14   1.45    0.26   0.09   0.16    24.67      3.50 
  including   149.00   155.00    6.00     5.16    0.05   2.88    0.48   0.17   0.18    14.50      5.19 
  including   162.00   164.00    2.00     1.72    0.71   0.46    0.10   0.02   0.42    109.50     5.87 
  Stringer    178.00   181.00    3.00     2.31    0.07   0.96    2.25   0.03   0.16    21.75      3.81 
  including   197.00   199.00    2.00     1.54    0.07   0.61    2.49   0.03   0.12    14.00      3.99 
-----------  -------  -------  -------  -------  -----  ------  -----  -----  ------  ------- 
 

* Hole LS_MS_07 was originally reported in the Company's press release dated October 15, 2018 and is restated here to include the tin grades previously not reported.

Notes: ZnEq% was calculated as follows: ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62)+Sn Grade*191.75)/25.35

2 Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$8.70/lb Sn, US$19.40/oz Ag, and 1,250/oz Au. No recoveries were applied.

Stockwork Zone

 
               From      To     Length    True     Cu     Pb     Zn     Au      Ag     Zn Eq(1) 
                                          Width 
               (m)      (m)      (m)      (m)     (%)    (%)    (%)    (ppm)   (ppm)     (%) 
                      -------  -------  -------  -----  -----  -----  ------  ------  --------- 
  LS_ST_05    187.00   341.00   154.00   100.10   0.06   0.24   0.39   0.03    2.04      0.87 
                      -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      207.00   208.00    1.00     0.65    0.14   1.59   2.09   0.03    7.00      4.14 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      225.00   229.00    4.00     2.60    0.24   1.20   1.36   0.04    7.00      3.32 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      236.00   238.00    2.00     1.30    0.38   1.30   1.80   0.02    13.50     4.35 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      256.00   258.00    2.00     1.30    0.24   1.43   2.07   0.02    8.50      4.24 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      272.00   278.00    6.00     3.90    0.14   0.94   1.55   0.15    5.67      3.14 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
  LS_ST_07    170.00   421.00   251.00   163.15   0.26   0.55   1.02   0.04    11.53     2.57 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      170.00   175.00    5.00     3.25    0.70   0.65   0.83   0.08    26.40     4.04 
 Including    170.00   173.00    3.00     1.95    1.08   0.71   0.68   0.10    38.33     5.30 
    STKW      187.00   218.00   31.00    20.15    0.65   0.93   1.97   0.13    22.10     5.29 
 Including    206.00   218.00   12.00     7.80    1.57   1.81   3.55   0.15    44.50    10.69 
    STKW      228.00   236.00    8.00     5.20    0.34   1.45   1.97   0.05    12.75     4.59 
 Including    228.00   232.00    4.00     2.60    0.45   1.58   2.40   0.05    14.50     5.46 
    STKW      249.00   255.00    6.00     3.90    0.50   1.72   2.27   0.07    22.17     5.80 
 Including    253.00   255.00    2.00     1.30    1.39   4.34   5.90   0.18    59.50    15.28 
    STKW      274.00   284.00   10.00     6.50    0.59   1.18   1.24   0.09    18.80     4.47 
 Including    275.00   282.00    7.00     4.55    0.76   1.32   1.29   0.09    23.43     5.24 
    STKW      337.00   367.00   30.00    19.50    0.38   1.05   2.11   0.02    20.30     4.61 
 Including    337.00   361.00   24.00    15.60    0.43   1.21   2.44   0.02    23.83     5.30 
 Including    347.00   350.00    3.00     1.95    1.09   4.80   5.31   0.05    58.33    14.10 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      376.00   378.00    2.00     1.30    0.62   1.56   4.21   0.30    39.50     8.72 
    STKW      400.00   421.00   21.00    13.65    0.66   0.93   1.71   0.03    32.29     5.16 
 Including    400.00   409.00    9.00     5.85    1.19   0.86   2.11   0.05    34.44     6.97 
 Including    418.00   421.00    3.00     1.95    0.73   3.30   3.62   0.03    103.0    11.16 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
  LS_ST_08    159.00   338.00   179.00   116.35   0.11   0.44   0.77   0.01    3.30      1.57 
    Main      170.00   194.00   24.00    15.60    0.30   0.97   1.35   0.02    3.96      3.17 
 Including    209.00   228.00   19.00    12.35    0.16   0.69   1.79   0.01    6.05      3.02 
 Including    276.00   291.00   15.00     9.75    0.34   1.20   1.77   0.03    16.93     4.22 
 Including    333.00   338.00    5.00     3.25    0.27   1.13   2.29   0.01    6.80      4.23 
    STKW      170.00   177.00    7.00     4.55    0.85   2.55   3.25   0.04    2.71      7.95 
 Including    171.00   174.00    3.00     1.95    1.78   5.01   6.50   0.07    2.67     15.96 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      219.00   229.00   10.00     6.50    0.32   1.21   2.94   0.01    10.70     5.17 
 Including    222.00   228.00    6.00     3.90    0.48   1.53   3.72   0.02    14.50     6.77 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      276.00   283.00    7.00     4.55    0.46   1.32   2.43   0.01    15.71     5.26 
 Including    276.00   279.00    3.00     1.95    0.85   2.30   4.86   0.02    30.33     9.98 
    STKW      287.00   291.00    4.00     2.60    0.66   1.85   1.45   0.08    31.25     5.05 
 Including    287.00   289.00    2.00     1.30    0.66   3.15   1.86   0.11    53.50     7.96 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      333.00   334.00    1.00     0.65    0.46   1.92   4.58   0.01    12.00     7.87 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      336.00   337.00    1.00     0.65    0.49   1.89   3.32   0.02    10.00     6.62 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
  LS_ST_10    180.00   363.00   183.00   118.95   0.17   0.55   0.84   0.02    5.87      1.97 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
 Including    181.00   331.00   150.00   97.50    0.20   0.64   0.98   0.02    6.87      2.29 
 Including    245.00   331.00   86.00    55.90    0.29   0.89   1.26   0.03    10.03     3.14 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      181.00   196.00   15.00     9.75    0.25   0.99   1.34   0.05    8.53      3.21 
 Including    181.00   189.00    8.00     5.20    0.43   1.47   1.80   0.07    12.88     4.70 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      245.00   249.00    4.00     2.60    0.59   1.02   3.61   0.08    11.75     6.50 
 Including    247.00   249.00    2.00     1.30    1.08   1.59   5.95   0.10    20.00    10.90 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      269.00   304.00   35.00    22.75    0.54   1.88   2.26   0.04    20.23     5.96 
 Including    269.00   283.00   14.00     9.10    0.89   3.28   2.93   0.04    36.36     9.24 
 Including    269.00   272.00    3.00     1.95    2.54   5.84   8.73   0.12    85.67    23.10 
 Including    294.00   304.00   10.00     6.50    0.50   1.41   2.91   0.08    14.60     5.99 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      320.00   322.00    2.00     1.30    0.87   0.82   1.50   0.02    9.50      4.80 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      330.00   331.00    1.00     0.65    0.85   1.33   1.76   0.02    30.00     5.98 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
  LS_ST_11    155.00   259.00   104.00   67.60    0.49   0.95   1.53   0.06    15.02     4.16 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
 Including    160.00   175.00   15.00     9.75    1.86   0.88   0.66   0.19    39.47     7.67 
 Including    209.00   259.00   50.00    32.50    0.36   1.32   2.47   0.05    16.06     5.11 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      160.00   175.00   15.00     9.75    1.86   0.88   0.66   0.19    39.47     7.67 
 Including    165.00   169.00    4.00     2.60    6.54   2.20   0.80   0.32    139.0    24.07 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      201.00   203.00    2.00     1.30    0.36   1.85   2.20   0.03    13.00     5.21 
 Including    202.00   203.00    1.00     0.65    0.71   3.43   3.79   0.05    25.00     9.49 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      209.00   222.00   13.00     8.45    0.54   2.08   3.85   0.07    25.15     7.90 
 Including    209.00   217.00    8.00     5.20    0.72   2.34   4.68   0.08    29.50     9.56 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      225.00   229.00    4.00     2.60    0.82   1.69   4.80   0.11    32.75     9.47 
 Including    227.00   229.00    2.00     1.30    1.56   2.96   8.35   0.21    60.50    16.98 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      234.00   247.00   13.00     8.45    0.37   1.46   2.32   0.06    16.15     5.11 
 Including    240.00   242.00    2.00     1.30    0.75   2.95   4.68   0.10    32.50    10.32 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
    STKW      255.00   259.00    4.00     2.60    0.53   2.25   3.82   0.10    21.75     7.96 
 Including    256.00   258.00    2.00     1.30    0.91   3.63   5.67   0.10    36.50    12.43 
-----------           -------  -------  -------  -----  -----  -----  ------  ------  --------- 
 

Notes: ZnEq% was calculated as follows: ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/25.35

2 Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz Ag, and 1,250/oz Au. No recoveries were applied.

Table 2: Drill Hole Information

 
 Drill Hole    Easting   Northing   Total Depth   Elevation   Azimuth   Dip 
                                        (m) 
  LS_MS_07*    546900    4232246      346.40        95.00       253     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_MS_08     546946    4232211      373.25        95.00       253     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_MS_09     546957    4232158      371.80        95.00       253     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_MS_10     546902    4232084      291.30        95.00       253     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_MS_12     546949    4232047      317.35        95.00       253     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_MS_13     546952    4231993      302.45        95.00       253     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_MS_14     546761    4231865      300.00        95.00       73      -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_MS_16     546868    4232232      356.35        95.00       255     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_MS_17     546843    4232228      332.35        95.00       255     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_MS_18     546918    4232199      310.50        95.00       255     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_MS_19     546794    4232330      375.05        95.00       200     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_MS_20     546936    4231942      160.10        95.00       250     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_ST_05     547311    4231359      401.25        92.00       235     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_ST_07     547360    4231274      453.00        92.00       235     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_ST_08     547304    4231235      347.40        92.00       235     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_ST_10     547350    4231212      396.00        92.00       235     -60 
              --------  ---------  ------------  ----------  --------  ---- 
  LS_ST_11     547384    4231173      407.35        92.00       235     -60 
              --------  ---------  ------------  ----------  --------  ---- 
 

* Hole LS_MS_07 was originally reported in the Company's press release dated October 15, 2018

Quality Assurance and Quality Control

Analytical work was carried out ALS Laboratories. Drill core samples were prepared in ALS Lab, in Seville, Spain. Pulp samples were then sent to their analytical Laboratory in Ireland, for analysis. The core samples are analyzed for gold (ppm) by fire assay (Au--AA25), and for the other elements by Multi element analysis of base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer (ME-ICPORE). Samples from the Main Resource, LS_MS_DH ID, are also assayed for Tin (Sn) by ICP-AES after Sodium Peroxide Fusion (Sn-ICP81x).

ALS Laboratories has routine quality control procedures which ensure that every batch of samples includes three sample repeats, two commercial standards and blanks. ALS Laboratories is independent from Ascendant. Ascendant used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program.

Qualified Persons

The scientific and technical information in this press release has been reviewed and approved by References in this announcement to exploration results and resource updates have been approved for release by Joao Barros, BSc (Engineering), MSc (Geology), who has more than 15 years of relevant experience in the field of activity concerned. Mr. Barros is a Member of the Portuguese Engineers Association. Mr. Barros is employed by Redcorp Empreedimentos Mineiros, Lda., a 75% owned subsidiary of M&FI, and has consented to the inclusion of the material in the form and context in which it appears.

FOR MORE INFORMATION:

   Katy Mitchell and Jessica Cave, WH Ireland Limited                    +44 161 832 2174 
   Jon Belliss, Novum Securities Limited                                           +44 207 399 9400 
   James Lesser, Mineral & Financial Investments Ltd.                      +44 777 957 7216 

About Ascendant Resources Inc.

Ascendant is a Toronto-based mining company focused on its flagship 100%-owned producing El Mochito zinc, lead and silver mine in west-central Honduras, which has been in production since 1948. After acquiring the mine in December 2016, Ascendant spent 2017 implementing a rigorous and successful optimization program restoring the historic potential of El Mochito delivering record levels of production with profitability restored. The Company now remains focused on cost reduction and further operational improvements to drive robust profitability in 2018 and beyond. Expanding and upgrading El Mochito's significant Mineral Reserves and Resources through exploration work for near-mine growth is an ongoing focus for the Company. With a significant land package of 11,000 hectares in Honduras and an abundance of historical data, there are several regional targets providing longer term exploration upside which could lead to further resource growth.

Ascendant also holds an interest in the high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal. The Company is engaged in exploration of the Project with the goal of expanding already substantial defined Mineral Resources and testing additional known targets. The Company's acquisition of its interest in the Lagoa Salgada Project offers a low-cost entry point to a potentially significant exploration and development opportunity. The Company holds an additional option to increase their interest in the Project upon completion of certain milestones.

Ascendant Resources is engaged in the ongoing evaluation of producing and development stage mineral resource opportunities, on an ongoing basis. The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant Resources, please visit our website at www.ascendantresources.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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