Ascendant Resources Inc (TSE:ASND) (OTCMKTS:ASDRF) (FRA:2D9) released initial drill results that showed high-grade sulfides and strong mineralization across wide intercepts from its ongoing program at the Lagoa Salgada project in Portugal.
The project, located on the Iberian Pyrite Belt in the country, houses a VMS deposit that contains over 12.8 million tonnes of measured and indicated resources and over 10.3 million tonnes in inferred resources of copper, zinc, lead, silver and gold.
Highlights from the first three holes released include 25.2 metres (m) grading 2.2% copper equivalent (0.6% copper, 2% zinc, 1.4% lead, and 26.5 g/t silver) including 10.5m grading 3.6% copper equivalent (0.8% copper, 3.4% zinc, 2.8% lead and 42.3g/t silver).
READ: Mineral & Financial Investment excited as Ascendant kicks off exploration programme at Lagoa Salgada
Other intersections revealed 8.4m grading 2.2% copper equivalent and 7.7m grading 2.1% copper equivalent, and 4.2m grading 3.6% copper equivalent.
Toronto-based Ascendant told shareholders in a statement that the results were “highly encouraging”, thanks to the discovery of high-grade copper within the intervals. One of the holes drilled also intersected a “bonanza” copper interval of 1m at 14.2% copper equivalent, according to the exploration firm.
The results from the first three holes of the seven-hole drill program in the South Zone confirms the project is “copper-rich, with intensity improving as we move south and east,” CEO Chris Buncic told investors in a statement.
“We are excited to continue our exploration activities in the South Zone where the results continue to expand the extent of the mineralization,” Buncic said. “This bodes very well for Ascendant finding more stockwork mineralization and demonstrating that this project has the potential to be yet another future large producer on the belt, comparable with Neves Corvo and Aguas Tenidas.”
The group is planning a follow-up drill program in 1Q 2021 to better define the copper zone.
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