New Copper Enriched Zone Below Current Resources South Zone At Lagoa Salgada Project

TORONTO - Ascendant Resources Inc. reports assay results from hole ST_31 completed as part of the ongoing infill drill program at the Venda Nova Deposit at the Company’s Lagoa Salgada VMS Project, Portugal. Based on the drill intercepts reported and in conjunction with prior results, the Company has defined a new High-grade copper zone within the South Zone with potential extension at depth. The High-grade copper intercepts reported in hole ST_31 are significant due to the following: i) it is expected to increase the mineralized volume and the grade of the existing block model for the South Zone; ii) based on data collected to date, it could support the sub domaining of a high-grade copper dominated stacked lens towards and beyond the footwall of the existing constraining wireframe; and iii) it continues to support resource conversion for the ongoing feasibility study at the Venda Nova deposit. The Company has completed 15 drill holes (6 Metallurgy holes and 9 infill holes) totaling 6,118m with an additional 3 drill holes currently in progress.

Mark Brennan, Executive Chairman, said, “As drilling continues, our understanding of the deposit continues to improve and highlights that we remain in the early stages of defining a greater VMS system at Lagoa Salgada. These results are yet another in a stream of successive discoveries that have been uncovered as part of the infill program at Venda Nova and positions the project extremely well for both our upcoming Mineral Resource update targeted for Q3 and our future exploration programs at Lagoa Salgada.”

Drill Hole Highlights (apparent thickness) - ST_31: 16m at 2.60% Cu (4.33% CuEq containing 2.60% Cu, 2.06% Zn, 0.78% Pb, 68.9 g/t Ag and 0.16 g/t Au) from 505m, including 12m at 3.30% Cu (5.50% CuEq containing 3.30% Cu, 2.57% Zn, 1.00% Pb, 88.7 g/t Ag and 0.20 g/t Au) from 509m; 22m at 0.83% Cu (2.11% CuEq containing 0.83% Cu, 0.44% Zn, 0.50% Pb, 44.3 g/t Ag and 0.04 g/t Au) from 541m, including 10m at 1.57% Cu (3.98% CuEq containing 1.57% Cu, 3.92%Zn. 0.95% Pb, 79.6 g/t Ag and 0.06 g/t Au) from 553m.

Hole ST-31 results are encouraging, particularly towards the deeper portion of the hole which targeted the stratigraphic base of the current South Zone wireframe. Results extend mineralization beyond the current domain and more importantly define a high-grade Cu dominated zone of stacked lenses that are expected to have a notable impact upgrading the metal endowment of neighboring blocks.

Mineralization in these lenses is believed to represent stringer veining to semi massive sulphides with a strong Cu component associated to veins and semi massive pods of chalcopyrite. Texturally, these copper rich seams are distinctive to the fissural ore in the central part of the South Zone wireframe preserving possible primary features including angular vein cross cutting inter-relations.

A preliminary exercise has been carried out to understand the context of this high-grade Cu zone integrating current results with historic data. When highlighting only the copper content in the South Zone, it is possible to delineate a trend in the footwall of the current wireframe that extends for over 300m along strike with a northwest plunge. This trend outlines composites from 5 drill holes (4 historic and ST_31) averaging 2.94% Cu (with additional base and precious metal credits). This subdomain is open along the plunge direction towards the Northwest.

Hole ST_31 suggests that along this trend both Cu grade and lens thickness increase towards the Northwest, opening a relevant extensional upside target zone. Pending holes within the current infill program will continue to target this potential new zone.

Metal refinement in VMS systems is a common feature. The newly outlined Cu dominated hanging wall lens, jointly with the Cu-Au hanging wall outlined earlier during this program proves that efficient metal zoning (primary and secondary) occurs in the South Zone of the Venda Nova deposit. Ascendant is confident that the proper domaining of these lenses will have a significant impact in terms of overall metal endowment and in processing efficiencies and recoveries.