Ascendant Resources Intersects 58m @ 20.51% Zn Equivalent

• Metallurgical drill program at North Zone of Venda Nova now complete
• Additional high-grade intercepts at North Zone (Massive Sulphides), including:
  • 58 meters (“m”) @ 20.51% Zinc Equivalent (Zn Eq.) from 165m
• Extension of copper rich subdomain below the North Zone with new intercept of:
  • 14m @ 2.34% Copper or 12.53 % Zn Eq. from 252m

TORONTO, Dec. 05, 2022 (GLOBE NEWSWIRE) — Ascendant Resources Inc. (TSX: ASND, OTCQB:ASDRF) (“Ascendant” or the “Company”) is pleased to report assay results from an additional three holes drilled to support metallurgical variability testing in the North Zone of Venda Nova at the Lagoa Salgada VMS Project, Portugal.

As of November 29, Ascendant has completed 23 drill holes (11 Metallurgy holes reported and 12 infill holes) totalling 10,453 meters as part of the overall drill program to support the completion of the Bankable Feasibility Study expected to be completed by the end of Q1/23. Two additional infill holes are currently in progress in the South Zone for a total of 985m. Assays reported today represent full results received as of November 22, 2022 and include three metallurgical holes collared in the North zone: Met_MS_05, Met_MS_06, and Met_MS_07.

Mark Brennan, Executive Chairman commented: “As we near completion of our Metallurgical and Infill drill program at Venda Nova, results continue to confirm high-grade mineralisation in the North Zone and extend the potential for a new high grade copper feeder zone at depth, substantially enhancing future resource potential. Further exploration in the future will aim to more fully define this copper rich zone as we look to continue to grow the overall resource potential we see at the Lagoa Salgada property.”

The intersections of these drill holes display outstanding thicknesses and grade, which continue to highlight the significant scale and quality of the Venda Nova Deposit. In addition to the grade profile, the assay results provide support to the ongoing Feasibility Study for the metallurgical variability testing which is part of the final stages of the metallurgical program that is underway to optimize mill design, flowsheets and confirm the recoveries to produce clean and saleable zinc, lead and copper concentrates.

The three holes collared in the North zone confirm the existing domains and support our revised expectation for grades in each of the domains. Notably hole Met_MS_07 intercepted 58.1 m of Primary Massive Sulphide from 165.0m (averaging 20.51% ZnEq¹) following 6.2m @ 13.9% Zn Eq. of Transition Massive Sulphide.

Additionally, both holes Met_MS_06 and Met_MS_07 confirmed the high grade Cu-Ag mineralization within the newly domained Transition zone. Met_MS_06 intercepting 7.2m @ 2.01% Cu and 149.4 g/tonne Ag and Met_MS_07 intercepting 6.2m @ 1.24% Cu and 210.5 g/tonne Ag.

Met_MS_05 intercepted a notable high grade copper zone of 14m of apparent width starting at 252m averaging 12.53% ZnEq (including 2.34% Copper alone). High grade copper in the stringer domain has been previously reported in other holes (e.g. MS_41A), spatially always adjacent to the contact with the overlaying massive sulphides. Ascendant is planning additional holes targeting this copper endowed area to further refine and subdomain the stringer zone. The Company believes the higher-grade copper mineralization found in this part of the stringer zone could be a potential feeder zone as is typically found in many VMS style deposits on the Iberian Pyrite Belt.

Hole location and collar positions are shown in Figure 1 and Table 1 below.

Figure 1 – Plan view of the Venda Nova with location of the reported drill holes

Figure 2 – Cross section North zones (Trace locations included in Figure 1)

Table 1 – Collar Info

Datum: WGS 84 Zone 29N

Table 2 Relevant Economic Intercepts by Domain

* Intercept labeled in Longitudinal Section

1. Equivalency calculations are based on in-situ values only. Commodity prices used are as follows: Zn: US$1.20/lb, Pb: US$1.00/lb, Cu: US$3.50/lb, Ag: US$20/Oz, Au: US$1,650/Oz and Sn: US$12/lb.

Quality Assurance and Quality Control

Core samples are retrieved from the core barrel by the drilling crew. Each core box is labeled with the drill hole number, the depth intervals, and an arrow indicating the downhole direction. Core samples retrieved from the barrel are immediately transferred to the core boxes and transported after to the logging facilities in batches. After the logging, core is cut in half and placed in labeled sample bags with the sample tags and transported to the sample preparation lab of ALS Lab, in Seville, Spain. Samples are dried, crushed to 70 % passing 2 mm, split and finally pulverized to 85 % passing 75 μm. Pulp samples are then sent to their analytical Laboratory in Galway, Ireland, for analysis. The core samples are analyzed for gold (ppm) by fire assay (Au‐AA25), and for the other elements by two different ICP Multi element analysis: 1) (ME-ICPORE) – base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer 2) ME-MS61r: Four-acid digestion paired with ICP-MS and ICP-AES with REE analytes included.

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. No significant QAQC failure issues were identified in the reported batches.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, P.Geo., Vice President, Exploration for Ascendant Resources Ltd, who is a Qualified Person as defined in National Instrument 43-101.

About Ascendant Resources Inc.

Ascendant Resources is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. Through focused exploration and aggressive development plans, the Company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.

The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of Measured and Indicated Resources @ 9.06 % ZnEq and 2.50 million tonnes of Inferred Resources @ 5.93 % ZnEq in the North Zone; and 4.42 million tonnes of Indicated Resources @ 1.50 % CuEq and 10.83 million tonnes of Inferred resources @ 1.35 % CuEq in the South Zone. The deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209ha property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 50% interest in the Lagoa Salgada project through its position in Redcorp – Empreendimentos Mineiros, Lda, (“Redcorp”) and has an earn-in opportunity to increase its interest in the project to 80%. The Company’s interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its mineable scale.

The Company’s common shares are principally listed on the Toronto Stock Exchange under the symbol “ASND”. For more information on Ascendant, please visit our website at www.ascendantresources.com.

Additional information relating to the Company, including the Preliminary Economic Assessment referenced in this news release, is available on SEDAR at www.sedar.com.

Forward Looking Information     

This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business, the Project, future drill programs, mineral potential and resource expectations. In making the forward- looking statements contained in this press release, Ascendant has made certain assumptions, including, but not limited to the Company’s ability to execute future drill programs, the Company’s ability to expand existing resources and the potential for a new high grade copper zone. Although Ascendant believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Ascendant disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risks Factors” in the Company’s Annual Information Form dated March 24, 2022 and under the heading “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis for the years ended December 31, 2021 and 2020 and other risks identified in the Company’s filings with Canadian securities regulators, which filings are available on SEDAR at www.sedar.com. The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

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