Gravity Survey Results Identify High Impact Near Deposit Massive Sulphide Exploration Targets at its Lagoa Salgada VMS Project, in Portugal

• New High-Resolution gravity survey suggests potential to rapidly expand Massive Sulphide Mineralization at current Venda Nova North and South Deposits
• Multiple additional gravity anomalies identified to potentially add to the Massive Sulphide Ore Bodies near Venda Nova
• EDM's Option to gain a 15% interest in the Project extended to September 30, 2024 due to upcoming elections and government change

TORONTO, ON / ACCESSWIRE / February 28, 2024 / Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASDRF)(FRA:2D9) ("Ascendant" or the "Company") is pleased to announce the results of its recent high-resolution gravity survey completed over the Venda Nova North and South Deposits at its Lagoa Salgada VMS Project, in Portugal.

Key Highlights

• Four new high priority targets identified near existing deposits
• Highest priority target located below and west of current high-grade North Deposit
• Second priority target sits above known copper corridor in South Deposit
• Potential to materially and rapidly expand known mineralization at Venda Nova and enhance value of the results of the recent Feasibility Study
• New results validate use of technology for additional exploration target generation.
• Portuguese agency EDM granted extension of its option to September 30, 2024

Mark Brennan, Executive Chairman of Ascendant stated, "The results of this most recent high-resolution gravity survey combined with reinterpreted previous IP data have identified two strong drill ready targets that have the potential to add material tonnage and value to the existing mineralization at Venda Nova and potentially enhance the overall economics relative to the recently completed feasibility study. The presence of additional massive sulphide lenses would be congruent with existing deposits on the IPB which typically consist of multiple stacked massive sulphide lenses."

He added. "Additionally, in light of upcoming elections in Portugal, and the ensuing change in government, Ascendant and its partner are pleased to grant an extension to EDM for its option on the project. We see EDM, and by extension both the government and communities of Portugal, as integral partners for the development of our project as we aim to build the next producing mine on the Iberian Pyrite Belt. "

As per the most recent NI 43-101 Feasibility Study published on July 25, 2023, the existing Primary Massive Sulphides at the Venda Nova North deposit represents 4.4 million tonnes of the total 14.6 million tonne Reserve, but given the high grade nature of this material it contributes significantly to the overall NPV of the project due to the significantly higher NSR value per tonne (US$>100 per tonne) as compared to the average material including the other lithologies. As such, the ability to expand the overall massive sulphide ore content could enhance the overall project economics significantly. The targets have been identified by their gravity signature that closely matches the existing high value, dense massive sulphide orebody we currently have at the Venda Nova North Zone. As a result, the Company is planning a drill program to more fully evaluate this potential in the near future.