Ascendant Resources Initiates 2020 Exploration Program Focusing on the Copper-Rich South Zone and Announces Non-Brokered Private Placement

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TORONTO, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND) ("Ascendant" or the "Company”) is pleased to announce the start of its updated 2020 exploration program, which consists of 2,700m of drilling and downhole IP surveys which will be completed in several phases. The main objective of the proposed program is to significantly increase and upgrade tonnage at the copper-rich South Zone. This is designed to build upon the existing 2.47Mt of Measured and Indicated resource and 6.09Mt of Inferred resource delineated in the South Zone as highlighted in the Company’s technical report titled, "Technical Report and PEA for the Lagoa Salgada Project Setúbal District, Portugal" dated February 27, 2020 with an effective date of December 19, 2019 (the "Preliminary Economic Assessment").

The South Zone remains open in all directions according to geological data collected during the Company’s previous exploration activities. The most southern drill hole in the South Zone (LS_ST_11) was one of the best holes encountered, with assays reporting 67.6m true width at a 1.57% Copper Equivalent ("CuEq") grade. Indications are that the mineralization is open and expanding southward where the Company’s first drill targets in this program are situated. Figure 1 highlights the initial and follow-up planned drill holes.

Chris Buncic, President & CEO of Ascendant, stated, “We are excited to continue our exploration activities in the South Zone where we hope to greatly improve CuEq tonnage and grade. Information collected to date suggests that the South Zone has the potential to be significantly larger than the North Zone, and it is largely comprised of a copper-rich stockwork mineralization that may be amenable to bulk mining methods at sufficient size."

He continued, “We have achieved tremendous success with our previous drill programs, as highlighted by an exceptional drilling-to-tonnage ratio. This is characteristic of a project in the early stages of discovery, and we are confident that we have only scratched the surface of what is possible at Lagoa Salgada. We have yet to find the feeder system, but substantial showings of chalcopyrite within the copper stockwork mineralization discovered to date, leads us to believe we are on the right track, and this exploration program is designed to further the Company on this path.”