Ascendant Resources Initiates Phase 2 Exploration Drilling Program in the Copper-Rich South Zone at Lagoa Salgada

• Following highly successful Phase I program, drilling is expected to continue to significantly expand resources in the south zone

TORONTO, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND) ("Ascendant" or the "Company”) is pleased to announce the start of its Phase 2 drilling program in the South Zone at the Lagoa Salgada project located on the Iberian Pyrite Belt in Portugal. The Phase 2 program consists of 1,400m of drilling and downhole IP surveys and follows the very successful recently completed Phase 1 program. The continued objective of the program is to significantly increase and upgrade resources at the copper-rich South Zone, building upon the strong drill results highlighted in the Company’s press release on January 13, 2021. The increased resources are expected to build upon Phase 1 drilling and 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 NI 43-101 Mineral Resource Estimate, dated November 5, 2019.

The South Zone remains open along strike and at depth according to geological data collected during the Company’s previous exploration activities. Indications are that the mineralization is expanding southward where the Company’s next drill targets in this program are planned. Figure 1 highlights the completed and planned drill holes. The 1,400m of drilling in Phase 2 aims to better define this high-grade copper-rich zone on the Lagoa Salgada South Zone Resource, and in particular the LS_ST_23 drill hole defined by 5 main corridors of high-grade, strong stockwork mineralization.

Chris Buncic, President & CEO of Ascendant stated, “We are excited to continue our exploration activities in the South Zone where we hope to significantly grow copper and copper equivalent tonnage and grade. The results of Phase 1 drilling in the South Zone suggests that we are approaching a more intense system of stockwork and massive sulfide mineralization, which was also predicted by our geophysics program. The Phase 2 program should advance us a long way along the path of growing this copper rich resource.”

Figure 1: South Zone planned exploration program
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Technical Disclosure/Qualified Person

All technical information contained herein has been reviewed and approved by Robert A. Campbell, M.Sc, P.Geo, an officer and director of the Company. Mr. Campbell is a "qualified person" within the meaning of NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).