Ascendant Resources to Begin Phase 2 Metallurgical Test Work at its Lagoa Salgada VMS Project in Portugal

Program set to enhance ore body characteristics and demonstrate specifications and recoveries in line with average values for the Iberian Pyrite Belt

TORONTO, March 17, 2021 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND) (FRA: 2D9) ("Ascendant" or the "Company”) is pleased to announce the beginning of its phase 2 metallurgical test work on both the massive sulphide and stockwork ores at its Lagoa Salgada project in Portugal, following very encouraging results obtained in the first stage of metallurgical test work.

The current Phase 2 metallurgical testing is planned to follow up on previous test work completed in the North and South zones as well as investigate new ore where additional Mineral Resources have been added from drilling subsequent to Phase 1 testing. The objective of the Phase 2 program will be to further enhance the understanding of the ore characteristics of the various types of ore bodies delineated in the various zones at Lagoa Salgada and demonstrate specifications and recoveries consistent with average specifications and recoveries being achieved today on the Iberian Pyrite belt.

The new well-defined program will test new areas of the resource with fresh samples provided from the most recent drilling campaign and enhance recoveries with detailed monitoring and control of the grinding circuit and optimizing the suite of processing reagents. The program is expected to be completed in Q3 2021. The key highlights of the program are outlined below:

Highlights:

• Phase 2 metallurgical test work is directed at developing a preliminary flowsheet, material balance and establishing preliminary process design criteria, such as ore hardness, crush and grind size requirements, flotation, reagent consumptions, metal recoveries and concentrate grades that can be expected for the various metals and from the different types of ore bodies; namely massive sulphide and stockworks.
• For this test programme the cassiterite (tin mineral) recovery in the Pb, Zn tailings of the massive sulphide would be assessed by flotation.
• Recovery of residual gold will be assessed by oxygenated leach tests on a bulk pyrite concentrate from the massive sulphide.
• An option has been included for bulk preparation of a combined massive sulphide and stockwork blend to generate sufficient rougher concentrate for signature plots and any further testing required.

Chris Buncic, President & CEO of Ascendant stated, “We are very confident that we will be able to show recoveries at least in line with the average recoveries and specifications achieved today on the Iberian pyrite Belt. Metallurgy is one of the key de-risking milestones to address in the development of any mining project. For Lagoa Salgada, we have already completed multiple mineralogical studies and phase 1 metallurgical test work to assess the deposit’s metallurgical characteristics. The initial results have been very encouraging, especially with respect to the stockwork ore where the results show we have been able to produce 3 sealable concentrates (Cu, Zn, Pb).”