Ascendant Resources Inc (TSE:ASND) (OTCMKTS:ASDRF) (FRA:2D9) announced it has started the process of completing a new NI 43-101 Preliminary Economic Assessment (PEA) for its Lagoa Salgada volcanogenic massive sulfide (VMS) project in Portugal.
The company said the PEA will be designed to look at a combined mining operation encompassing the mineralization contained within the North and South Zones, while incorporating the updated metallurgical test work that is currently underway.
“We believe the results from the detailed metallurgical studies and the enhanced scale of operations should deliver robust economics,” Ascendant Resources Executive Chairman Mark Brennan said in a statement.
READ: Ascendant Resources seeing huge potential in the highly prospective Lagoa Salgada polymetallic project in Portugal
“Longer term, we expect exploration to significantly grow the overall resource base to continue to provide the opportunity to expand operations further and add significant value,” Brennan added.
The company noted the new PEA, which is expected by the end of July 2021, will reflect the results of three additional drill holes in the South Zone.
The previous PEA, completed in December 2019, was done on the North Zone on a standalone basis.
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.
Lagoa Salgada contains over 14.75 million tonnes of M&I Resources and 11.88 million tonnes in Inferred Resources and demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold.
Ascendant holds a 21.25% interest in the Lagoa Salgada project through its 25% position in Redcorp – Empreendimentos Mineiros, Lda, and has an earn-in opportunity to increase its interest in the project to 80%.
Contact Sean at [email protected]
Story by ProactiveInvestors
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