Ascendant Resources Achieves Its 11th Consecutive Quarter Of Metal Production Growth In Q3 2019 At Its El Mochito Mine In Honduras

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TORONTO, Oct. 17, 2019 (GLOBE NEWSWIRE) -- (TSX: ASND) (OTCQX: ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) is pleased to release third quarter 2019 production results highlighted by record head grade, contained metal production and throughput since assuming ownership of the El Mochito mine in Honduras in December 2016. These results demonstrate a significant improvement in contained metal production and grade as compared to the second quarter as a result of the Company’s investment in development towards high-grade mineralization in the first half of the year.

Contained metal production for the third quarter (“Q3 2019”) was 28.8 million pounds of zinc equivalent (“ZnEq”) metal, comprised of 16.4 million pounds of zinc, 7.5 million pounds of lead and 366 thousand ounces of silver. Total contained metal production increased by 21% over Q3 2018 (23.9 Mlbs ZnEq) and 17% over Q2 2019 (24.6 Mlbs ZnEq), due to higher zinc and lead production and a substantial increase in silver grades.

Milled production of 199,944 tonnes demonstrated an improvement over Q3 2018 of 4.3% (191,738 tonnes) and Q2 2019 of 2.2% (195,706 tonnes).

The average head grade of 7.8% ZnEq for the quarter represented an increased of 17% over both Q3 2018 and Q2 2019 (6.7% ZnEq). Milled zinc grades for the quarter were 4.4% zinc, lightly lower by 1.7%, compared to Q3 2018 and flat against Q2 2019. Lead head grades of 2.1% lead demonstrated an increase of 28% over Q3 2018 and 26% over the previous quarter. Silver feed grades increased significantly by 53% to 69g/t from 45g/t achieved in the same period in 2018 and was inline (up 2%) from 67g/t in Q2 2019. The increase in silver and lead grades are a direct result of the Company focussing on extraction of various, small high-grade pillars in the upper old part of the mine which is expected to continue for the rest of the year and into 2020.

Zinc processing recoveries of 84.3% in Q3 2019 were 4% lower than the Q3 2018 results and 2% lower than that achieved in Q2 2019 (86.4%) due to the increase in complicated zinc ores from the Esperanza orebody. Lead recoveries of 80.6% was up approximately 2% against Q3 2018 and down 1% from Q2 2019. Silver recoveries were 82.7%, an increase of 6% from Q3 2018 and 1% from Q2 2019.

President and CEO Chris Buncic stated:

He continued, “

Operational performance for Q3 2019 is provided in the table below (numbers may not match due to rounding):

*Zinc Equivalent (ZnEq) grades calculated in Q3 2019 used average spot metal prices of US$1.07/lb for zinc, US$0.92 for lead, and US$17.06 Ag for silver

Ascendant plans to release third quarter 2019 financial results after market close on November 13, 2019. A conference call will be held on November 14, 2019, at 10:00am EDT to discuss third quarter 2019 operational and financial results.

All technical information contained herein has been reviewed and approved by Robert A. Campbell, M.Sc, P.Geo, Vice President, Exploration and a Director of Ascendant Resources Ltd. Mr. Campbell is a "Qualified Person" as defined by National Instrument 43-101.

Ascendant is a Toronto-based mining company focused on its 100%-owned producing El Mochito zinc, lead and silver mine in west-central Honduras and its high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal.

After acquiring the El Mochito mine in December 2016, Ascendant spent 2017 and 2018 implementing a rigorous and successful optimization program restoring the historic potential of El Mochito, a mine in production since 1948, to deliver record levels of production with profitability restored. The Company now remains focused on cost reduction and further operational improvements to drive profitability in 2019 and beyond. With a significant land package of approximately 11,000 hectares in Honduras and an abundance of historical data, there are several near-mine and regional targets providing longer term exploration upside which could lead to further Mineral Resource growth.

Ascendant holds an interest in the high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal. The Company is engaged in exploration of the Project with the goal of expanding the already-substantial defined Mineral Resources and testing additional known targets. The Company’s acquisition of its interest in the Lagoa Salgada Project offers a low-cost entry point to a potentially significant exploration and development opportunity. The Company holds an additional option to increase its interest in the Project upon completion of certain milestones.

Ascendant Resources is engaged in the ongoing evaluation of producing and development stage mineral resource opportunities, on an ongoing basis. The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant Resources, please visit our website at .

 

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Globe Newswire: 11:30 GMT Thursday 17th October 2019

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