Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF | FRA:2D9) has closed the transaction to amend the metals purchase and sale agreement and the related secured note with Sprott Resource and Streaming Royalty Corp. for an increased deposit of US$4M.
The streaming agreement has been amended to increase the stream percentage to 2.75% of gross metals from 1.75% and the existing 10% secured note has been increased from US$15M to US$19M to facilitate funding in advance of commercial production.
Mark Brennan, executive chairman, stated, “We are very pleased by the continued support of Sprott Streaming to enhance Lagoa Salgada to what we believe is its full potential; with this funding in place we are now able to continue to advance our optimization studies, project permitting and project funding.”
Proceeds will primarily be used to fund development works including metallurgical work aimed to further enhance both recoveries and concentrate qualities at its Lagoa Salgada project as well as optimizing the mine plan, production scheduling, and plant size which are expected to improve project economics.
Ascendant is focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209ha property concession.
To find out more, please visit www.ascendentresources.com
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