Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF | FRA: 2D9) has increased its effective ownership interest in the Lagoa Salgada VMS project in Portugal from 25% to 50%. The company has spent US$9M on the project and has made a US$1M payment to optionor, Mineral & Financial Investment AG, as required under an earn-in agreement on the project signed between Ascendant and the project majority stakeholder TH Crestgate GmbH in June 2018.
Mark Brennan, Ascendant’s Executive Chairman commented, “We are thrilled by the outcomes of the development work conducted at Lagoa Salgada since our acquisition. On the exploration front, the yield of tonnage to resources has been exceptional suggesting significant resource growth still to come and on the technical front we are seeing better results than initially expected across the board. We remain optimistic that Lagoa Salgada will become a world class project.”
To take its stake to 80%, Ascendant will need to complete a feasibility study on the project by 22nd December 2022 and make a final payment of US$2.5 million to M&FI.
For further information please visit: https://ascendantresources.com/
