Toronto- listed Ascendant Resources has satisfied all financial conditions required to increase its effective ownership interest from 50% to 80% in the Lagoa Salgada volcanogenic massive sulphide (VMS) project, in Portugal.
The company has made the final $2.5-million payment to the optionor as required under the earn-in agreement with respect to the project.
Ascendant expects to satisfy the only remaining condition; the completion of the current ongoing feasibility study, to increase its stake in the project to 80% by the end of the first quarter of 2023.
“With this payment we are now just one step away from increasing our ownership to 80% in this highly prospective and economically robust project. The feasibility study is progressing extremely well, and we remain on-track for completion by the end of the first quarter of 2023, well ahead of the deadline to execute our remaining option to achieve an 80% interest in the Lagoa Salgada project,” said executive chairperson Mark Brennan.
The project remains in the exploration discovery stage, and Ascendant plans to imminently start a new, pure greenfield exploration programme, targeting two highly prospective satellite targets which could expand the overall resource potential at Lagoa Salgada.
The Venda Nova deposit at Lagoa Salgada contains more than 10.33-million tonnes of measured and indicated resources at 9.06 % zinc-equivalent and 2.50-million tonnes of inferred resources at 5.93% zinc-equivalent in the North Zone; and 4.42-million tonnes of indicated resources at 1.50% copper-equivalent and 10.83-million tonnes of Inferred resources at 1.35% copper-equivalent in the South Zone. T
The deposit demonstrates typical mineralisation characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold.