Ascendant Resources - Executive Chairman & Founder, Mark Brennan.
Executive Chairman & Founder, Mark Brennan.
Source: Ascendant Resources Inc.
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  • Ascendant Resources (ASND) has satisfied all financial conditions to increase its ownership interest in the Lagoa Salgada VMS Project
  • Ascendant has made the final US$2.5 million payment to the optionor, Mineral & Financial Investment AG, as required under the earn-in agreement
  • That was the last financial requirement for Ascendant to increase its effective ownership interest from 50 per cent to 80 per cent in the project
  • Ascendant Resources Inc. is a Toronto-based mining company focused on the exploration and development of the Lagoa Salgada VMS Project located in Portugal
  • Ascendant Resources Inc. Opened trading at C$0.195

Ascendant Resources (ASND) has satisfied all financial conditions to increase its ownership interest in the Lagoa Salgada VMS Project.

Ascendant has made the final US$2.5 million payment to the optionor, Mineral & Financial Investment AG, as required under the earn-in agreement with respect to the project.

That was the last financial requirement for Ascendant to increase its effective ownership interest from 50 per cent to 80 per cent in the project, which is in Portugal.

Ascendant expects to satisfy the one remaining condition: the completion of the current ongoing feasibility study to increase its stake in the project to 80 per cent by the end of Q1 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,”  said Mark Brennan, Ascendant’s Executive Chairman.

“The feasibility study is progressing extremely well, and we remain on track for completion by the end of Q1 2023, well ahead of the deadline to execute our remaining option to achieve an 80-per-cent interest in the Lagoa Salgada Project,” he added.

In addition, the project remains in the exploration discovery stage, and the company looks forward to commencing a new, pure greenfield exploration program targeting two highly prospective satellite targets. It anticipates that the targets could significantly expand the overall resource potential at Lagoa Salgada.

Ascendant Resources Inc. is a Toronto-based mining company focused on the exploration and development of the Lagoa Salgada VMS project located on the Iberian Pyrite Belt in Portugal.

Ascendant Resources Inc. Opened trading at C$0.195.


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