Drilling Highlights (true width):

Highlights of the infill variability metallurgical drilling program outcomes embody:

Highlights of the infill/drilling outcomes embody;

Mark Brennan, Govt Chairman commented: ” We proceed to be more than happy by the outcomes of our 2022 drill program at Lagoa Salgada. Not solely can we anticipate robust conversion and upgrading of assets to assist our ongoing feasibility research, however these outcomes reinforce our robust view that the Venda Nova Deposit and the Lagoa Salgada challenge as a complete will proceed to develop the identified assets and stays early within the discovery section. We’re additionally inspired by the affirmation that the South Zone additionally seems to carry copper dominated mineralization much like what we’re seeing at depth within the North Zone. Further drilling sooner or later is anticipated to develop on these discoveries .”

Infill drill gap ST_27 was drilled on the north edge of the present indicated assets envelope within the South Zone. This drill gap is anticipated to spatially prolong the conversion of inferred useful resource into the indicated class each alongside strike and down dip. Notable intercepts embody 9m @ 2.29% CuEq (1.9% Cu) from 568m together with 2m @ 7.8% of Cu from 576m. This intercept confirms the geometry of the high-grade copper footwall development, mentioned beforehand after the reported outcomes of holes ST_31 and ST_42 (see press launch of November 9, 2022). Copper, alongside this development, happens within the type of chalcopyrite inside veinlets and semi huge (submeter) lenses, concentrated within the low stratigraphically stacked fisssural corridors.

Infill drill gap ST_30 was drilled instantly north of the envelope that outlines the extent of the Indicated portion of the useful resource within the present inner replace of the South Zone. The addition of this gap will seemingly prolong the boundary of Indicated Assets each alongside strike and down dip. Notable intercepts embody 4m @ 1.77% CuEq (0.88% Cu) from 226m and 6m @ 1.71% CuEq (0.42% Cu) from 322m.

Variability metallurgical drill holes, Met_St_03 and Met_St_04 had been collared centrally to the Indicated Useful resource envelope and crossed all of the corridors that outline the present South Zone domaining. The holes had been drilled barely indirect to the primary orientation of the prevailing mineralized corridors to supply extra mass of mineralized rock to correctly conduct the variability metallurgical setting. Outcomes reconcile properly with the brand new domains and normal grade distribution estimates. Vital intercepts in gap Met_St_03 embody 4m @ 1.77% CuEq from 226m and 5m @ 1.71% CuEq from 322m. Greatest intercepts in gap Met_St_04: 2m @ 3.65% CuEq from 246m; 10m @ 2.89% CuEq from 286m; and 12m @ 1.46% CuEq from 352m.

Gap location and collar positions are proven in Determine 1 and Desk 1 under.

Determine 1 – Plan view of the Venda Nova with location of the reported drill holes

Determine 2 – Cross sections South Zone (Hint places included in Determine 1)

Desk 1 – Collar Data

Desk 2 Related Financial Intercepts by Area

1. Equivalency calculations are based mostly on in-situ values solely. Commodity costs used are as follows: Zn: US$1.20/lb, Pb: US$1.00/lb, Cu: US$3.50/lb, Ag: US$20/Oz, and Au: US$1,650/Oz

High quality Assurance and High quality Management

Core samples are retrieved from the core barrel by the drilling crew. Every core field is labeled with the drill gap quantity, the depth intervals, and an arrow indicating the downhole route. Core samples retrieved from the barrel are instantly transferred to the core containers and transported after to the logging amenities in batches. After the logging, core is reduce in half and positioned in labeled pattern baggage with the pattern tags and transported to the pattern preparation lab of ALS Lab, in Seville, Spain. Samples are dried, crushed to 70 % passing 2 mm, cut up and at last pulverized to 85 % passing 75 μm. Pulp samples are then despatched to their analytical Laboratory in Galway, Eire, for evaluation. The core samples are analyzed for gold (ppm) by hearth assay (Au‐AA25), and for the opposite parts by two totally different ICP Multi factor evaluation: 1) (ME-ICPORE) – base metallic ores and mill merchandise by optical emission spectrometry utilizing the Varian Vista inductively coupled plasma spectrometer 2) ME-MS61r: 4-acid digestion paired with ICP-MS and ICP-AES with REE analytes included.

ALS Laboratories has routine high quality management procedures which make sure that each batch of samples contains three pattern repeats, two industrial requirements and blanks. ALS Laboratories is impartial from Ascendant. Ascendant used normal QA/QC procedures, when inserting reference requirements and blanks, for the drilling program. No vital QAQC failure points had been recognized within the reported batches.

Assessment of Technical Info

The scientific and technical info on this press launch has been reviewed and permitted by Sergio Gelcich, P.Geo., Vice President, Exploration for Ascendant Assets Ltd, who’s a Certified Individual as outlined in Nationwide Instrument 43-101.

About Ascendant Assets Inc.

Ascendant is a Toronto-based mining firm targeted on the exploration and growth of the extremely potential Lagoa Salgada VMS challenge positioned on the prolific Iberian Pyrite Belt in Portugal. Via targeted exploration and aggressive growth plans, the Firm goals to unlock the inherent potential of the challenge, maximizing worth creation for shareholders.

The Venda Nova deposit at Lagoa Salgada incorporates over 10.33 million tonnes of Measured and Indicated Assets @ 9.06% ZnEq and a couple of.50 million tonnes of Inferred Assets @ 5.93% ZnEq within the North Zone; and 4.42 million tonnes of Indicated Assets @ 1.50% CuEq and 10.83 million tonnes of Inferred assets @ 1.35% CuEq within the South Zone. The deposit demonstrates typical mineralization traits of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. In depth exploration upside potential lies each close to deposit and at potential step-out targets throughout the massive 7,209ha property concession. The challenge additionally demonstrates compelling economics with scalability for future useful resource progress within the outcomes of the Preliminary Financial Evaluation. Positioned simply 80km from Lisbon, Lagoa Salgada is well accessible by street and surrounded by distinctive Infrastructure. Ascendant holds a 50% curiosity within the Lagoa Salgada challenge by means of its place in Redcorp – Empreendimentos Mineiros, Lda, (“Redcorp”) and has an earn-in alternative to extend its curiosity within the challenge to 80%. The Firm’s curiosity within the Lagoa Salgada challenge gives a low-cost entry to a probably vital exploration and growth alternative, already demonstrating its mineable scale.

The Firm’s frequent shares are principally listed on the Toronto Inventory Alternate beneath the image “ASND”. For extra info on Ascendant, please go to our web site at www.ascendantresources.com .

Further info regarding the Firm, together with the Preliminary Financial Evaluation referenced on this information launch, is accessible on SEDAR at www.sedar.com .

Neither the Toronto Inventory Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX) accepts duty for the adequacy or accuracy of this launch.

For additional info, contact:

Ahead Trying Info

This press launch incorporates statements that represent “forward-looking info” (collectively, “forward-looking statements”) throughout the that means of the relevant Canadian securities laws. All statements, apart from statements of historic truth, are forward-looking statements and are based mostly on expectations, estimates and projections as on the date of this information launch. Any assertion that discusses predictions, expectations, beliefs, plans, projections, aims, assumptions, future occasions or efficiency (usually however not all the time utilizing phrases equivalent to “expects”, or “doesn’t anticipate”, “is anticipated”, “anticipates” or “doesn’t anticipate”, “plans”, “funds”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such phrases and phrases or stating that sure actions, occasions or outcomes “might” or “may”, “would”, “may” or “will” be taken to happen or be achieved) should not statements of historic truth and could also be forward-looking statements.

Ahead-looking statements contained on this press launch embody, with out limitation, statements concerning the enterprise, the Mission, funds to the Advisor (together with the variety of Widespread Shares issued thereunder) and an affiliate of the Lender and operations of Ascendant. In making the forward- wanting statements contained on this press launch, Ascendant has made sure assumptions, together with, however not restricted to the Firm’s skill to finish the feasibility research by the tip of April 2023 and its skill to develop on the discoveries disclosed on this new launch with extra drilling. Though Ascendant believes that the expectations mirrored in forward-looking statements are cheap, it may give no assurance that the expectations of any forward-looking statements will show to be appropriate. Recognized and unknown dangers, uncertainties, and different elements which can trigger the precise outcomes and future occasions to vary materially from these expressed or implied by such forward-looking statements. Such elements embody, however should not restricted to normal enterprise, financial, aggressive, political and social uncertainties. Accordingly, readers mustn’t place undue reliance on the forward-looking statements and data contained on this press launch. Besides as required by legislation, Ascendant disclaims any intention and assumes no obligation to replace or revise any forward-looking statements to mirror precise outcomes, whether or not because of new info, future occasions, modifications in assumptions, modifications in elements affecting such forward-looking statements or in any other case.

Ahead-looking info is topic to a wide range of dangers and uncertainties, which may trigger precise occasions or outcomes to vary from these mirrored within the forward-looking info, together with, with out limitation, the dangers described beneath the heading “Dangers and Uncertainties” within the Firm’s Administration’s Dialogue and Evaluation for the years ended December 31, 2021 and 2020 and different dangers recognized within the Firm’s filings with Canadian securities regulators, which filings can be found on SEDAR at www.sedar.com . The danger elements referred to above should not an exhaustive checklist of the elements that will have an effect on any of the Firm’s forward-looking info. The Firm’s statements containing forward-looking info are based mostly on the beliefs, expectations and opinions of administration on the date the statements are made, and the Firm doesn’t assume any obligation to replace such forward-looking info if circumstances or administration’s beliefs, expectations or opinions ought to change, apart from as required by relevant legislation. For the explanations set forth above, one mustn’t place undue reliance on forward-looking info.

Figures accompanying this announcement can be found at

https://www.globenewswire.com/NewsRoom/AttachmentNg/3d24cafb-d955-45a5-8b97-171aeb9ef1a0

https://www.globenewswire.com/NewsRoom/AttachmentNg/179c6cf3-1d01-419a-89b6-f2984121fa1e