Ascendant Resources Drills 23.4 Metres of 7.7% Zinc Equivalent at El Mochito Mine in Honduras

Continued High-Grade Intersections From Ongoing Drilling Confirms Ascendant Resources’ Higher Potential Mining Grade and Tonnage Theory at El Mochito

Key Highlights*: (true and apparent widths):

Infill Holes

• HOLE 10875 – 5.5m at 45.5% ZnEq, 5.2% zinc, 2.7% lead, 2,297 g/t silver and 0.98% copper
• HOLE 10887 – 23.4m at 7.7% ZnEq. 6.5% zinc, 1.0% lead, 24 g/t silver and 0.04% copper
• HOLE 10904 – 12.2m at 12.6% ZnEq, 6.6% zinc, 5.6% lead, 81 g/t silver and 0.1% copper

Step-out Holes

• HOLE 10884 – 4.1m at 11.1% ZnEq, 10.1% zinc, 0.6% lead, 31 g/t silver and 0.12% copper
• HOLE 10880 – 5.1m at 7.6% ZnEq, 3.1% zinc, 2.5% lead, 149 g/t silver and 0.55% copper
• HOLE 10870 – 4.1m at 12.0% ZnEq, 10.0% zinc, 1.9% lead, 95 g/t silver and 0.17% copper

*ZnEq. Represents zinc grade together with the lead and silver grades (zinc equivalent) in terms of zinc using certain metal price, payable metal, and processing recoveries assumptions:  Prices - Zn$1.13/lb, Pb$1.00/lb, Ag$18.00/oz; Payable metal - Zn 85%, Pb 95%, Ag 69%, Processing recoveries - Zn 89%, Pb 74%, Ag 79%. Copper grades are currently excluded from ZnEq. Please refer to tables for true/apparent widths.

TORONTO, Oct. 03, 2017 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX:ASND) (OTCQX:ASDRF) (FRA:2D9) ("Ascendant" or the "Company”) is very excited to announce the results of an additional 49 diamond drill holes totaling 6,170 meters (561 samples), as part of its ongoing underground exploration and resource definition drilling program at its El Mochito Mine in Honduras.

Figure 1. Exploration Areas in 2017

The results provide Ascendant with confidence that following an extended period of little exploration activity at El Mochito, there is a good possibility to dramatically increase head grades into the mining operations and schedule in the near-term.

To date, the Company has received results for over half of its planned 33,200m program (See Press release June 26, 2017), with approximately 8,000m of further drilling to be completed in the next few months. The Company intends to complete a new NI 43-101-compliant Mineral Reserve and Resource statement by the spring of 2018.

These latest results come from 4,168m of infill and 2,541m of step-out exploration drilling which continue to target the extensions of four ore bodies; namely Palmar Dyke, Santa Elena, Victoria and Esperanza. Significant assay results have been reported from 41 of the 49 holes and are summarized in the tables below.

The Esperanza orebody is already being mined on its western edge and this drilling represents a further extension to the East at similar grades. The other three orebodies are very close to existing workings and could be accessed within six to twelve months. All orebodies remain open along strike and at depth. Figure 1 below outlines the locations of the orebodies relative to existing workings.

Chris Buncic, President and CEO of Ascendant commented: “This second set of drill results from our 2017 drill program are well above current mining grades and highlight the incredible potential for additional high-grade zinc mineralization at our El Mochito property. Part of our theory during our acquisition of El Mochito was that lack of exploration over the course of many years past has created a great opportunity to significantly expand the resources and grade at the mine, and results like these continue to inspire this confidence. 

He continued, “Our efforts to increase the head grade to the mill remain supported by the fact that several of the areas under investigation could be brought into production over the next six to twelve months.  In addition, we are excited by the potential of the higher copper grades found, though further work will be required to assess the economic viability of producing a copper concentrate in addition to our existing zinc, lead and silver production.”

* True Thickness is not known at this time in Palmar Dyke and Victoria
** ZnEq. Represents zinc grade together with the lead and silver grades (zinc equivalent) in terms of zinc using certain metal price, payable metal, and processing recoveries assumptions:
** ZnEq. Assumptions: Prices - Zn$1.13/lb, Pb$1.00/lb, Ag$18.00/oz; Payable metal - Zn 85%, Pb 95%, Ag 69%, Processing recoveries - Zn 89%, Pb 74%, Ag 79%. Copper grades are currently excluded from ZnEq.

About Ascendant Resources

Ascendant Resources Inc. is a mining company focused on its producing El Mochito zinc, silver and lead mine in west-central Honduras in which the Company has a 100% interest. El Mochito has been in production since 1948. The Company evaluates producing and advanced development stage mineral resource acquisition opportunities in North, South and Central America, on an ongoing basis. The Company's common shares are principally listed on the TSX Venture Exchange under the symbol "ASND". For more information on Ascendant Resources, please visit our website at www.ascendantresources.com.