In 1992, the Lagoa Salgada deposit was discovered by a team from the Portuguese Geological Survey, known then as the Serviço de Fomento Mineiro (SFM). The deposit is completely covered by a thick sequence of Tertiary sedimentary rock, averaging 135 metres thick. The discovery was made through diamond drill testing of a geophysical gravity anomaly.

In 1994, the area was awarded to a mining consortium comprised of Rio Tinto Zinc (RTZ) and Empresa Desenvolvimento Mineiro SA (EDM), a Portuguese government agency, who held the property from 1994 to 2000. Between 1994 and 1999, the consortium completed an airborne magnetic survey of the property and drilled 20 widely spaced diamond drill holes. In addition to the magnetic survey, RTZ performed limited downhole geophysics, electro-magnetic surveys, and limited soil sampling.

In October 2004, the Property was acquired by Redcorp which at the time was called Redcorp Ventures Ltd. In 2005, Redcorp drilled six holes totaling 2,286 metres. Drilling continued in 2006, 2007 and 2008 with an additional 16 holes totaling 8,692 metres being completed.

In 2009, Portex acquired a 100% interest in Redcorp to develop the LS-1 deposit on the property. From 2009 to 2012 Portex’s exploration activities included a diamond drilling and downhole geophysical surveys.

In 2015, TH Crestgate GmbH (“Crestgate”) acquired a 100% stake in Redcorp which holds an 85% interest in the and operator status of the Project. EDM holds the remaining 15% interest in the Project. The majority of Redcorp’s exploration activities were focused on its 2016-2017 diamond drill program, which formed the basis for the Mineral Resource Estimate and Technical Report completed in January 2018 that defined resources at both the LS-1 and LS-1 Central deposits.

In June 2018, Ascendant entered into an agreement with Crestgate  to acquire an initial 25% interest in its Portuguese subsidiary Redcorp - Emprendimentos Mineiros, Lda (Redcorp), which holds an 85% interest in the Lagoa Salgada VMS project. The Company also has an earn-in opportunity to increase its interest in the project to 80% upon the completion of certain milestones. Mineral & Financial Investments Limited owns the additional 75% of Redcorp with the remaining 15% of the project is held by Empresa de Desenvolvimento Mineiro, S.A., a Portuguese Government owned company supporting the strategic development of the country’s mining sector. 

  In 2022, Ascendant resources satisfied the conditions to increase its effective ownership interest from 25% to 50% in the Lagoa Salgada VMS project (the “Project”) in Portugal.

In 2023 Ascendant Resources completed and issued a Feasibility Study satisfying the conditions to increase its effective ownership interest from 50% to 80% in the Lagoa Salgada VMS project (the “Project”) in Portugal.

Full details of the transaction can be found in the Company’s press release dated August 1, 2018 which can be accessed by clicking here.