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Mineral Resources

The Mineral Resource Estimate for the Lagoa Salgada Project in Portugal is prepared in accordance with National Instrument 43-101 – Standards for Disclosure for Mineral Projects. 

Lagoa Salgada Mineral Resource Estimate

North Zone Mineral Resource Estimate - Effective September 5, 2019*

      Average Grade Contained Metal
Category Min Cut-off   Tonnes  Cu  Zn  Pb  Sn  Ag  Au  ZnEq  AuEq  Cu  Zn  Pb  Sn Ag  Au
  Zones ZnEq% (kt) (%) (%) (%) (%) (g/t) (g/t) (%) (g/t) (kt) (kt) (kt) (kt) (koz) (koz)
Measured GO 2.5          234     0.13     0.70     4.32     0.36   51     1.50   11.38     7.18        0.3        1.6     10.1        0.9         385.2      11.3
Indicated GO 2.5       1,462     0.08     0.43     2.55     0.26   37     0.51     6.63     4.18        1.2        6.2     37.3        3.8     1,742.1      23.8
M & I GO 2.5       1,696     0.09     0.47     2.79     0.27   39     0.64     7.28     4.60        1.5        7.9     47.4        4.6     2,127.2      35.1
Inferred GO 2.5          831     0.08     0.48     2.62     0.17   27     0.37     5.66     3.57        0.7        4.0     21.8        1.4         727.6        9.9
                                   
Measured MS 3.0       2,444     0.40     3.12     2.97     0.15   72     0.74   10.95     6.91        9.7     76.3     72.5        3.7     5,623.9      58.4
Indicated MS 3.0       5,457     0.45     2.35     2.30     0.13   75     0.67     9.55     6.03     24.5   128.1   125.6        7.3   13,221.5    116.9
M & I MS 3.0       7,902     0.43     2.59     2.51     0.14   74     0.69     9.98     6.30     34.2   204.4   198.1     10.9   18,845.5    175.2
Inferred MS 3.0       1,529     0.23     1.96     1.32     0.09   45     0.49     6.36     4.01        3.6     30.0     20.2        1.4     2,219.7      24.0
                                   
Measured Str 2.5             94     0.37     0.88     0.28     0.05   17     0.12     3.08     1.94        0.3        0.8        0.3        0.0           51.0        0.4
Indicated Str 2.5          643     0.34     0.90     0.23     0.09   17     0.06     3.23     2.04        2.2        5.8        1.5        0.6         354.0        1.3
M & I Str 2.5          737     0.34     0.90     0.24     0.09   17     0.07     3.21     2.03        2.5        6.6        1.7        0.6         405.0        1.7
Inferred  Str 2.5          142     0.24     1.12     0.39     0.04   17     0.09     2.95     1.86        0.3        1.6        0.6        0.1           75.6        0.4
                                   
M & I All zones 2.9     10,334     0.37     2.12     2.39     0.16   64     0.64     9.06     5.72     38.2   219.0   247.2     16.2   21,377.7    212.0
Inferred  All zones 2.8       2,502     0.18     1.42     1.70     0.12   38     0.43     5.93     3.74        4.6     35.6     42.6        2.9     3,022.8      34.3

 

Central Zone Mineral Resource Estimate - Effective September 5, 2019*

 
      Average Grade   Contained Metal
Category Min Cut-off  Tonnes Cu  Zn  Pb  Sn  Ag  Au  CuEq   Cu  Zn  Pb  Sn Ag  Au
  Zones CuEq% (kt) (%) (%) (%) (%) (g/t) (g/t) (%)   (kt) (kt) (kt) (kt) (koz) (koz)
Inferred Str 0.9 1,707 0.15 0.16 0.06 0 12 2.22 1.66   2.5 2.7 1.0  -  635.2 121.9

 

South Zones Mineral Resource Estimate - Effective January 31, 2021**

 
      Average Grade   Contained Metal
Category Min Cut-off  Tonnes Cu  Zn  Pb  Sn  Ag  Au  CuEq   Cu  Zn  Pb  Sn Ag  Au
  Zones CuEq% (kt) (%) (%) (%) (%) (g/t) (g/t) (%)   (kt) (kt) (kt) (kt) (koz) (koz)
Indicated  Str/Fr 1.1 4,416 0.45 1.48 0.87 0.00 18 0.07 1.51   19.7 65.2 38.4 0.0 2,528.6 10.0
Inferred Str/Fr 1.1 7,668 0.48 1.18 0.77 0.00 19 0.07 1.41   37.0 90.9 59.1 0.0 4,637.5 17.7

 

 

*Notes:

(1) Mineralized Zones, GO=Gossan, MS=Massive Sulphide, Str=Stringer, Str/Fr=Stockwork

(2) ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62)+(Sn Grade*191.75))/25.35

(3) CuEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/67.24

(4) AuEqg/t = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))+(Sn Grade * 191.75))/40.19

(5) Densities: GO=3.12, MS=4.76, Str=2.88, Str/Fr=2.88

(6) Metal Prices: Cu $6,724/t, Zn $2,535/t, Pb $2,315/t, Au $1,250/oz, Ag $19.40/oz, Sn $19,175/t

**Notes:

1. Mineral resources unlike mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

2. The mineral resources have been estimated in accordance with the CIM Best Practice Guidelines (2019) and the CIM Definition Standards (2014)

3. The resources are reported at a cut-off grade of 1.10 % CuEq.

4. Totals may not tally due to rounding

5. CuEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/67.24

6. Metal Prices: Cu $6,724/t, Zn $2,535/t, Pb $2,315/t, Au $1,250/oz, Ag $19.40/oz, Sn $19,175/t

7. Densities: Str/Fr=3.0

The Mineral Resource Estimate contents have been reviewed and approved by Charley Murahwi, M.Sc., P.Geo., Pr. Sci. Nat., FAusIMM, Senior Geologist, Micon International Limited.

All scientific and technical information has been reviewed and approved by Robert Campbell, P.Geo., Vice President, Exploration & Director for Ascendant Resources Ltd, who is a Qualified Persons as defined in National Instrument 43-101.