- Ascendant Resources (ASND) has amended the terms of the earn-in and call option agreements with Mineral & Financial Investments AG (M&FI)
- This is to provide the company an extension to June 22, 2023 in order to complete the feasibility study to earn an 80-per-cent interest in the Lagoa Salgada Project
- The company anticipates completing the feasibility study by the first quarter of 2023
- Ascendant is a Toronto-based mining company
- Ascendant Resources Inc. opened trading at $0.175 per share
Ascendant Resources (ASND) has amended the terms of the earn-in and call option agreements with Mineral & Financial Investments AG (M&FI).
This is to provide the company an extension to June 22, 2023 in order to complete the feasibility study to earn an 80-per-cent interest in the Lagoa Salgada Project.
Ascendant will only exercise call options further diluting M&FI’s interest, thereby maintaining its indirect 80 per cent interest in the project.
This will be after six months of Ascendant increasing its ownership of Redcorp to 80 per cent or immediately after Empresa de Desenvolvimento Mineiro S.A.’s election to participate in the project.
The company anticipates completing the feasibility study by the first quarter of 2023.
“We are pleased to complete this amendment with our partners,” noted Mark Brennan, Executive Chairman.
“The additional time to complete our feasibility study, while not critical, also allows us the flexibility to pursue some of the exciting exploration opportunities we are witnessing at Lagoa Salgada in parallel with completing our infill campaign and feasibility work,” he added.
Ascendant is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal.
Ascendant Resources Inc. opened trading at $0.175 per share.