Ascendant Resources Reports High-Grade Copper Intercept and Extends Footwall Lens to 550m Strike Length With 200m Step-Out Drill Hole

• Hole LS ST_42 returned 6.9 m @ 1.59 % Cu (1.99 % CuEq)
• Located ~ 300m from previously reported high grade copper intercept in hole LS ST_31 (16m @ 2.6% Cu (4.33% CuEq)
• Extends the previously defined copper rich footwall lens by an additional 200m to ~ 550m strike length
• Results support definition of stacked high-grade copper lens for future resource potential

Mark Brennan, Executive Chairman of Ascendant stated, "We are very pleased to share these latest drill results, as the current drill program is not only upgrading our current known resources but also continues to add new exploration potential to define new high-grade Cu mineralisation at Venda Nova South which can substantially enhance the resource potential at Venda Nova. The intersections within LS_St_42 display outstanding thicknesses and grade which continue to highlight the significant scale and quality of the Venda Nova Deposit and the Lagoa Salgada Project. In addition, this supports management's view that Lagoa remains in the early stages of exploration to fully define its resource potential as seen at other mines in the region."

As of October 31^st, 2022, Ascendant has completed 21 drill holes (9 Metallurgy holes and 12 infill/extensional holes) totalling 9,378 m with an additional 3 drill holes currently in progress (see Table 1 and Figure 1).

Drill Hole Highlights (True thickness):

LS_ST_42

• 6.9m at 1.59% Cu (1.99% CuEq containing 1.59% Cu, 0.24% Zn, 0.11% Pb, 21.5 g/t Ag and 0.31 g/t Au) from 790m down hole
  

High-grade Copper Lens

Hole ST-42 was collared in the northern section of Venda Nova South and targeted the deep-down plunge extension of the Cu rich lens previously outlined in the central/north segment of Venda Nova South (e.g. Hole ST_31, 16m (apparent width) @ 2.6% Cu and 4.33% CuEq). Mineralization in the main intercept of the hole, 6.9m (true width) @ 1.59% Cu (1.99 % CuEq) from 790m, is associated to veins and semi massive pods of chalcopyrite.

As was the case of hole ST_31, hole ST-42 extends mineralization beyond the current resource and more importantly confirms the high-grade nature of the copper mineralization that will have a notable impact upgrading the metal endowment of neighbouring blocks, once integrated into future resource updates.

The confirmation of the ore characteristics, Cu tenor and general geometry of the Cu lens is extremely prospective as it supports the size predictions and structural control (possible stretching along folding axis linear direction). Given the depth of this target, Ascendant believes that the most effective way to continue the infill and extensional drilling is to consider underground pads.

Figure 1. Plan view of Venda Nova with locations of the reported drill holes and wireframes of new domains

Figure 2. Long Section along the Footwall lens highlighting hole ST_42.

Table 1. Collar Info

• Datum WGS84 Zone 29 N
  

Table 2. Relevant Intercepts

1. Equivalency calculations are based on in-situ values only. Commodity prices 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
   

Quality Assurance and Quality Control
Core samples are retrieved from the core barrel by the drilling crew. Each core box is labeled with the drill hole number, the depth intervals, and an arrow indicating the downhole direction. Core samples retrieved from the barrel are immediately transferred to the core boxes and transported after to the logging facilities in batches. After the logging, core is cut in half and placed in labeled sample bags with the sample tags and transported to the sample preparation lab of ALS Lab, in Seville, Spain. Samples are dried, crushed to 70 % passing 2 mm, split and finally pulverized to 85 % passing 75 ?m. Pulp samples are then sent to their analytical Laboratory in Galway, Ireland, for analysis. The core samples are analyzed for gold (ppm) by fire assay (Au?AA25), and for the other elements by two different ICP Multi element analysis: 1) (ME-ICPORE) - base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer 2) ME-MS61r: Four-acid digestion paired with ICP-MS and ICP-AES with REE analytes included.

ALS Laboratories has routine quality control procedures which ensure that every batch of samples includes three sample repeats, two commercial standards and blanks. ALS Laboratories is independent from Ascendant. Ascendant used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program. No significant QAQC failure issues were identified in the reported batches.

Review of Technical Information
The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, P.Geo., Vice President, Exploration for Ascendant Resources Ltd, who is a Qualified Person as defined in National Instrument 43-101.

About Ascendant Resources Inc.
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. Through focused exploration and aggressive development plans, the Company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.

The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of Measured and Indicated Resources @ 9.06 % ZnEq and 2.50 million tonnes of Inferred Resources @ 5.93 % ZnEq in the North Zone; and 4.42 million tonnes of Indicated Resources @ 1.50 % CuEq and 10.83 million tonnes of Inferred resources @ 1.35 % CuEq in the South Zone. The deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209ha property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 50% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp") and has an earn-in opportunity to increase its interest in the project to 80%. The Company's interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its mineable scale.

The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant, please visit our website at www.ascendantresources.com.

Additional information relating to the Company, including the Preliminary Economic Assessment referenced in this news release, is available on SEDAR at www.sedar.com.

For further information, contact:

Forward Looking Information

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business, the Project, future drill programs and resource expectations. In making the forward- looking statements contained in this press release, Ascendant has made certain assumptions, including, but not limited to the Company's ability to execute future drill programs and add to existing resources. Although Ascendant believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Ascendant disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risks Factors" in the Company's Annual Information Form dated March 24, 2022 and under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis for the years ended December 31, 2021 and 2020 and other risks identified in the Company's filings with Canadian securities regulators, which filings are available on SEDAR at www.sedar.com. The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. The Company's statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

TSX: ASND
www.ascendantresources.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/73ba57e7-fa8d-4589-bd60-b5b685aa8f43

https://www.globenewswire.com/NewsRoom/AttachmentNg/4037091b-9971-4a8f-815f-4c095dede51e