Ascendant Resources Inc. (‘Ascendant’ or the ‘Company’) announced results from the first three drill holes from its on-going drill program on the South Zone at its Lagoa Salgada Project on the Iberian Pyrite Belt in Portugal. The company remains focused on expanding the known mineralization of the copper-rich stockwork mineralization associated with the South Zone. The company has already published a robust PEA based upon an existing 10MT M&I Resource Estimate in the North Zone. The intersection of numerous high-grade intervals in the first three drill holes of this 7-hole program in stockwork mineralization has been highly encouraging. Firstly, the discovery of high-grade copper within intervals is a positive indication. In hole LS_ST_21, the drilling encountered mineralization earlier than planned and intersected a gossan which is indicative of nearby massive sulphide mineralization. LS_ST_23 drill hole is a 50m SE step-out from the 2018 southern most historical drill hole LS_ST_11 which at the time was the best hole in the South Zone to date. LS_ST_23 confirms the South extension of the known Stockwork South Zone and intercepted multiple mineralized zones including a high-grade copper interval of 6.00m @ 3.74% CuEq, from 163.00m. Also, LS_ST_23 intersected what can be considered a copper Bonanza interval of 1.00m @ 14.21% CuEq (9.11% Cu). Drill hole LS_ST_22 is a 50m ESE step-out also from LS_ST_11 which means that further to the East, the South Zone continues to expand with high-grade intervals. The intense gossanization intercepted immediately after the Tertiary cover, and not yet at the Fissural mineralization, indicates that Massive Sulphide mineralization should be nearby, as the Fissural ore does not produce such intense gossan ‘caps’ or leaching layers as seen from 161.90-164.80m. Follow-up drilling is planned for First Quarter 2021 to better define this high-grade copper zonation on the Lagoa Salgada South Zone Resource and in particular the LS_ST_23 drill hole defined by 5 main corridors of high-grade, strong stockwork mineralization. The exploration program in the South Zone is intended to expand and upgrade the stockwork resources. This program builds upon the resources already outlined in earlier Technical Reports in 2019. The results highlighted in the table below will help Ascendant to expand the wireframes even further. Commodity prices have improved considerably since previous analysis was performed. An expansion of the South Zone Mineral Resource should be accretive to the overall size of the Lagoa Salgada resource estimate, warranting further analysis of the scale and scope of potential future mining operations. Analytical work was carried out by ALS Laboratories. Drill core samples were prepared in the ALS Lab, in Seville, Spain. Pulp samples were then sent to their analytical Laboratory in Ireland for analysis. The core samples are analyzed for gold (ppm) by fire assay (AuAA25), and for the other elements by multi element analysis of base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer (ME-ICPORE). Samples from the South Zone, LS_ST_DH ID, are also assayed for Tin (Sn) by ICP-AES after Sodium Peroxide Fusion (Sn-ICP81x). 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.