Continued High-Grade Intersections From Ongoing Drilling Confirms Ascendant Resources’ Higher Potential Mining Grade and Tonnage Theory at El Mochito

• ZnEq grades proving to be consistently above current mining grade

Key Highlights*: (true and apparent widths):

Infill Holes

• HOLE 10875 – 5.5m at 45.5% ZnEq, 5.2% zinc, 2.7% lead, 2,297 g/t silver and 0.98% copper
• HOLE 10887 – 23.4m at 7.7% ZnEq. 6.5% zinc, 1.0% lead, 24 g/t silver and 0.04% copper
• HOLE 10904 – 12.2m at 12.6% ZnEq, 6.6% zinc, 5.6% lead, 81 g/t silver and 0.1% copper

Step-out Holes

• HOLE 10884 – 4.1m at 11.1% ZnEq, 10.1% zinc, 0.6% lead, 31 g/t silver and 0.12% copper
• HOLE 10880 – 5.1m at 7.6% ZnEq, 3.1% zinc, 2.5% lead, 149 g/t silver and 0.55% copper
• HOLE 10870 – 4.1m at 12.0% ZnEq, 10.0% zinc, 1.9% lead, 95 g/t silver and 0.17% copper

*ZnEq. Represents zinc grade together with the lead and silver grades (zinc equivalent) in terms of zinc using certain metal price, payable metal, and processing recoveries assumptions:  Prices - Zn$1.13/lb, Pb$1.00/lb, Ag$18.00/oz; Payable metal - Zn 85%, Pb 95%, Ag 69%, Processing recoveries - Zn 89%, Pb 74%, Ag 79%. Copper grades are currently excluded from ZnEq. Please refer to tables for true/apparent widths.

TORONTO, Oct. 03, 2017 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX:ASND) (OTCQX:ASDRF) (FRA:2D9) ("Ascendant" or the "Company”) is very excited to announce the results of an additional 49 diamond drill holes totaling 6,170 meters (561 samples), as part of its ongoing underground exploration and resource definition drilling program at its El Mochito Mine in Honduras.

An infographic accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9169b7ff-1e74-4f67-9213-0e06d1c6f98b

The results provide Ascendant with confidence that following an extended period of little exploration activity at El Mochito, there is a good possibility to dramatically increase head grades into the mining operations and schedule in the near-term.

To date, the Company has received results for over half of its planned 33,200m program (See Press release June 26, 2017), with approximately 8,000m of further drilling to be completed in the next few months. The Company intends to complete a new NI 43-101-compliant Mineral Reserve and Resource statement by the spring of 2018.

These latest results come from 4,168m of infill and 2,541m of step-out exploration drilling which continue to target the extensions of four ore bodies; namely Palmar Dyke, Santa Elena, Victoria and Esperanza. Significant assay results have been reported from 41 of the 49 holes and are summarized in the tables below.

The Esperanza orebody is already being mined on its western edge and this drilling represents a further extension to the East at similar grades. The other three orebodies are very close to existing workings and could be accessed within six to twelve months. All orebodies remain open along strike and at depth. Figure 1 below outlines the locations of the orebodies relative to existing workings.

Chris Buncic, President and CEO of Ascendant commented: “This second set of drill results from our 2017 drill program are well above current mining grades and highlight the incredible potential for additional high-grade zinc mineralization at our El Mochito property. Part of our theory during our acquisition of El Mochito was that lack of exploration over the course of many years past has created a great opportunity to significantly expand the resources and grade at the mine, and results like these continue to inspire this confidence. 

He continued, “Our efforts to increase the head grade to the mill remain supported by the fact that several of the areas under investigation could be brought into production over the next six to twelve months.  In addition, we are excited by the potential of the higher copper grades found, though further work will be required to assess the economic viability of producing a copper concentrate in addition to our existing zinc, lead and silver production.”

Quality Assurance and Quality Control

Analytical work was carried out by Bureau Veritas Commodities Canada Ltd. (ACME), Vancouver, Canada.  Drill core samples were prepared in Bureau Veritas’s laboratory in Guatemala City, Guatemala. Pulp samples were then sent to their analytical Laboratory in Vancouver, Canada. All samples were analyzed for zinc, Lead, copper, iron and silver values determined by method code AR402 atomic absorption spectrometry, and any over limit values were determined using method code FA410. Bureau Veritas has routine quality control procedures which ensure that every batch of 30 prepared samples includes three sample repeats, two commercial standards and blanks. Bureau Veritas is independent from Ascendant. Ascendant used standard QA/QC procedures, when inserting blanks and certified reference standards, and included duplicate samples for the drilling program. The scientific and technical information in this press release has been reviewed and approved by Robert A. Campbell, P.Geo., Director to Ascendant and a Qualified Person as defined by National Instrument 43-101.

About Ascendant Resources

Ascendant Resources Inc. is a mining company focused on its producing El Mochito zinc, silver and lead mine in west-central Honduras in which the Company has a 100% interest. El Mochito has been in production since 1948. The Company evaluates producing and advanced development stage mineral resource acquisition opportunities in North, South and Central America, on an ongoing basis. The Company's common shares are principally listed on the TSX Venture Exchange under the symbol "ASND". For more information on Ascendant Resources, please visit our website at www.ascendantresources.com.

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information please contact:

Katherine Pryde
Director, Communications & Investor Relations
Tel: 888-723-7413
info@ascendantresources.com

Cautionary Notes to US Investors

The information concerning the Company’s mineral properties has been prepared in accordance with National Instrument 43-101 (“NI-43-101”) adopted by the Canadian Securities Administrators. In accordance with NI-43-101, the terms “mineral reserves”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014. While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required by NI 43-101, the U.S. Securities Exchange Commission (“SEC”) does not recognize them. The reader is cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. It cannot be assumed that all or any part of any inferred mineral resource will ever be upgraded to a higher category. Therefore, the reader is cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of a measured or indicated mineral resource will ever be upgraded into mineral reserves.

Readers should be aware that the Company’s financial statements (and information derived therefrom) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and are subject to Canadian auditing and auditor independence standards. IFRS differs in some respects from United States generally accepted accounting principles and thus the Company’s financial statements (and information derived therefrom) may not be comparable to those of United States companies.

Cautionary Note Regarding Forward-Looking Information

Forward Looking Information        

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions).  Forward-looking information is also identifiable in statements of currently occurring matters which may continue in the future, such as "providing the Company with", "is currently", "allows/allowing for", "will advance" or "continues to" or other statements that may be stated in the present tense with future implications.  All of the forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information in this news release includes, but is not limited to, statements regarding additional drilling efforts, the possibility of dramatically increasing head grades into the mining operation, the ability to expand the resources and grades at the mine, access to additional orebodies, assessing the economic viability of producing copper concentrate. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Ascendant at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Ascendant identified and were applied by Ascendant in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to, the Company’s ability to carry on further drilling, the Company’s ability to access additional orebodies, the Company’s ability to dramatically increase head grades in the mining operation, the Company’s ability to expand the resources and grades at the mine and the Company’s ability to assess the economic viability of producing copper concentrate, and other events that may affect Ascendant's ability to develop its project; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets.

Forward looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Ascendant to be materially different from those expressed or implied by such forward looking statements, including, but not limited to: the Company may not be able to increase head grades into the mining operation, the Company may not be able to expand the resources and grades at the mine, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), uncertainties related to the development and operation of Ascendant's projects, dependence on key personnel and employee and union relations, risks related to political or social unrest or change, rights and title claims, operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, volatile financial markets that may affect Ascendant's ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, tax refunds, hedging transactions, as well as the risks discussed in Ascendant's most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at www.sedar.com.

Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information.  Ascendant does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.