Ascendant Resources Reports Grades of Up to 19.3% Zinc, 15.0% Lead in Latest Exploration Drilling Results

• NI 43-101 Technical Report targeting significant increase in mine life expected Q2 2018

TORONTO, Jan. 18, 2018 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX:ASND) (OTCQX:ASDRF) (FRA:2D9) ("Ascendant" or the "Company”) announces the results from an additional 35 diamond drill holes totaling 5,945 meters (427 samples) as part of its 2017 underground exploration and resource definition drilling program at its El Mochito mine in Honduras.

Key Highlights (true/apparent widths¹) Include:

Step-out Drilling

• DDH 10909 – 3.5m at 33.6% ZnEq², 19.3% Zn, 15.0% Pb and 121.5 g/t Ag (Deep East)
• DDH 10941 – 15.1m at 8.1% ZnEq, 6.0% Zn, 1.4% Pb and 56.3 g/t Ag (Esperanza)
• DDH 10945 – 13.1m at 7.5% ZnEq, 4.0% Zn, 3.2% Pb and 50.7 g/t Ag (Santa Elena)

Infill Drilling

• DDH 10932 – 3.5m at 19.6% ZnEq, 29.1% Zn, 23.4% Pb and 717 g/t Ag (Port Royal)
• DDH 10936 – 23.5m at 10.1% ZnEq, 7.6% Zn, 2.5% Pb and 27.4 g/t Ag (Santa Elena)
• DDH 10915 – 17.5m at 9.7% ZnEq, 8.0% Zn, 1.7% Pb and 23.4 g/t Ag (Santa Elena)
• DDH 10902 – 6.9m at 12.9% ZnEq, 7.5% Zn, 4.8% Pb and 86.7 g/t Ag (Santa Elena)

The Company has now received results for nearly all of its 2017 planned drilling program. These latest results comprise 3,627 meters of definition drilling and 2,318 meters of exploration drilling. The drilling was concentrated in five areas of the mine; Deep East, Port Royal, Santa Elena, Victoria and Esperanza (See Figure 1). Of the 35 holes reported, 30 intersected high-grade intercepts with 14 returning significant assay results. The results are summarized in the table below.

Apart from the remarkable grades found in the Deep East area and good results achieved elsewhere, the new drilling indicates that the Esperanza orebody is also bigger and thicker than previously modeled. Given that mining is already underway on the south side of the Esperanza ore body, its implied increase in size likely points to increased quantities of high-grade mill feed ore becoming available for mining in the next two to six financial quarters. All ore bodies drilled apart from the Port Royal area are open and continue laterally and at depth.

A new, larger 40,000-meter exploration and resource definition drilling program continues into 2018. A National Instrument 43-101 technical report is being prepared for release by the Company during the second quarter of 2018 which will incorporate all drilling to date. Management is optimistic that the expected increase in Mineral Resources and Reserves will significantly extend the life of the El Mochito mine.

Chris Buncic, President and CEO of Ascendant commented: These additional results continue to support our optimism for the delineation of significant additional high-grade zinc mineralization at our El Mochito property. We believe continued drilling has the potential to significantly expand the resources and improve grade at the mine, and results like these continue to inspire our confidence that El Mochito has the potential for a long life of mine. He continued, “Our efforts to date have focused on near term opportunities to support higher mill head grades. Going forward, higher grade chimney targets remain a focus as do several near mine targets that could significantly add to the resource base.”

Table 1: Significant Assays

Table 2: Drill Hole Information

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, for the drilling program. The scientific and technical information in this press release has been reviewed and approved by Patrick E. Toth, P.Geo., Director of Exploration and a Qualified Person as defined by National Instrument 43-101.

About Ascendant Resources Inc.

Ascendant is a Toronto-based mining company focused on its 100%-owned producing El Mochito zinc, silver and lead mine in west-central Honduras, which has been in production since 1948. After acquiring the mine in December 2016, Ascendant implemented a rigorous optimization program aimed at restoring the historic potential of the El Mochito mine. In 2017, the Company successfully completed the operational turnaround it set out to achieve with sustained production at record levels and profitability restored. The Company now remains focused on cost reduction and further operational improvements to drive robust free cash flow in 2018 and beyond. Ascendant is also focused on expanding and upgrading known resources through extensive exploration work for near-term growth. With a significant land package of 11,000 hectares and an abundance of historical data there are several regional targets providing longer term exploration upside which could lead to further resource growth. The Company is also engaged in the evaluation of producing and development stage mineral resource opportunities, on an ongoing basis. The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant Resources, please visit our website at www.ascendantresources.com.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) 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

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 the improvements of grades in 2018, the potential for ore bodies to be significantly larger than anticipated, the potential for larger source of feed and the potential to expand resources and grades. 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 size of the ore bodies, the ability to increase the feed and the ability to expand resources and grades at the Mine, 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.

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, 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.

¹ Please refer to tables for true/apparent widths which are estimated from actual drilled lengths.

² ZnEq grades in % 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: Metal prices - Zn$1.13/lb, Pb$1.00/lb, Ag$18.00/oz; payable metal - Zn 85%, Pb 95%, Ag 69%, avg. processing recoveries - Zn 89%, Pb 74%, Ag 79%.

A photo accompanying this release is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/defac9ea-9b67-4dfc-94e9-f1f3ce458409