Lagoa Salgada Project

Click for more information



Mine TypeUnderground
  • Zinc
  • Lead
  • Gold
  • Silver
  • Copper
Mining Method
  • Sub-level stoping
  • Cut & Fill
  • Transverse stoping
Backfill type ... Lock
Mine Life... Lock
ShapshotThe main focus for the Lagoa Salgada Project during 2022 and the first half of 2023 was to complete all activities related to the Feasibility Study on the Venda Nova Deposit. On June 25, 2023, the company announced the results of the Feasibility Study, highlighting an after-tax NPV of US$147 million and IRR of 39%.

With the Feasibility now complete the Company also plans to progress the Financing process announced on April 17th with its consultants SD Capital Advisory Limited ("SDCA") and GKB Ventures Limited ("GKB"). As announced, on July 5th the project has the support of the UK Credit Export Agency UKEF and the remainder of the year will be focused on appointing a Project Financing Bank as Mandated Lead Arranger with an aim to completing financing by the end of 1Q 2024 when expect to receive all required permits to begin construction.


Empresa de Desenvolvimento Mineiro S.A. 15 % Direct
Ascendant Resources Inc. 80 % Indirect
Redcorp - Empreendimentos Mineiros, Lda (operator) 100 % Direct
Ascendant now holds an 80% interest in the Lagoa Salgada Project through Redcorp Empreedimentos Mineiros Lda ("Redcorp").

The remaining 20% of Redcorp (the "MF&I Interest") is held by Mineral & Financial Investments AG ("M&FI"). The MF&I Interest is subject to a consortium agreement with Empresa de Desenvolvimento Mineiro S.A. ("EDM"), the state mining development agency wholly owned by the Portuguese Government.

The consortium agreement provides EDM the right to participate in up to a 15% interest in the Project by exercising an option within 120 days of completion of the FS. If EDM elects to exercise its option, the MF&I interest will be reduced to 5% and MF&I will have the right to put this interest to Ascendant.



- subscription is required.

Deposit type

  • VMS
  • Breccia pipe / Stockwork
  • Sedimentary - Volcanogenic


The LS deposit is a polymetallic, VMS deposit. VMS ore deposits are a type of metal sulphide deposits which are associated with and created by volcanic-associated hydrothermal events in submarine environments. They occur within environments dominated by volcanic or volcanic derived volcano sedimentary rocks, and the deposits are coeval and coincident with the formation of the volcanic rocks. VMS deposits form on the seafloor around undersea volcanoes along many mid ocean ridges, and within back-arc basins and forearc rifts.

VMS deposits are characterized by clusters of lenses occurring within a distinct stratigraphic layer. The extensive alteration zone on the property suggests that hydrothermal activity was prolonged and that additional lenses associated with separate alteration zones may exist.

The entire Property (exploration permit) is covered by a paleo-fluvial fan that ranges in thickness up to 200 metres (m) within the Tertiary Sado Basin and averages 135 m over the deposit area. The Tertiary sedimentary rocks unconformably overlie rocks of the Volcano-Sedimentary Complex of the IPB. This sequence of rocks ranges in age from Upper Famenian to Middle Visean and is represented on the property by a northwestsoutheast lineament which is approximately 8 km long and over 1 km wide.

The LS Project currently comprises two known deposits, the Venda Nova North and South Deposits. The deposits are folded, faulted, and interpreted to occur mostly on the subvertical-overturned and intensely faulted limb of a south-west-verging anticline (Matos et al. 2003).

The Venda Nova North Deposit is comprised of gossan (GO) mineralisation resulting from weathering of the underlying primary massive sulphide (MS) mineralization which in turn is underlain and surrounded by copper-rich stringer / fissure / stockwork mineralisation.

The Venda Nova South Deposit comprises copper-rich stringer / fissure / stockwork mineralisation and isolated gold-rich silicified zones which appear to be structurally controlled. It is hosted in a unit locally known as the iVfr. The iVfr is heterogeneous, being composed of intricately interleaved dacitic-andesitic-basaltic volcanic rocks.

There are four types of mineralization at the LS Property: primary MS mineralization, GO mineralization resulting from weathering of the primary mineralization, copper-rich stringer / fissure / stockwork mineralization, and gold-rich silicified zones which appear to be structurally controlled. To date, the mineralized system of the North deposit has been drill tested over a strike extent of approximately 500 m and appears to be open to the south and east. Recent geophysical surveys have found three anomalies, similar in signature to that of the North deposit (former LS-1), continuing to the south-east along strike, over 900 m. The furthest of these anomalies has been drill tested and it is the South deposit (former LS-1 Central deposit).

The MS mineralization occurs in steeply dipping to vertical isoclinal folded volcanic rocks. Primary MS mineralization has been intersected in several diamond drillholes. This mineralization has variable, but significant, base and precious metal values. The best example of this style of mineralization was intersected in drillhole PX-04 and, most recently, in drillholes LS_MS_01 and LS_MS_02. The MS body appears to be cut by postmineral faults and its relationship to the surrounding stratigraphy is not well understood. The faulting has likely caused a displacement of the continuation of the deposit. The thick overburden cover and the depth of the mineralized body precludes drilling the deposit with a shallow dipping drillhole. For this reason, most of the drilling on the deposit has been either with vertical or steeply dipping drillholes. This has resulted in drillhole intersections that are less than ideal and almost parallel to the primary stratigraphy of the sulphide body. The true thickness of the deposit therefore cannot be determined from single vertical drillhole intersections. The 2017 drillholes were all angled, which helped in the interpretation of the deposit. The thickness of the deposit is inferred as being somewhere between holes that intersected the MS and those that have intersected the footwall or hanging-wall rocks. Additional drilling is required to determine the size of the known MS deposit. GO mineralization results from the weathering of primary MS mineralization. It is preserved at LS because of the Tertiary sedimentary rocks covering the palaeosurface, in a situation analogous to the Las Cruces copper deposit in Spain.

GO mineralization at LS seems to be comprised of a lead rich leached cap, underlain by a precious metal-rich supergene enrichment zone. This is well displayed in hole LS-09. Copper-rich stringer / fissure stockwork mineralization consists of sulphide veins and stringers in chloritic volcanic rocks, and represents alteration associated with the feeder system to the MS mineralization. This type of mineralization is well-developed in other IPB deposits such as Feitais (Aljustrel) and Neves Corvo and is best typified by the intersections in drillhole LS-20.



- subscription is required.

Mining Methods


- subscription is required.


Crushers and Mills


- subscription is required.



- subscription is required.


Zinc Concentrate kt 619
Zinc Payable metal M lbs 556
Lead Concentrate kt 488
Lead Payable metal M lbs 460
Gold Payable metal koz 167
Silver Payable metal koz 17,661
Copper Concentrate kt 193
Copper Payable metal M lbs 91
Tin Concentrate kt 14
Tin Payable metal kt 4.1
Zinc Equivalent Payable metal M lbs 1,818

Operational metrics

Annual ore mining rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2021 study.

Production Costs

Total cash costs Zinc Equivalent USD  ....  Subscribe
All-in sustaining costs (AISC) Zinc Equivalent USD  ....  Subscribe
Assumed price Tin USD  ....  Subscribe
Assumed price Lead USD  ....  Subscribe
Assumed price Zinc USD  ....  Subscribe
Assumed price Copper USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2021 study / presentation.

Operating Costs

UG mining costs ($/t milled) USD 19.1 *  
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2021 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
UG OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 414.3
G&A costs $M USD 91.2
Total OpEx $M USD  ......  Subscribe
Total Taxes $M USD  ......  Subscribe
Royalty payments $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
Net revenue (LOM) $M USD  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 8% $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 8%  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Heavy Mobile Equipment


- subscription is required.


Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Feb 14, 2023
....................... Subscription required ....................... Subscription required Subscription required Sep 21, 2021
....................... Subscription required ....................... Subscription required Subscription required Oct 16, 2023


- subscription is required.