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Ascendent Resources finds higher grades in Q3

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(Kitco News) - Ascendent Resources (TSX:ASND) said Wednesday zinc equivalent metal production was 28.8 million pounds, a 21% increase over the same quarter a year ago when production was 23.9 million pounds.

The company said the production increase was due to significantly higher lead and silver grades from the higher-grade Esperanza and Port Royal chimneys as well as the production from the upper, historical part of the mine.

The company had a net loss of $5.21 million or 7 cents loss per share, compared to a loss and basic and diluted loss per share of $3.85 million and 5 cents loss per share compared to the same period a year ago.

Revenues were $22.03 million as a result of the sale of 28.0 million pounds of ZnEq metal.

Chris Buncic, president and CEO of Ascendant, touted the companies lower all-in-sustaining cost.

“We are very pleased with the mine’s performance in Q3/19 demonstrating considerable production growth over the previous strong quarter," said Buncic in a news release. "The decision we made in the first half of the year to increase investment in underground development work in order to access high-grade areas within the mine has proven very beneficial for us as we report record head-grades and contained metal production this quarter.

"As a result, we reported a substantial decrease in all-in sustaining costs to $1.09 per payable pound sold at the mine site and $1.13 on a consolidated basis. Direct operating costs were slightly higher than those in Q2/19 as the reduction in underground development work this quarter translates to less waste tonnes being capitalized.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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