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Ascendant Holdings Ltd. Announces Acquisition Of Telimbela:Copper-Molybdenum-Gold-Silver Deposit
The Telimbela property is 100% owned by Ascendant and encompasses 4,200 hectares in the Bolivar Province in central Ecuador on the western flank of the Western Cordillera. Ascendant considers Telimbela the most attractive exploration target in the Bolivar mining district.
Exploration on the Telimbela project was first carried out during 1977 to 1979 by the Instituto Ecuatoriano de Mineria ("INEMIN") and consisted of geochemistry of stream sediments and soils, geophysics and four drill holes resulting in the existence of stockwork areas related to porphyry mineralization of copper developed in primary and secondary sulphides zones and associated to a propylitic hydrothermal alteration zone with 0.16% to 0.40% copper.
During 1988 to 1991, the Japanese International Cooperation Agency (JICA) and INEMIN identified another encouraging sector with copper-molybdenum-gold mineralization to the northeast of the area, where geophysical anomalies are associated with argillic and chloritic alteration zones. Preliminary drill holes indicated 0.23% to 0.72% copper with high concentration of sulphides within a propylitic alteration halo. Outcrop samples taken in the mineralized zones yielded values of 0.87% to 1.38% copper, 5.8 to 9.5 grams of silver per tonne and 0.2 to 0.4 grams of gold per tonne.
About Ascendant Holdings Ltd.
Ascendant Holdings Ltd is a junior exploration mining company, focused on the development of industrialized metals mining in the country of Ecuador. Ascendant controls mineral resources in a diversified portfolio of mining projects. Management's objective is to create shareholder wealth through the exploration and development of
mineral projects on an international scale. The company is currently negotiating on additional precious metal and base metal projects.
07/21/04.
Contact
www.ascendantholdings.com
Christopher Werner
920-803-9910
cw@ascendantholdings.com