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Ascendant Holdings Limited Announces Acquisition Of Magdalena
Hamilton, Bermuda: 25th February 2005 - Ascendant Holdings Ltd. (AHH.BH-Bermuda) announces the acquisition of Magdalena: a copper-molybdenum deposit located 15kms NE along the same structural control that houses the Junin deposit.
The Magdalena Project is comprised of a 900 Hectare mining concession and corresponds to a copper - molybdenum porphyry deposit type. Magdalena is located in the western flank of the Western Cordillera of the Andes, Ecuador. The mining area lies 15 Km NE of the copper - molybdenum Junin deposit, both located in the Imbabura Province, around 180 Km NW of capital Quito - Ecuador.
The Japanese International Cooperation Agency (JICA) and the Metal Mining Agency of Japan (MMAJ) and the Mining Geological and Metallurgical Development and Investigation Corporation of Ecuador (CODIGEM), under a technical assistance agreement between Ecuador and Japan, carried out exploration activities on the area during 1994 and 1996. These works involved regional and detailed geological mapping, stream sediment geochemistry, geophysics (IP) and 6 bore holes drilling (total 1,607 meters).
The most interesting results were from holes MJC1, MJC2, MJC3. The three additional holes were drilled outside the system.
MJC-1 : From 10m to 200m: 0.28% Cu, 0.012 % Mo including 0.64% Cu, 0.022% Mo from 10m to 60m
MJC-2 : From 10m to 200m : 0.16% Cu, 0.0075% Mo.
MJC-3 : From 47 m to 80m : 0.27% Cu, 0.008% Mo
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.
Contact
Christopher Werner
920-803-99120
cw@ascendantholdings.com