Chris Buncic, CEO of Ascendant Resources Inc. talks about the company’s 100 percent owned, El Mochito Mine in Honduras.
Ascendant Resources is focused on operating The El Mochito Mne in Honduras which has got a zinc- lead-silver focus. El Mochito was a mine that was operated by Breakwater Resources. The mine has been in an operation for 70 years so it’s got a long history of production. 2017 was a great year where it was rehabilitation of The El Mochito Mine. We started production with about 1,250 tons per day and increased that by more than 80 percent exiting the year. At the same time we were able to lower our cost by about 30 percent. Our guidance for 2018 is 93 to 109 million pounds of zinc equivalent.
In 2017 we did a thirty thousand meter drill program and we put out all those drill results which they were quite spectacular. They are the numbers that any exploration company would be proud to have this. Within the zinc industry there has been not a lot of new supply coming on stream. So with inventories they have been dwindling the way. you’ve seen a real ramp up in the zinc price from 75 cents to 10 year highs north of a dollar sixty. Zinc is a meaningful component of the country’s exports. We have a thousand employees at El Mochito. There are another 500 that depend on the mine for their economic well-being. We are the only pure-play zinc crews are out there to offer investors that kind of exposure.” – Chris Buncic, CEO of Ascendant Resources Inc.
About Ascendant Resources Inc.
Ascendant Resources Inc. is a Toronto-based mining company focused on its 100%-owned El Mochito zinc, lead and silver mine. It 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 and it set out to achieve with sustained production at record levels.
The Company now remains focused on cost reduction and further operational improvements to drive robust free cash flow in 2018. Ascendant is also focused on expanding and upgrading known resources through extensive exploration work for near-term growth. They have significant land package of 11,000 hectares and an riches of historical data. They also have several regional targets providing longer term exploration upside which could lead to further resource growth. The Company is also committed in the evaluation of producing and development stage mineral resource opportunities, on an ongoing basis..
The El Mochito mine is located in north-western Honduras, approximately 88 kilometres south-west of San Pedro Sula and 220 kilometres north-west of the capital city, Tegucigalpa. The underground operation takes advantage of selective and bulk underground mining methods to mine multiple flat lying manto deposits and high-grade vertical chimneys, producing zinc and lead concentrates with significant silver credits.
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