The Holy Ascension Cathedral is widely known beyond the Izium region thanks to the miraculous icon of the Sand Mother of God, one of the most revered relics of Eastern Ukraine. The church was built and consecrated in 1826, replacing the previous one located on Zamostyansky Street on the left bank of the Seversky Donets, which began to deteriorate due to frequent river floods. It was in this old church that the icon of the Sand Mother of God appeared to Bishop Joasaph Gorlenko of Belgorod in 1754.

"The image of the Mother of God, known as the Sand icon, was revealed to the great Russian saint Joasaph, Bishop of Belgorod. In the year of his blessed death, Saint Joasaph was touring the diocese, and the night before his departure from Belgorod, he had a dream: he saw in one of the churches an icon of the Mother of God with the infant, radiating light, and heard a voice: 'Look what the servants of this church have done to My image. My image is destined for this land as a source of grace, but they have thrown it in the trash.' Upon arriving in Izium in the Kharkiv province, the bishop visited the Ascension Church and was astonished to find the icon he had seen in his dream. It was located in the narthex, serving as a partition for coal. By his order, the icon was placed in a large kiot and set in an appropriate place. Saint Joasaph remained in Izium for more than three days, praying daily before the image of the Mother of God." In 1792, the Ascension Church was moved from Zamostya to a higher location in Peski, where the icon, which was gaining more and more veneration from parishioners and local residents, was also sent.

From 1983 to 2008, thanks to the efforts of Mitred Archpriest Joseph Romanchak, the Holy Ascension Church was completely renovated. In 2000, it became a cathedral, receiving the seat of a vicar bishop. The rector of the church is His Eminence Onufriy Lehky, Archbishop of Izium. In 2005, the domes were gilded, and in 2006-2007, the church was painted, and the iconostases and kiots were replaced. Thanks to Father Joseph's efforts, a hotel for pilgrims was opened at the church, and a spring was arranged. The Kirichenkova spring, one of the picturesque places in the city, is located near the church. It is known far beyond Izium. Many come to taste the healing spring water, quench their thirst, and rest. Nearby is a small chapel-bath, where, according to tradition, one can wash away sins, rid oneself of ailments, and strengthen health.