Mr. Kevin Bullock reports
ANACONDA MINING REPORTS FURTHER GOLDBORO INFILL DRILL RESULTS, INCLUDING 6.05 G/T GOLD OVER 11.7 METRES, 5.52 G/T GOLD OVER 7.2 METRES AND 6.63 G/T OVER 5.3 METRES
Anaconda Mining Inc. has released drill results from a continuing 15,000-metre infill drill program at its 100-per-cent-owned Goldboro gold project in Nova Scotia, Canada. The drill program is designed to convert priority inferred mineral resources into measured and indicated mineral resources of the Goldboro deposit as part of the continuing feasibility study.
These results continue to demonstrate that significant high-grade zones are consistent with the current resource model and, excitingly, that they are being found within much broader zones of mineralization near surface. The most recent results are from shallow drilling (less than 175 vertical metres) at the West Goldbrook gold system, near the West Goldbrook fault. These results demonstrate the presence of some high-grade gold zones within broader zones of gold mineralization in an area of conceptual open-pit resources. A total of three visible gold occurrences were also observed in these drill holes, which intersected mineralized belts as predicted by the current resource model.
Selected composited highlights from the drill program include:
- 6.05 grams per tonne gold over 11.7 metres (189.9 to 201.6 metres) including 12.55 g/t gold over 2.5 metres and 5.52 g/t gold over 7.2 metres (210.8 to 218.0 metres) in hole BR-20-142;
- 6.63 g/t gold over 5.3 metres from (35.7 to 41.0 metres) including 47.67 g/t gold over 0.5 metre in hole BR 20-134;
- 7.76 g/t gold over 4.4 metres (39.8 to 44.2 metres) including 22.07 g/t gold over 1.0 metre and 9.42 g/t gold over 1.0 metre in hole BR-20-135;
- 1.34 g/t gold over 18.7 metres (97.3 to 116.0) including 6.41 g/t gold over 1.0 metre in hole BR 20-135;
- 3.26 g/t gold over 7.0 metres (145.5 to 152.5 metres) including 25.20 g/t gold over 0.5 metre in hole BR 20-142;
- 1.76 g/t gold over 11.7 metres (114.3 to 126.0 metres) including 6.87 g/t over 1.0 metre and 6.25 g/t gold over 1.0 metre in hole BR 20-134.
"These drill results, together with those announced to date, are important to increasing our understanding of the scale of the mineral resource for the ongoing feasibility study, particularly at vertical depths of less than 175 metres in areas of conceptual open-pit mineral resources. The current drill results indicate a combination of broad mineralized zones supported with high-grade domains, particularly within the West Goldbrook gold system, and will be used with other drilling information to further optimize open pits in the area of this drilling. With the infill drill program nearing completion we will be in a position to finalize pit designs and evaluate the economic impacts on the project with respect to these broader zones of mineralization, which suggest there continues to be upside potential to the scale of the project," said Kevin Bullock, president and chief executive officer, Anaconda Mining.
To date, a total of 7,066.5 metres in 37 drill holes (BR-20-105 to BR-20-142 excluding BR-20-133) have been completed under the drill program, with assays from drill holes BR-20-105 to BR-20-132 previously reported in news releases dated Sept. 3, 2020, and Oct. 5, 2020. Current results for 1,388.0 metres in nine diamond drill holes (BR-20-134 to BR-20-142) include intersections of mineralized zones primarily within the WG gold system near the West Goldbrook fault as further detailed in the associated table. Diamond drill hole BR-20-133 was sampled out of sequence and will be reported in a later communication once assays have been received and evaluated. A total of three visible gold occurrences were also observed in these drill holes.
The drill program is financed using existing flow-through funds but has also benefited from a grant received from the government of Nova Scotia through a mineral resources development fund, shared funding exploration grant MRDF-2020-SF-035.
The company has critically considered logistical matters given the continuing COVID-19 pandemic, to ensure that this drill program and any other programs are executed in a way that ensures the absolute health and safety of the company's personnel, contractors and the communities where the company operates.
SELECTED COMPOSITE HIGHLIGHTS WITHIN THIS NEWS RELEASE FROM THE DRILL PROGRAM
Hole ID From To Interval Gold
(m) (m) (m) (g/t)
BR-20-134 11.0 13.0 2.0 6.17
and 20.0 21.0 1.0 1.06
and 27.3 28.8 1.5 0.91
and 35.7 41.0 5.3 6.63
including 37.8 38.3 0.5 47.67
and 53.7 54.6 0.9 0.54
and 57.4 60.0 2.6 1.06
and 84.1 85.4 1.3 1.04
and 86.4 87.0 0.6 1.06
and 89.4 90.0 0.6 1.26
and 99.9 101.0 1.1 4.43
and 114.3 126.0 11.7 1.76
including 117.3 118.3 1.0 6.87
including 119.0 120.0 1.0 6.25
and 131.5 132.0 0.5 50.48
BR-20-135 29.5 30.5 1.0 1.25
and 31.5 33.5 2.0 1.42
and 39.8 44.2 4.4 7.76
including 40.8 41.8 1.0 22.07
including 43.0 44.2 1.2 9.42
and 52.0 53.0 1.0 7.52
and 59.6 67.0 7.4 0.78
and 82.4 83.4 1.0 1.99
and 97.3 116.0 18.7 1.34
including 109.0 110.0 1.0 6.41
BR-20-136 90.0 93.1 3.1 1.26
BR-20-137 91.5 92.5 1.0 4.74
and 140.0 141.0 1.0 2.22
and 166.3 167.3 1.0 1.81
BR-20-138 139.5 140.5 1.0 1.74
BR-20-139 96.8 97.4 0.6 19.50
BR-20-140 83.2 83.7 0.5 2.74
and 114.9 115.9 1.0 1.39
and 123.7 124.7 1.0 2.22
and 151.1 152.8 1.7 1.82
BR-20-141* 68.1 69.6 1.5 1.44
BR-20-142* 56.3 57.3 1.0 11.10
and 93.3 94.3 1.0 1.50
and 112.0 115.0 3.0 1.00
and 126.0 127.0 1.0 6.12
and 145.5 152.5 7.0 3.56
including 145.5 146.0 0.5 25.20
including 151.5 152.5 1.0 8.88
and 189.9 201.6 11.7 6.05
including 189.9 191.5 1.6 7.48
including 192.7 195.2 2.5 12.55
including 197.9 198.9 1.0 18.15
and 210.8 218.0 7.2 5.52
including 210.8 211.8 1.0 11.70
including 216.8 218.0 1.2 19.38
* This is fire assay only.
This news release has been reviewed and approved by Paul McNeill, PGeo, vice-president, exploration, with Anaconda Mining, a qualified person, under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
All samples and the resultant composites referred to in this release are collected using quality assurance/quality control protocols including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, Nfld., for Au by fire assay (30 g) with an AA (atomic absorption) finish.
For drill holes BR-20-134 to BR-20-140, samples analyzing greater than 0.5 g/t Au via 30 g fire assay were reanalyzed at Eastern via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to minus 10 mesh and pulverized to 95 per cent minus-150 mesh. The total sample is then weighed and screened to 150 mesh. The plus-150-mesh fraction is fire assayed for Au, and a 30 g subsample of the minus-150-mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Drill holes BR-20-141 and BR-20-142 are reported as fire assay only. Total pulp metallics assays for these drill holes will be updated in a future news release.
Reported mineralized intervals are measured from core lengths. Intervals are estimated to be approximately 70 to 100 per cent of true widths.
A version of this press release will be available in French on Anaconda's website in two to three business days.
About Anaconda Mining Inc.
Anaconda is a Toronto Stock Exchange and OTCQX-listed gold mining, development and exploration company, focused in Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte mining district of Newfoundland which includes the fully permitted Pine Cove mill, tailings facility and deepwater port, as well as about 11,000 hectares of highly prospective mineral lands including those adjacent to the past producing, high-grade Nugget Pond mine at its Tilt Cove gold project. Anaconda is also developing the Goldboro gold project in Nova Scotia, a high-grade resource and the subject of a continuing feasibility study.
We seek Safe Harbor.
© 2026 Canjex Publishing Ltd. All rights reserved.