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Anaconda Mining Inc (2)
Symbol ANX
Shares Issued 146,381,019
Close 2020-09-02 C$ 0.62
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Anaconda drills three m of 16.79 g/t Au at Goldboro

2020-09-03 07:21 ET - News Release

Mr. Kevin Bullock reports

ANACONDA MINING INTERSECTS 16.79 G/T GOLD OVER 3.0 METRES AND 9.78 G/T GOLD OVER 5.0 METRES AT GOLDBORO, EXPANDS DRILL PROGRAM TO 15,000 METRES

Anaconda Mining Inc. has released initial drill results from the 5,500-metre drill program announced on June 10, 2020, at its 100-per-cent-owned Goldboro gold project in Nova Scotia, Canada. The drill program was designed to convert priority inferred mineral resources, considered proximal to planned development in the continuing feasibility study, into indicated mineral resources. To date, the drill program has included 4,860 metres of diamond drilling in 20 holes with assays returned for 10 holes, including holes BR-20-105 to BR-20-114. The drill program has intersected 13 mineralized zones including 11 with visible gold occurrences. Critically, the mineralized zones were consistently intersected near the area projected by the geological model.

Selected composited highlights from the drill program include:

  • 16.79 grams per tonne gold over 3.0 metres (113.0 to 116.0 metres) in hole BR-20-111;
  • 9.78 g/t gold over 5.0 metres (353.0 to 358.0 metres) including 46.86 g/t over 1.0 metre in hole BR-20-114;
  • 11.11 g/t gold over 3.7 metres (154.3 to 158.0 metres) in hole BR-20-108;
  • 19.39 g/t gold over 1.0 metre (87.0 to 88.0 metres) in hole BR-20-107;
  • 23.22 g/t gold over 1.0 metre (97.0 to 98.0 metres) in hole BR-20-109;
  • 16.73 g/t gold over 1.0 metre (194.0 to 195.0 metres) in hole BR-20-112;
  • 27.46 g/t gold over 1.0 metre (230.0 to 231.0 metres) within a zone grading 2.54 g/t gold over 14.0 metres in hole BR-20-113.

Selected composited highlights from historic drilling in the immediate areas of the drill program include:

  • 215.74 g/t gold over 3.65 metres (193.85 to 197.5 metres) in hole OSK-11-04;
  • 206.65 g/t gold over 1.5 metres (117.0 to 118.5 metres) in hole OSK-11-02;
  • 6.23 g/t gold over 1.5 metres (223.0 to 224.5 metres) in hole OSK-11-04.

"This drill program was initiated as we recognized a significant opportunity to optimize the value of the Goldboro gold project and directly impact and potentially increase the overall value of the project and other key economic metrics. The drill results indicate the presence of mineralization and grade where predicted by the geological model, providing the confidence to upgrade these portions of the deposit. Based on the success of the drill results to date, and in response to other near-term opportunities identified by the ongoing feasibility study, we have initiated a further 9,500 metres of drilling to bring the drill program to 15,000 metres. The goal of the expanded drill program remains the same -- to capitalize on identified opportunities to upgrade significant resources proximal to planned development, but with emphasis on near-surface, open-pit resources. These drill results and those anticipated in the next couple of months will be incorporated into an updated mineral resource and used for the final mine design for the feasibility study to be released in Q4 of 2020," said Kevin Bullock, president and chief executive officer, Anaconda Mining.

The drill program, including the expanded drilling, 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 FROM THE DRILL PROGRAM

Hole ID              From          To        Interval            Au
                      (m)         (m)             (m)         (g/t)

BR-20-105           159.0       161.0             2.0          1.47
including           159.0       160.0             1.0          2.38
BR-20-106           134.0       134.7             0.7          1.42
and                 150.2       150.7             0.5          2.20
and                 162.7       163.5             0.8          1.13
BR-20-107            69.0        70.0             1.0          1.38
and                  87.0        88.0             1.0         19.39
and                  95.0        96.0             1.0          0.94
BR-20-108            97.0        98.0             1.0          1.62
and                 130.0       131.5             1.5          6.19
including           130.0       130.5             0.5         16.77
and                 154.3       158.0             3.7         11.11
including           154.3       155.3             1.0         33.35
and                 155.9       156.7             0.8         26.95
BR-20-109            56.0        57.0             1.0          2.56
and                  97.0        98.0             1.0         23.22
and                 134.0       135.0             1.0          3.07
and                 171.0       172.0             1.0          2.87
and                 217.0       218.0             1.0          1.64
and                 201.0       202.0             1.0          7.41
and                  26.4        28.4             1.0          6.18
BR-20-110           115.9       116.6             0.7          5.17
and                 190.0       191.0             1.0          0.51
BR-20-111            73.0        74.0             1.0          1.85
and                  80.0        81.0             1.0          0.72
and                 113.0       116.0             3.0         16.79
including           113.0       114.0             1.0         49.88
BR-20-112            94.0        95.0             1.0          5.30
and                 194.0       195.0             1.0         16.73
and                 210.0       211.0             1.0          1.50
and                 257.0       258.0             1.0          0.92
and                 267.0       270.0             3.0          3.86
including           268.0       269.0             1.0          9.17
BR-20-113           195.0       197.0             2.0          1.91
and                 202.0       206.0             4.0          3.40
including           202.0       203.0             1.0         11.97
and                 230.0       244.0            14.0          2.54
including           230.0       231.0             1.0         27.46
and                 235.0       236.0             1.0          5.88
BR-20-114            78.0        80.0             2.0          5.01
and                 114.8       115.8             1.0          1.35
and                 326.0       327.0             1.0          2.49
and                 353.0       358.0             5.0          9.78

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 Standard for 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 atomic absorption finish.

Samples analyzing greater than 0.5 g/t Au via 30 g fire assay were reanalyzed at Eastern via total pulp metallic. For the total pulp metallic 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. Anaconda considers total pulp metallic analysis to be more representative than 30 g fire assay in coarse gold systems such as the Goldboro deposit.

Reported mineralized intervals are measured from core lengths. Intervals are estimated to be approximately 80 to 100 per cent of true widths.

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.

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