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Anaconda Mining Inc (2)
Symbol ANX
Shares Issued 148,213,426
Close 2021-01-04 C$ 0.60
Recent Sedar Documents

Anaconda drills 0.5 m of 871.23 g/t Au at Goldboro

2021-01-05 07:10 ET - News Release

Mr. Kevin Bullock reports

ANACONDA MINING REPORTS FURTHER NEAR SURFACE INFILL DRILL RESULTS AT GOLDBORO, INCLUDING 871.23 G/T GOLD OVER 0.5 METRES, 47.87 G/T GOLD OVER 1.5 METRES AND 20.08 G/T GOLD OVER 2.4 METRES

Anaconda Mining Inc. has released further drill results from a completed infill drill program at its 100-per-cent-owned Goldboro gold project in Nova Scotia, Canada. The drill program comprised 17,941.7 metres and was designed to convert priority inferred mineral resources into measured and indicated mineral resources of the Goldboro deposit as part of the continuing feasibility study, which recognizes the opportunity for expanded open-pit mining areas as well as underground mining opportunities.

Results from the current drilling (3,241.0 metres in 27 diamond drill holes) all reflect shallow drilling (less than 175 vertical metres) at the East Goldbrook gold system at the eastern end of the Goldboro deposit. These results demonstrate that numerous near-surface mineralized zones exist in the EG gold system with similar geometry and location to the modelled mineral resource. In particular, the highest-grade intersections reported herein are consistent with other previously reported intervals of high-grade gold (greater than 50.0 grams per tonne). A total of 11 visible gold occurrences were also observed in these drill holes.

Selected composited highlights from the drill program include:

  • 871.23 grams per tonne gold over 0.5 metre (52.9 to 53.4 metres) and 47.87 g/t gold over 1.5 metres (63.1 to 64.6 metres) in hole BR-20-193;
  • 20.08 g/t gold over 2.4 metres (50.6 to 53.0 metres) including 74.40 g/t gold over 0.6 metre in hole BR-20-195;
  • 4.73 g/t gold over 4.5 metres (100.0 to 104.5 metres) including 20.10 g/t gold over 1.0 metre in hole BR-20-200;
  • 3.41 g/t gold over 3.2 metres (91.8 to 95.0 metres) in hole BR-20-185;
  • 1.11 g/t gold over 7.0 metres (44.0 to 51.0 metres) in hole BR-20-187;
  • 3.17 g/t gold over 6.1 metres (114.9 to 121.0 metres) including 18.10 g/t gold over 0.7 metre in hole BR-20-215;
  • 0.55 g/t gold over 17.9 metres (23.1 to 41.0 metres) in hole BR-20-205.

"The infill drill results from East Goldbrook show very high-grade intercepts locally as well as broader zones of lower-grade mineralization, all at levels that could conceptually be mined through open-pit mining methods. Of particular interest in this round of drilling is the consistency of spectacular grades from East Goldbrook indicating there may be specific opportunities for further high-grade resource growth since this zone remains open for expansion down plunge. We will use the new data gathered in this round of infill drilling to upgrade mineral resources to the measured and indicated categories at East Goldbrook as part of the fully updated resource estimate anticipated in the first quarter of 2021," said Kevin Bullock, president and chief executive officer, Anaconda Mining.

To date, a total of 17,941.7 metres in 111 drill holes (BR-20-105 to BR-20-215) have been completed under the drill program, with assays from drill holes BR-20-105 to BR-20-183 previously reported in news releases dated Sept. 3, 2020, Oct. 5, 2020, Nov. 11, 2020, and Nov. 19, 2020. This release outlines the results for 3,241.0 metres in 27 diamond drill holes from BR-20-184 to BR-20-215 (however, they exclude diamond drill holes BR-20-202, -207, -210, -211 and -213, which were drilled within the West Goldbrook gold system). Drill results from infill drilling in the WG gold system will be reported once all assays from that area have been received and evaluated.

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-20-184              29.2             30.7              1.5             1.12
BR-20-185              24.6             25.6              1.0             1.00
and                    43.0             46.0              3.0             1.41
and                    75.0             76.0              1.0             1.32
and                    83.8             85.2              1.4             3.26
and                    91.8             95.0              3.2             3.41
BR-20-187              22.5             23.5              1.0             1.00
and                    27.0             27.5              0.5             2.45
and                    44.0             51.0              7.0             1.11
BR-20-188              84.0             84.5              0.5             2.41
and                    92.5             93.0              0.5             3.66
BR-20-189              56.0             57.0              1.0            11.50
BR-20-190              60.9             61.4              0.5             2.16
BR-20-191              99.7            100.7              1.0             2.17
and                   111.6            112.1              0.5            10.20
and                   125.8            126.3              0.5             0.51
and                   134.6            136.1              1.5             1.27
and                   142.0            145.1              3.1             0.73
BR-20-192              59.9             60.5              0.6             4.74
BR-20-193              43.5             44.0              0.5             0.81
and                    52.9             53.4              0.5           871.23
and                    63.1             64.6              1.5            47.87
including              63.6             64.6              1.0            62.90
and                    73.8             74.8              1.0             1.48
and                    80.8             83.8              3.0             3.58
BR-20-194              50.5             51.0              0.5             1.18
and                    73.7             74.2              0.5             2.51
and                   104.0            105.1              1.1             0.89
and                   111.9            115.0              3.1             1.59
including             112.5            113.0              0.5             4.88
and                   128.0            130.3              2.3             0.75
BR-20-195              40.0             42.0              2.0             3.14
and                    50.6             53.0              2.4            20.08
including              50.6             51.2              0.6            74.40
BR-20-196              87.2             88.1              0.9             2.44
and                    93.9             96.6              2.7             2.23
BR-20-197             118.5            122.0              3.5             1.42
and                   130.5            133.0              2.5             4.26
including             130.5            131.0              0.5            18.70
BR-20-198              79.8             80.4              0.6             5.60
BR-20-199              51.5             52.1              0.6             0.95
BR-20-200              80.0             82.0              2.0             1.00
and                   100.0            104.5              4.5             4.73
including             100.0            101.0              1.0            20.10
BR-20-201              29.2             30.2              1.0             3.92
and                    62.2             62.7              0.5             2.00
and                    88.6             91.8              3.2             1.22
and                    98.0            100.5              2.5             0.82
and                   108.0            111.7              3.7             0.68
including             108.0            108.5              0.5             2.41
BR-20-202             119.0            119.5              0.5             1.51
BR-20-203              74.0             75.0              1.0             0.88
BR-20-204              82.0             83.0              1.0             0.74
and                   137.0            138.0              1.0             2.99
BR-20-205              23.1             41.0             17.9             0.55
including              23.1             26.3              3.2             0.78
including              30.3             33.0              2.7             0.84
including              37.0             38.5              1.5             1.17
including              40.0             40.5              0.5             1.61
and                    47.0             47.5              0.5             1.77
and                    63.9             64.4              0.5             4.10
BR-20-208              26.9             29.2              2.3             1.82
and                    36.0             39.5              3.5             0.78
and                    60.8             62.5              1.7             0.71
and                    75.6             76.1              0.5             4.31
BR-20-212             153.0            154.0              1.0            10.90
BR-20-215              75.0             75.7              0.7             2.24
and                    84.0             84.7              0.7             3.33
and                   104.0            106.0              2.0             1.74
and                   112.0            113.0              1.0             0.89
and                   114.9            121.0              6.1             3.17
including             118.5            119.2              0.7            18.10
                                                            

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.

All assays in this press release are reported as fire assays only. For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be reanalyzed at Eastern Analytical Ltd. 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. Total pulp metallics assays for drill holes sited within this press release will be updated in a future news release.

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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