Anaconda Mining Intersects New Gold Zone at Romeo and Juliet Prospect; Assay Results Include 4.35 Grams Per Tonne Gold Over 8...
September 16 2013 - 7:00AM
Marketwired
Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX:ANX)
reports today that diamond drilling at its Romeo and Juliet
prospect has intersected a new gold-bearing zone dubbed the Balcony
Zone, located between the Romeo and Connecting Zones. It appears to
dip steeply to the north, trends roughly east-west and is spatially
associated with a northeast-trending topographic linear.
Mineralization has been traced for approximately 100 meters and is
open to the east, west and down dip. Gold is associated with
pyritic altered mafic volcanic rocks, which is different from the
Romeo and Juliet massive quartz vein hosted-style of gold
mineralization. A structural interpretation is therefore underway
to help guide future drilling and to understand better these
positive anomalies.
President and CEO, Dustin Angelo, stated, "The discovery of the
Balcony Zone is a very positive event for the Romeo and Juliet
exploration program. We are very encouraged by the new style of
mineralization intersected by the recent drilling. Given the wide
variation in historical and current assay results throughout Romeo
and Juliet and the newly discovered Balcony Zone, the Company has
initiated a structural study of the entire prospect. We look
forward to the structural interpretation, which should take
approximately 4 weeks, to help provide direction on future
exploration work."
Anaconda drilled seven holes into the Balcony Zone. Hole
RJ-13-26 intersected strongly altered mafic volcanic rock
containing abundant disseminated pyrite and fine quartz-carbonate
veinlets, which assayed 8.4 g/t Au over a core length of 12 meters
(Table 1). The hole is interpreted to have cut the mineralization
at a low angle. Hole RJ-13-33 was subsequently drilled to intersect
the mineralization perpendicular to hole RJ-13-26. It also
contained altered mafic volcanics with heavy disseminated pyrite
and quartz-carbonate veining. Hole RJ-13-33 assayed 4.35 g/t Au
over 8.44 meters including 6.22 g/t Au over 1.64 meters and 5.45
g/t Au over 4.85 meters. This intersection confirms the scale and
significance of the mineralization, but further work is required to
establish true widths. Holes RJ-13-34 to RJ-13-37 targeted the
Balcony Zone with all, but RJ-13-34, returning anomalous gold
intercepts, highlighted by RJ-13-35 returning 2.91 g/t Au over 11.1
meters. (Table 1; Figure 1 - link below). Fine visible gold was
observed in quartz veins in holes RJ-13-26, 35, 36 and 37.
To date, Anaconda has drilled 19 holes totaling 2,004 meters at
the Romeo and Juliet prospect (Figure 2 - link below). The original
goal of the program was to target down-dip extensions of the Romeo
and Juliet gold-bearing quartz veins. While Anaconda intersected
the Romeo and Juliet quartz veins in 13 out of 19 holes, assays
results from the down-dip extensions of the Juliet and Connecting
Zones were generally lower than anticipated (Table 2). However, in
the Romeo Zone, hole RJ-13-32 returned 10.4 g/t Au over 0.54 meters
and hole RJ-13-29 returned 3.45 g/t Au over 1.23 meters, both at
depths over 100 meters. PC-13-27 intersected both the Balcony and
the Romeo Zones.
Table 1: 2013 Drill results from Balcony Zone
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Hole Azimuth Dip Depth From To Interval Au g/t
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RJ-13-26 300 55 126.5 57 69 12 8.4
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Including 57 58 1 3.18
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Including 58 59 1 2.18
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Including 59 60 1 1.21
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Including 60 61 1 3.86
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Including 61 62 1 2.75
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Including 62 63 1 12
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Including 63 64 1 13.7
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Including 64 65 1 7.27
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Including 65 66 1 9.31
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Including 66 67 1 29.7
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Including 67 68 1 12.1
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Including 68 69 1 3.89
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RJ-13-27 300 75 148.4 7.94 11.85 3.91 0.84
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RJ-13-27 20.7 22.7 2 5.29
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RJ-13-27 129.3 130.32 2.02 2.2
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RJ-13-27 131.82 132.85 1.03 1.18
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RJ-13-27 138.52 138.75 0.23 7.2
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RJ-13-33 180 75 75.28 44.06 52.5 8.44 4.35
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including 44.06 45.7 1.64 6.22
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including 45.7 47.65 1.95 0.05
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including 47.65 52.5 4.85 5.45
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including 48.65 50.3 1.65 12.4
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RJ-13-34 180 47 100.3 No Significant Assays
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RJ-13-35 180 75 123.75 32.09 32.37 0.28 3.19
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RJ-13-35 93.9 105 11.1 2.91
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including 100.2 100.69 0.49 36.9
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RJ-13-36 170 55 96.62 27.06 27.65 0.59 1.27
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RJ-13-37 180 55 120.4 8.55 9.46 0.91 5.13
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RJ-13-37 74.01 74.1 0.09 1.35
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Note: All measurements are in meters
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Table 2: 2013 Drill results from Romeo, Connecting and Juliet Zones
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Hole Azimuth Dip Depth From To Interval Au g/t
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RJ-13-19 300 75 100.3 57.5 59 1.5 0.63
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RJ-13-20 300 75 95.4 46.65 47 0.35 0.45
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RJ-13-21 300 67 76.8 32.34 35 1.16 0.63
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RJ-13-22 300 55 103.2 49.1 50 0.9 1.07
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RJ-13-23 300 75 99.67 50.55 52.85 2.3 1.24
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RJ-13-24 300 55 75.4 32.9 33.46 0.56 1.42
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RJ-13-24 60.65 63.04 2.39 3.53
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RJ-13-25 300 75 78.2 75.28 75.78 0.5 1.04
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RJ-13-28 300 55 121.6 105.89 107.5 1.61 2.3
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RJ-13-28 116.3 116.46 0.16 10.6
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RJ-13-29 300 75 122.23 115.22 116.45 1.23 3.45
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RJ-13-30 300 55 107.7 94.16 94.27 0.11 4.51
---------------------------------------------------------------------------
RJ-13-31 300 75 122.5 103.5 104.47 0.97 3.1
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RJ-13-31 115.55 117.17 1.62 1.54
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RJ-13-32 300 55 110.33 71.68 72.22 0.54 10.4
---------------------------------------------------------------------------
Note: All measurements are in meters
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Romeo and Juliet Background
The Romeo and Juliet prospect is a gold-bearing quartz vein
system discovered in 1987 that is exposed approximately 1.5
kilometers northwest of the Pine Cove mine. The prospect is
comprised of three zones, referred to as Juliet, Connecting, and
Romeo, and have a combined strike length in excess of 300 meters.
The veins trend about 30 degrees, dip approximately 60 degrees to
the southeast and are up to 2 meters thick. Gold is present as fine
disseminations within the quartz and as very fine clots and flakes
along discrete vein margins. The prospect was previously explored
with 18 shallow diamond drill hole which tested the prospect to a
maximum vertical depth of 100 meters. In the late fall of 2012,
Anaconda extracted a 1,000-tonne bulk sample from the Juliet Zone.
Five representative samples of crushed quartz averaging, 12.6 kg
were processed at Accurassay Laboratories in Thunder Bay by cyanide
extraction (bottle roll testing). The weighted average assay of the
five samples was 5.71 g/t gold (Anaconda Press Release, April 4,
2013). Anaconda feels that this is representative of the near
surface gold grades within the Juliet Zone.
Note: All assay intervals refer to core length and at present
true thicknesses of mineralized zones are not known. The diamond
drilling was carried out by New Valley Drilling of Springdale,
Newfoundland and was supervised by Silvertip Exploration
Consultants Inc. The NQ core was logged and sampled at the Pine
Cove mine site. Samples selected for analyses were sawn and half
the sample was tagged and placed in a sealed plastic bag. Samples
generally comprised one metre core intervals in altered rock and
half meter intervals in quartz veins. Samples were transported by
Silvertip personnel to the Eastern Analytical Laboratory in
Springdale, Newfoundland for fire assay. As part of the QA-QC
protocol, standards and blanks were randomly inserted during the
sampling process. The remaining core is stored at the Pine Cove
mine.
This news release has been reviewed and approved by David Evans,
P. Geo., with Silvertip Exploration Consultants Inc., a "Qualified
Person" under National Instrument 43-101.
While the Company has no reason to doubt the accuracy of the
historic results, the existing data should not be relied upon until
the Company's own exploration work confirms that the data meet
National Instrument 43-101 standards for disclosure. Historic
results and the work that generated them predate the enactment of
National Instrument 43-101, and may not meet the requirements of
that policy. Historical data for the Romeo and Juliet prospect were
obtained from assessment files archived by the Newfoundland and
Labrador Department of Natural Resources.
ABOUT ANACONDA
Headquartered in Toronto, Canada, Anaconda is a growth oriented,
gold mining and exploration company with a producing asset located
on the Baie Verte Peninsula in Newfoundland, Canada called the Pine
Cove mine.
FORWARD LOOKING STATEMENTS
This document contains or refers to forward-looking information.
Such forward-looking information includes, among other things,
statements regarding targets, estimates and/or assumptions in
respect of future production, mine development costs, unit costs,
capital costs, timing of commencement of operations and future
economic, market and other conditions, and is based on current
expectations that involve a number of business risks and
uncertainties. Factors that could cause actual results to differ
materially from any forward-looking statement include, but are not
limited to: the final approval of the private placement by the
Toronto Stock Exchange; the grade and recovery of ore which is
mined varying from estimates; capital and operating costs varying
significantly from estimates; inflation; changes in exchange rates;
fluctuations in commodity prices; delays in the development of the
any project caused by unavailability of equipment, labour or
supplies, climatic conditions or otherwise; termination or revision
of any debt financing; failure to raise additional funds required
to finance the completion of a project; and other factors.
Additionally, forward-looking statements look into the future and
provide an opinion as to the effect of certain events and trends on
the business. Forward-looking statements may include words such as
"plans," "may," "estimates," "expects," "indicates," "targeting,"
"potential" and similar expressions. These forward-looking
statements, including statements regarding Anaconda's beliefs in
the potential mineralization, are based on current expectations and
entail various risks and uncertainties. Forward-looking statements
are subject to significant risks and uncertainties and other
factors that could cause actual results to differ materially from
expected results. Readers should not place undue reliance on
forward-looking statements. These forward-looking statements are
made as of the date hereof and we assume no responsibility to
update them or revise them to reflect new events or circumstances,
except as required by law.
To view Figures 1 and 2 please click on the following link:
http://media3.marketwire.com/docs/ANX0916.pdf
Contacts: Anaconda Mining Inc. Dustin Angelo President and CEO
(647) 260-1248dangelo@anacondamining.com www.anacondamining.com
ProConsul Capital Ltd. Andreas Curkovic Investor Relations (416)
577-9927acurkovic@proconsulcapital.com
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