TORONTO, Jan. 21, 2016 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") – (TSX: ANX) is pleased to announce
the results of a recent trenching and channel sampling program at
the Argyle prospect located just northeast of Stog'er Tight
and approximately 5.5 kilometres from the Pine Cove mill. The
program consisted of the excavation of overburden along four
trenches over 181 metres and channel sampling of 68 metres of the
exposed bedrock. The goal of the program was to determine if two
previously exposed zones of mineralization are contiguous and
demonstrate geological continuity along the Argyle prospect.
Three of the four trenches tested the eastern portion of the
prospect where it was previously constrained by a single
trench. A fourth trench tested the western limits of the
prospect.
In the eastern area, trench AEtr15-18 (Exhibit A) returned
1.89 g/t Au over 10 metres. It is located 40 metres
west of trench AEtr14-12, which contained 1.31 g/t Au over 11
metres, and 160 metres east of trench AEtr14-08, which contained
3.75 g/t Au over 16 metres (the latter two results were previously
reported on January 8, 2015 and
referred to as trenches A8 and A12). Trench AEtr15-19
intersected anomalous mineralization and a broad alteration zone
consistent with alteration throughout the prospect area, but was
not sampled across the entire trench due to poor ground conditions.
Trench AEtr15-17 did not intersect alteration or
mineralization. Trench AEtr15-20 exposed anomalous gold
mineralization and the continuation of the alteration zone at the
most westerly end of the Argyle prospect.
Geological mapping and interpretation of the analytical results
indicate that the two previously exposed zones of mineralization
are contiguous and that there is geological continuity throughout
the Argyle prospect over a strike length of 300 metres. Gold
grades and alteration character are similar in style and tenor to
those observed at the Stog'er Tight deposit.
President and CEO, Dustin Angelo,
states; "We are just beginning to piece together the Argyle
prospect, our newest gold discovery. We are encouraged by the
geological similarities to the Pine Cove and Stog'er Tight deposits
as well as the initial 300-metre strike length of alteration and
mineralization. Argyle fits nicely into our pipeline as an early
stage project to complement those that are more advanced. It also
serves as an example of the great potential for more gold
discoveries within the Point Rousse Project area."
The Company plans to perform a ground IP and magnetic survey to
cover the Argyle project area, which is anticipated to begin in the
spring of 2016. The goal of the ground geophysical survey is
to acquire more data to better identify drill targets within and
outside of the currently known exposures of the Argyle
prospect.
This news release has been reviewed and approved by
Paul McNeill, P. Geo., VP
Exploration with Anaconda Mining Inc., a "Qualified Person", under
National Instrument 43-101 Standard for Disclosure for Mineral
Projects.
All samples are collected using QA/QC protocols including the
regular insertion of duplicates, standards and blanks within the
sample batch for analysis. All samples quoted in this release were
analyzed at Eastern Analytical Ltd. in Springdale, NL, for Au by fire assay (30g)
with an AA finish.
Channel sample intersections are apparent widths and are
estimated to be approximately 75 - 100% of true widths.
ABOUT ANACONDA
Headquartered in Toronto,
Canada, Anaconda is a growth oriented, gold mining and
exploration company with a producing project, called the Point
Rousse Project, and approximately 6,300 hectares of exploration
property on the Ming's Bight Peninsula located in the Baie Verte
Mining District in Newfoundland,
Canada. Since 2012, Anaconda has increased its property
control by nine-fold. It is currently exploring three primary,
prospective gold trends, which have approximately 20 kilometres of
cumulative strike length and include four deposits and numerous
prospects and showings, all within 8 kilometres of the Pine Cove
mill. The Company's plan is to discover and develop more
resources within the project area and double annual production from
its current rate of approximately 15,000 ounces to 30,000
ounces.
FORWARD LOOKING STATEMENTS
This document contains or refers to forward-looking
information. Such forward-looking information includes, among other
things, statements regarding growth and is based on current
expectations and assumptions of management that involve a number of
business risks and uncertainties. Factors that could cause actual
results to differ materially from any forward-looking statements
include, but are not limited to: the expectations of the Company in
expanding mineral resources and project mine life and the timing
thereof, current and future market trends and growth opportunities
and whether the Company will be able to capitalize upon them.
Forward-looking statements may include words such as "plans,"
"may," "estimates," "expects," "indicates," "targeting,"
"potential" and similar expressions. These forward-looking
statements are based on current expectations and are subject to
significant risks and uncertainties, including the risks factors
outlined in the Company's latest annual information form and other
continuous disclosure documents filed at www.sedar.com, 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 the Company assumes no
responsibility to update them or revise them to reflect new events
or circumstances, except as required by law.
SOURCE Anaconda Mining Inc.