TORONTO, May 10, 2018 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") (TSX: ANX; OTCQX:
ANXGF) is pleased to announce assay results from four drill holes
(1,900 metres), as part of 9,753 metres of diamond drilling
completed since October 2017 (the
"Drill Program") at the Company's Goldboro Gold Project in
Nova Scotia ("Goldboro"). The four drill holes (BR-17-12
to -13 and BR-18-24 to -25) targeted cross section 9250E located
near the centre of the Goldboro Deposit, within both the East
Goldbrook ("EG Gold System") and Boston-Richardson ("BR Gold System") Gold
Systems (Exhibit A and B).
The Drill Program has successfully extended known mineralization
down-dip approximately 100 metres within the EG Gold System at
cross section 9250E. The drilling also extended three zones of
mineralization within the southern limb of the fold structure that
were recently discovered east of section 9250E and are above
previously modeled zones of the EG Gold System as reported on
April 5, 2018 (Exhibit A and B).
These three new zones have expanded the overall width of the
Goldboro Deposit from 200 metres to 350 metres and expanded the
strike of the deposit, eastward by 100 metres (Exhibit A). Drilling
also intersected several broad zones of mineralization within the
EG Gold System indicating that broad mineralized zones, like those
found in the BR Gold System, can be found within the EG Gold
System. At depth, mineralized intersections within the BR Gold
System successfully extended the depth of the deposit in section
9250E by 150 metres to approximately 500 metres (Exhibit B).
Highlights of recent assays from the Drill Program on section
9250E include:
- 752.54 grams per tonne ("g/t") gold over 0.5 metres (145.0
to 145.5 metres) in hole BR-18-25;
- 56.67 g/t gold over 1.0 metre (132.5 to 133.5 metres) in
hole BR-18-25;
- 17.00 g/t gold over 1.0 metre (39.0 to 40.0 metres) in hole
BR-18-25;
- 6.55 g/t gold over 2.5 metres (84.5 to 87.0 metres) in hole
BR-18-24;
- 12.29 g/t gold over 1.0 metres (321.0 to 322.0 metres) in
hole BR-17-13; and
- 49.61 g/t gold over 0.5 metres (342.8 to 343.3 metres) in
hole BR-17-12.
Highlight assays from historic drilling on section 9250E
include:
- 4.36 g/t gold over 9.0 metres (127.0 to 136.0 metres) in
hole BR-08-20A, including 9.02 g/t gold over 1.0 metre;
- 2.72 g/t gold over 20.0 metres (118.5 to 138.5 metres) in
hole BR-08-21;
- 6.43 g/t gold over 1.5 metres (144.5 to 146.0 metres) in
hole BR-08-20A;
- 5.97 g/t gold over 1.5 metres (89.5 to 91.0 metres) in hole
BR-08-21; and
- 5.19 g/t gold over 1.5 metres (69.5 to 71.0 metres) in hole
BR-08-20A
A full table of composited assays is presented below.
"We continue to receive exciting results from our
Goldboro drill program. To date,
we have been able to demonstrate the continuity of mineralization
within the overall deposit structure and proven that the
mineralized zones exist along strike, down-dip and down the plunge
of the current resource model. The results encountered in section
9250E are typical of those expected in this section, with the added
bonus of broader zones of mineralization within the EG Gold
System. With the success of the drill program to date, we
have extended the current drill program to begin testing new
concepts, such as a relationship between faults and broader,
high-grade zones as encountered in section 9100E, while continuing
to move the project towards more advanced feasibility studies.
Drill results to date indicate the potential for further deposit
expansion and an extended project life."
~Dustin Angelo, President and
CEO, Anaconda Mining Inc.
Anaconda has initiated a further 2,000 metres of diamond
drilling to follow up on the success of the Drill Program to date.
The primary purpose of the additional meterage is to drill adjacent
to section 9100E from which the BR Gold System contained broad
zones of high-grade mineralization associated with displacement of
the existing deposit along a fault system. The Company will test
the hypothesis that it has encountered a new, fault related setting
for gold mineralization within the Goldboro Deposit as has been
observed in similar deposits within the Victoria Gold Fields of
Australia.
As reported on April 19, 2018,
drill results from section 9100E included the following
highlights:
- 11.27 g/t gold over 13.5 metres (201.0 to 214.5 metres) in
hole BR-18-22, including 15.63 g/t gold over 1.4 metres and 44.33
g/t gold over 2.5 metres;
- 4.13 g/t gold over 20.5 metres (324.5 to 345.0 metres) in
hole BR-18-23, including 9.93 g/t gold over 7.5 metres and 79.34
g/t gold over 0.5 metres;
- 10.55 g/t gold over 6.1 metres (223.0 to 229.1 metres) in
hole BR-18-22, including 18.78 g/t gold over 3.1 metres;
- 5.10 g/t gold over 9.6 metres (116.0 to 125.6 metres) in
hole BR-18-22, including 25.82 g/t gold over 1.5 metres;
- 7.22 g/t gold over 6.5 metres (310.5 to 317.0 metres) in
hole BR-18-23, including 16.00 g/t gold over 2.0 metres;
and
- 9.29 g/t gold over 2.1 metres (420.6 to 422.7 metres) in
hole BR-18-21.
As part of the extended drill program, Anaconda will allocate
approximately 500 metres to infill certain areas of the Mineral
Resource that form part of the Company's planned underground bulk
sample, which is expected to occur later in 2018.
Table of composited assays from section 9250E
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
Visible
Gold
|
Gold
System
|
|
BR-17-12
|
284.5
|
285.0
|
0.5
|
0.67
|
|
EG
|
Current
|
and
|
323.6
|
324.1
|
0.5
|
13.67
|
|
EG
|
and
|
342.8
|
343.3
|
0.5
|
49.61
|
|
EG
|
and
|
447.9
|
448.4
|
0.5
|
0.62
|
|
BR
|
and
|
451.4
|
451.9
|
0.5
|
0.52
|
|
BR
|
and
|
461.5
|
464.8
|
3.3
|
1.15
|
|
BR
|
including
|
462.3
|
462.8
|
0.5
|
3.41
|
|
BR
|
and
|
477.6
|
478.1
|
0.5
|
0.49
|
|
BR
|
and
|
480.9
|
481.4
|
0.5
|
0.97
|
|
BR
|
and
|
490.9
|
491.5
|
0.6
|
1.01
|
|
BR
|
and
|
493.7
|
494.2
|
0.5
|
1.62
|
|
BR
|
and
|
496.4
|
497.6
|
1.2
|
0.63
|
|
BR
|
and
|
501.0
|
504.0
|
3.0
|
3.48
|
v.g.
|
BR
|
including
|
502.5
|
503.0
|
0.5
|
17.08
|
v.g.
|
BR
|
and
|
506.5
|
512.5
|
6.0
|
0.88
|
|
BR
|
including
|
507.7
|
508.3
|
0.6
|
4.19
|
|
BR
|
and
|
527.5
|
529.0
|
1.5
|
1.08
|
|
BR
|
and
|
565.6
|
566.2
|
0.6
|
1.19
|
|
BR
|
BR-17-13
|
99.5
|
100.0
|
0.5
|
1.28
|
|
EG
|
and
|
161.0
|
161.5
|
0.5
|
11.85
|
|
EG
|
and
|
167.5
|
168.0
|
0.5
|
1.54
|
|
EG
|
and
|
169.5
|
170.0
|
0.5
|
1.09
|
|
EG
|
and
|
321.0
|
322.0
|
1.0
|
12.29
|
|
EG
|
and
|
398.0
|
399.0
|
1.0
|
0.52
|
|
BR
|
and
|
404.0
|
405.0
|
1.0
|
1.37
|
|
BR
|
and
|
410.5
|
411.0
|
0.5
|
28.52
|
|
BR
|
and
|
418.0
|
418.5
|
0.5
|
8.94
|
v.g.
|
BR
|
and
|
421.5
|
424.0
|
2.5
|
2.22
|
|
BR
|
including
|
421.5
|
422.0
|
0.5
|
6.75
|
|
BR
|
and
|
440.3
|
441.0
|
0.7
|
5.61
|
v.g.
|
BR
|
and
|
444.0
|
444.5
|
0.5
|
1.41
|
|
BR
|
and
|
474.5
|
475.0
|
0.5
|
1.43
|
v.g.
|
BR
|
BR-18-24
|
47.0
|
47.5
|
0.5
|
4.05
|
v.g.
|
EG
|
and
|
84.5
|
87.0
|
2.5
|
6.55
|
|
EG
|
including
|
86.0
|
87.0
|
1.0
|
16.11
|
|
EG
|
and
|
110.0
|
110.5
|
0.5
|
45.78
|
v.g.
|
EG
|
and
|
148.0
|
149.0
|
1.0
|
2.77
|
v.g.
|
EG
|
and
|
154.0
|
167.0
|
13.0
|
1.24
|
v.g.
|
EG
|
including
|
166.0
|
167.0
|
1.0
|
8.76
|
|
EG
|
and
|
182.0
|
193.1
|
11.1
|
0.75
|
|
EG
|
including
|
182.0
|
182.5
|
0.5
|
3.39
|
|
EG
|
and
|
211.0
|
212.0
|
1.0
|
0.87
|
|
EG
|
BR-18-25
|
31.5
|
32.0
|
0.5
|
6.10
|
|
EG
|
and
|
39.0
|
40.0
|
1.0
|
17.00
|
|
EG
|
and
|
132.5
|
133.5
|
1.0
|
56.67
|
|
EG
|
and
|
145.0
|
145.5
|
0.5
|
752.54
|
v.g.
|
EG
|
and
|
159.5
|
160.0
|
0.5
|
1.35
|
|
EG
|
and
|
253.0
|
254.0
|
1.0
|
0.99
|
|
EG
|
BR08-20A
|
18.8
|
19.0
|
0.3
|
0.77
|
v.g.
|
EG
|
Historic
|
and
|
24.0
|
25.0
|
1.0
|
0.84
|
|
EG
|
and
|
41.0
|
42.0
|
1.0
|
0.50
|
|
EG
|
and
|
61.0
|
63.0
|
2.0
|
1.34
|
|
EG
|
and
|
69.5
|
71.0
|
1.5
|
5.19
|
|
EG
|
including
|
70.8
|
71.0
|
0.3
|
28.60
|
|
EG
|
and
|
77.0
|
79.0
|
2.0
|
1.59
|
|
EG
|
and
|
84.8
|
85.0
|
0.3
|
1.55
|
v.g.
|
EG
|
and
|
92.0
|
94.0
|
2.0
|
0.63
|
|
EG
|
and
|
97.0
|
103.5
|
6.5
|
0.53
|
|
EG
|
and
|
107.5
|
110.0
|
2.5
|
2.22
|
|
EG
|
including
|
108.5
|
109.0
|
0.5
|
5.42
|
|
EG
|
and
|
127.0
|
136.0
|
9.0
|
4.36
|
v.g.
|
EG
|
including
|
127.3
|
127.5
|
0.3
|
85.90
|
v.g.
|
EG
|
including
|
135.0
|
136.0
|
1.0
|
9.02
|
|
EG
|
and
|
144.5
|
146.0
|
1.5
|
6.43
|
|
EG
|
and
|
150.5
|
154.0
|
3.5
|
1.13
|
|
EG
|
and
|
161.0
|
165.0
|
4.0
|
2.22
|
v.g.
|
EG
|
and
|
177.0
|
178.0
|
1.0
|
0.94
|
|
EG
|
and
|
182.5
|
183.0
|
0.5
|
0.56
|
|
EG
|
and
|
183.3
|
183.5
|
0.3
|
0.92
|
v.g.
|
EG
|
and
|
186.5
|
187.0
|
0.5
|
4.75
|
|
EG
|
and
|
191.0
|
191.5
|
0.5
|
1.64
|
|
EG
|
and
|
216.0
|
217.0
|
1.0
|
0.55
|
|
EG
|
BR08-21
|
25.0
|
28.0
|
3.0
|
0.77
|
|
EG
|
and
|
41.5
|
42.0
|
0.5
|
1.48
|
|
EG
|
and
|
82.0
|
84.0
|
2.0
|
0.74
|
|
EG
|
and
|
89.5
|
91.0
|
1.5
|
5.97
|
|
EG
|
and
|
99.5
|
102.0
|
2.5
|
0.98
|
|
EG
|
and
|
107.5
|
110.0
|
2.5
|
0.73
|
|
EG
|
and
|
113.5
|
114.5
|
1.0
|
0.79
|
|
EG
|
and
|
118.5
|
138.5
|
20.0
|
2.72
|
|
EG
|
including
|
134.0
|
134.3
|
0.3
|
156.50
|
v.g.
|
EG
|
and
|
181.5
|
182.0
|
0.5
|
0.60
|
|
EG
|
and
|
249.0
|
249.5
|
0.5
|
1.45
|
|
EG
|
and
|
284.0
|
284.5
|
0.5
|
1.75
|
|
EG
|
BR87-20
|
56.5
|
56.9
|
0.3
|
2.26
|
|
EG
|
and
|
62.8
|
63.3
|
0.5
|
3.77
|
|
EG
|
and
|
91.0
|
91.8
|
0.8
|
1.95
|
|
EG
|
and
|
97.5
|
98.2
|
0.7
|
1.68
|
|
EG
|
and
|
314.9
|
316.1
|
1.2
|
1.06
|
|
BR
|
and
|
317.6
|
318.5
|
0.9
|
0.79
|
|
BR
|
and
|
370.0
|
371.0
|
0.9
|
0.55
|
|
BR
|
and
|
374.0
|
377.2
|
3.2
|
0.72
|
|
BR
|
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 and the resultant composites referred to in this
release are collected using QA/QC 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. ("Eastern")
in Springdale, NL, for Au by fire
assay (30 g) with an AA finish.
Samples analyzing greater than 0.5 g/t Au via 30 g fire assay
were re-analyzed at Eastern via total pulp metallic. For the
total pulp metallic analysis, the entire sample is crushed to
-10mesh and pulverized to 95% -150mesh. The total sample is then
weighed and screened to 150mesh. The +150mesh fraction is fire
assayed for Au, and a 30 g subsample of the -150mesh 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 90-100% of
true widths of the mineralized zones, with the exception of
historical intervals below 100 metres within hole BR-08-20A which
are estimated at 50% of true width.
A version of this press release will be available in French on
Anaconda's website (www.anacondamining.com) in two to three
business days.
ABOUT ANACONDA MINING INC.
Anaconda is a TSX-listed gold mining, development, and
exploration company, focused in the prospective Atlantic Canadian
jurisdictions of Newfoundland and
Nova Scotia. The Company operates
the Point Rousse Project located in the Baie Verte Mining District
in Newfoundland, comprised of the
Stog'er Tight Mine, the Pine Cove open pit mine, the Argyle Mineral
Resource, the fully-permitted Pine Cove Mill and tailings facility,
and approximately 5,800 hectares of prospective gold-bearing
property. Anaconda is also developing the Goldboro Project in
Nova Scotia, a high-grade Mineral
Resource, with the potential to leverage existing infrastructure at
the Company's Point Rousse Project.
The Company also has a pipeline of organic growth opportunities,
including the Great Northern Project on the Northern Peninsula of
Newfoundland and the Tilt Cove
Property on the Baie Verte
Peninsula, also in Newfoundland.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable Canadian and United States securities legislation.
Forward-looking information includes, but is not limited to, the
Company's future exploration, development and operational plans.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects", or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would",
"might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the opinions and estimates
of management at the date the information is made, and is based on
a number of assumptions and is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Anaconda to be
materially different from those expressed or implied by such
forward-looking information, including risks associated with the
exploration, development and mining such as economic factors as
they effect exploration, future commodity prices, changes in
foreign exchange and interest rates, actual results of current
production, development and exploration activities, government
regulation, political or economic developments, environmental
risks, permitting timelines, capital expenditures, operating or
technical difficulties in connection with development activities,
employee relations, the speculative nature of gold exploration and
development, including the risks of diminishing quantities of
grades of resources, contests over title to properties, and changes
in project parameters as plans continue to be refined as well as
those risk factors discussed in Anaconda's annual information form
for the seven months ended December 31,
2017, available on www.sedar.com.
Although Anaconda has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. Anaconda does not undertake to update
any forward-looking information, except in accordance with
applicable securities laws.
SOURCE Anaconda Mining Inc.