TORONTO, Jan. 14, 2019 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased
to announce additional results from the 10,000-metre drill program
that began in July 2018 at the
Goldboro Gold Project in Nova
Scotia ("Goldboro"). Fifteen drill holes (BR-18-50 to 63 and
BR-18-43), totaling 4,866 metres (the "WG Drill Program"),
successfully infilled the West Goldbrook Gold System ("WG Gold
System") over 400 metres of existing strike length and extended the
WG Gold System 200 metres to a depth of 450 metres, encountering 23
occurrences of visible gold and mineralization characteristic of
the Goldboro Gold Deposit (Exhibit A, B, C and D). The infill
portion of the WG Drill Program intersected mineralized zones in
areas of known inferred mineral resources and demonstrated
continuity of mineralization, providing the requisite geological
data to potentially convert those inferred resources to the
indicated category (Exhibit A, C and D). Expansion drilling
intersected the host fold structure, alteration and mineralization
to a depth of 450 metres, demonstrating that the deposit continues
below the previously modeled WG Gold System (Exhibit C and D).
Highlights from the WG Drill Program include:
- 78.07 grams per tonne ("g/t") gold over 1.1 metres (
196.7 to 197.8 metres) in hole BR-18-63;
- 32.42 g/t gold over 2.6 metres (300.3 to 302.9 metres)
including 201.68 g/t gold over 0.4 metres in hole
BR-18-59;
- 24.06 g/t gold over 2.0 metres (138.0 to 140.0
metres) including 55.58 g/t gold over 0.5 metres in
hole BR-18-61;
- 20.02 g/t gold over 2.0 metres (226.5 to 228.5 metres)
including 78.29 g/t gold over 0.5 metres in hole
BR-18-56;
- 25.45 g/t gold over 1.5 metres (199.3 to 200.8 metres)
including 46.54 g/t gold over 0.8 metres in hole BR-18-59;
and
- 11.15 g/t gold over 1.0 metre (179.0 to 180.0
metres) in hole BR-18-51.
A table of selected composited assays from the WG Drilling
Program is presented below.
"The second major diamond drilling campaign that we have
conducted at Goldboro since we
acquired the project continues to meet or exceed our expectations.
In this portion of our 10,000-metre drill program, we focused on
the potential of West Goldbrook and made significant advances in
increasing the confidence level in the continuity of the
mineralized system and extending it at depth to 450 metres. More
importantly, we have determined that West Goldbrook is, in fact,
the faulted westerly strike continuation of the Boston Richardson
Gold System, which has been more thoroughly drilled and contains at
least seventeen mineralized zones, approximately double the amount
compared to what has been modeled in West Goldbrook to date.
Consequently, not only have we been confident of the expansion
potential of Boston Richardson and East Goldbrook, but now we see
substantial upside in growing the Goldboro Gold Deposit through the
discovery of more mineralized zones in West Goldbrook. We completed
our 10,000-metre drill program in December and are developing plans
for an additional 5,000 metres of drilling in the first half of
2019. Results from these drill programs will be incorporated into
an updated Mineral Resource estimate and form the basis of a
Goldboro feasibility study to be
completed in 2019."
~Dustin Angelo,
President and CEO, Anaconda Mining Inc.
Highlights from historical drilling in the WG Gold System
include:
- 10.20 g/t gold over 11.9 metres (88.1 to 100.0
metres) including 74.50 g/t gold over 1.5 metres in hole
OSK10-37;
- 9.81 g/t gold over 5.0 metres (219.0 to 224.0 metres)
including 44.10 g/t over 1.0 metre in hole OSK10-09;
- 15.57 g/t gold over 2.9 metres (181.1 to 184.0
metres) including 40.60 g/t gold over 1.0 metre in hole
OSK10-34;
- 4.03 g/t gold over 6.9 metres (153.5 to 160.4
metres) including 49.90 g/t gold over 0.5 metres in hole
OSK10-32; and
- 154.5 g/t gold over 0.5 metres (94.7 to 95.2 metres) in
hole OSK10-35.
Linking the Boston Richardson and West Goldbrook Gold
Systems
Prior to recent drilling, the WG Gold System was defined as the
8 mineralized zones located west of a northerly striking fault that
divides the WG Gold System and the Boston Richardson Gold System
("BR Gold System") within the Goldboro Gold Deposit (Exhibit A and
D). The BR Gold System is currently comprised of 17 mineralized
zones, accounting for 51% of the current Goldboro Mineral Resource,
and is consistently located below a unique sandstone bed at least
40 metres thick (the "Marker Horizon"). The recent drilling in the
WG Gold System confirmed the working hypothesis that, based on
observations from earlier drilling, the WG Gold System is a
fault-offset continuation of the BR Gold System. Anaconda
intersected the unique Marker Horizon in the hanging wall of the
southern limb of the fold structure in the WG Gold System, which
means that the western portion of the Goldboro Gold Deposit is the
westerly strike continuation of the BR Gold System. Since the BR
Gold System has at least seventeen mineralized zones and is open at
depth for expansion, then the WG Gold System, which now has 10
known mineralized zones, may also contain additional mineralization
at depth that has yet to be discovered below the current level of
drilling (Exhibit B and C).
Table of selected composited assays from drill holes reported
in this press release:
|
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
Gold
System
|
Visible
Gold
|
Section
|
|
BR-18-50
|
207.5
|
208.8
|
1.3
|
3.78
|
WG
|
|
8150E
|
|
and
|
214.8
|
221.0
|
6.2
|
1.05
|
WG
|
|
|
BR-18-51
|
179.0
|
180.0
|
1.0
|
11.15
|
WG
|
|
8150E
|
|
and
|
192.0
|
193.0
|
1.0
|
1.91
|
WG
|
vg
|
|
and
|
255.7
|
257.0
|
1.3
|
1.06
|
WG
|
|
|
and
|
303.3
|
303.8
|
0.4
|
7.71
|
WG
|
vg
|
|
BR-18-52
|
326.7
|
328.7
|
2.0
|
1.67
|
WG
|
|
8100E
|
|
and
|
355.0
|
356.0
|
1.0
|
1.28
|
WG
|
|
|
BR-18-53
|
110.2
|
111.2
|
1.0
|
3.78
|
WG
|
|
8100E
|
|
and
|
119.2
|
120.2
|
1.0
|
6.30
|
WG
|
|
|
and
|
155.4
|
156.3
|
0.8
|
5.82
|
WG
|
|
|
BR-18-54
|
27.5
|
28.0
|
0.5
|
0.91
|
WG
|
vg
|
8325E
|
|
and
|
44.5
|
45.0
|
0.5
|
3.59
|
WG
|
|
|
BR-18-55
|
106.0
|
107.0
|
1.0
|
4.15
|
WG
|
|
|
BR-18-56
|
226.5
|
228.5
|
2.0
|
20.02
|
WG
|
|
8400E
|
|
including
|
226.5
|
227.0
|
0.5
|
78.29
|
WG
|
|
|
and
|
263.3
|
263.7
|
0.4
|
14.54
|
WG
|
|
|
BR-18-57
|
163.3
|
164.0
|
0.7
|
4.20
|
WG
|
|
8350E
|
|
and
|
205.7
|
208.4
|
2.7
|
2.37
|
WG
|
|
|
including
|
205.7
|
206.4
|
0.7
|
6.66
|
WG
|
|
|
and
|
261.3
|
263.0
|
1.7
|
2.33
|
WG
|
|
|
BR-18-58
|
100.6
|
102.1
|
1.5
|
5.59
|
WG
|
|
8400E
|
|
and
|
142.3
|
143.7
|
1.4
|
3.94
|
WG
|
|
|
Including
|
142.3
|
142.8
|
0.5
|
9.24
|
WG
|
|
|
and
|
147.5
|
148.0
|
0.5
|
4.76
|
WG
|
|
|
BR-18-59
|
30.0
|
30.7
|
0.7
|
5.61
|
WG
|
|
8350E
|
|
and
|
93.2
|
93.9
|
0.7
|
33.38
|
WG
|
|
|
and
|
199.3
|
200.8
|
1.5
|
25.45
|
WG
|
|
|
Including
|
200.0
|
200.8
|
0.8
|
46.54
|
WG
|
|
|
and
|
227.3
|
228.0
|
0.7
|
3.45
|
WG
|
|
|
and
|
300.3
|
302.9
|
2.6
|
32.42
|
WG
|
vg
|
|
Including
|
302.5
|
302.9
|
0.4
|
201.68
|
WG
|
vg
|
|
and
|
317.6
|
318.8
|
1.2
|
6.93
|
WG
|
|
|
Including
|
317.6
|
318.3
|
0.7
|
11.17
|
WG
|
|
|
and
|
333.2
|
334.2
|
1.0
|
8.52
|
WG
|
|
|
and
|
340.0
|
340.5
|
0.5
|
4.97
|
WG
|
|
|
BR-18-60
|
177.4
|
178.2
|
0.8
|
84.49
|
WG
|
|
8400E
|
|
and
|
242.6
|
246.1
|
3.5
|
2.87
|
WG
|
vg
|
|
Including
|
243.6
|
244.1
|
0.5
|
9.29
|
WG
|
|
|
and
|
335.0
|
341.7
|
6.7
|
0.59
|
WG
|
|
|
and
|
339.0
|
341.7
|
2.7
|
0.60
|
WG
|
|
|
and
|
378.2
|
380.6
|
2.4
|
5.68
|
WG
|
vg
|
|
Including
|
380.1
|
380.6
|
0.5
|
19.15
|
WG
|
vg
|
|
and
|
446.4
|
448.3
|
1.9
|
2.90
|
WG
|
|
|
Including
|
447.8
|
448.3
|
0.5
|
8.84
|
WG
|
|
|
BR-18-61
|
9.0
|
9.5
|
0.5
|
14.84
|
WG
|
|
8500E
|
|
and
|
15.9
|
18.0
|
2.1
|
6.09
|
WG
|
|
|
Including
|
17.0
|
17.5
|
0.5
|
15.48
|
WG
|
|
|
and
|
23.5
|
24.0
|
0.5
|
9.92
|
WG
|
|
|
and
|
43.0
|
47.0
|
4.0
|
1.12
|
WG
|
|
|
and
|
53.5
|
56.0
|
2.5
|
1.85
|
WG
|
|
|
and
|
104.9
|
105.5
|
0.6
|
2.52
|
WG
|
vg
|
|
and
|
120.5
|
121.0
|
0.5
|
5.50
|
WG
|
|
|
and
|
138.0
|
140.0
|
2.0
|
24.06
|
WG
|
|
|
Including
|
139.5
|
140.0
|
0.5
|
55.58
|
WG
|
|
|
and
|
274.9
|
278.4
|
3.5
|
8.18
|
WG
|
|
|
Including
|
276.7
|
277.4
|
0.7
|
32.51
|
WG
|
|
|
and
|
292.0
|
293.7
|
1.7
|
1.18
|
WG
|
|
|
and
|
324.6
|
325.6
|
1.0
|
12.67
|
WG
|
|
|
and
|
394.5
|
396.0
|
1.5
|
11.45
|
WG
|
|
|
Including
|
394.5
|
395.0
|
0.5
|
32.83
|
WG
|
|
|
BR-18-62
|
52.4
|
53.6
|
1.2
|
2.14
|
WG
|
|
8350E
|
|
and
|
83.7
|
84.3
|
0.6
|
75.21
|
WG
|
|
|
and
|
108.5
|
110.8
|
2.3
|
9.09
|
WG
|
|
|
Including
|
109.8
|
110.8
|
1.0
|
18.17
|
WG
|
|
|
and
|
112.0
|
113.0
|
1.0
|
5.84
|
WG
|
|
|
and
|
172.8
|
173.8
|
1.0
|
5.25
|
WG
|
|
|
and
|
243.3
|
243.8
|
0.5
|
10.98
|
WG
|
|
|
and
|
312.2
|
313.2
|
1.0
|
3.28
|
WG
|
|
|
BR-18-63
|
24.3
|
25.0
|
0.7
|
1.24
|
WG
|
vg
|
8250E
|
|
and
|
42.8
|
43.5
|
0.7
|
3.01
|
WG
|
|
|
and
|
81.3
|
82.3
|
1.0
|
32.07
|
WG
|
|
|
and
|
196.7
|
197.8
|
1.1
|
78.07
|
WG
|
|
|
and
|
253.4
|
254.9
|
1.5
|
9.16
|
WG
|
|
|
and
|
286.6
|
288.3
|
1.7
|
2.49
|
WG
|
|
|
BR-18-43
|
67.5
|
69.0
|
1.5
|
3.89
|
WG
|
|
8500E
|
|
and
|
207.6
|
208.2
|
0.6
|
3.25
|
WG
|
|
|
and
|
259.5
|
260.0
|
0.5
|
5.65
|
WG
|
vg
|
|
and
|
261.0
|
261.5
|
0.5
|
0.88
|
WG
|
vg
|
|
and
|
301.6
|
302.6
|
1.0
|
4.01
|
WG
|
|
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. 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 75-100% of
true widths.
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
Anaconda Mining is a TSX and OTCQX-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 9,150 hectares of prospective gold-bearing
property. Anaconda is also developing the Goldboro Gold Project in
Nova Scotia, a high-grade Mineral
Resource, subject to a 2018 a preliminary economic assessment which
demonstrates a strong project economics. The Company also has a
wholly owned exploration company that is solely focused on early
stage exploration in Newfoundland
and New Brunswick.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable Canadian and United States securities legislation.
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 the annual information form for the
fiscal year 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.
