TORONTO, Feb. 20, 2019
/CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company")
(TSX: ANX) (OTCQX: ANXGF) is pleased to announce the results of a
3,434-metre drill program that began in November, 2018 and included
drilling around the Pine Cove mine (Exhibit A and B) and the
Stog'er Tight mine (Exhibit C) ("Pine Cove" and "Stog'er Tight"
respectively) at the Company's Point Rousse Project in Newfoundland ("Point Rousse"). A total of 33
drill holes (the "Drill Program") successfully infilled and
extended mineralization near the margins of the existing pit
outlines at both mines, as part of an on-going evaluation of
potential pit expansions at both Pine Cove and Stog'er Tight.
Anaconda extended the strike of the shallow, southern end of the
Pine Cove Deposit, by approximately 100 metres, and extended
mineralization in the Northwest Extension of the Pine Cove Deposit
by 75 metres. At Stog'er Tight, the Company confirmed
mineralization, including visible gold occurrences, adjacent to the
ultimate pit design, down dip of the current mineral reserves.
Highlights from the Drill Program include:
Stog'er Tight:
- 6.45 grams per tonne ("g/t") gold over 5.0 metres (65.0
to 70.0 metres) in hole BN-18-288;
- 1.89 g/t gold over 12.0 metres (64.0 to 76.0 metres) in
hole BN-18-290; and
- 2.46 g/t gold over 8.0 metres (79.8 to
87.8 metres) in hole BN-18-292.
Pine Cove:
- 2.50 g/t gold over 9.0 metres (17.0 to 26.0 metres)
in hole PC-18-271;
- 1.73 g/t gold over 9.0 metres (5.0 to 14.0
metres) in hole PC-18-281; and
- 1.50 g/t gold over 5.0 metre (10.0 to 15.0 metres)
in hole PC-18-269.
"We are very pleased with the step-out drilling done at Pine
Cove and Stog'er Tight. Based on historical drilling and the
current drill results, we see the potential to continue mining on
the southern and western side of the Pine Cove pit without
compromising our tailings storage activities. In addition, we are
encouraged by the possibility of adding more ore on the northern
portion of the Stog'er Tight Deposit. In the coming weeks, we will
incorporate these drill results into our resource models and
determine whether we can extend the mining operations at Pine Cove
and Stog'er Tight beyond our existing mineral resource
plan."
~Dustin Angelo,
President and CEO, Anaconda Mining Inc.
Selected highlights from previous drilling in contiguous
mineralized zones within the unmined portion of the Pine Cove
Deposit include:
- 8.75 g/t gold over 6.5 metres (15.5 to 22.0 metres)
in hole PC-90-078;
- 2.66 g/t gold over 15.9 metres (6.0 to 22.0
metres) in hole PC-15-257;
- 2.59 g/t gold over 15.9 metres (41.6 to 57.5
metres) in hole PC-90-036;
- 2.00 g/t gold over 17.2 metres (22.4 to 39.6
metres) in hole PC-04-133; and
- 6.11 g/t gold over 5.0 metres (31.3 to 36.3 metres) in
hole PC-92-107.
A table of selected composited assays from the Drill Program is
presented below.
In addition to the drilling adjacent to the Pine Cove mine, the
Drill Program included 1,812 metres in 12 diamond drill holes
(AN-18-06 to 17) to explore the area between the Pine Cove mine and
the Anoroc Prospect located approximately 800 metres southwest of
the Pine Cove Deposit. Historic channel sampling and several
historic diamond drill holes at Anoroc, including 9.92 g/t gold
over 2.0 metres in hole AN-90-01, had previously intersected host
rocks, alteration and mineralization similar in style and character
to those of the Pine Cove Deposit. Drilling at the Anoroc Prospect
intersected Pine Cove-like alteration and, locally, low grade
mineralization, including 1.11 g/t gold over 5.5 metres (AN-18-13),
but did not encounter significant assays to justify further
exploration work at this time.
Table of selected composited assays from drill holes reported
in this press release:
|
STOG'ER
TIGHT
|
|
|
|
|
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Grade
(g/t)
|
|
BN-18-287
|
68.7
|
71.7
|
3.0
|
0.78
|
|
BN-18-288
|
65.0
|
70.0
|
5.0
|
6.45
|
|
and
|
75.0
|
78.0
|
3.0
|
1.44
|
|
BN-18-289
|
69.0
|
73.0
|
4.0
|
2.70
|
|
BN-18-290
|
64.0
|
76.0
|
12.0
|
1.89
|
|
and
|
91.5
|
92.5
|
1.0
|
0.48
|
|
BN-18-291
|
72.0
|
75.0
|
3.0
|
5.12
|
|
BN-18-292
|
79.8
|
87.8
|
8.0
|
2.46
|
|
|
|
|
|
|
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Grade
(g/t)
|
|
PINE
COVE
|
|
|
|
|
PC-18-269
|
10.0
|
15.0
|
5.0
|
1.50
|
|
PC-18-270
|
25.0
|
26.0
|
1.0
|
1.23
|
|
and
|
32.0
|
34.0
|
2.0
|
0.67
|
|
and
|
38.0
|
40.0
|
2.0
|
1.45
|
|
PC-18-271
|
17.0
|
26.0
|
9.0
|
2.50
|
|
PC-18-272
|
31.0
|
36.0
|
5.0
|
0.61
|
|
and
|
39.0
|
41.0
|
2.0
|
1.05
|
|
PC-18-274
|
39.0
|
40.0
|
1.0
|
0.83
|
|
PC-18-275
|
4.0
|
6.0
|
2.0
|
1.46
|
|
and
|
11.0
|
12.0
|
1.0
|
0.85
|
|
and
|
16.0
|
20.0
|
4.0
|
0.89
|
|
PC-18-276
|
2.7
|
7.7
|
5.0
|
0.84
|
|
and
|
37.0
|
38.0
|
1.0
|
1.36
|
|
PC-18-277
|
5.0
|
8.0
|
3.0
|
0.99
|
|
and
|
12.0
|
15.0
|
3.0
|
1.91
|
|
PC-18-278
|
8.0
|
9.0
|
1.0
|
1.16
|
|
PC-19-280
|
24.0
|
27.0
|
3.0
|
0.75
|
|
and
|
30.0
|
31.0
|
1.0
|
0.84
|
|
PC-19-281
|
5.0
|
14.0
|
9.0
|
1.73
|
|
PC-19-283
|
77.0
|
78.0
|
1.0
|
1.07
|
|
ANOROC
|
|
|
|
|
AN-18-06
|
15.1
|
33.1
|
18.0
|
1.52
|
|
including
|
17.1
|
27.1
|
10.0
|
2.35
|
|
and
|
17.1
|
18.1
|
1.0
|
13.60
|
|
and
|
35.1
|
36.1
|
1.0
|
0.64
|
|
AN-18-13
|
7.9
|
9.0
|
1.1
|
1.78
|
|
and
|
31.0
|
32.9
|
1.9
|
0.72
|
|
and
|
37.0
|
39.0
|
2.0
|
1.09
|
|
and
|
54.5
|
60.0
|
5.5
|
1.11
|
|
including
|
57.0
|
58.0
|
1.0
|
4.98
|
|
AN-18-14
|
7.0
|
8.0
|
1.0
|
0.92
|
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.
The company would like to thank the Department of Natural
Resources, Government of Newfoundland and Labrador to their assistance in portions of
the 2018 exploration drill programs through the support of the
Junior Exploration Assistance Program.
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.
Reported mineralized intervals are measured from core
lengths. Intervals are estimated to be approximately 80-100% 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 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.
