TORONTO, Sept. 5, 2019 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased
to provide an update on the Tilt Cove Gold Project ("Tilt Cove"),
located within the Baie Verte Mining District in Newfoundland, approximately 45 kilometres by
road from the Company's Pine Cove Mill (Exhibit A). Tilt Cove is a
large land package along the same geological trend as the past
producing, high-grade Nugget Pond Mine, which had an average
recovered grade of 9.85 g/t gold. Tilt Cove covers a 20-kilometre
strike extent of the Betts Cove Complex, a highly prospective
geological terrane including the Nugget Pond Horizon, the ironstone
unit that hosts the Nugget Pond Mine (Exhibit A). The Company
currently plans to drill 4,000 metres of diamond drilling starting
in the fourth quarter of 2019.
Since the Company announced the expansion of its footprint at
Tilt Cove on May 9, 2019, key
geological characteristics of the Nugget Pond Mine have been
identified and used to guide a work program focused on providing
the specific data required to evaluate and prioritize exploration
targets. The Tilt Cove work program to date includes the following
milestones:
- Identified 12 exploration targets based on historical
exploration data (Exhibit A);
- Collected 569 prospecting rock samples and 2,192 soil
samples;
- Initiated a detailed drone-magnetic survey (455-line km) over
the Nugget Pond Horizon;
- Completed a LiDAR survey over the entire project area (196
km2);
- Conducted a review of available drill core and relogged 13
diamond drill holes from the Nugget Pond deposit;
- Received all required exploration and drilling permits;
and
- Expanded the prospective Tilt Cove land position to 6,075
hectares.
Upon receipt of all prospecting and soil sample assays and
geophysical data sets early in Q4 2019, Anaconda will conduct a
full evaluation of all available data to determine the highest
priority targets prior to drilling.
"We have identified twelve exploration targets to date and
have located more prospective areas based on our geological mapping
and prospecting. We will continue with our data acquisition which,
in combination with historical data will allow us to fully evaluate
and prioritize exploration targets and develop specific drill
targets. Given the history of past production at the high-grade
Nugget Pond Mine, our large land position in this highly
prospective area and proximity to our operating Pine Cove mill and
tailings facilities, we believe we are in a unique position to make
the next high-grade gold discovery in the prolific Baie Verte
Mining District."
~ Kevin Bullock, Chief
Executive Officer, Anaconda Mining Inc.
Highlights of the Tilt Cove Project
- Large land position that has been consolidated for gold
exploration for the first time in 20 years with 20 kilometres of
prospective strike;
- Includes the Nugget Pond Horizon, which hosts the
past-producing high-grade Nugget Pond Mine that produced 168,748
ounces and an average grade of 9.85 g/t gold;
- Nugget Pond mineralization is like other Banded-Iron-Formation
hosted lode gold deposits, such as Meadowbank, Lupin, Meliadine and
Homestake;
- Includes the Venams Bight Formation, which hosts the Pine Cove
Mine at the Point Rousse Project;
- Significant high-grade historical drill intercepts and the
identification of 12 high-priority gold exploration targets
including:
-
- 6.77 g/t gold over 5.0 metres in hole BC-89-02;
- 11.20 g/t gold over 1.1 metres in hole BC-89-01;
- 8.82 g/t gold over 1.0 metre in hole NBC-96-01; and
- Past-producing copper mines including the Tilt Cove and
Betts Cove Mines.
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 quoted drill core intervals and grades and production
statistics have been compiled from historic assessment work reports
obtained from the Government of Newfoundland and Labrador. Anaconda notes that sufficient work
has not been completed by a Qualified Person to verify and validate
the results of historical work. Widths from drill core intervals
reported in this press release are presented as core lengths
only.
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,
deep water port, and approximately 11,000 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 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 Anaconda's annual information form
for the year ended December 31, 2018,
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.
Exhibit A. A geological map of the Tilt Cove Project in
the Baie Verte Mining District of Newfoundland. The map highlights the Nugget
Pond Horizon and the Venams Bight Formation as key host rocks to
gold deposits at both the Tilt Cove and Point Rousse Projects as
well as key exploration targets. The project is located
approximately 45 km from the Company's operating Pine Cove mill and
tailings storage facilities.
SOURCE Anaconda Mining Inc.
