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Anaconda Mining Intersects 12.39 g/t Gold Over 3.2 Metres and 24.49 g/t Gold Over 1.0 Metres at Goldboro

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Anaconda Mining Intersects 12.39 g/t Gold Over 3.2 Metres and 24.49 g/t Gold Over 1.0 Metres at Goldboro

 

 

 

 

 

Anaconda Mining Inc. (TSX: ANX) (OTCQX: ANXGF) is pleased to announce assay results from five drill holes (1,725 metres), as part of 11,588 metres of diamond drilling completed since October 2017 at the Goldboro Gold Project in Nova Scotia. The five drill holes (BR-18-30 to BR-18-34) targeted eight mineralized zones of the East Goldbrook Gold System and eight mineralized zones of the Boston-Richardson Gold System along section 9050E of the Goldboro Deposit (Exhibit A). The Drill Program also tested the continuity of mineralization previously intersected in section 9100E located 50 metres to the east where multiple, wide, high-grade zones associated with fault systems were intersected, including 11.27 grams per tonne (“g/t”) gold over 13.5 metres and 10.55 g/t gold over 6.1 metres (see press release of April 19, 2018). 

 

 

Highlights of the composited assays from the Drill Program on section 9050E include:

 

  • 2.21 g/t gold over 25.5 metres (506.1 to 531.6 metres) in hole BR-18-30, including 12.39 g/t gold over 3.2 metres;
  • 24.49 g/t gold over 1.0 metres (177.0 to 178.0 metres) in hole BR-18-34;
  • 4.82 g/t gold over 3.6 metres (384.7 to 388.3 metres) in hole BR-18-33, including 9.90 g/t gold over 1.1 metres; and
  • 3.00 g/t gold over 7.5 metres (270.5 to 278.0 metres) in hole BR-18-34.

 

 

A full table of composited assays from recent drilling is presented below.

 

 

“The current drilling not only expanded mineralization, but also demonstrated the continuity of wide zones of mineralization between sections along the dominate plunging control on the Boston Richardson Gold System. In section 9050E, we found the continuation of the wide zones of mineralization and faults seen in sections 9100E and 9150E.  Since initiating our exploration programs, which so far have included nearly 12,000 metres of drilling, we have expanded the deposit and continue to refine and increase the confidence in our geological model. In particular, drilling in section 9050E has extended all mineralized zones of the EG Gold System, and further extended the BR Gold System down to 550 vertical metres, an increase of over 250 metres in this section. Over the next several months, we expect to continue to demonstrate the significant growth potential of Goldboro with a substantial exploration program funded by the recent flow through financing.”

~Dustin Angelo, President and CEO, Anaconda Mining Inc.

 

 

The Drill Program was successful in hitting the eight mineralized zones targeted in the EG Gold System and discovered two mineralized zones that were not previously known (Exhibit B). Within the BR Gold System, all eight mineralized zones were intersected, extending the BR Gold System vertically an additional 250 metres to a depth of 550 metres in section 9050E (Exhibit B). Mineralization encountered in section 9050E also extended both the EG and BR Gold Systems westward by an additional 50 metres up plunge.  Nineteen separate occurrences of visible gold were observed.

 

 

Continuity of Wide Mineralized Zones

 

 

On section 9050E, Anaconda tested the continuation of wide zones of mineralization ranging from 4.5 metres to 13.5 metres that were encountered in sections 9100E and 9150E. As anticipated, the Company intersected two zones of mineralization in section 9050E (7.5 metres wide and 9.9 metres wide) within the same corridors of mineralization as sections 9100E and 9150E (Exhibit C). The correlation across three geological sections indicates mineralization is continuous for at least 100 metres (Exhibit C). The faults encountered on section 9100E were also intersected on section 9050E, though it is not clear if the faults are necessarily correlated to gold mineralization.

 

 

Recent results from the Drill Program have confirmed historical results which indicated the potential for expansion. Select highlights of composited assays from historic drilling on sections 9050E include:

 

  • 9.89 g/t gold over 3.7 metres (258.3 to 262.0 metres) in hole BR-87-42;
  • 4.11 g/t gold over 9.9 metres (200.7 to 210.6 metres) including 22.63 g/t gold over 1.1 metres in hole BR-87-32;
  • 3.66 g/t gold over 10.6 metres (239.7 to 250.3 metres) in hole BR-87-37 including10.63 g/t gold over 1.4 metres.
  • 9.26 g/t gold over 1.2 metres (216.7 to 217.9 metres) in hole BR-87-37; and
  • 30.17 g/t gold over 0.9 metres (198.4 to 199.3 metres) in hole BR-87-32.

 

 

A 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  
BR-18-30 34.9 35.9 1.0 3.64 EG   Current
and 122.6 123.7 1.1 2.12 EG  
and 271.0 272.5 1.5 1.72 EG  
and 314.0 315.0 1.0 0.67 BR  
and 421.8 422.3 0.5 29.59 BR vg
and 449.6 451.5 1.9 1.72 BR  
including 451.0 451.5 0.5 5.62 BR  
and 459.8 463.0 3.2 2.71 BR vg
including 461.5 462.0 0.5 5.33 BR  
and 471.4 471.9 0.5 6.52 BR vg
and 506.1 531.6 25.5 2.21 BR vg
including 512.1 515.3 3.2 12.39 BR vg
and 512.7 513.3 0.5 67.16 BR  
and 519.5 520.2 0.7 8.05 BR vg
and 541.2 543.5 2.3 1.23 BR vg
and 573.7 575.2 1.5 4.47 BR  
and 579.5 580.5 1.0 0.51 BR  
and 591.5 594.5 3.0 0.82 BR vg
BR-18-31 16.0 16.5 0.5 2.38 EG vg
and 51.6 56.0 4.4 0.90 EG  
and 57.9 58.9 1.0 0.69 EG  
BR-18-32 16.7 17.7 1.0 1.36 EG  
and 33.0 33.7 0.7 3.69 EG  
and 36.5 37.5 1.0 1.07 EG  
and 49.0 50.8 1.8 4.79 EG vg
and 65.5 68.4 2.9 1.67 EG  
and 88.3 89.3 1.0 8.38 EG  
BR-18-33 13.0 13.5 0.5 16.43 EG vg
and 157.7 158.6 0.9 4.44 EG  
and 273.0 274.0 1.0 1.26 BR  
and 284.2 286.0 1.8 2.40 BR  
and 294.5 296.5 2.0 3.57 BR  
including 296.0 296.5 0.5 10.20 BR vg
and 310.0 311.0 1.0 0.63 BR  
and 319.5 321.5 2.0 1.22 BR  
and 334.0 337.0 3.0 1.71 BR  
and 342.0 346.6 4.6 1.59 BR vg
and 360.9 363.0 2.1 1.28 BR  
and 372.2 372.8 0.6 3.57 BR vg
and 384.7 388.3 3.6 4.82 BR  
including 385.7 386.8 1.1 9.90 BR  
and 387.8 388.3 0.5 8.28 BR  
and 402.0 403.0 1.0 7.10 BR  
and 429.0 430.0 1.0 1.31 BR  
and 465.0 467.0 2.0 0.72 BR  
and 476.4 477.5 1.1 1.03 BR vg
and 486.3 489.9 3.6 1.75 BR  
BR-18-34 177.0 178.0 1.0 24.49 EG vg
and 219.0 220.0 1.0 1.24 BR  
and 237.5 240.0 2.5 2.03 BR  
including 237.5 238.1 0.6 6.74 BR vg
and 254.0 255.0 1.0 2.57 BR  
and 261.8 264.0 2.2 3.04 BR  
including 261.8 262.5 0.7 6.12 BR  
and 270.5 278.0 7.5 3.00 BR  
including 270.5 271.0 0.5 16.17 BR vg
and 272.0 273.0 1.0 6.10 BR  
and 299.8 301.5 1.7 2.83 BR vg
and 349.0 351.0 2.0 1.12 BR  
and 352.5 354.2 1.7 0.64 BR  
and 402.0 403.0 1.0 1.70 BR  
BR87-32 19.5 21.3 1.8 5.75 EG   Historic
and 52.4 54.3 1.8 2.12 EG  
and 177.4 183.8 6.4 1.18 BR  
and 192.6 195.2 2.6 1.94 BR  
and 198.4 199.4 0.9 30.17 BR  
and 200.7 210.6 9.9 4.11 BR  
including 200.7 201.8 1.1 22.63 BR vg
and 234.7 236.8 2.1 3.33 BR  
and 269.8 291.9 22.1 1.64 BR vg
including 270.7 271.6 0.9 7.54 BR  
BR88-42 19.2 19.9 0.7 3.05 EG  
and 229.2 230.6 1.4 0.99 BR  
and 258.3 262.0 3.7 9.89 BR vg
and 266.6 273.3 6.7 1.86 BR  
including 271.9 273.3 1.4 5.50 BR vg
and 294.5 296.0 1.5 0.98 BR  
and 311.5 314.6 3.1 0.99 BR  
and 319.1 322.2 3.1 0.69 BR  
BR87-37 75.4 75.7 0.4 12.34 EG vg
and 170.1 171.3 1.2 2.40 BR  
and 187.0 191.2 4.2 1.19 BR  
and 201.8 204.5 2.7 2.68 BR  
and 216.7 220.1 3.4 3.94 BR  
including 216.7 217.9 1.2 9.26 BR  
and 231.2 233.0 1.8 0.82 BR  
and 239.7 250.3 10.5 3.66 BR  
including 242.8 244.2 1.4 10.63 BR vg
and 247.8 249.0 1.2 7.89 BR  
and 249.0 250.3 1.2 7.20 BR  
and 268.5 283.5 14.9 2.23 BR  
including 273.3 274.8 1.5 5.49 BR  
and 309.7 310.9 1.2 1.95 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 80-100% of true widths of the mineralized zones, except for drill intersections below 400 metres depth where the drill trace crosses to the northern limb of the host fold structure near the bottom of the hole.  In these areas reported intervals may be less than 50% of true width.

 

 

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.

 

Posted July 5, 2018

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