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Anaconda Mining intersects 252.76 g/t gold over 0.4 metres and 31.04 g/t gold over 1.0 metres at Goldboro; expands mineralization in multiple directions

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Anaconda Mining intersects 252.76 g/t gold over 0.4 metres and 31.04 g/t gold over 1.0 metres at Goldboro; expands mineralization in multiple directions

 

 

 

 

 

Anaconda Mining Inc. (TSX:ANX) is pleased to announce assays from six drill holes (1,391 metres) of an ongoing, expanded 30 drill hole (7,200 metres) diamond drill program at the Company’s Goldboro Project in Nova Scotia. The six drill holes targeted four cross sections (9450E, 9500E, 9550E and 9650E) at the eastern end of the Goldboro Deposit, within the East Goldbrook Gold System.  Recent drilling has extended the existing mineralized zones down-dip to the north and has also expanded the EG Gold System 100 metres east of the current Mineral Resource including the discovery of new mineralized zones above the known EG Gold System.

 

 

Recent highlight assays of the Drill Program include:

 

  • 252.76 grams per tonne (“g/t”) gold over 0.4 metres (76.6 to 77.0 metres) in hole BR-18-15;
  • 31.04 g/t gold over 1.0 metres (6.2 to 7.2 metres) in hole BR-18-17;
  • 12.87 g/t gold over 2.0 metres (130.6 to 132.6 metres) in hole BR-18-18; and
  • 25.31 g/t gold over 1.0 metres (62.0 to 63.0 metres) in hole BR-18-18.

 

 

Highlight assays from historic drilling on these same sections include:

 

  • 137.77 g/t gold over 1.5 metres (117.0 to 118.5 metres) in hole OSK11-02;
  • 31.85 g/t gold over 1.5 metres (219.5 to 221.0 metres) in hole BR-08-32;
  • 15.85 g/t gold over 1.0 metres (104.1 to 105.1 metres) in hole BR-87-12; and
  • 3.74 g/t gold over 6.6 metres (111.9 to 118.5 metres) in hole BR-87-12.

 

 

In addition to historic assays from these sections, historic results have also intersected 215.74 g/t gold over 3.65 metres in hole OSK 11-04, located 250 metres east of our current Drill Program.

 

 

“We are taking a systematic approach to infill and expansion drilling at Goldboro allowing us to assess the geological continuity of the deposit, upgrade the resource model, and discover new zones of mineralization. We are very encouraged that we have been able to replicate similar historical drilling results, and by the discovery of new mineralization east of East Goldbrook, which demonstrates the potential for resource expansion along strike.  Our approach is beginning to provide geological context for previously isolated high-grade assays such as intersections within hole OSK 11-02 located on section 9650E and hole OSK 11-04 located 250 metres east of our current drilling. The Drill Program will continue to focus on expanding the East Goldbrook and Boston-Richardson Gold Systems, and we remain very optimistic about our ability to expand the Goldboro Deposit.”

 

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

 

 

The Company continues to await assay results on drill holes BR-18-11, BR-18-12, and BR-18-13. BR-18-11 will be reported on cross section 9100E, along with holes BR-18-20 to -23. Drill holes BR-18-12 and -13 will be reported on section 9250E with holes BR-18-24 and -25.

 

 

Section 9450E

 

 

Significant intersections from the Drill Program and selected highlights from historic drilling on 9450E include:

 

 

 

Hole ID From (m) To (m) Interval (m) Au (g/t) Gold System Visible Gold  
BR-18-17 6.2 7.2 1.0 31.04 E.G.   Current
and 19.0 19.5 0.5 1.15 E.G.  
and 87.4 88.4 1.0 0.74 E.G.  
and 160.4 161.0 0.6 1.62 E.G.  
BR-18-18 9.5 10.0 0.5 2.16 E.G.  
and 62.0 63.0 1.0 25.31 E.G.  
and 114.2 114.7 0.5 2.49 E.G.  
and 130.6 132.6 2.0 12.87 E.G. v.g.
and 139.0 142.0 3.0 1.87 E.G.  
including 141.1 141.5 0.4 10.35 E.G. v.g.
and 151.9 152.6 0.7 0.66 E.G.  
and 170.4 170.8 0.4 3.04 E.G.  
and 190.2 190.7 0.5 18.22 E.G.  
and 196.0 196.5 0.5 0.64 E.G.  
and 197.5 198.1 0.6 0.77 E.G.  
BR87-12 103.6 105.6 2.0 8.07 E.G. v.g. Historical
including 104.1 105.1 1.0 15.75 E.G.  
including 104.1 104.4 0.3 9.60 E.G.  
including 104.4 105.1 0.7 18.51 E.G.  
and 111.9 118.5 6.6 3.74 E.G.  
including 116.4 117.0 0.7 27.77 E.G.  
BR08-29 177.5 177.8 0.3 10.20 E.G. v.g.
BR87-02 480.9 484.0 3.1 2.96 E.G.  
including 482.0 482.1 0.1 9.30 E.G.  
including 482.1 482.8 0.7 5.10 E.G.  
including 483.1 483.4 0.3 5.98 E.G.  

 

 

 

Recent drilling on section 9450E intersected eight mineralized zones within the EG Gold System, confirming the results of historic drilling in the area. Hole BR-18-17 and BR-18-18 outlined four new mineralized zones within this section and extended the dip of another zone. The down dip extensions of the limbs remain open for further extension within section 9450E.

 

 

Section 9500E

 

 

Significant intersections from the Drill Program and selected highlights from historic drilling on 9500E include:

 

 

 

Hole ID From (m) To (m) Interval (m) Au (g/t) Gold System Visible Gold  
BR-18-14 95.5 96.0 0.5 0.82 E.G. v.g. Current
BR-18-19 40.8 41.6 0.8 2.41 E.G.  
and 73.3 74.0 0.7 4.70 E.G.  
and 107.0 108.0 1.0 1.35 E.G.  
and 170.2 171.2 1.0 1.14 E.G.  
and 209.5 210.0 0.5 0.73 E.G.  
and 222.5 223.2 0.7 0.57 E.G.  
BR08-31 23.0 29.0 6.0 1.17 E.G.   Historical
and 53.5 54.0 0.5 15.27 E.G.  
and 128.0 129.5 1.5 3.17 E.G. v.g.
including 128.5 128.8 0.3 10.00 E.G. v.g.
and 209.0 209.5 0.5 7.08 E.G.  
and 228.5 229.0 0.5 22.50 E.G.  
BR08-32 63.0 64.5 1.5 2.75 E.G.  
including 63.0 63.5 0.5 6.75 E.G.  
and 165.5 169.8 4.3 0.95 E.G.  
and 219.5 221.0 1.5 31.48 E.G. v.g.
including 219.5 219.8 0.3 142.50 E.G.  

 

 

Recent drilling on section 9500E intersected seven mineralized zones, including three new mineralized zones above the previously known extents of the EG Gold System. The down dip extensions of the limbs remain open for further extension.

 

 

Section 9550E

 

 

Significant intersections from the Drill Program, previously reported drill hole BR-18-07 and selected highlights from historic drilling on 9550E include:

 

 

 

Hole ID From (m) To (m) Interval (m) Au (g/t) Gold System Visible Gold  
BR-18-15 76.6 77.0 0.4 252.76 E.G. v.g. Current
and 139.0 142.6 3.6 0.88 E.G.  
including 140.8 142.6 1.8 1.32 E.G.  
and 177.0 177.6 0.6 4.52 E.G. v.g.
and 188.0 189.0 1.0 1.74 E.G.  
and 209.0 209.5 0.5 0.75 E.G.  
BR-17-07 219.5 220.0 0.5 0.80 E.G.   Previously Reported
and 245.9 246.4 0.5 0.96 E.G.  
and 313.4 313.9 0.5 2.05 E.G.  
and 329.0 329.6 0.6 2.23 E.G.  
and 351.6 352.1 0.5 0.79 E.G.  
and 358.7 359.2 0.5 0.61 E.G.  
and 378.9 381.9 3.0 1.46 E.G.  
and 384.9 385.6 0.7 1.45 E.G.  
and 386.6 388.1 1.5 2.23 E.G.  
including 387.6 388.1 0.5 5.76 E.G.  
and 407.0 407.5 0.5 0.87 E.G.  
and 417.9 418.8 0.9 0.57 E.G.  
and 449.2 449.7 0.5 0.69 E.G.  
and 547.9 548.5 0.6 0.83 E.G.  
and 579.0 579.5 0.5 0.71 E.G.  
BR87-09 66.5 67.4 0.8 5.49 E.G.   Historic
and 344.5 345.5 1.0 8.57 E.G.  
and 346.7 347.2 0.4 3.33 E.G.  

 

 

 

Recent drilling on section 9550E intersected eight mineralized zones including three above the previously known extents of the EG Gold System. Hole BR-18-15 intersected the same three newly discovered mineralized zones encountered in the north limb of section 9500E, but with higher grades. The down dip extensions of the limbs remain open for further extension within section 9550E and to the east of this section.

 

 

Section 9650E

 

 

Significant intersections from the Drill Program and selected highlights from historic drilling on 9650E include:

 

 

 

Hole ID From (m) To (m) Interval (m) Au (g/t) Gold System Visible Gold.  
BR-18-16 23.5 24.0 0.5 0.73 E.G.   Current
and 189.1 189.7 0.6 11.59 E.G. v.g.
and 315.6 318.5 2.9 2.23 E.G.  
including 315.6 316.1 0.5 8.88 E.G.  
OSK11-01 36.0 37.0 1.0 1.82 E.G.   Historical
and 43.9 46.0 2.2 0.96 E.G.  
and 61.0 62.0 1.0 0.76 E.G.  
and 86.0 88.0 2.0 1.81 E.G.  
and 128.0 130.0 2.0 0.58 E.G.  
OSK11-02 117.0 118.5 1.5 137.77 E.G. v.g.
including 117.0 117.5 0.5 412.00 E.G. v.g.
and 179.5 183.0 3.5 1.76 E.G. v.g.
including 182.0 183.0 1.0 4.55 E.G.  
and 235.5 236.5 1.0 2.28 E.G.  

 

 

 

Recent drilling on section 9650E intersected six mineralized zones 100 metres east of the Goldboro Deposit and confirms that the mineralized structure hosting the EG Gold System continues to the east. These mineralized zones are located structurally above the EG Gold System and represent mineralization not previously associated with the Goldboro Deposit. Historic hole OSK11-02 intersected 137.77 g/t gold over 1.5 metres in this area demonstrating that locally very high-grades exist. Drill holes OSK11-03 and OSK11-04 are located approximately 250 metres east of section 9650E and intersected multiple mineralized zones including 215.74 g/t gold over 3.6 metres. Further drilling is required to determine if the same structure hosting the EG Gold System continues to the east of the historic drilling or if the new mineralized zones and the intersections in OSK 11-03 and -04 are within a new gold system. 

 

 

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 (30g) 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 30g 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 50-100% of true widths of the mineralized zones.

 

 

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, exploration and development 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 Pine Cove open pit mine, the fully-permitted Pine Cove Mill and tailings facility, the Stog’er Tight and Argyle deposits, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the recently acquired 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 and the Tilt Cove Property on the Baie Verte Peninsula.

 

Posted April 5, 2018

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