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Anaconda Mining Intersects 63.88 g/t Over 1.0 Metre and 6.05 g/t Over 3.7 Metres at Goldboro

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Anaconda Mining Intersects 63.88 g/t Over 1.0 Metre and 6.05 g/t Over 3.7 Metres at Goldboro

 

 

 

 

 

Anaconda Mining Inc. (TSX: ANX) ( OTCQX: ANXGF) is pleased to announce the remaining assay results from the 11,588-metre diamond drilling program that began in October 2017 at the Company’s Goldboro Gold Project in Nova Scotia.  The two drill holes (1,139 metres) successfully targeted extensions of the East Goldbrook and Boston Richardson  Gold Systems within section 9000E (Exhibit A), which included previously identified high-grade zones discovered through historical drilling and found in neighboring sections (see press release of July 5, 2018).

 

 

Highlights of the composited assays from recent drilling on section 9000E include:

 

  • 63.88 grams per tonne (“g/t”) gold over 1.0 metre (378.0 to 379.0 metres) in hole BR-18-41;
  • 77.69 g/t gold over 0.5 metres (64.5 to 65.0 metres) in hole BR-18-42;
  • 6.05 g/t gold over 3.7 metres (472.0 to 475.7 metres) including 28.12 g/t gold over 0.7 metres in hole BR-18-42;
  • 5.87 g/t gold over 1.5 metres (451.6 to 453.1 metres) in hole BR-18-42.

 

 

Select highlights from the historical drilling in section 9000E include:

 

  • 10.06 g/t gold over 12.0 metres (190.7 to 202.7 metres) including 62.06 over 1.5 metres in hole BR-88-40;
  • 16.60 g/t gold over 4.4 metres (176.0 to 180.5 metres) including 42.51 g/t gold over 1.7 metres in hole BR-88-40;
  • 15.87 g/t gold over 5.9 metres (293.7 to 299.6 metres) including 17.14 g/t gold over 1.1 metres, and 29.49 g/t gold over 1.2 metres, and 31.54 g/t gold over 1.2 metres in hole BR-87-35A;
  • 7.29 g/t gold over 3.5 metres (263.5 to 267.0 metres) including 23.22 g/t gold over 1.0 metre in hole BR-08-15; and
  • 7.54 g/t gold over 1.2 metres (277.4 to 278.6 metres) in hole BR-87-18.

 

 

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

 

 

“We have drilled 10 sections in the EG and BR Gold Systems and the results demonstrate that the structure hosting these gold systems is present over all areas tested – a strike length of approximately 700 metres. Our recent drilling in the EG Gold System discovered mineralized zones up plunge in section 9000E that were not previously modelled. Also, the BR Gold System was extended an additional 250 metres at depth to a total of 525 metres and remains open for further expansion. All of these results will be included in a future mineral resource update.”  

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

 

 

Section 9000E

 

 

Drilling within section 9000E successfully identified five mineralized zones targeted in the EG Gold System and eight mineralized zones of the BR Gold System (Exhibit B). Four of the zones within the BR Gold System extended the limbs of the mineralized fold structure by approximately 50 metres and four new zones added an additional 250 vertical metres to the depth of the BR Gold System in section 9000E, bringing the total depth of mineralization to 525 metres (Exhibit B).

 

 

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-18-41 359.0 359.5 0.5 3.10 BR vg Current
and 378.0 379.0 1.0 63.88 BR  
and 384.2 384.7 0.5 13.27 BR vg
and 402.1 404.0 1.9 1.91 BR  
and 407.5 409.7 2.2 0.59 BR  
and 437.0 444.0 7.0 0.97 BR vg
including 443.5 444.0 0.5 5.11 BR  
and 534.0 535.0 1.0 3.97 BR  
and 540.8 542.9 2.1 1.84 BR  
and 586.3 586.8 0.5 3.36 BR vg
BR-18-42 55.5 56.0 0.5 12.65 EG vg
and 64.5 65.0 0.5 77.69 EG vg
and 85.5 86.0 0.5 2.80 EG vg
and 309.9 311.4 1.5 0.82 BR vg
and 351.4 353.0 1.6 2.00 BR vg
and 361.2 364.5 3.3 1.11 BR  
and 408.3 413.6 5.3 1.26 BR  
including 409.5 410.0 0.5 5.70 BR  
and 428.0 433.5 5.5 1.45 BR vg
including 430.0 430.8 0.8 6.22 BR  
and 438.1 443.0 4.9 1.37 BR  
and 451.6 453.1 1.5 5.87 BR  
including 451.6 452.1 0.5 14.61 BR  
and 472.0 475.7 3.7 6.05 BR vg
including 475.0 475.7 0.7 28.12 BR vg
BR08-15 224.0 227.5 3.5 4.49 BR   Historic
and 263.5 267.0 3.5 7.29 BR  
including 263.5 264.5 1.0 23.22 BR  
and 281.0 283.5 2.5 1.14 BR  
and 304.8 305.0 0.3 10.85 BR vg
BR87-18 270.8 271.3 0.5 14.74 BR  
and 273.4 289.6 16.2 1.43 BR  
including 277.4 278.6 1.2 7.54 BR  
and 297.4 297.9 0.5 12.69 BR vg
BR88-40 36.9 37.5 0.6 5.57 EG  
and 155.2 169.3 14.2 1.46 BR  
including 157.6 158.5 0.9 6.50 BR vg
and 176.0 180.5 4.4 16.60 BR  
including 176.0 177.7 1.7 42.51 BR vg
and 190.7 202.7 12.0 10.06 BR  
including 192.0 193.6 1.5 62.06 BR vg
and 265.5 291.1 25.6 1.28 BR vg
BR91-112 98.0 103.0 5.0 0.80 EG  
BR87-35A 17.3 18.3 1.1 4.40 EG  
and 213.1 215.5 2.4 3.74 BR  
and 223.1 228.3 5.2 1.12 BR  
and 239.9 241.4 1.5 1.89 BR  
and 260.9 263.1 2.1 9.80 BR  
including 260.9 262.1 1.2 16.11 BR vg
and 293.7 299.6 5.9 15.87 BR  
including 293.7 294.8 1.1 17.14 BR  
and 296.0 297.2 1.2 29.49 BR  
and 298.4 299.6 1.2 31.54 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 75-100% of true widths of the mineralized zones, except for drill intersections below 400 metres depth in hole BR-18-41 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 as much as 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, deep water port, 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 26, 2018

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