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Anaconda Mining Intersects Multiple Wide, High-grade Zones at Goldboro Including 11.27g/t Gold Over 13.5 Metres and 9.93 G/t Gold Over 7.5 Metres

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Anaconda Mining Intersects Multiple Wide, High-grade Zones at Goldboro Including 11.27g/t Gold Over 13.5 Metres and 9.93 G/t Gold Over 7.5 Metres

 

 

 

 

 

Anaconda Mining Inc. (TSX: ANX) is pleased to announce assay results from five drill holes (1,621 metres) of a 30-drill hole (7,200 metres) diamond drill program that began in October 2017 at the Company’s Goldboro Project in Nova Scotia. The five drill holes (BR-17-11 and BR-18-20 to -23) targeted cross section 9100E near the center of the Goldboro Deposit, within both the East Goldbrook and Boston-Richardson Gold Systems (Exhibit A and B). Within the BR Gold System, the Drill Program successfully intersected multiple wide, high-grade zones in areas not previously drilled, extended mineralization down-dip along known limbs and extended the depth of the BR Gold System by approximately 100 metres more than was previously known in this section. Close to surface, the Drill Program was also successful in extending eight mineralized zones in the EG Gold System westward by 50 metres.

 

 

Highlights of recent assays from the Drill Program include:

 

  • 11.27 grams per tonne (“g/t”) gold over 13.5 metres (201.0 to 214.5 metres) in hole BR-18-22, including 15.63 g/t gold over 1.4 metres and 44.33 g/t gold over 2.5 metres;
  • 4.13 g/t gold over 20.5 metres (324.5 to 345.0 metres) in hole BR-18-23, including 9.93 g/t gold over 7.5 metres and 79.34 g/t gold over 0.5 metres;
  • 10.55 g/t gold over 6.1 metres (223.0 to 229.1 metres) in hole BR-18-22, including 18.78 g/t gold over 3.1 metres;
  • 5.10 g/t gold over 9.6 metres (116.0 to 125.6 metres) in hole BR-18-22, including 25.82 g/t gold over 1.5 metres;
  • 7.22 g/t gold over 6.5 metres (310.5 to 317.0 metres) in hole BR-18-23, including 16.00 g/t gold over 2.0 metres; and
  • 9.29 g/t gold over 2.1 metres (420.6 to 422.7 metres) in hole BR-18-21.

 

 

A full table of composited assays is presented below.

 

 

“We continue to prove that mineralization extends in all directions in both the EG and BR Gold Systems. We are encountering typical grade and thickness in most of the newly discovered mineralized areas and then we’re uncovering sweet spots that contain broader, higher grade intersections that are among the best results reported from Goldboro to date. The presence of a fault in the areas around holes BR-18-21 to -23 is an important feature that may control the localization of high gold grades and we plan to further test this potential for thicker high-grade intersections within the coming months.”

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

 

 

Gold mineralization throughout the Goldboro Deposit is broadly controlled by a fold structure, typical of gold deposits within Nova Scotia and analogous to the geological setting of the Victorian Goldfields of Australia.  Faults are also commonly mineralized structures within these types of deposits. They disrupt the normal sequence of rocks and can host deposits of high-grade gold. Drilling within section 9100E indicates that the normal sequence of rocks is disrupted by a fault resulting in the presence of a thick argillite unit associated with the broad, high-grade intercepts reported in section 9100E. The fault and associated high-grade gold intersections within the BR Gold System define a new target for potentially thicker than normal widths of gold mineralization. To better define the extents and dimensions of the fault and associated mineralization, Anaconda will revisit the core from adjacent sections and resume drilling in this area within the next couple of months.

 

 

Table of composited assays for Section 9100E

 

 

 

Hole ID From (m) To (m) Interval (m) Au (g/t) Gold System Visible Gold  
BR-18-21 160.5 161.2 0.7 8.47 E.G. v.g. Current
and 172.0 172.5 0.5 15.94 E.G. v.g.
and 238.9 239.9 1.0 5.89 E.G.  
and 274.5 275.0 0.5 0.25 E.G.  
and 282.0 282.5 0.5 3.02 E.G.  
and 369.0 370.0 1.0 0.57 B.R.  
and 387.5 390.0 2.5 0.58 B.R.  
and 393.7 396.0 2.3 0.87 B.R.  
and 410.0 411.0 1.0 1.38 B.R.  
and 420.6 422.7 2.1 9.29 B.R.  
including 422.1 422.7 0.6 28.93 B.R.  
and 425.1 425.7 0.6 3.11 B.R.  
and 431.2 434.3 3.1 3.49 B.R. v.g.
and 443.9 444.7 0.8 1.22 B.R.  
and 446.7 449.7 3.0 2.09 B.R.  
and 451.4 455.1 3.7 1.02 B.R. v.g.
and 456.9 463.9 7.0 2.14 B.R. v.g.
including 459.4 461.5 2.1 5.21 B.R. v.g.
and 472.1 472.6 0.5 2.94 B.R.  
BR-18-20 42.0 45.0 3.0 2.14 E.G.  
including 42.0 43.0 1.0 4.17 E.G.  
and 87.0 87.5 0.5 0.59 E.G. v.g.
and 166.9 167.4 0.5 0.91 E.G.  
and 238.6 239.1 0.5 0.70 B.R.  
and 252.9 258.3 5.4 1.94 B.R.  
including 253.5 254.0 0.5 10.96 B.R.  
and 275.7 280.0 4.3 2.19 B.R.  
including 276.4 277.0 0.6 7.97 B.R. v.g.
BR-17-11 18.6 19.6 1.0 0.81 E.G.  
and 42.7 43.2 0.5 1.54 E.G.  
and 57.5 63.5 6.0 2.26 E.G. v.g.
including 62.0 63.0 1.0 9.71 E.G. v.g.
and 65.0 66.0 1.0 0.52 E.G.  
and 77.8 78.3 0.5 6.59 E.G. v.g.
and 93.5 96.5 3.0 1.38 E.G.  
and 121.5 122.0 0.5 2.03 E.G.  
and 123.5 124.0 0.5 3.64 E.G. v.g.
BR-18-22 27.0 28.5 1.5 2.20 E.G.  
and 38.6 39.6 1.0 0.94 E.G.  
and 50.5 52.4 1.9 0.89 E.G. v.g.
and 77.5 78.0 0.5 1.33 E.G.  
and 116.0 125.6 9.6 5.10 E.G. v.g.
including 116.0 117.5 1.5 25.82 E.G. v.g.
and 125.1 125.6 0.5 15.99 E.G. v.g.
and 140.0 140.5 0.5 0.55 E.G.  
and 201.0 214.5 13.5 11.27 B.R.  
including 205.9 207.3 1.4 15.63 B.R.  
including 209.5 212.0 2.5 44.33 B.R.  
including 211.0 211.5 0.5 172.28 B.R.  
and 223.0 229.1 6.1 10.55 B.R.  
including 224.5 227.6 3.1 18.78 B.R. v.g.
including 224.5 225.0 0.5 52.16 B.R.  
BR-18-23 8.5 9.5 1.0 1.43 E.G.  
and 25.5 26.0 0.5 19.02 E.G. v.g.
and 77.5 78.2 0.7 0.93 E.G. v.g.
and 99.0 100.0 1.0 0.57 E.G.  
and 180.3 183.4 3.1 3.83 E.G. v.g.
including 181.5 182.0 0.5 11.06 E.G.  
and 242.8 243.7 0.9 2.07 B.R.  
and 250.0 255.6 5.6 1.20 B.R.  
including 250.0 253.6 3.6 1.65 B.R.  
and 255.1 255.6 0.5 1.20 B.R.  
and 261.0 261.5 0.5 0.87 B.R.  
and 262.5 263.0 0.5 5.70 B.R.  
and 265.5 266.0 0.5 1.71 B.R.  
and 271.5 274.8 3.3 1.26 B.R. v.g.
and 276.2 278.7 2.5 1.13 B.R. v.g.
including 277.9 278.2 0.3 7.97 B.R.  
and 296.8 297.6 0.8 0.91 B.R.  
and 303.8 308.2 4.4 0.79 B.R.  
and 307.5 308.2 0.7 1.05 B.R.  
and 310.5 317.0 6.5 7.22 B.R.  
including 311.0 313.0 2.0 16.00 B.R.  
and 321.5 323.0 1.5 0.69 B.R.  
and 324.5 345.0 20.5 4.13 B.R. v.g.
including 324.5 332.0 7.5 9.93 B.R.  
and 329.0 329.5 0.5 79.34 B.R. v.g.
and 356.0 356.5 0.5 4.24 B.R.  
and 359.0 361.0 2.0 1.56 B.R.  
and 369.7 371.4 1.7 19.99 B.R. v.g.
including 370.5 371.0 0.5 63.99 B.R. v.g.
and 393.2 395.3 2.1 9.10 B.R.  
and 402.8 404.3 1.5 2.69 B.R. v.g.
and 419.0 420.0 1.0 1.73 B.R.  
and 422.3 424.0 1.7 8.21 B.R. v.g.
including 423.5 424.0 0.5 20.79 B.R. v.g.
BR-87-24 58.2 58.5 0.3 17.83 E.G. v.g. Historical
and 114.3 117.1 2.8 2.57 E.G.  
and 176.6 182.9 6.3 0.67 B.R.  
and 186.9 195.7 8.8 1.49 B.R.  
including 186.9 187.8 0.9 9.94 B.R.  
and 215.8 217.0 1.2 0.65 B.R.  
and 231.6 232.9 1.3 0.97 B.R.  
and 241.7 249.3 7.6 0.90 B.R.  
and 256.8 259.7 2.9 1.68 B.R. v.g.
and 278.0 278.9 0.9 16.80 B.R.  
and 287.1 290.8 3.7 4.68 B.R.  
including 287.1 288.5 1.4 10.29 B.R.  
and 326.2 331.8 5.6 3.09 B.R.  
including 327.4 329.8 2.4 5.83 B.R.  
and 350.8 352.1 1.2 0.86 B.R.  

 

 

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.

 

 

ABOUT ANACONDA MINING INC.

 

 

Anaconda Mining 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 Pine Cove open pit mine, the Stog’er Tight 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 Gold 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 19, 2018

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