TORONTO, July 5, 2018 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") (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 (the
"Drill Program") at the Goldboro Gold Project in
Nova Scotia ("Goldboro"). The five drill holes (BR-18-30
to BR-18-34) targeted eight mineralized zones of the East Goldbrook
Gold System ("EG Gold System") and eight mineralized zones
of the Boston-Richardson Gold System ("BR 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.
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, 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.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable Canadian and United States securities legislation.
Forward-looking information includes, but is not limited to, the
Company's future exploration, development and operational plans.
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 seven-month period ended December
31, 2017, 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.
SOURCE Anaconda Mining Inc.