TORONTO, April 4, 2019 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased
to announce results from four diamond drill holes drilled as part
of a metallurgical test program (the "Metallurgical Drill Program")
to support the ongoing Feasibility Study for the Goldboro Gold
Project in Nova Scotia
("Goldboro"). The Metallurgical Drill Program focused on an area of
the East Goldbrook Gold System ("EG Gold System") over a
strike-length of approximately 80 metres where numerous shallow,
high-grade mineralized zones were previously intersected (Exhibit
A). The Metallurgical Drill Program consisted of four HQ diameter
diamond drill holes (BR-18-68 to -71) totaling 545 metres, which
successfully intersected previously modelled mineralized zones,
encountered five occurrences of visible gold, and confirmed the
continuity of several high-grade zones up to 40 metres (Exhibit
B).
Selected composited highlights from the Metallurgical Drill
Program include:
- 42.85 grams per tonne ("g/t") gold over 3.8 metres (66.6
to 70.4 metres), including 316.76 g/t gold over 0.5 metres
in hole BR-18-70;
- 9.83 g/t gold over 3.5 metres (81.1 to 84.6 metres)
including 58.31 g/t gold over 0.5 metres in hole
BR-18-69;
- 7.48 g/t gold over 4.1 metres (125.0 to 129.1 metres)
including 35.45 g/t gold over 0.8 metres in hole
BR-18-68;
- 7.69 g/t gold over 2.9 metres (34.0 to 36.9 metres)
including 43.87 g/t gold over 0.5 metres in hole BR-18-69;
and
- 16.54 g/t gold over 1.3 metres (105.0 to 106.3 metres)
including 26.53 g/t gold over 0.8 metres in hole
BR-18-69.
A table of selected composited assays from both recent and
previously reported drilling are shown in the table below.
"These drill results are important as they provide confidence
in the existing resource and geological models of the EG Gold
System, confirm the continuity of grade for several of the
high-grade zones encountered in previous drilling, and provide the
samples necessary to advance metallurgical testing to support a
Feasibility Study at Goldboro. The
results are consistent with those we have encountered in other
areas of the EG Gold System and will be incorporated into an
updated mineral resource estimate, which will include 10,000 metres
of drilling conducted since July of 2018 and is expected to be
released by the third quarter of 2019. In the meantime, we continue
to work on an additional 5,000-metre drill program to better
outline high-grade zones in the EG Gold System, expand the deposit,
and infill specific portions of the EG and Boston-Richardson Gold
Systems."
~Kevin Bullock, CEO,
Anaconda Mining Inc.
Selected composited highlights from previously reported drill
results (see Anaconda press release of May
21, 2018 and Orex Exploration press releases of January 30 and March 24,
2009) in the immediate area of the Metallurgical Drill
Program include:
- 151.42 g/t gold over 2.6 metres (33.1 to 35.7
metres) including 779.97 g/t gold over 0.5 metres in hole
BR-17-04;
- 81.71 g/t gold over 2.5 metres (85.5 to 88.0 metres)
including 800.00 g/t gold over 0.25 metres in hole
BR08-22;
- 66.89 g/t gold over 3.0 metres (83.5 to 86.5
metres) including 709.00 g/t gold over 0.25 metres in
hole BR08-23;
- 21.66 g/t gold over 3.25 metres (156.75 to 160.0
metres) including 262.00 g/t gold over 0.25 metres in hole
BR08-25; and
- 9.54 g/t gold over 3.5 metres (50.0 to 53.5 metres)
including 27.60 g/t gold over 0.5 metres in hole
BR08-22.
Metallurgical Sample
Mineralized intervals from the Metallurgical Drill Program
assaying greater than 0.5 g/t gold were composited and sent for
analysis to BASE Metallurgical Laboratories Ltd. of Kamloops, British Columbia. A separate sample
collected from the Boston-Richardson Gold System during the recent
underground bulk sampling program was also composited as part of a
larger metallurgical sample (the "Metallurgical Sample"). The
Metallurgical Sample is being used in a suite of tests designed to
better characterize the recovery and milling properties of
mineralization and to optimize the process flow sheet as part of
the ongoing Feasibility Study.
Table of selected composited assays from drill holes reported
in this press release:
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
System
|
VG
|
Section
|
|
BR-18-68
|
45.1
|
49.6
|
4.5
|
0.53
|
EG
|
VG
|
9375E
|
Current
|
and
|
58.6
|
60.8
|
2.2
|
1.61
|
EG
|
VG
|
and
|
90.7
|
92.2
|
1.5
|
1.67
|
EG
|
|
and
|
125.0
|
129.1
|
4.1
|
7.48
|
EG
|
VG
|
Including
|
128.3
|
129.1
|
0.8
|
35.45
|
EG
|
VG
|
BR-18-69
|
34.0
|
36.9
|
2.9
|
7.96
|
EG
|
|
9350E
|
Including
|
34.0
|
34.5
|
0.5
|
43.87
|
EG
|
|
and
|
59.8
|
61.2
|
1.4
|
3.50
|
EG
|
|
and
|
81.1
|
84.6
|
3.5
|
9.83
|
EG
|
VG
|
Including
|
81.1
|
81.6
|
0.5
|
58.31
|
EG
|
VG
|
and
|
105.0
|
106.3
|
1.3
|
16.54
|
EG
|
|
Including
|
105.5
|
106.3
|
0.8
|
26.53
|
EG
|
|
and
|
118.8
|
120.4
|
1.6
|
1.60
|
EG
|
|
and
|
161.7
|
162.7
|
1.0
|
2.89
|
EG
|
|
BR-18-70
|
66.6
|
70.4
|
3.8
|
42.85
|
EG
|
VG
|
9300E
|
Including
|
68.6
|
69.1
|
0.5
|
316.76
|
EG
|
VG
|
BR-18-71
|
28.0
|
28.5
|
0.5
|
26.99
|
EG
|
|
9325E
|
and
|
62.3
|
65.3
|
3.0
|
0.99
|
EG
|
|
and
|
74.1
|
75.4
|
1.3
|
3.10
|
EG
|
|
and
|
76.7
|
78.0
|
1.3
|
8.35
|
EG
|
|
Including
|
76.7
|
77.4
|
0.7
|
14.96
|
EG
|
|
and
|
99.5
|
101.4
|
1.9
|
5.14
|
EG
|
|
Including
|
99.5
|
100.3
|
0.8
|
9.97
|
EG
|
|
and
|
129.5
|
131.0
|
1.5
|
0.68
|
EG
|
VG
|
BR-17-04
|
33.1
|
35.7
|
2.6
|
151.42
|
EG
|
VG
|
9337.5E
|
Previous
|
Including
|
33.1
|
33.6
|
0.5
|
779.97
|
EG
|
VG
|
and
|
67.4
|
69.2
|
1.8
|
1.61
|
EG
|
|
and
|
79.4
|
82.4
|
3.0
|
3.14
|
EG
|
|
Including
|
79.4
|
80.9
|
1.5
|
5.75
|
EG
|
|
and
|
110.0
|
111.0
|
1.0
|
26.89
|
EG
|
VG
|
and
|
132.4
|
133.0
|
0.6
|
0.15
|
EG
|
VG
|
BR08-22
|
39.5
|
42.0
|
2.5
|
1.07
|
EG
|
|
9337.5E
|
Previous
|
and
|
50.0
|
53.5
|
3.5
|
9.54
|
EG
|
VG
|
Including
|
51.5
|
52.0
|
0.5
|
27.60
|
EG
|
|
and
|
53.25
|
53.50
|
0.25
|
63.30
|
EG
|
VG
|
and
|
74.5
|
77.0
|
2.5
|
0.65
|
EG
|
|
and
|
85.5
|
88.0
|
2.5
|
81.71
|
EG
|
VG
|
Including
|
86.0
|
86.25
|
0.25
|
800.00
|
EG
|
VG
|
and
|
103.0
|
115.0
|
12.0
|
4.58
|
EG
|
VG
|
Including
|
113.25
|
113.50
|
0.25
|
76.00
|
EG
|
VG
|
and
|
114.0
|
114.5
|
0.5
|
61.50
|
EG
|
VG
|
and
|
121.75
|
124.0
|
2.25
|
9.36
|
EG
|
VG
|
and
|
121.75
|
122.0
|
0.25
|
74.90
|
EG
|
VG
|
and
|
129.0
|
140.5
|
11.5
|
1.59
|
EG
|
|
and
|
133.5
|
134.0
|
0.5
|
22.00
|
EG
|
|
and
|
150.5
|
151.0
|
0.5
|
6.47
|
EG
|
|
and
|
181.0
|
183.5
|
2.5
|
1.53
|
EG
|
|
Including
|
181.0
|
181.5
|
0.5
|
5.72
|
EG
|
|
and
|
193.0
|
204.5
|
11.5
|
0.53
|
EG
|
|
and
|
228.25
|
228.50
|
0.25
|
1.26
|
EG
|
VG
|
BR08-23
|
62.0
|
63.25
|
1.25
|
12.99
|
EG
|
VG
|
Including
|
63.0
|
63.25
|
0.25
|
63.30
|
EG
|
VG
|
and
|
83.5
|
86.5
|
3.0
|
66.89
|
EG
|
VG
|
Including
|
83.5
|
84.0
|
0.5
|
8.09
|
EG
|
VG
|
and
|
84.0
|
84.25
|
0.25
|
709.00
|
EG
|
VG
|
and
|
86.0
|
86.5
|
0.5
|
36.70
|
EG
|
|
and
|
133.0
|
135.5
|
2.5
|
0.72
|
EG
|
|
and
|
138.5
|
146.0
|
7.5
|
1.01
|
EG
|
|
and
|
154.75
|
155.00
|
0.25
|
158.50
|
EG
|
VG
|
and
|
191.5
|
195.5
|
4.0
|
0.67
|
EG
|
|
Including
|
193.75
|
194.00
|
0.25
|
5.27
|
EG
|
VG
|
BR08-24
|
87.0
|
94.0
|
7.0
|
0.65
|
EG
|
|
9350E
|
and
|
114.0
|
116.5
|
2.5
|
1.30
|
EG
|
|
and
|
178.0
|
178.5
|
0.5
|
7.38
|
EG
|
|
and
|
197.5
|
200.5
|
3.0
|
6.68
|
EG
|
VG
|
Including
|
198.25
|
198.50
|
0.25
|
68.40
|
EG
|
VG
|
BR08-25
|
114.0
|
129.0
|
15.0
|
1.55
|
EG
|
|
Including
|
118.0
|
118.5
|
0.5
|
5.58
|
EG
|
|
and
|
127.5
|
128.0
|
0.5
|
30.60
|
EG
|
|
and
|
137.5
|
141.0
|
3.5
|
1.80
|
EG
|
|
and
|
156.75
|
160.00
|
3.25
|
21.66
|
EG
|
VG
|
Including
|
156.75
|
157.00
|
0.25
|
18.50
|
EG
|
VG
|
and
|
159.75
|
160.00
|
0.25
|
262.00
|
EG
|
VG
|
and
|
178.5
|
179.0
|
0.5
|
5.85
|
EG
|
|
and
|
181.0
|
182.0
|
1.0
|
3.45
|
EG
|
|
and
|
196.0
|
197.0
|
1.0
|
11.43
|
EG
|
VG
|
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. 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.
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
Anaconda Mining is a TSX and OTCQX-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 9,150 hectares of prospective
gold-bearing property. Anaconda is also developing the Goldboro
Gold Project in Nova Scotia, a
high-grade Mineral Resource, subject to a 2018 a preliminary
economic assessment which demonstrates strong project economics.
The Company also has a wholly owned exploration company that is
solely focused on early stage exploration in Newfoundland and New
Brunswick.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information"
within the meaning of applicable Canadian and United States securities legislation.
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 year ended December 31, 2018,
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.
![Exhibit A. A map showing the location of drill holes completed as part of the Metallurgical Drill Program and drilled along an 80-metre strike between cross sections 9300E and 9400E. (CNW Group/Anaconda Mining Inc.) Exhibit A. A map showing the location of drill holes completed as part of the Metallurgical Drill Program and drilled along an 80-metre strike between cross sections 9300E and 9400E. (CNW Group/Anaconda Mining Inc.)](https://mma.prnewswire.com/media/846597/Anaconda_Mining_Inc__Anaconda_Mining_Intersects_42_85_g_t_Gold_O.jpg)
![Exhibit B. A vertical long section through the area of the EG Gold System drilled as part of the Metallurgical Drill Program between cross sections 9300E and 9400E, showing selected highlights of recent and previous drilling. (CNW Group/Anaconda Mining Inc.) Exhibit B. A vertical long section through the area of the EG Gold System drilled as part of the Metallurgical Drill Program between cross sections 9300E and 9400E, showing selected highlights of recent and previous drilling. (CNW Group/Anaconda Mining Inc.)](https://mma.prnewswire.com/media/846598/Anaconda_Mining_Inc__Anaconda_Mining_Intersects_42_85_g_t_Gold_O.jpg)
SOURCE Anaconda Mining Inc.