TORONTO, April 30, 2019 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased
to announce the remaining results of a 36 hole, 1,863-metre infill
and geotechnical diamond drilling program on the Argyle Deposit
("Argyle Infill Program"), located approximately 4.5 kilometres
from the Company's operating Pine Cove Mill and tailings facility
at the Point Rousse Project in Newfoundland (See Exhibits A and B). The
first 12 holes of the infill drill program, covering the western
part of the deposit, were previously reported in a news release
dated March 1, 2019. The Company
completed the Argyle Infill Program to better define portions of
the deposit planned for development in 2019.
![Exhibit A. A map of the Argyle deposit showing the location of recent drill collars and highlighted composited assays. (CNW Group/Anaconda Mining Inc.) Exhibit A. A map of the Argyle deposit showing the location of recent drill collars and highlighted composited assays. (CNW Group/Anaconda Mining Inc.)](https://mma.prnewswire.com/media/879379/Anaconda_Mining_Inc__Anaconda_Mining_intersects_12_76_g_t_gold_o.jpg)
Twenty-four diamond drill holes (AE-19-110 to 133) totaling
1,338 metres were completed on the eastern portion of the Argyle
Deposit, intersecting mineralization as outlined in the existing
Mineral Resource. Mineralization intersected in holes AE-19-110 to
AE-19-133 is approximately the same thickness of previous drilling
in this area. Drill holes AE-19-112 to 115 (163 metres) were
completed for geotechnical studies and were not assayed. A table of
selected intersections from the infill drilling program is shown in
Table 1 below.
Highlights from the eastern portion of the Argyle Infill Program
include:
- 12.76 g/t gold over 6.0 metres (46.0 to 52.0 metres),
including 48.30 g/t gold over 1.0 metres in hole
AE-19-122;
- 2.69 g/t gold over 10.0 metres (50.0 to 60.0 metres) in
hole AE-19-131;
- 4.83 g/t gold over 5.0 metres (48.0 to 53.0 metres) in
hole AE-19-119; and
- 4.94 g/t gold over 8.0 metres (45.0 to 53.0 metres) in
hole AE-19-121.
"The results of infill drilling at Argyle continue to
demonstrate grade and thickness continuity of the mineralized zone
very close to surface and provide additional confidence in the
merits of Argyle as a mining project. With the infill program now
complete we will move to update mine plans and complete additional
exploration and expansion drilling within the Argyle area."
~ Kevin Bullock, CEO, Anaconda
Mining Inc.
The drill results from the Argyle Infill Program will be used to
update and refine pit extents and assist in mine planning for the
Argyle Deposit.
Table 1: Highlighted composited assays from holes AE-19-110
to 111 and AE-19-116 to 133
Drill Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
AE-19-110
|
12.0
|
19.0
|
7.0
|
1.05
|
AE-19-111
|
29.0
|
30.0
|
1.0
|
1.77
|
AE-19-116
|
36.0
|
42.0
|
6.0
|
2.11
|
including
|
36.0
|
37.0
|
1.0
|
9.45
|
AE-19-117
|
30.0
|
33.0
|
3.0
|
1.25
|
and
|
42.0
|
45.0
|
3.0
|
2.68
|
AE-19-118
|
33.0
|
34.0
|
1.0
|
0.62
|
AE-19-119
|
44.0
|
45.0
|
1.0
|
16.10
|
and
|
48.0
|
53.0
|
5.0
|
4.83
|
AE-19-120
|
58.0
|
62.0
|
4.0
|
1.83
|
AE-19-121
|
45.0
|
53.0
|
8.0
|
4.94
|
including
|
49.0
|
53.0
|
4.0
|
8.60
|
including
|
51.0
|
52.0
|
1.0
|
22.00
|
AE-19-122
|
38.0
|
40.0
|
2.0
|
15.97
|
including
|
38.0
|
39.0
|
1.0
|
31.80
|
and
|
46.0
|
52.0
|
6.0
|
12.76
|
including
|
47.0
|
48.0
|
1.0
|
48.30
|
AE-19-123
|
37.0
|
40.0
|
3.0
|
1.10
|
and
|
41.0
|
43.0
|
2.0
|
0.51
|
AE-19-125
|
41.0
|
43.0
|
2.0
|
0.68
|
AE-19-127
|
26.0
|
28.0
|
2.0
|
2.91
|
AE-19-128
|
44.0
|
48.0
|
4.0
|
1.58
|
including
|
44.0
|
45.0
|
1.0
|
4.71
|
AE-19-130
|
64.0
|
66.0
|
2.0
|
0.89
|
and
|
75.0
|
76.0
|
1.0
|
1.04
|
AE-19-131
|
50.0
|
60.0
|
10.0
|
2.68
|
including
|
56.0
|
59.0
|
3.0
|
5.95
|
AE-19-132
|
30.0
|
31.0
|
1.0
|
2.04
|
AE-19-133
|
15.0
|
18.0
|
3.0
|
0.70
|
About Argyle
The Argyle Deposit, located 4.5 kilometres east of the Pine Cove
Mill adjacent to existing road networks, is defined over a strike
length of 685 metres and to a down-dip depth of 225 metres and is
open for expansion in all directions. It currently contains an
Indicated Resource of 543,000 tonnes grading 2.19 g/t gold (38,300
ounces) and an Inferred Resource of 517,000 tonnes grading 1.82 g/t
gold (30,300 ounces) as outlined in the table below and is detailed
with a 43-101 Technical Report titled "43-101 Technical Report,
Mineral Resource and Mineral Reserve Update Point Rousse Project,
Baie Verte, Newfoundland and
Labrador, Canada" with an
effective date of December 31,
2017.
Argyle Mineral Resource Estimate – Effective Date:
December 31, 2017
Resource
Category
|
Resource Cut-off
Gold
Grade
(g/t)
|
Tonnes
(Rounded)
|
Gold Grade
(g/t)
(12g/t Capping
Factor)
|
Gold
Ounces
(Rounded)
|
Indicated
|
0.5
|
543,000
|
2.19
|
38,300
|
Inferred
|
0.5
|
517,000
|
1.82
|
30,300
|
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 were collected using QA/QC protocols including the regular
insertion of certified standards and blanks within each sample
batch sent for analysis and completion of check assays of select
samples. Drill core samples were routinely analyzed for Au at
Eastern Analytical Ltd. in Springdale,
NL ("Eastern"), using standard fire assay (30g)
pre-concentration and Atomic Absorption finish methods. Eastern is
a fully accredited firm within the meaning of NI 43-101 for
provision of this service.
Mineralized intervals referred to in this press release are
reported as drill intersections and are apparent widths only.
Apparent widths reported in this press release are estimated to be
approximately 90-100% of true widths.
Diamond drilling at Argyle outlined within this press
release, benefited from a JEA grant from the Department of Natural
Resources, Government of Newfoundland and Labrador. Anaconda thanks the Government of
Newfoundland and Labrador for this assistance.
ABOUT ANACONDA
Anaconda Mining is a TSX and OTCQX-listed gold mining,
development, and exploration company, focused in the top-tier
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 B. Drill section 4+50E through the Argyle deposit showing the location of recent shallow infill drilling and selected highlighted composited assays. (CNW Group/Anaconda Mining Inc.) Exhibit B. Drill section 4+50E through the Argyle deposit showing the location of recent shallow infill drilling and selected highlighted composited assays. (CNW Group/Anaconda Mining Inc.)](https://mma.prnewswire.com/media/879380/Anaconda_Mining_Inc__Anaconda_Mining_intersects_12_76_g_t_gold_o.jpg)
SOURCE Anaconda Mining Inc.