TORONTO, March 22, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") – (TSX:ANX) is pleased to provide assay results for the remaining 9 holes (AE-18-67 to -75; 794 metres) from a recently announced 12-hole, 1,122-metre infill and expansion diamond drill program (See Press Release dated November 29, 2017) at the Argyle Deposit ("Argyle"), located approximately 4.5 kilometres from the Company's fully-operational Pine Cove Mill and tailings facility at the Point Rousse Project, Newfoundland and Labrador (See Exhibit A).
Hole AE-18-74 intersected 7.87 grams per tonne ("g/t") gold over 7.0 metres (from 44.0 – 51.0 metres) and is located approximately 50 metres south of the previously reported hole AE-17-58, which intersected 12.47 g/t gold over 5.0 metres (See press release of January 15, 2018). These holes are located 85 metres east of previous drilling at Argyle and together define another high-grade zone. The zone is fault bounded, occurs at a shallow depth, and has a relative elevation indicating that the plunge of this high-grade zone is shallower than typically found at Argyle. Consequently, Anaconda believes that this high-grade zone may continue to the northeast and southwest. This hypothesis will be tested in subsequent drilling.
"With only a modest amount of drilling, we continue to expand the Argyle deposit. Through holes AE-17-58 and -74, we have not only expanded the deposit, but also discovered another high-grade zone that remains open for expansion. Equally important, the program also has built confidence in the current resource model through infill drilling. We will conduct ground geophysical surveys beyond the area of the deposit and recent drilling, to better target extensions of the deposit, in particular the high- grade zones."
~ Dustin Angelo, President and CEO
A second high-grade intersection was discovered in hole AE-18-73, which included 8.86 g/t gold over 2.0 metres (from 12.0 – 14.0 metres) near surface in an area outside of the current resource, but adjacent to the surface projection of Argyle. This intersection is along the high-grade trend outlined by previous drilling which intersected 4.75 g/t gold over 8.0 metres (including 10.91 g/t gold over 3.0 metres), 4.85 g/t gold over 8.5 metres (including 12.50 g/t gold over 2.0 metres), 5.52 g/t gold over 15.0 metres (including 14.01 g/t gold over 4.0 metres) and 3.63 g/t gold over 12.0 metres (including 14.37 gold over 2.0 metres).
The Company was also able to expand the mineralization on the north side of Argyle with drill holes AE-18-67 and 68. These holes intersected the alteration and mineralizing system at Argyle, expanding the deposit approximately 30 metres down-dip along the geological section containing these drill holes. Hole AE-18-75 was drilled between AE-18-74 and the Argyle resource, but did not intersect significant mineralization, which combined with the fault bound, high-grade zone defined by AE-17-58 and AE-18-74, indicate there are geological structures that have disrupted mineralization in this area. A detailed ground geophysical survey is planned to assist with understanding the geology east of Argyle to better target drilling and outlining high-grade zones.
Highlight composited assays from holes AE-18-67 to AE-18-75 are shown below:
|
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
|
AE-18-67 |
93.15 |
96.30 |
3.15 |
2.09 |
|
including |
95.15 |
96.30 |
1.10 |
4.10 |
|
AE-18-68 |
62.50 |
63.50 |
1.00 |
1.71 |
|
and |
99.45 |
100.20 |
0.75 |
1.38 |
|
AE-18-73 |
12.00 |
14.00 |
2.00 |
8.86 |
|
including |
13.00 |
14.00 |
1.00 |
17.40 |
|
AE-18-74 |
44.00 |
51.00 |
7.00 |
7.87 |
|
including |
49.00 |
51.00 |
2.00 |
19.59 |
|
No significant mineralized intervals were intersected in holes AE-18-69 to AE-18-72 and AE-18-75 |
About Argyle
The Argyle Gold 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 (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 |
Resource Cut-off Gold (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.
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 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 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. 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 May 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.
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