Anaconda Mining Initiates 2,000-Meter Diamond-Drill Program at Pine Cove's Romeo and Juliet Prospect
08 July 2013 - 9:00PM
Marketwired
Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX:ANX)
reported today the initiation of diamond drilling at the Romeo and
Juliet prospect near its Pine Cove gold mine on the Baie Verte
Peninsula, Newfoundland. The 2000-meter definition drill program is
expected to take approximately 4 to 6 weeks to complete. Detailed
metallurgical and mine evaluation work is also ongoing. Depending
upon the outcome of the current drill program, the Company may
carry out a preliminary economic assessment.
President and CEO, Dustin Angelo, stated, "We are very
encouraged by the valuable work completed to date on the Romeo and
Juliet prospect and feel that the results demand immediate action.
Our guiding thesis is that the quartz vein may have the potential
to substantially increase gold production at the Pine Cove mill at
minimal incremental cost. We will continue to update the market as
we reach new milestones in the development of the prospect."
The Romeo and Juliet prospect is a gold-bearing quartz vein
system, discovered in 1987, that is exposed approximately 1.5
kilometers northwest of the Pine Cove mine (Figure 1). The prospect
is comprised of three zones, referred to as Juliet, Connecting, and
Romeo, with a combined strike length in excess of 300 meters. The
veins trend about 30 degrees, dip approximately 60 degrees to the
southeast and are up to 2 meters thick. Gold is present as fine
disseminations within the quartz and as very fine clots and flakes
along discrete vein margins. The prospect was previously explored
with 18 shallow diamond drill holes which tested the prospect to a
maximum vertical depth of 100 meters. In 2012, Anaconda extracted a
1,000-tonne bulk sample from the Juliet zone. Five representative
samples of crushed quartz, averaging 12.6 kg, were processed at
Accurassay Laboratories in Thunder Bay by cyanide extraction
(bottle roll testing). The weighted average assay of the five
samples was 5.71 g/t gold (Anaconda Press Release, April 4, 2013).
Anaconda believes that this is representative of the near surface
gold grades within the Juliet zone.
The Company is pleased to have the support of The Atlantic
Canada Opportunity Agency (ACOA) through its Productivity and
Business Skills Development Program in funding a portion of the
research cost associated with this project.
This news release has been reviewed and approved by David Evans,
P. Geo., with Silvertip Exploration Consultants Inc., a "Qualified
Person" under National Instrument 43-101.
While the Company has no reason to doubt the accuracy of the
historic results, the existing data should not be relied upon until
the Company's own exploration work confirms that the data meet
National Instrument 43-101 standards for disclosure. Historic
results and the work that generated them predate the enactment of
National Instrument 43-101, and may not meet the requirements of
that policy. Historical data for the Romeo and Juliet prospect were
obtained from assessment files archived by the Newfoundland and
Labrador Department of Natural Resources.
ABOUT ANACONDA
Headquartered in Toronto, Canada, Anaconda is a growth oriented,
gold mining and exploration company with a producing asset located
on the Baie Verte Peninsula in Newfoundland, Canada called the Pine
Cove mine.
FORWARD LOOKING STATEMENTS
This document contains or refers to forward-looking information.
Such forward-looking information includes, among other things,
statements regarding targets, estimates and/or assumptions in
respect of future production, mine development costs, unit costs,
capital costs, timing of commencement of operations and future
economic, market and other conditions, and is based on current
expectations that involve a number of business risks and
uncertainties. Factors that could cause actual results to differ
materially from any forward-looking statement include, but are not
limited to: the final approval of the private placement by the
Toronto Stock Exchange; the grade and recovery of ore which is
mined varying from estimates; capital and operating costs varying
significantly from estimates; inflation; changes in exchange rates;
fluctuations in commodity prices; delays in the development of the
any project caused by unavailability of equipment, labour or
supplies, climatic conditions or otherwise; termination or revision
of any debt financing; failure to raise additional funds required
to finance the completion of a project; and other factors.
Additionally, forward-looking statements look into the future and
provide an opinion as to the effect of certain events and trends on
the business. Forward-looking statements may include words such as
"plans," "may," "estimates," "expects," "indicates," "targeting,"
"potential" and similar expressions. These forward-looking
statements, including statements regarding Anaconda's beliefs in
the potential mineralization, are based on current expectations and
entail various risks and uncertainties. Forward-looking statements
are subject to significant risks and uncertainties and other
factors that could cause actual results to differ materially from
expected results. Readers should not place undue reliance on
forward-looking statements. These forward-looking statements are
made as of the date hereof and we assume no responsibility to
update them or revise them to reflect new events or circumstances,
except as required by law.
To view Figure 1 please click on the following link:
http://media3.marketwire.com/docs/ANX0705.pdf
Contacts: Anaconda Mining Inc. Dustin Angelo President and CEO
(647) 260-1248dangelo@anacondamining.com www.anacondamining.com
ProConsul Capital Ltd. Andreas Curkovic Investor Relations (416)
577-9927acurkovic@proconsulcapital.com
Anaconda Mining (TSX:ANX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Anaconda Mining (TSX:ANX)
Historical Stock Chart
From Jul 2023 to Jul 2024