Anaconda Mining Intersects 5.75 g/t Gold Over 1.97 Meters Down-Dip
of Pine Cove Open Pit
TORONTO, ONTARIO--(Marketwired - Mar 3, 2014) - Anaconda Mining
Inc. ("Anaconda" or "the Company") - (TSX:ANX) is pleased to report
that condemnation diamond-drilling north of its Pine Cove mine has
intersected the possible down-dip extension of the Pine Cove
deposit. PC-14-224, a vertical diamond-drill hole, located
approximately 180 meters north of the ultimate open pit,
intersected 5.75 grams per tonne ("g/t") gold over a core length of
1.97 meters.
The recently completed 600-meter, 4-hole, condemnation
diamond-drill program targeted areas north and northwest of the
mine as part of a possible waste dump expansion. The holes
northwest of the mine were not expected to contain mineralization.
However, PC-14-224, which was north of the mine, was drilled to a
depth of 300 meters to simultaneously test for condemnation
purposes and for the possible down-dip extension. It was collared
approximately 95 meters northwest of PC-11-181, which assayed 2.50
g/t gold over a core length of 40.8 meters (Anaconda Press Release,
July 27, 2011), and intersected several intervals of Pine Cove
style alteration and mineralization (Table 1). The best interval
assayed 3.06 g/t gold over 5.54 meters (including 5.75 g/t gold
over 1.97 meters) beginning at a vertical depth of approximately
207 meters. This mineralization occurs at the same vertical depth
as that intersected in PC-11-181 (an angled hole drilled to the
south, away from PC-14-224); however, PC-14-224 cut the mineralized
zone almost 150 meters northwest of PC-11-181.
Table 1
Hole_ID |
From (m) |
To (m) |
Width (m) |
Au g/t |
PC-14-224 |
137.26 |
138.32 |
1.06 |
1.15 |
PC-14-224 |
207.37 |
212.91 |
5.54 |
3.06 |
including |
210.94 |
212.91 |
1.97 |
5.75 |
PC-14-224 |
234.98 |
235.25 |
0.27 |
6.08 |
PC-14-224 |
243.23 |
245.2 |
1.97 |
2.23 |
PC-14-224 targeted an area, well north of previous drilling,
that was thought to be underlain by the potential down-dip
extension of the Pine Cove deposit. Previous historic drilling,
including PC-11-181, indicated that the Pine Cove deposit did
continue at depth to the north beyond the present block model. In
2013, drilling intersected wide intervals of gold mineralization of
similar grade and tenor to the Pine Cove deposit in both the
down-dip area, further validating the down-dip theory, and in a
newly defined area referred to as the Western Extension area.
In both areas, the gold mineralization lies outside of the
ultimate open-pit boundaries, so its depth may preclude its
extraction by open-pit methods. However, within the broad gold-rich
zones are narrower higher grade intervals that may be amenable to
underground mining methods, particularly in the shallower Western
Extension area. Figures 1, 2, 3 and 4 contain a plan view and three
section maps of drill hole intersections in and around the Pine
Cove pit that illustrate the high grade intervals and the possible
trend of mineralization. Additional drilling will be required to
test the possible continuity of higher grade material amenable to
underground mining.
President and CEO, Dustin Angelo, stated, "The down-dip area
north of the Pine Cove mine continues to demonstrate potential,
most likely for an underground mine. PC-14-224 intersected
significant gold mineralization well north of the current pit.
There are no drill holes north of this latest hole and the
mineralization that was discovered in PC-14-224 lies almost 150
meters from that which was intersected by PC-11-181. We are
encouraged by the results we are seeing and there is still a wide
open area north of the pit that we have to evaluate.
Regional
Exploration Program Update
Anaconda is currently reviewing and compiling all historic data
for both the Deer Cove and Stog'er Tight deposits. The Company
plans to carry out a detailed ground magnetic survey over the
Stog'er Tight area before spring breakup. Infill and definition
drilling will be initiated at Deer Cove in May and subsequently at
Stog'er Tight. Data from both properties will be used to complete
NI 43-101 resource estimates. Geological mapping, prospecting and
trenching programs are also planned for the June to November field
season for Stog'er Tight North, Ming's Bight, Goldenville Horizon
and the Romeo and Juliet Trend.
Balcony
Zone
In January 2014, Anaconda completed 300 meters of additional
diamond-drilling in two holes that targeted the possible
down-plunge and eastern extensions to the newly discovered Balcony
Zone of the Romeo and Juliet prospect (Anaconda Press Release,
September 16, 2013). The drilling was the final phase of a drill
program at Romeo and Juliet that was initiated during the summer of
2013 (Anaconda Press Release, July 8, 2013). Both holes
successfully intersected the targets but did not return
economically significant gold grades. All existing data is being
evaluated and further work, including trenching, is anticipated
later in 2014 as part of an expanded exploration program along the
regional Romeo and Juliet Trend. This trend is defined by a
significant northeast-southwest 1.5 km long topographic linear
which is anchored by the Romeo and Juliet prospect to the south and
the Pumbley Point/Fuel Bog gold showings to the north (Figure 5).
Exploration will focus on this linear and, in particular, search
for east-west crosscutting structures similar to that hosting the
Balcony Zone.
Note: All assay intervals refer to core length and at present
true thicknesses of mineralized zones are not known. The diamond
drilling was carried out by New Valley Drilling of Springdale,
Newfoundland and was supervised by Silvertip Exploration
Consultants Inc. The NQ core was logged and sampled at the Pine
Cove mine site. Samples selected for analyses were sawn and half
the sample was tagged and placed in a sealed plastic bag. Samples
generally comprised one meter core intervals in altered rock and
half meter intervals in quartz veins. Samples were transported by
Silvertip personnel to the Eastern Analytical Laboratory in
Springdale, Newfoundland for fire assay. As part of the QA-QC
protocol, standards and blanks were randomly inserted during the
sampling process. The remaining core is stored at the Pine Cove
mine.
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.
To view Figures 1 to 5 please click on the following link:
http://media3.marketwire.com/docs/Figures1-5.pdf
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.
Anaconda Mining Inc.Dustin AngeloPresident and CEO(647)
260-1248dangelo@anacondamining.comwww.anacondamining.comProConsul
Capital Ltd.Andreas CurkovicInvestor Relations(416)
577-9927acurkovic@proconsulcapital.com
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