TORONTO, Aug. 13, 2015 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") – (TSX: ANX) recently conducted an
exploration program within the Northwestern Extension area of the
Pine Cove deposit. It is a zone of near-surface gold mineralization
at the northwestern edge of the current Pine Cove pit design that
extends for at least 125 metres along strike (Exhibit A). The
purpose of the program was to increase resources within the
Northwestern Extension area and potentially expand the mine life of
the Pine Cove pit.
Anaconda conducted 462 metres of diamond drilling in 4 holes and
263 metres of percussion drilling in 12 holes (Exhibit B). The
Company also re-logged and performed infill sampling of 14 pre-2015
diamond drill holes within the area of the Northwestern Extension
to complete sampling along the holes to depths of approximately 100
metres. The results of the drilling, re-logging and additional
sampling will be combined with the geological interpretation and
incorporated into deposit modeling, a planned resource calculation
and an internal economic analysis. If the results of the
economic analysis are positive, the Northwestern Extension area may
be incorporated into the Pine Cove mine plan.
Three of the diamond drill holes intersected mineralization at
around 100 metres or less. Highlights from two of these holes
include:
- 5.38 grams per tonne ("g/t") gold over 3.1 metres from 68 to
71.1 metres and 1.12 g/t gold over 8 metres from 86 to 94 metres in
hole PC15-246;
- 1.30 g/t gold over 4 metres from 98.0 to 102.0 metres in
hole PC15-248.
Four of 14 diamond drill holes chosen for infill sampling
extended known mineralization within the Northwestern
Extension. The resampling resulted in the discovery of new
zones as well as widening previously known zones of mineralization.
Highlights of this sampling include the following updated and new
drill intersections:
- 1.41 g/t gold over 19 metres from 49 to 68 metres in hole
PC13-196;
- 1.47 g/t gold over 5.4 metres from 22.6 to 28 metres in hole
PC00-113;
- 5.03 g/t gold over 8.5 metres from 84 to 97 metres in hole
PC07-177.
Percussion drilling resulted in the discovery of a previously
unknown area of surface mineralization. Hole PCp15-50
intersected 1.45 g/t over 7 metres from 0 to 7 metres.
"We have completed our data acquisition at the Northwestern
Extension area and will evaluate its potential as part of a
resource calculation on the greater Pine Cove deposit," states
President and CEO, Dustin Angelo.
"We are committed to extending the life of the Point Rousse Project
and see the potential right around the Pine Cove deposit as well as
Stog'er Tight. A new resource calculation at both deposits will be
the next step in demonstrating the long-term value of the
project."
Table 1. Composited gold intercepts from the recent drill
program at Pine Cove deposit – Northwestern Extension.
Hole
ID
|
From
|
To
|
Width
(m)
|
Grade
(g/t)
|
PC15-245
|
86.0
|
87.0
|
1.0
|
1.74
|
PC15-246
|
14.0
|
16.1
|
2.1
|
1.73
|
and
|
20.1
|
21.3
|
1.2
|
21.12
|
and
|
68.0
|
71.1
|
3.1
|
5.38
|
and
|
86.0
|
94.0
|
8.0
|
1.12
|
PC15-248
|
92.7
|
94.1
|
1.4
|
2.19
|
and
|
98.0
|
102.0
|
4.0
|
1.30
|
Hole PC15-247 did not contain significant intercepts of
gold.
Table 2. Composited gold intercepts from Pine Cove deposit
- Northwestern Extension including infill sampling.
Hole
ID
|
From
|
To
|
Width
(m)
|
Grade
(g/t)
|
PC00-113
|
22.6
|
28.0
|
5.4
|
1.47
|
and
|
71.0
|
74.9
|
3.9
|
0.77
|
PC07-177
|
84.0
|
97.0
|
8.5
|
5.03
|
PC13-196
|
49.0
|
68.0
|
19.0
|
1.41
|
PC13-203
|
7.8
|
13.0
|
5.2
|
0.73
|
This news release has been reviewed and considered accurate
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. The drilling program was supervised by Silvertip
Exploration Consultants Inc., of Bishops Falls NL.
All samples are collected using QA/QC protocols including the
regular insertion of duplicates, standards and blanks within the
sample batch for analysis. All samples quoted in this release
are analyzed at Eastern Analytical Ltd. in Springdale, NL, for Au by fire assay (30g)
with an AA finish.
All results are reported as drill thickness, whereas, true
thickness are interpreted to be between 60-100% of drill
thickness.
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ABOUT ANACONDA
Headquartered in Toronto,
Canada, Anaconda is a growth oriented, gold mining and
exploration company with a producing project, called the Point
Rousse Project, and approximately 6,346 hectares of exploration
property on the Ming's Bight Peninsula located in the Baie Verte
Mining District in Newfoundland,
Canada. Since 2012, Anaconda has increased its property
control by nine-fold. It is currently exploring three primary,
prospective gold trends, which have approximately 20 kilometres of
cumulative strike length and include four deposits and numerous
prospects and showings, all within 8 kilometres of the Pine Cove
mill. The Company's plan is to discover and develop more
resources within the project area and double annual production from
its current rate of approximately 15,000 ounces to 30,000
ounces.
FORWARD LOOKING STATEMENTS
This document contains or refers to forward-looking
information. Such forward-looking information includes, among other
things, statements regarding growth and is based on current
expectations and assumptions of management that involve a number of
business risks and uncertainties. Factors that could cause actual
results to differ materially from any forward-looking statements
include, but are not limited to: the expectations of the Company in
expanding mineral resources and project mine life and the timing
thereof, current and future market trends and growth opportunities
and whether the Company will be able to capitalize upon them.
Forward-looking statements may include words such as "plans,"
"may," "estimates," "expects," "indicates," "targeting,"
"potential" and similar expressions. These forward-looking
statements are based on current expectations and are subject to
significant risks and uncertainties, including the risks factors
outlined in the Company's latest annual information form and other
continuous disclosure documents filed at www.sedar.com, 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 the Company assumes no
responsibility to update them or revise them to reflect new events
or circumstances, except as required by law.
SOURCE Anaconda Mining Inc.