TORONTO,
Jan. 14, 2016 /CNW/ - Anaconda
Mining Inc. ("Anaconda" or the "Company") – (TSX: ANX) is pleased
to announce the commencement of a 2,500 metre diamond drill program
on the Stog'er Tight project.
The primary goal of the current program is to
determine if surface mineralization, exposed during a recent
trenching and channel sampling program conducted in the fall of
2015 (announced on December 17,
2015), continues down-dip. Specifically, the previous
program indicated that the East zone (Exhibit A) surface
mineralization is contiguous with the Stog'er Tight deposit over a
distance of 100 metres and the West zone (Exhibit A) surface
mineralization was confirmed over a strike length of at least 80
metres, though offset by approximately 25-40 metres along a fault
south of the main trend of the Stog'er Tight deposit. If
mineralization is intersected down-dip of that found at surface in
the East and West zones, it may be possible to demonstrate
geological continuity, and ultimately the extension of the Stog'er
Tight deposit. A secondary goal of the program is to test the
hypothesis that a third zone of mineralization, the Gabbro zone
(Exhibit A), is geologically contiguous with the West zone.
If true, then the results will indicate that the Gabbro zone, the
West zone and, potentially, the Stog'er Tight deposit are all part
of a continuous mineralized system. All drill holes are
planned with the ultimate goal of increasing mineral resources at
Stog'er Tight.
It is anticipated that the drill program will be
complete in March with analytical results and interpretation
available in April.
The Stog'er Tight deposit is located 3.5 km from
the Pine Cove mill along the existing mine road. The deposit
contains a 43-101-compliant resource, including an Indicated
Resource of 204,100 tonnes Au grading 3.59 g/t (23,540 oz Au) and
an Inferred Resource of 252,000 tonnes grading 3.27 g/t (26,460 oz
Au), using a cut-off grade of 0.8 g/t Au (see press release dated
October 22, 2015). The deposit is
characterized by intense carbonate, albite, and pyritic alteration
of gabbroic rocks with gold, strongly associated with pyrite, which
is similar to characterization of the Pine Cove deposit. The
geological characteristics of Stog'er Tight are found in a much
larger area around the deposit that is approximately 1.5 km long by
0.5 km wide. Besides the East, West and Gabbro zones, several other
zones of alteration and mineralization have been identified
throughout the greater Stog'er Tight area, indicating the potential
for further discovery.
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.
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 6,300 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.