Anconia Reexamines Gold Assay Values at Its RB Property and Provides Exploration Update
10 November 2011 - 4:42AM
Marketwired
Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the
"Company") is pleased to provide additional sampling results, which
confirm previously reported (September 27, 2011) high grade
(samples of +20g/t Au) gold assay results obtained at its RB
Property located in Nunavut Territory, Canada approximately 125
kilometres southwest of the town of Rankin Inlet.
During a property visit Company geologists took two additional
samples (RB 144 and RB 100) to verify the two highest previously
reported gold results, namely Sample # 19619, which assayed 144.0
g/t Au, and Sample # 19626, which assayed 101.0 g/t Au.
The confirmation sample RB 144 assayed 196 g/t Au, 36% greater
than the original sample (Sample # 19619). This result was achieved
using a fire assay with gravimetric finish.
The confirmation sample RB 100 assayed 66.8 g/t Au, 33.9% lower
than the original sample (Sample # 19626). This result was achieved
using a fire assay with gravimetric finish.
These results confirm the presence of high grade (samples of
+20g/t Au) gold at both sample sites, however the high variability
between the original results and the confirmation results (reported
above) indicates the likely presence of coarse gold, which would
provide a "nugget effect". To confirm this, the Company requested
full gold metallics testing. For sample RB 144 the majority of the
gold reported to the fine fraction (-100 mesh), whereas for sample
RB 100 the coarse fraction (+100 mesh) assayed significantly higher
than the fire assay, indicating the presence of coarse gold. In
both cases the total gold metallics assay closely approximated the
initial fire assay, which is reported above.
Jason Brewster, President and C.E.O. of Anconia commented,
"These confirmation results are important not only because they
indicate the presence of high grade gold values on the property,
but also they will allow us to tailor our future exploration
activities on this property to account for the presence of coarse
gold. This will be an important consideration as we further develop
the property".
QA Discussion of Assay Methodology
The samples for the RB Property were selected in the field,
bagged, and sealed with a security seal and transferred by bonded
courier to the facilities of Activation Laboratories in Ancaster,
Ontario. They were processed using Activation Laboratories' Au
Total Metallics analytical package where a representative 500 gram
split is sieved at 100 mesh with assays performed on the entire
+100 mesh and 2 splits of the -100 mesh fraction. A final assay is
calculated based on the weight of each fraction. Samples were also
analysed using 4 Acid Total Digestion.
Mr. Brian H. Newton P. Geo. of Minroc Management Limited and a
"qualified person" pursuant to National Instrument 43-101, has
reviewed and approved the technical disclosure in this press
release on behalf of the Company.
SSM Property
The Company is also providing an update on exploration
activities on the SSM Property 65 kilometres northeast of the City
of Sault Ste. Marie, Ontario. A first phase prospecting program on
the SSM Property has been completed, which has yielded 27 samples
of mineralized outcrops, which may be prospective for gold. Samples
have been sent to Agat Labs of Mississauga for multi element and
gold assaying, the results of which are anticipated towards the end
of the month, and will be reported when received. Exploration plans
for the winter season on the SSM Property will be determined
pending the results of this initial work program.
About Anconia
Anconia is a base and precious metals exploration and
development company, which is focused on providing shareholder
value through the advancement of its properties in the Nunavut
Territory and the Province of Ontario, Canada. Anconia is
undertaking a comprehensive exploration program to determine the
potential of the projects currently in its portfolio.
Forward-Looking Information
This news release contains forward looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and forward-looking information within the meaning of
applicable Canadian securities laws including with respect to the
likely presence of coarse gold and high grade gold in the RB claims
and the prospective for gold on the SSM property. Words such as
"may", "will", "should", "anticipate", "plan", "expect", "believe",
"estimate" and similar terminology are used to identify
forward-looking statements and forward-looking information. Such
statements and information are based on assumptions, estimates,
opinions and analysis made by management of Anconia in light of its
experience, current conditions and its expectations of future
developments as well as other factors which it believes to be
reasonable and relevant. Forward-looking statements and information
involve known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially from those
expressed or implied in the forward-looking statements and
information. Risks and uncertainties that may cause actual results
to vary include but are not limited to: the speculative nature of
mineral exploration and development, including the uncertainty of
mineral reserve and resource estimates; uncertainties relating to
the availability and costs of financing needed to complete
exploration activities; exploration costs varying significantly
from estimates; delays in the exploration and development of,
and/or commercial production from, the properties in which Anconia
has an interest; unexpected geological or hydrological conditions;
operational and technical difficulties; fluctuations in commodity
prices; the existence of undetected or unregistered interests or
claims, whether in contract or in tort, over the property of
Anconia; success of future exploration and development initiatives;
competition; operating performance of facilities; environmental and
safety risks, including increased regulatory burdens, seismic
activity, weather and other natural phenomena; inability to, or
delays in, obtaining necessary permits and approvals from
government authorities; risks relating to labour; and other
exploration, development and operating risks; changes to and
compliance with applicable laws and regulations, including
environmental laws and obtaining requisite permits; as well as
other risks and uncertainties which are more fully described in
Anconia's annual and quarterly Management's Discussion and Analysis
and in other filings made by Anconia with Canadian securities
regulatory authorities and available at www.sedar.com.
Forward-looking information speaks only as of the date on which
it is provided and, except as may be required by applicable
securities laws, Anconia disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise. Although
Anconia believes that the assumptions inherent in the
forward-looking information are reasonable, forward- looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Anconia Resources Corp. Jason Brewster President and
CEO 416-815-9777
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