05.04.2018 13:00:00

Anaconda Mining intersects 252.76 g/t gold over 0.4 metres and 31.04 g/t gold over 1.0 metres at Goldboro; expands mineralization in multiple directions

TORONTO, April 5, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (ANX: TSX) is pleased to announce assays from six drill holes (1,391 metres) of an ongoing, expanded 30 drill hole (7,200 metres) diamond drill program (the "Drill Program") at the Company's Goldboro Project in Nova Scotia ("Goldboro"). The six drill holes targeted four cross sections (9450E, 9500E, 9550E and 9650E) at the eastern end of the Goldboro Deposit, within the East Goldbrook Gold System ("EG Gold System").  Recent drilling has extended the existing mineralized zones down-dip to the north and has also expanded the EG Gold System 100 metres east of the current Mineral Resource including the discovery of new mineralized zones above the known EG Gold System.

Recent highlight assays of the Drill Program include:

  • 252.76 grams per tonne ("g/t") gold over 0.4 metres (76.6 to 77.0 metres) in hole BR-18-15;
  • 31.04 g/t gold over 1.0 metres (6.2 to 7.2 metres) in hole BR-18-17;
  • 12.87 g/t gold over 2.0 metres (130.6 to 132.6 metres) in hole BR-18-18; and
  • 25.31 g/t gold over 1.0 metres (62.0 to 63.0 metres) in hole BR-18-18.

Highlight assays from historic drilling on these same sections include:

  • 137.77 g/t gold over 1.5 metres (117.0 to 118.5 metres) in hole OSK11-02;
  • 31.85 g/t gold over 1.5 metres (219.5 to 221.0 metres) in hole BR-08-32;
  • 15.85 g/t gold over 1.0 metres (104.1 to 105.1 metres) in hole BR-87-12; and
  • 3.74 g/t gold over 6.6 metres (111.9 to 118.5 metres) in hole BR-87-12.

In addition to historic assays from these sections, historic results have also intersected 215.74 g/t gold over 3.65 metres in hole OSK 11-04, located 250 metres east of our current Drill Program.

"We are taking a systematic approach to infill and expansion drilling at Goldboro allowing us to assess the geological continuity of the deposit, upgrade the resource model, and discover new zones of mineralization. We are very encouraged that we have been able to replicate similar historical drilling results, and by the discovery of new mineralization east of East Goldbrook, which demonstrates the potential for resource expansion along strike.  Our approach is beginning to provide geological context for previously isolated high-grade assays such as intersections within hole OSK 11-02 located on section 9650E and hole OSK 11-04 located 250 metres east of our current drilling. The Drill Program will continue to focus on expanding the East Goldbrook and Boston-Richardson Gold Systems, and we remain very optimistic about our ability to expand the Goldboro Deposit."

~Dustin Angelo, President and CEO, Anaconda Mining Inc.

The Company continues to await assay results on drill holes BR-18-11, BR-18-12, and BR-18-13. BR-18-11 will be reported on cross section 9100E, along with holes BR-18-20 to -23. Drill holes BR-18-12 and -13 will be reported on section 9250E with holes BR-18-24 and -25.

Section 9450E

Significant intersections from the Drill Program and selected highlights from historic drilling on 9450E include:

Hole ID

From (m)

To (m)

Interval (m)

Au (g/t)

Gold System

Visible Gold


BR-18-17

6.2

7.2

1.0

31.04

E.G.


Current

and

19.0

19.5

0.5

1.15

E.G.


and

87.4

88.4

1.0

0.74

E.G.


and

160.4

161.0

0.6

1.62

E.G.


BR-18-18

9.5

10.0

0.5

2.16

E.G.


and

62.0

63.0

1.0

25.31

E.G.


and

114.2

114.7

0.5

2.49

E.G.


and

130.6

132.6

2.0

12.87

E.G.

v.g.

and

139.0

142.0

3.0

1.87

E.G.


including

141.1

141.5

0.4

10.35

E.G.

v.g.

and

151.9

152.6

0.7

0.66

E.G.


and

170.4

170.8

0.4

3.04

E.G.


and

190.2

190.7

0.5

18.22

E.G.


and

196.0

196.5

0.5

0.64

E.G.


and

197.5

198.1

0.6

0.77

E.G.


BR87-12

103.6

105.6

2.0

8.07

E.G.

v.g.

Historical

including

104.1

105.1

1.0

15.75

E.G.


including

104.1

104.4

0.3

9.60

E.G.


including

104.4

105.1

0.7

18.51

E.G.


and

111.9

118.5

6.6

3.74

E.G.


including

116.4

117.0

0.7

27.77

E.G.


BR08-29

177.5

177.8

0.3

10.20

E.G.

v.g.

BR87-02

480.9

484.0

3.1

2.96

E.G.


including

482.0

482.1

0.1

9.30

E.G.


including

482.1

482.8

0.7

5.10

E.G.


including

483.1

483.4

0.3

5.98

E.G.


 

Recent drilling on section 9450E intersected eight mineralized zones within the EG Gold System, confirming the results of historic drilling in the area. Hole BR-18-17 and BR-18-18 outlined four new mineralized zones within this section and extended the dip of another zone. The down dip extensions of the limbs remain open for further extension within section 9450E.

Section 9500E

Significant intersections from the Drill Program and selected highlights from historic drilling on 9500E include:

Hole ID

From (m)

To (m)

Interval (m)

Au (g/t)

Gold System

Visible Gold


BR-18-14

95.5

96.0

0.5

0.82

E.G.

v.g.

Current

BR-18-19

40.8

41.6

0.8

2.41

E.G.


and

73.3

74.0

0.7

4.70

E.G.


and

107.0

108.0

1.0

1.35

E.G.


and

170.2

171.2

1.0

1.14

E.G.


and

209.5

210.0

0.5

0.73

E.G.


and

222.5

223.2

0.7

0.57

E.G.


BR08-31

23.0

29.0

6.0

1.17

E.G.


Historical

and

53.5

54.0

0.5

15.27

E.G.


and

128.0

129.5

1.5

3.17

E.G.

v.g.

including

128.5

128.8

0.3

10.00

E.G.

v.g.

and

209.0

209.5

0.5

7.08

E.G.


and

228.5

229.0

0.5

22.50

E.G.


BR08-32

63.0

64.5

1.5

2.75

E.G.


including

63.0

63.5

0.5

6.75

E.G.


and

165.5

169.8

4.3

0.95

E.G.


and

219.5

221.0

1.5

31.48

E.G.

v.g.

including

219.5

219.8

0.3

142.50

E.G.


 

Recent drilling on section 9500E intersected seven mineralized zones, including three new mineralized zones above the previously known extents of the EG Gold System. The down dip extensions of the limbs remain open for further extension.

Section 9550E

Significant intersections from the Drill Program, previously reported drill hole BR-18-07 and selected highlights from historic drilling on 9550E include:

Hole ID

From (m)

To (m)

Interval (m)

Au (g/t)

Gold System

Visible Gold


BR-18-15

76.6

77.0

0.4

252.76

E.G.

v.g.

Current

and

139.0

142.6

3.6

0.88

E.G.


including

140.8

142.6

1.8

1.32

E.G.


and

177.0

177.6

0.6

4.52

E.G.

v.g.

and

188.0

189.0

1.0

1.74

E.G.


and

209.0

209.5

0.5

0.75

E.G.


BR-17-07

219.5

220.0

0.5

0.80

E.G.


Previously Reported

and

245.9

246.4

0.5

0.96

E.G.


and

313.4

313.9

0.5

2.05

E.G.


and

329.0

329.6

0.6

2.23

E.G.


and

351.6

352.1

0.5

0.79

E.G.


and

358.7

359.2

0.5

0.61

E.G.


and

378.9

381.9

3.0

1.46

E.G.


and

384.9

385.6

0.7

1.45

E.G.


and

386.6

388.1

1.5

2.23

E.G.


including

387.6

388.1

0.5

5.76

E.G.


and

407.0

407.5

0.5

0.87

E.G.


and

417.9

418.8

0.9

0.57

E.G.


and

449.2

449.7

0.5

0.69

E.G.


and

547.9

548.5

0.6

0.83

E.G.


and

579.0

579.5

0.5

0.71

E.G.


BR87-09

66.5

67.4

0.8

5.49

E.G.


Historic

and

344.5

345.5

1.0

8.57

E.G.


and

346.7

347.2

0.4

3.33

E.G.


 

Recent drilling on section 9550E intersected eight mineralized zones including three above the previously known extents of the EG Gold System. Hole BR-18-15 intersected the same three newly discovered mineralized zones encountered in the north limb of section 9500E, but with higher grades. The down dip extensions of the limbs remain open for further extension within section 9550E and to the east of this section.

Section 9650E

Significant intersections from the Drill Program and selected highlights from historic drilling on 9650E include:

Hole ID

From (m)

To (m)

Interval (m)

Au (g/t)

Gold System

Visible Gold.


BR-18-16

23.5

24.0

0.5

0.73

E.G.


Current

and

189.1

189.7

0.6

11.59

E.G.

v.g.

and

315.6

318.5

2.9

2.23

E.G.


including

315.6

316.1

0.5

8.88

E.G.


OSK11-01

36.0

37.0

1.0

1.82

E.G.


Historical

and

43.9

46.0

2.2

0.96

E.G.


and

61.0

62.0

1.0

0.76

E.G.


and

86.0

88.0

2.0

1.81

E.G.


and

128.0

130.0

2.0

0.58

E.G.


OSK11-02

117.0

118.5

1.5

137.77

E.G.

v.g.

including

117.0

117.5

0.5

412.00

E.G.

v.g.

and

179.5

183.0

3.5

1.76

E.G.

v.g.

including

182.0

183.0

1.0

4.55

E.G.


and

235.5

236.5

1.0

2.28

E.G.


 

Recent drilling on section 9650E intersected six mineralized zones 100 metres east of the Goldboro Deposit and confirms that the mineralized structure hosting the EG Gold System continues to the east. These mineralized zones are located structurally above the EG Gold System and represent mineralization not previously associated with the Goldboro Deposit. Historic hole OSK11-02 intersected 137.77 g/t gold over 1.5 metres in this area demonstrating that locally very high-grades exist. Drill holes OSK11-03 and OSK11-04 are located approximately 250 metres east of section 9650E and intersected multiple mineralized zones including 215.74 g/t gold over 3.6 metres. Further drilling is required to determine if the same structure hosting the EG Gold System continues to the east of the historic drilling or if the new mineralized zones and the intersections in OSK 11-03 and -04 are within a new gold system. 

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.

All samples and the resultant composites referred to in this release are collected using QA/QC protocols including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd.("Eastern") in Springdale, NL, for Au by fire assay (30g) with an AA finish.

Samples analyzing greater than 0.5 g/t Au via 30 g fire assay were re-analyzed at Eastern. via total pulp metallic.  For the total pulp metallic analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30g subsample of the -150mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade.  Anaconda considers total pulp metallic analysis to be more representative than 30 g fire assay in coarse gold systems such as the Goldboro deposit.

Reported mineralized intervals are measured from core lengths.  Intervals are estimated to be approximately 50-100% of true widths of the mineralized zones.

A version of this press release will be available in French on Anaconda's website (www.anacondamining.com) in two to three business days.

ABOUT ANACONDA MINING INC.

Anaconda is a TSX-listed gold mining, exploration and development company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia. The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Pine Cove open pit mine, the fully-permitted Pine Cove Mill and tailings facility, the Stog'er Tight and Argyle deposits, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the recently acquired Goldboro Project in Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing infrastructure at the Company's Point Rousse Project.

The Company also has a pipeline of organic growth opportunities, including the Great Northern Project on the Northern Peninsula and the Tilt Cove Property on the Baie Verte Peninsula.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, the Company's future exploration, development and operational plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the year ended December 31, 2017, available on www.sedar.com.  Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Exhibit A. A map showing the location of the eastern portion of the Goldboro Deposit as projected to surface, centered on the East Goldbrook Gold System. The Boston-Richardson and West Goldbrook Gold Systems are located west of the East Goldbrook Gold System. The location of recent drill holes and sections outlined in this press release as well as historic drill collar locations are shown. Newly discovered mineralized zones are shown in orange. (CNW Group/Anaconda Mining Inc.)

Exhibit B. Geological cross section 9450E through the Goldboro Deposit showing the location of recent drilling and highlights of composited assays for this section located within the East Goldbrook Gold System. Drilling intersected new and previously intersected zones of mineralization. (CNW Group/Anaconda Mining Inc.)

Exhibit C. Geological cross section 9500E through the Goldboro Deposit showing the location of recent drilling and highlights of composited assays for this section located within the East Goldbrook Gold System. Drilling intersected new and previously intersected zones of mineralization including three new mineralized zones above the top of the current East Goldbrook Gold System. (CNW Group/Anaconda Mining Inc.)

Exhibit D. Geological cross section 9550E through the Goldboro Deposit showing the location of recent drilling and highlights of composited assays for this section located within the East Goldbrook Gold System. Drilling intersected new zones of mineralization along the north limb of the deposit including three new mineralized zones above the top of the current East Goldbrook Gold System. (CNW Group/Anaconda Mining Inc.)

Exhibit E. Geological cross section 9650E through the Goldboro Deposit showing the location of recent drilling and highlights of composited assays for this section located within the East Goldbrook Gold System. Drilling intersected new mineralization and demonstrates that the East Goldbrook Gold System continues to the east by at least 100 metres than previously known and includes three new mineralized zone. (CNW Group/Anaconda Mining Inc.)

SOURCE Anaconda Mining Inc.

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