The Stog’er Tight deposit was discovered by Noranda Exploration Company Ltd. who explored the Stog’er Tight property from 1987 to 1989 (Figure ST1). In 1996, Ming Minerals Inc. extracted a 30,735 tonne bulk sample from the Stog’er Tight deposit, but due to dilution and poor mill recoveries, no further work was continued. In 2006, Tenacity Gold Mining Company Ltd. mined a 29,695 tonne bulk sample with an estimated average grade of 4.8 g/t Au and processed the material at the nearby Nugget Pond mill. The resulting 1.92 g/t Au head grade was also attributed to dilution. No further work was undertaken and the Stog’er Tight Mining Lease was subsequently acquired by 1512513 Alberta Ltd. (“Alberta”) and optioned to Anaconda in 2012.
Anaconda views the Stog’er Tight deposit and associated prospects as a potential source of near-surface ore for its Pine Cove mill. Beginning in 2014, exploration efforts focussed on developing a resource estimate for the Stog’er Tight Deposit and evaluating the potential of the surrounding area. Work has included the compilation of historic data, verification of historic drill data (including resurveying existing drill collars with a differential GPS) and completion of nine twinned diamond-drill holes.
In 2015, the Stog’er Tight deposit was stripped to allow for systematic channel sampling, to aid in geological mapping and to determine the deposit’s surface geometry after previous mining attempts. The geological mapping determined that the deposit is folded by late folds and small shear zones that locally create complex geological patterns, but that also indicate that other prospects adjacent to the Stog’er Tight deposit may represent repetition of the deposit through folding or faulting (Figure ST4 and Figure ST5). A representative cross-section and long section are presented in Figure ST6 and Figure ST7. A 1988 IP-geophysical survey from the Stog’er Tight area was digitized and reprocessed, and a 3D-inversion was completed. A review of the IP data indicated that there are several untested chargeability and conductivity responses throughout the area.
The 2014-2015 diamond drilling and the revised geological interpretations formed the basis for the NI 43-101 compliant resource estimate for the Stog’er Tight Deposit released on October 22, 2015. The deposit is estimated to contain Indicated Mineral Resources of 204,100 tonnes grading 3.59 g/t Au for a total of 23,540 ounces and Inferred Mineral Resources of 252,100 tonnes grading 3.27 g/t Au for a total of 26,460 ounces, both using a cut-off grade of 0.8 g/t Au. This resource estimate was completed by AMC Consultants using Datamine™ software. The Mineral Resources are reported according to the CIM Definition Standards.
Anaconda is proceeding with a planned bulk sample from the Stog’er Tight deposit, trenching of adjacent targets and diamond-drill follow-up of these adjacent areas. Follow-up will also include areas identified from the historic IP data.