TORONTO, ONTARIO – September 21, 2017 – Anaconda Mining Inc. (“Anaconda” or the “Company”) – (TSX:ANX) is pleased to announce the commencement of a percussion drill program at its Argyle discovery (“Argyle”), located approximately 4.5 kilometres from the Company’s Pine Cove Mill and tailings facility at the Point Rousse Project, Newfoundland and Labrador. Since initial trenching and diamond drilling in 2016 at Argyle, Anaconda has discovered a shallow-dipping, near-surface, mineralized gold system with a strike length of over 600 metres and a down-dip extension to at least 225 metres.
The Company plans to drill approximately 500 metres in 25 holes to demonstrate continuity of near surface (less than 25 metres vertical depth at an average drill spacing of 25 metres) mineralization encountered in previous trenching and diamond drill programs. The percussion drilling will augment existing exploration data in preparation of an NI 43-101 compliant resource calculation on the Argyle discovery, which is expected to be published by the end of 2017.
“Anaconda’s mining activities are moving eastward along a mineralized trend that is in close proximity to the Pine Cove Mill. We’re still mining the Pine Cove pit and have targeted Stog’er Tight as the next development. The infill drill program at Argyle will provide important data to create an NI 43-101 compliant resource and bring us closer to including Argyle in the production pipeline at Point Rousse. With the Pine Cove Mill and the recently permitted in-pit tailings storage facility, Argyle and any other discoveries around Point Rousse will benefit from the existing infrastructure.”
~Dustin Angelo, President & CEO
The discovery trenching program from 2015 outlined a mineralized system exposed at surface along 250 metres of strike and included the following highlights from separate trenches (See January 21, 2016 press release):
- 75 grams per tonne (“g/t”) gold over 16 metres; including 8.27 g/t over 4 metres;
- 89 g/t Au over 10 metres;
- 31 g/t gold over 11 metres;
- 58 g/t gold over 2 metres; and
- 49 g/t gold over 3.5 meters.
Subsequent diamond drilling in 2016 expanded the near surface strike of mineralization to the currently established 600 metres. Highlights from the near surface diamond drilling, coincident with the area within the current drill plan, include (See January 18, 2017 and October 12, 2016 press releases):
- 09 g/t over 14.0 metres (18.0 to 32.0 metres) in hole AE-16-20;
- 50 g/t over 6.3 metres (3.7 to 10.0 metres) in hole AE-16-06; and
- 32 g/t over 12.0 metres (4.5 to 16.5 metres) in hole AE-16-03.
The results of the infill drill program, as well as the final four holes from the previous diamond drill (see news release dated July 13, 2017) program are anticipated by mid-October.
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.
Exhibit A: Argyle proposed drill plan in relation to previous drilling and the outline of mineralization projected to surface.
Anaconda Mining 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 deposit, a new discovery called Argyle, 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 Viking and Great Northern Projects on the Northern Peninsula and the Tilt Cove Property on the Baie Verte Peninsula.
This document contains or refers to forward-looking information. Such forward-looking information includes, among other things, statements regarding targets, estimates and/or assumptions in respect of future production, mine development costs, unit costs, capital costs, timing of commencement of operations and future economic, market and other conditions, and is based on current expectations that involve several business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to: the final approval of the private placement by the Toronto Stock Exchange; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of the any project caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additional funds required to finance the completion of a project; and other factors. Additionally, forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as “plans,” “may,” “estimates,” “expects,” “indicates,” “targeting,” “potential” and similar expressions. These forward-looking statements, including statements regarding Anaconda’s beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties 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 we assume no responsibility to update them or revise them to reflect new events or circumstances, except as required by law.
FOR ADDITIONAL INFORMATION CONTACT:
|Anaconda Mining Inc.
President and CEO
|Anaconda Mining Inc.
VP Public Relations