TORONTO, Dec. 17, 2015 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") – (TSX: ANX) is pleased to announce
the results of its fall exploration program on the Stog'er Tight
project. The program was focused on continuing to expand mineral
resources along strike and adjacent to the Stog'er Tight deposit
(Exhibit A). The program included the excavation
of 6 trenches and the collection of 219 one-metre channel samples
in the East, West and Gabbro zones following up on historical
mapping and trenching that indicated the presence of
mineralization.
The primary goal of the program was to test the hypothesis that
the East and West zones are continuous with the Stog'er Tight
deposit at surface and that the East Gabbro zone is a separate zone
of mineralization. The deposit has a
known, near-surface strike length of approximately 300
metres. The results of the trenching and
channel sampling program indicate that the East zone mineralization
is contiguous with the Stog'er Tight deposit over a distance of 100
metres (Exhibit B). The West zone was confirmed
to contain mineralization over a strike length of at least 80
metres, but appears to be offset by approximately 25-40 metres
along a fault south of the main trend of the deposit (Exhibit C).
Consequently, the strike length of mineralization
exposed at surface at Stog'er Tight, including the
deposit and the East and offset West zones, is now approximately
480 metres. Trenches across the East Gabbro zone
intersected alteration but did not produce appreciable gold
grades. Highlights of the channel
sampling include:
- 17.76 g/t grams per tonne ("g/t")
Au over 11 metres in channel
STtr15-05-C
- 11.02 g/t Au over 12 metres in channel
STtr15-05-D
- 10.77 g/t Au over 8 metres in channel
STtr15-05-B
- 4.38 g/t Au over 9 metres in channel
STtr15-10
- 0.98 g/t Au over 12 metres in channel
STtr15-09
President and CEO, Dustin Angelo, states, "The recognition
of significant near-surface mineralization immediately along strike
from the Stog'er Tight deposit is a positive sign that near-term
growth of mineral resources is possible. The results of this
program enable us to develop a focused diamond drill program that
will target near-surface mineralization with the goal of expanding
the mineral resource at Stog'er Tight, which is consistent with our
primary exploration goal of demonstrating ten years of future
production within the overall Point Rousse Project."
A table of all significant results are given below.
Channel ID
|
Interval (m)
|
Grade (g/t)*
|
STtr15-05-A
|
3
|
0.56
|
STtr15-05-B
|
8
|
10.77
|
STtr15-05-C
|
11
|
17.76
|
STtr15-05-D
|
12
|
11.02
|
STtr15-05-E
|
3
|
9.21
|
STtr15-05-F
|
4
|
6.86
|
STtr15-08
|
1
|
1.43
|
STtr15-09
|
12
|
0.98
|
STtr15-10
|
9
|
4.38
|
* grams per tonne
|
|
A table of significant, composited gold
grades of channel samples from the fall 2015 Stog'er Tight
trenching program. Trenches in this program included STtr15-05 to
STtr15-10. Channels STtr15-06 and STtr15-07 did
not contain significant intersections of gold.
Composites are 80-95% of true thickness.
The Stog'er Tight deposit is located 3.5 kilometres 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 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
kilometres long by 0.5 kilometres wide. Besides the East, West and
East 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.