TORONTO, Nov. 22, 2017 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") - (TSX:ANX) is pleased to provide the
remaining assay results related to an expansion diamond drilling
program (the "Expansion Drill Program") and a percussion drilling
campaign (the "Percussion Drill Program") at its Argyle discovery
("Argyle"), located approximately 4.5 kilometres from the Company's
fully-operational Pine Cove Mill and tailings facility at the Point
Rousse Project, Newfoundland. The
Expansion Drill Program, which consisted of 8 diamond drill holes
totaling 1,002 metres, was successful in extending Argyle's known
mineralization down dip and demonstrating continuity of a
higher-grade zone further to the north than previously known. In
addition, Anaconda conducted a Percussion Drill Program to confirm
continuity of shallow mineralization along the southern portion of
the known mineralized area. The Company also plans to announce an
NI 43-101 compliant resource on Argyle by the end of 2017.
![Exhibit A. A map showing the location of diamond drill holes reported in this press release (red) and percussion drill holes (yellow) and previous drilling (black). The high-grade areas are outlined in red with all mineralization outlined in black. (CNW Group/Anaconda Mining Inc.) Exhibit A. A map showing the location of diamond drill holes reported in this press release (red) and percussion drill holes (yellow) and previous drilling (black). The high-grade areas are outlined in red with all mineralization outlined in black. (CNW Group/Anaconda Mining Inc.)](https://mma.prnewswire.com/media/609173/Anaconda_Mining_Inc__Anaconda_Expands_The_Argyle_Discovery.jpg)
"We have made great progress on the Argyle discovery and are
getting ready to announce an initial resource estimate by the end
of the year. The NI 43-101 report will add mineral resources to the
Point Rousse Project and provide more confidence in Anaconda's
ability to sustain gold mining activities within close proximity to
the Pine Cove Mill. In addition, we will continue with expansion
drilling around Argyle with the goal of further resource growth at
the Point Rousse Project."
~ Dustin Angelo – President
and CEO of Anaconda Mining
Expansion Drill Program
On July 13, 2017, Anaconda
reported the assays from the first four holes of the Expansion
Drill Program. From these holes, the Company had successfully
expanded Argyle up to 100 metres down-dip in the northeast and
demonstrated continuity of a higher-grade zone over a further 50
metres down-dip to the north than previously known. Assay
highlights from these holes included:
- 3.63 grams per tonne ("g/t") gold over 12.0 metres (58.0 to
70.0 metres) in hole AE-17-46;
- 3.22 g/t gold over 4.0 metres (45.0 to 49.0 metres) in hole
AE-17-45;
- 1.56 g/t gold over 3.0 metres (77.0 to 80.0 metres) in hole
AE-17-47; and
- 1.22 g/t gold over 4.0 metres (86.0 to 90.0 metres) in hole
AE-17-48.
The second set of four holes was drilled in the northeastern
margins of Argyle beyond holes AE-17-45 to AE-17-48 and intersected
typical alteration associated with mineralization. Two holes
AE-17-49 and AE-17-50 intersected 1.60 g/t gold over 7 metres and
1.13 g/t over 5 metres respectively. Hole AE-17-49 is consistent
with previous thicknesses of mineralization in this area and is
located approximately 50 metres north of hole AE-17-48 extending
the Argyle dip extent by 55 metres from the hole AE-17-48 and 155
metres down dip to 220 metres within the 2017 Expansion Drilling
Program (Exhibit A). Argyle remains open for expansion in all
directions.
Percussion Drill Program
The Percussion Drill Program, conducted in September (see press
release dated September 27, 2017),
consisted of 491 metres of percussion drilling in 25 shallow holes,
of which 20 intersected mineralization (Exhibit A). Because
of the nature of the percussion drilling technique, the primary
goal of the program was to verify that mineralization exists in the
areas between the diamond drills, not necessarily to identify
specific in-situ grade. The Percussion Drill Program confirmed that
mineralization is continuous between previously drilled, broader
spaced, diamond drill holes along a 400-metre strike length on the
southern portion of the near surface, mineralized area. Highlights
of the percussion drill program emphasizing mineralization over
significant thickness include:
- 8.23 metres at 1.35 g/t gold (4.57 metres to 12.80 metres)
in hole AEP17-09
- 7.32 metres at 1.35 g/t gold (4.57 metres to 11.89 metres)
in hole AEP-17-25
- 4.57 metres at 1.18 g/t gold (9.14 metres to 13.72 metres)
in hole AEP-17-23
Exploration Plans at Argyle
Based on diamond drilling to date at Argyle, Anaconda has
outlined a mineralized structure that is 600 metres in strike and
extends to a maximum down dip length of 225 metres, and containing
high-grade zones within it. In the near term, the Company
plans to perform diamond drilling to determine the orientation of
the high-grade zones within Argyle and to expand the mineralized
area both along strike and down dip. This work will begin in
the winter of 2018.
Anaconda plans to calculate an NI 43-101 compliant resource
estimate for Argyle. The mineral resource will be announced by the
end of 2017 and the resultant NI 43-101 report will be published
early in 2018. The report will also outline development and mining
plans for the Point Rousse Project, which include development plans
for Argyle and mining of the Stog'er Tight deposit.
Argyle Drilling Results To Date
Anaconda conducted 4,779 metres of diamond drilling over the
past two years in 52 holes at Argyle, outlining a mineralized
structure that is 600 metres in strike, dips moderately to the
northeast to an average known dip extent of 130 metres and to a
maximum of 225 metres from surface. The mineralized area remains
open down dip and along strike.
Table 1. Composited assays from the Argyle percussion
drilling.
|
|
|
|
|
Hole
ID
|
From
|
To
|
Length
|
Au
g/t
|
AEP-17-001
|
17.37
|
18.29
|
0.91
|
0.66
|
AEP-17-002
|
6.40
|
10.06
|
3.66
|
0.70
|
and
|
20.12
|
21.03
|
0.91
|
5.06
|
AEP-17-003
|
19.20
|
20.12
|
0.91
|
3.73
|
AEP-17-004
|
14.63
|
15.54
|
0.91
|
1.60
|
AEP-17-005
|
4.57
|
5.49
|
0.91
|
1.57
|
AEP-17-006
|
10.06
|
11.89
|
1.83
|
3.45
|
AEP-17-007
|
3.66
|
4.57
|
0.91
|
0.64
|
and
|
9.14
|
17.37
|
8.23
|
1.00
|
including
|
9.14
|
12.80
|
3.66
|
0.80
|
and
|
14.63
|
17.37
|
2.74
|
1.67
|
AEP-17-008
|
8.23
|
10.97
|
2.74
|
1.17
|
AEP-17-009
|
4.57
|
12.80
|
8.23
|
1.35
|
including
|
4.57
|
7.32
|
2.74
|
2.46
|
AEP-17-010
|
3.66
|
5.49
|
1.83
|
1.03
|
AEP-17-011
|
6.40
|
7.32
|
0.91
|
0.58
|
AEP-17-013
|
13.72
|
14.63
|
0.91
|
1.22
|
AEP-17-014
|
9.14
|
10.97
|
1.83
|
2.68
|
including
|
9.14
|
10.06
|
0.91
|
4.83
|
AEP-17-016
|
6.40
|
8.23
|
1.83
|
1.55
|
AEP-17-017
|
0.91
|
1.83
|
0.91
|
2.29
|
AEP-17-020
|
6.40
|
7.32
|
0.91
|
0.53
|
AEP-17-022
|
1.83
|
2.74
|
0.91
|
1.02
|
and
|
10.06
|
14.63
|
4.57
|
0.69
|
AEP-17-023
|
9.14
|
13.72
|
4.57
|
1.18
|
including
|
10.97
|
13.72
|
2.74
|
1.75
|
AEP-17-024
|
19.20
|
20.12
|
0.91
|
1.09
|
AEP-17-025
|
4.57
|
11.89
|
7.32
|
1.35
|
including
|
5.49
|
7.32
|
1.83
|
2.45
|
and
|
18.29
|
19.20
|
0.91
|
0.57
|
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. in
Springdale, NL, for Au by fire
assay (30g) with an AA finish.
Mineralized intervals are reported as drill intersections and
are apparent widths only. Apparent widths reported in this press
release are estimated to be approximately 80 – 100% of true
widths.
Percussion drilling was conducted using a Sandvik percussion
drill rig with a 4 inch bore. Cuttings are collected over
every meter of drilling using a scoop holding approximately 1kg
sample. Percussion cuttings include a variety of size
fractions of rock and samples may not be homogenized and fully
representative of the metre of drilling. For this reason,
percussion drill results are considered secondary to diamond drill
samples in their confidence as representative of the in situ grade
of mineralization.
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 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.
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, use of
proceeds and TSX final acceptance of the Offering. 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 May 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.
SOURCE Anaconda Mining Inc.