Anaconda Mining reports further near surface infill drill results at Goldboro, including 871.23 g/t gold over 0.5 metres, 47.87 g/t gold over 1.5 metres and 20.08 g/t gold over 2.4 metres TORONTO, ON / ACCESSWIRE / January 5, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce further drill results from a completed infill drill program ("Drill Program") at its 100% owned Goldboro Gold Project in Nova Scotia, Canada ("Goldboro" or the "Project"). The Drill Program was comprised of 17,941.7 metres and was designed to convert priority Inferred Mineral Resources into Measured and Indicated Mineral Resources of the Goldboro Deposit as part of the ongoing feasibility study, which recognizes the opportunity for expanded open-pit mining areas as well as underground mining opportunities. Results from the current drilling (3,241.0 metres in 27 diamond drill holes) all reflect shallow drilling (<175 vertical metres) at the East Goldbrook Gold System ("EG Gold System") at the eastern end of the Goldboro Deposit (Exhibit A). These results demonstrate that numerous near-surface mineralized zones exist in the EG Gold System with similar geometry and location to the modelled mineral resource. In particular, the highest-grade intersections reported herein are consistent with other previously reported intervals of high-grade gold (>50.0 grams per tonne ("g/t")). A total of eleven (11) visible gold occurrences were also observed in these drill holes. Selected composited highlights from the Drill Program include: 871.23 g/t gold over 0.5 metres (52.9 to 53.4 metres) and 47.87 g/t gold over 1.5 metres (63.1 to 64.6 metres) in hole BR-20-193; 20.08 g/t gold over 2.4 metres (50.6 to 53.0 metres) including 74.40 g/t gold over 0.6 metres in hole BR-20-195; 4.73 g/t gold over 4.5 metres (100.0 to 104.5 metres) including 20.10 g/t gold over 1.0 metre in hole BR-20-200; 3.41 g/t gold over 3.2 metres (91.8 to 95.0 metres) in hole BR-20-185; 1.11 g/t gold over 7.0 metres (44.0 to 51.0 metres) in hole BR-20-187; 3.17 g/t gold over 6.1 metres (114.9 to 121.0 metres) including 18.10 g/t gold over 0.7 metres in hole BR-20-215; and 0.55 g/t gold over 17.9 metres (23.1 to 41.0 metres) in hole BR-20-205. A table of selected composite intersections from the Drill Program are shown in Table 1 below. "The infill drill results from East Goldbrook show very high-grade intercepts locally as well as broader zones of lower grade mineralization, all at levels that could conceptually be mined through open pit mining methods. Of particular interest in this round of drilling is the consistency of spectacular grades from East Goldbrook indicating there may be specific opportunities for further high-grade resource growth since this zone remains open for expansion down plunge. We will use the new data gathered in this round of infill drilling to upgrade mineral resources to the Measured and Indicated categories at East Goldbrook as part of the fully updated resource estimate anticipated in the first quarter of 2021." ~ Kevin Bullock, President and CEO, Anaconda Mining Inc. See full article here.
Nice recent news from Anaconda, still quite stable, I'm investing while it's low, chances are it could reach new heights in the near future. *As they wisely say by the end of this release, true widths are still unknown* https://www.anacondamining.com/prviewer/release_only/id/4582953 Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce that it has initiated a 1,000 metre diamond drill program ("Drill Program") at the past producing Lower Seal Harbour Property ("Lower Seal Harbour"), located 1.6 kilometres southeast of the Company's 100%-owned Goldboro Gold Project in Guysborough County, Nova Scotia ("Goldboro") (Exhibit A). As previously announced in July 2019, the Company has entered into an option agreement to acquire a 100% interest in Lower Seal Harbour. The Drill Program is focused on testing known gold mineralization hosted on the north limb of an anticlinal structure that is parallel to a similar anticline that hosts the Goldboro Deposit, located approximately 3 kilometres to the north (Exhibit A). The Program will include the twinning of two historic drill holes to confirm high-grade intersections and to sample adjacent wall rock for low-grade mineralization, and testing whether the anticlinal structure immediately south of historical mining activity contains gold mineralization at shallow levels, particularly within the center of the anticline. The Company also plans to drill test two geophysical IP chargeability anomalies that have not been previously tested. Highlights of the Lower Seal Harbour Property include: Proximity to Anaconda's Goldboro Gold Project, within a similar geological setting and mineralization characteristics; Significant high-grade, historical drill intercepts* reported by previous exploration work conducted in the 1980's consisting of 9,506.9 metres in thirty-nine drill holes, including: 18.91 grams per tonne ("g/t") gold over 1.69 metres including 87.54 g/t over 0.33 metres in hole LSH-88-021; 7.49 g/t gold over 3.65 metres including 106.01 g/t over 0.25 metres in hole LSH-87-011; 9.63 g/t gold over 1.46 metres in hole LSH-87-009; and 5.14 g/t gold over 2.18 metres in hole LSH-88-021; History of intermittent past production** from 1904-1949 and reported 34,295 ounces of recovered gold (394,905 tonnes mined); and Historic mineralization remains open for expansion along strike and at depth. " Our focus at Lower Seal Harbour is the discovery of further gold mineralization based on our experience at Goldboro, which is now the single largest gold deposit in Nova Scotia. The current, early-stage work at Lower Seal Harbour is focused on determining the number of geological environments that host gold including previously untested wall rock adjacent to past workings; drill testing the hinge of the anticline, which in the Goldboro Deposit represents one of the key mineralized environments; and drilling previously untested geophysical anomalies that have strong resemblances to anomalies at Goldboro. Should the Lower Seal Harbour Property host another gold deposit, there is the potential to further expand the larger Goldboro Gold Project in the future." ~ Kevin Bullock, President and CEO, Anaconda Mining Inc. Geology and History of Past Production The Lower Seal Harbour Mine produced 34,295 ounces of gold, after mining 394,905 tonnes intermittently between 1904 and 1949. Gold is hosted in both the quartz veins and anticlinal host greywacke and argillite of the Goldenville Formation, with accessory arsenopyrite, pyrite and galena. Previously recognized mineralization is hosted solely on the limb of the fold with no past exploration undertaken in the hinge of the fold, which represents one of the key mineralized environments in the Goldboro Deposit. Thirty-nine (39) broad-spaced historical drill holes, totaling 9,506.9 metres have tested the Property to date. 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 quoted drill core sample intervals, grades and production statistics have been compiled from historic assessment reports obtained from the Government of Nova Scotia. Representative drill core from drilling in the 1981, stored in Nova Scotia government facilities, have been inspected by Anaconda geologists for Lower Seal Harbour, though no mineralized core remained. The observed core was considered representative of the host rocks as described in terms of rock type and alteration. A 1988 assessment report related to drilling programs for Lower Seal Harbour were completed by Scotia Prime Resources Inc. with metallic screen fire assay analysis completed by Bondar-Clegg and Company Ltd. of Ottawa, Ontario. No QAQC procedures were noted in the Scotia Prime report. **Historic production statistics for the Lower Seal Harbour are based on information compiled by the Government of Canada, Geological Survey and taken directly from government reports, specifically GEOLOGICAL SURVEY OF CANADA OPEN FILE 7150, Environmental geochemistry of tailings, sediments and surface waters collected from 14 historical gold mining districts in Nova Scotia (2012) by M.B. Parsons, K.W.G. LeBlanc, G.E.M Hall, A.L. Sangster, J.E. Vaive and P. Pelchat as well as Geological Association of Canada, Special Publication No. 5, Mineral Deposits of Canada, "Metallogenic Summary of the Meguma Gold Deposits, Nova Scotia", (2007) by Sangster, A. L. and Smith, P.K. Readers are cautioned that data quoted in this press release predates the 43-101 instrument and it was not possible for Anaconda representatives to resample historic mineralized intervals. Sufficient work has not been completed by a Qualified Person to verify and validate the specific assay results of historical work. Widths from drill core intervals reported in this press release are presented as core lengths only. True widths are unknown.
