TORONTO, Sept. 5, 2019 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to provide an update on the Tilt Cove Gold Project ("Tilt Cove"), located within the Baie Verte Mining District in Newfoundland, approximately 45 kilometres by road from the Company's Pine Cove Mill (Exhibit A). Tilt Cove is a large land package along the same geological trend as the past producing, high-grade Nugget Pond Mine, which had an average recovered grade of 9.85 g/t gold. Tilt Cove covers a 20-kilometre strike extent of the Betts Cove Complex, a highly prospective geological terrane including the Nugget Pond Horizon, the ironstone unit that hosts the Nugget Pond Mine (Exhibit A). The Company currently plans to drill 4,000 metres of diamond drilling starting in the fourth quarter of 2019.
Since the Company announced the expansion of its footprint at Tilt Cove on May 9, 2019, key geological characteristics of the Nugget Pond Mine have been identified and used to guide a work program focused on providing the specific data required to evaluate and prioritize exploration targets. The Tilt Cove work program to date includes the following milestones:
- Identified 12 exploration targets based on historical exploration data (Exhibit A);
- Collected 569 prospecting rock samples and 2,192 soil samples;
- Initiated a detailed drone-magnetic survey (455-line km) over the Nugget Pond Horizon;
- Completed a LiDAR survey over the entire project area (196 km2);
- Conducted a review of available drill core and relogged 13 diamond drill holes from the Nugget Pond deposit;
- Received all required exploration and drilling permits; and
- Expanded the prospective Tilt Cove land position to 6,075 hectares.
Upon receipt of all prospecting and soil sample assays and geophysical data sets early in Q4 2019, Anaconda will conduct a full evaluation of all available data to determine the highest priority targets prior to drilling.
"We have identified twelve exploration targets to date and have located more prospective areas based on our geological mapping and prospecting. We will continue with our data acquisition which, in combination with historical data will allow us to fully evaluate and prioritize exploration targets and develop specific drill targets. Given the history of past production at the high-grade Nugget Pond Mine, our large land position in this highly prospective area and proximity to our operating Pine Cove mill and tailings facilities, we believe we are in a unique position to make the next high-grade gold discovery in the prolific Baie Verte Mining District."
~ Kevin Bullock, Chief Executive Officer, Anaconda Mining Inc.
Highlights of the Tilt Cove Project
- Large land position that has been consolidated for gold exploration for the first time in 20 years with 20 kilometres of prospective strike;
- Includes the Nugget Pond Horizon, which hosts the past-producing high-grade Nugget Pond Mine that produced 168,748 ounces and an average grade of 9.85 g/t gold;
- Nugget Pond mineralization is like other Banded-Iron-Formation hosted lode gold deposits, such as Meadowbank, Lupin, Meliadine and Homestake;
- Includes the Venams Bight Formation, which hosts the Pine Cove Mine at the Point Rousse Project;
- Significant high-grade historical drill intercepts and the identification of 12 high-priority gold exploration targets including:
- 6.77 g/t gold over 5.0 metres in hole BC-89-02;
- 11.20 g/t gold over 1.1 metres in hole BC-89-01;
- 8.82 g/t gold over 1.0 metre in hole NBC-96-01; and
- Past-producing copper mines including the Tilt Cove and Betts Cove Mines.
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 intervals and grades and production statistics have been compiled from historic assessment work reports obtained from the Government of Newfoundland and Labrador. Anaconda notes that sufficient work has not been completed by a Qualified Person to verify and validate the results of historical work. Widths from drill core intervals reported in this press release are presented as core lengths only.
Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration 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 Stog'er Tight Mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and tailings facility, deep water port, and approximately 11,000 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade Mineral Resource, subject to a 2018 preliminary economic assessment which demonstrates strong project economics. The Company also has a wholly owned exploration company that is solely focused on early stage exploration in Newfoundland and New Brunswick.
This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. 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 December 31, 2018, 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.
Exhibit A. A geological map of the Tilt Cove Project in the Baie Verte Mining District of Newfoundland. The map highlights the Nugget Pond Horizon and the Venams Bight Formation as key host rocks to gold deposits at both the Tilt Cove and Point Rousse Projects as well as key exploration targets. The project is located approximately 45 km from the Company's operating Pine Cove mill and tailings storage facilities.
SOURCE Anaconda Mining Inc.
For further information: Anaconda Mining Inc.: Kevin Bullock, Chief Executive Officer, (647) 388-1842, [email protected]; Reseau ProMarket Inc.: Dany Cenac Robert, Investor Relations, (514) 722-2276 x456, [email protected]