Anaconda Mining Inc.

Published : September 15th, 2014

Anaconda Mining initiates drill program on the Stog'er Tight project

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Diamond | Gold | Growth | Market |

Anaconda Mining initiates drill program on the Stog'er Tight project

TORONTO , Sept. 15, 2014 /CNW/ - Anaconda Mining Inc. ("Anaconda" or "the Company") - (ANX.TO) is pleased to announce the initiation of drilling on its Stog'er Tight gold project, located approximately three kilometers east of the Pine Cove mill along the Pine Cove mine road (see Exhibit A: Deer Cove and Stog'er Tight Option map).

The 2014 Stog'er Tight program consists of 2,000 meters of Diamond drilling designed to infill portions of the deposit and expand the deposit size. In addition, the Company will build on the historic data and better understand the geological setting and distribution of gold within the deposit. The Company's short term goal is to outline a deposit that has at least a five-year mine life at the current Pine Cove mill throughput rate of approximately 1,000 tonnes per day. If Stog'er Tight has a five-year mine life, then the Company would nearly double the life of the Pine Cove Project to almost 10 years. Drilling will be supplemented by detailed geochemical analysis and structural mapping of the deposit to determine geological controls on mineralization and to develop grade-control techniques for use in mining. The Company expects to do more drilling beyond this initial 2,000 meters along with other analytical and scoping related work to develop the ultimate pit and mine plan.

President and CEO, Dustin Angelo , states, "The Company is implementing a strategy to grow the Pine Cove Project by developing Pine Cove style resources like Stog'er Tight to extend the life of the Pine Cove Project and continue feeding the base-load production of the mill. Through other, potentially higher grade, deposits on the Ming's Bight Peninsula close to our mill, the Company would supplement the base-load feed to increase the overall head grade into the mill at a potentially lower incremental cost. Our immediate focus is on extending the life of the project and we view the Stog'er Tight deposit as a significant component in demonstrating our ability to do so."

History of Stog'er Tight Project:

The Company acquired a 100% undivided interest in the Stog'er Tight project through a three-year option agreement with 1512513 Alberta Ltd. ("Alberta Ltd."), a subsidiary of Coordinates Capital, as part of Anaconda's decision to consolidate the Pine Cove gold mining district.

In 2010, P&E Mining Consultants Inc., reported an estimated mineral reserve of 65,200 tonnes grading 4.96 grams/tonne ("g/t") gold (approximately 10,400 ounces), an indicated resource of 96,000 tonnes grading 7.04 g/t gold (approximately 21,700 ounces) and an inferred resource of 53,000 tonnes grading 5.75 g/t gold (approximately 9,800 ounces) (This is a non-NI 43-101 compliant resource estimate*).

For more information on this transaction and the history of the Stog'er Tight project please refer to the Company's November 20, 2013 news release (available at www.SEDAR.com).

Deer Cove Project Update:

The previously announced drilling program on the Deer Cove project (see June 11, 2014 news release available at www.SEDAR.com) was completed in early September and final analytical results of the program are pending.  The results of this program will be communicated once the final assays are completed and the Company has assessed the significance of the data and determined the next steps required in the Deer Cove project.

This news release has been reviewed 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.

*While the Company has no reason to doubt the accuracy of the Stog'er Tight historic resource estimate by P&E Mining Consultants Inc., it should not be relied upon and is presented here only as a statement of historical significance.  If the Company considers it prudent, a new resource estimate will be produced in compliance with National Instrument 43-101 Standard for Disclosure of Mineral Projects.

ABOUT ANACONDA

Headquartered in Toronto, Canada , Anaconda is a growth oriented, gold mining and exploration company with a producing asset located on the Baie Verte Peninsula in Newfoundland, Canada called the Pine Cove mine.

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: current and future market trends and growth opportunities and whether the Company will be able to capitalize upon them. 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 are based on current expectations and 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 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.

Image with caption: "Exhibit A: Deer Cove and Stog'er Tight Option Map. (CNW Group/Anaconda Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20140915_C9070_PHOTO_EN_42774.jpg

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Anaconda Mining Inc.

EXPLORATION STAGE
CODE : ANX.TO
ISIN : CA03240P1080
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Anaconda Min. is a gold development stage company based in Canada.

Anaconda Min. holds various exploration projects in Canada and in Chile.

Its main exploration properties are BORTHWICK LAKE, LINGMAN LAKE and DAMOTI in Canada and SAN GABRIEL FE and HORSE MOUNTAIN - ANACONDA GOLD in Chile.

Anaconda Min. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 146.5 millions as of today (US$ 114.3 millions, € 100.8 millions).

Its stock quote reached its highest recent level on February 09, 2012 at CA$ 2.01, and its lowest recent point on December 24, 2015 at CA$ 0.04.

Anaconda Min. has 209 330 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Anaconda Mining Inc.
6/3/2013Makes $1,754,580 Final Payment on Convertible Loan and Deben...
5/6/2013Announces Warrant Exercise
8/15/2011announces extension of Series III Debentures and propose...
4/11/2011ANNOUNCES EXTENSION OF COMMON SHARE PURCHASE WARRANTS
Nominations of Anaconda Mining Inc.
7/7/2015Kevin Bullock Joins Board of Directors of Anaconda Mining
11/20/2014Announces Election of Directors
10/10/2013Tim Casgrain Joins Board of Directors of Anaconda Mining
Project news of Anaconda Mining Inc.
1/25/2016Anaconda Mining drills 2.68 g/t Au over 15.9 metres and 2.11...
12/17/2015Anaconda Mining reports 17.76 g/t gold over 11 metres and 4....
2/26/2015Anaconda Mining maximizing Pine Cove deposit potential throu...
12/23/2014Anaconda Mining commences new drilling program on the Pine C...
12/16/2014Anaconda Mining reports 10.52 g/t gold over 3.5 metres, 8.13...
11/6/2014Anaconda Mining reports 18.60 g/t gold over 3.5 meters and 4...
6/11/2014Anaconda Mining initiates 2,000-meter diamond drilling progr...
5/19/2011REPORTS RECORD GOLD PRODUCTION AT PINE COVE: 344.2 TROY ...
Corporate news of Anaconda Mining Inc.
1/21/2016Anaconda Mining reports 1.89 g/t gold over 10 metres and ext...
10/19/2015Anaconda frees up nearly $800,000 in restricted cash
10/15/2015Anaconda Mining sells 3,956 ounces and generates $1.5M of EB...
9/17/2015Anaconda's Point Rousse Project Sells Nearly 4,000 Ounces of...
8/27/2015Anaconda Mining sells 15,821 ounces and generates $4.8m of E...
8/13/2015Anaconda Intersects More Near-Surface Mineralization at Nort...
8/4/2015Anaconda Acquires Corkscrew Property; Doubles Land Position ...
7/29/2015Anaconda Mining Comments on Proposed "Take-Under" Bid Announ...
7/29/2015Plantro Venture Group Ltd. intends to make an offer for Anac...
7/29/2015Anaconda Mining Reports 12.83 g/t Gold Over 4.38 Metres and ...
7/29/2015Reports 12.83 g/t Gold Over 4.38 Metres and 8.55 g/t Gold Ov...
6/18/2015Anaconda Mining sets annual production records and sells nea...
4/9/2015sells 4,508 ounces and generates $1.9M of Point Rousse Proje...
4/9/2015Anaconda Mining sells 4,508 ounces and generates $1.9M of Po...
3/19/2015Point Rousse Project has record sales volume of over 4,500 o...
3/19/2015Anaconda's Point Rousse Project has record sales volume of o...
2/27/2015Anaconda Provides a Strategic and Exploration Update on the ...
2/26/2015maximizing Pine Cove deposit potential through recent drilli...
1/9/2015Anaconda Mining Sells 3,431 Ounces and Generates Over $600,0...
1/8/2015Anaconda makes new gold discovery near the Pine Cove mill
12/23/2014commences new drilling program on the Pine Cove deposit
12/15/2014Pine Cove Mine Sells Over 3,400 Ounces of Gold; Generates $4...
12/15/2014Anaconda's Pine Cove Mine Sells Over 3,400 Ounces of Gold; G...
12/3/2014Anaconda Mining makes final payment on Atlantic Canada oppor...
12/3/2014makes final payment on Atlantic Canada opportunities agency ...
11/20/2014Anaconda Mining Announces Election of Directors
11/6/2014reports 18.60 g/t gold over 3.5 meters and 4.94 g/t gold ove...
10/9/2014Anaconda Mining Sells Nearly 4,000 Ounces and Generates Over...
9/18/2014Anaconda's Pine Cove Mine sells over 3,900 ounces of gold; g...
9/15/2014Anaconda Mining initiates drill program on the Stog'er Tight...
9/15/2014initiates drill program on the Stog'er Tight project
8/28/2014Anaconda Mining posts $4.3 million, or $0.02 per share, in n...
6/18/2014Anaconda Mining Intersects Multiple Zones Grading up to 3.17...
6/17/2014Anaconda's Pine Cove Mine sells approximately 3,800 ounces o...
6/16/2014Mast Therapeutics Initiates Sub-Study Within Phase 3 EPIC Tr...
6/11/2014initiates 2,000-meter diamond drilling program at its Deer C...
5/7/2014reports 26.12 g/t over 3.6 meters and 22.74 g/t over 5.0 met...
10/18/2013Announces Date of Annual Meeting
9/16/2013Intersects New Gold Zone at Romeo and Juliet Prospect; Assay...
9/10/2013Receives First Commercial Production Payment of US$1 Million...
8/26/2013to Receive First Commercial Production Payment of US $1 Mill...
7/8/2013Initiates 2,000-Meter Diamond-Drill Program at Pine Cove's R...
6/18/2013Begins Regional Airborne Geophysical Survey of Its Pine Cove...
6/13/2013Pine Cove Mine has Record FY Q4 '13 Sales Volume of Nearly 4...
4/12/2013Generates $856,762, or $0.005 Per Share, in Net Income for F...
4/4/2013Reports Successful Romeo and Juliet Bulk Sample Assay Result...
3/25/2013Intersects 20 Metres of 2.15 g/t Gold in New Western Extensi...
3/19/2013Pine Cove Mine Sells Approximately 3,100 Ounces of Gold in F...
1/14/2013Initiates Diamond Drilling to Test Potential Down-Dip Extens...
1/14/2013Initiates Diamond Drilling to Test Potential Down-Dip Extens...
12/11/2012Options Strategic Property Near Its Pine Cove Mine; Identifi...
10/12/2012generates $1.5 Million in Net Income for FY Q1 2013
10/6/2011Pine Cove Gold Mine Generates Over $1.5 Million in EBITDA Du...
9/14/2011Pine Cove gold mine posts another record quarter; mill recov...
8/25/2011Pine Cove gold mine generates over $500,000 in EBITDA in Jun...
6/27/2011PINE COVE GOLD MINE GENERATES OVER $900,000 IN EBITDA IN APR...
5/2/2011IMPROVES PINE COVE MILL PERFORMANCE; SHIPS RECORD AMOUNT OF ...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (ANX.TO)FRANKFURT (GJ2A.F)
0.700-4.11%0.072+0.00%
TORONTO
CA$ 0.700
12/01 15:59 -0.030
-4.11%
Prev close Open
0.730 0.750
Low High
0.700 0.750
Year l/h YTD var.
0.550 -  1.03 14.75%
52 week l/h 52 week var.
0.540 -  1.03 22.81%
Volume 1 month var.
154,028 9.38%
24hGold TrendPower© : -6
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
202114.75%0.940.53
2020171.11%0.780.10
20192.27%0.360.19
2018120.00%0.560.09
201766.67%0.110.05
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.20-1.98%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.47-5.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 2.90-1.86%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.97-2.02%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.85+0.00%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.04+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.42+1.48%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.00-0.30%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.42-5.68%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.17+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.52-6.67%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.84-2.90%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :