Anaconda Mining Inc.

Published : December 16th, 2014

Anaconda Mining reports 10.52 g/t gold over 3.5 metres, 8.13 g/t gold over 4.5 metres and 7.2 g/t gold over 4.0 metres from drilling on the Stog'er Tight deposit

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Keywords :   Canada | Diamond | Gold | Growth | Market |

Anaconda Mining reports 10.52 g/t gold over 3.5 metres, 8.13 g/t gold over 4.5 metres and 7.2 g/t gold over 4.0 metres from drilling on the Stog'er Tight deposit

TORONTO , Dec. 16, 2014 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") – (ANX.TO) is pleased to announce the remaining results of the 2014 Diamond drilling program at its Stog'er Tight gold deposit, located approximately three kilometres east of the Pine Cove mill along the Pine Cove mine road (see Exhibit A for location map).

The 2014 Stog'er Tight drill program consisted of 2,265 metres of Diamond drilling in 31 holes, designed to infill known shallow mineralization, intersect down dip mineralization in areas where gold is anticipated, but not previously intersected (holes BN14-198, 200 to 203, and 205) and to verify historical drilling programs by twinning existing drill holes in anticipation of publishing an NI 43-101 compliant resource (holes BN14-208 to 216). As part of this design, holes were distributed over approximately 500 metres of strike length (Exhibit B).  All drill holes tested mineralization at depths less than 125 metres. Please see the news release dated November 6, 2014 (available on SEDAR.com) for details about the first 15 holes designed to infill the known shallow mineralization.

Highlights of the last 16 Diamond drill holes include:

  • 10.52 g/t (grams per tonne) gold over 3.5 metres (from 38 to 41.5 metres) in hole BN14-203 
  • 8.13 g/t gold over 4 metres (from 72 to 76.5 metres) in hole BN14-208
  • 7.2 g/t gold over 4 metres (from 56 to 60 metres) in hole BN14-201

President and CEO, Dustin Angelo , states, "We are excited about building on an 8-kilometre, multi-deposit, gold trend that extends from the southwest of the Pine Cove pit to the northeast of (and including) the Stog'er Tight deposit. The work we have conducted to date at Stog'er Tight has confirmed the robustness of known mineralization and has indicated the potential to expand the deposit. We now have the foundation on which to advance the Stog'er Tight deposit within our pipeline of projects, which is in line with our strategy of growing proximal, mineable resources to leverage our existing infrastructure and to consistently maintain 10 years of mine life."

Deposit Expansion Potential:

Based on the drill data and integration of other geological investigations at the Stog'er Tight deposit, such as geological mapping and geochemical and geophysical interpretations, the Company will test other areas adjacent to the main portion of the Stog'er Tight deposit considered to have a high potential for resource growth. For instance, the western and eastern extension of the Gabbro Zone (Exhibit C), which included historical Diamond drill results* such as 4.23 g/t over 7.9 metres in hole BN88-01, 10.10 g/t over 2.5 metres in hole BN88-03 and 5.2g/t over 3.7 metres in hole BN88-02, are areas that warrant additional investigation. 

Furthermore, Anaconda drilled eight twin holes which indicated similar styles and location of mineralization where present.  Based on the historical drilling and the results of the 2014 Stog'er Tight drill program, the Company plans to calculate an NI 43-101 compliant resource by the end of March 2015 . With this information and other data collected, Anaconda will then plan and execute a second drill program at Stog'er Tight with the goal of expanding the resource.

A table of composite results for the last 16 holes of the 2014 Stog'er Tight drill program is shown below.

Hole ID

From (m)

To (m)

Intercept (m)

Grade (g/t)

BN14-201

56

60

4

7.20

BN14-202

55

55.75

0.75

4.94

and

61

62

1

3.01

BN14-203

38

41.5

3.5

10.52

BN14-204

3.57

6.5

2.93

1.63

BN14-205

58

59

1

1.56

and

82

83

1

2.65

BN14-207

122

123

1

2.50

BN14-208

72

76.5

4.5

8.13

BN14-210

15

17

2

1.75

BN14-211

39

32

2

2.85

BN14-213

25

27

2

3.32

and

36

37

1

1.74

BN14-214

3.38

4

0.62

4.05

and

34

38

4

1.14

BN14-215

17

23

6

4.55

BN14-216

63.58

64.1

0.52

1.58

and

66.2

67.7

1.5

1.63

Holes BN14-206, BN14-209 and BN14-212 did not intersect significant mineralization

History of Stog'er Tight Deposit:

The Company acquired a 100% undivided interest in the Stog'er Tight deposit through a three-year option agreement with 1512513 Alberta Ltd., a subsidiary of Coordinates Capital Corp., as part of Anaconda's strategy to consolidate the Ming's Bight Peninsula portion of the Baie Verte Mining District. 

In 2010, P&E Mining Consultants Inc., reported an estimated mineral reserve of 65,200 tonnes grading 4.96 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 deposit please refer to the November 20, 2013 news release (available on SEDAR.com).

*While the Company has no reason to doubt the accuracy of historic Diamond drilling or 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.

This news release has been reviewed and considered accurate 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.  The drill program was supervised by Silvertip Exploration Services Inc., of Bishops Falls NL and NQ size core was collected by New Valley Drilling Inc. of Springdale , NL. 

All results are reported as drill thickness, whereas, true thickness are interpreted to be approximately 80-100% of drill thickness. 

All samples are collected using QA/QC protocols including the regular insertion of duplicates, standards and blanks within the sample batch for analysis.  All samples quoted in this release are analyzed at Eastern Analytical Ltd. in Springdale, NL , for Au by fire assay (30g) with an AA finish, as well as 34 element analysis using four acid dissolution with ICP-OES. 

ABOUT ANACONDA

Headquartered in Toronto, Canada , Anaconda is a growth oriented, gold mining and exploration company with a producing mine and approximately 6,000 hectares of exploration property on the Ming's Bight Peninsula located in the Baie Verte Mining District in Newfoundland, Canada called the Pine Cove Project.

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 (CNW Group/Anaconda Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20141216_C7007_PHOTO_EN_9570.jpg

Image with caption: "Exhibit B: Stog'er Tight option 2014 Drill Hole Location Map (CNW Group/Anaconda Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20141216_C7007_PHOTO_EN_9571.jpg

Image with caption: "Exhibit C: Stog'er Tight Area Future Growth Potential (CNW Group/Anaconda Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20141216_C7007_PHOTO_EN_9572.jpg

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Anaconda Mining Inc.

EXPLORATION STAGE
CODE : ANX.TO
ISIN : CA03240P1080
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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$ 157.0 millions as of today (US$ 126.8 millions, € 109.3 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.

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