TORONTO, Nov. 6, 2014 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") – (TSX: ANX) is pleased to announce initial results of diamond drilling at 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 for location map).
The 2014 Stog'er Tight drill program consisted of 2,265 meters of diamond drilling, which included 902 meters of infill drilling concentrated in the center of known mineralization (see Exhibit B) to depths less than 85 meters. This area was selected as an area of detailed work to build on the historic data, better understand geological controls on mineralization and to ultimately develop grade control techniques.
Highlights of the infill portion of the diamond drill program include:
- 18.60 grams per tonne ("g/t") gold over 3.5 meters (from 38 to 41.5 meters) and 4.95 g/t gold over 6 meters (from 20 to 26 meters) in BN14-187
- 4.94 g/t gold over 10.5 meters (from 33 to 43.5 meters) and 4.63 g/t gold over 4.7 meters (from 24.8 to 29.5 meters) in hole BN14-192
- 6.77 g/t gold over 7 meters (from 32 to 39 meters) and 4.68 g/t gold over 4 meters (from 18 to 22 meters) in hole BN14-195
President and CEO, Dustin Angelo, states, "Intersecting shallow, high grade mineralization, comparable with the results from over 180 historic holes, builds our confidence in the deposit and highlights the development potential of the Stog'er Tight project. The results of the program are a positive start to achieving the Company's short term goal of consistently having 10 years of mine life within close proximity of our Pine Cove mill."
A table of composite results for the infill drill program are shown below.
|
Hole ID |
From (m) |
To (m) |
Intercept (m) |
Grade (g/t) |
|
BN14-186 |
26 |
39 |
13 |
1.09 |
|
BN14-187 |
20 |
26 |
6 |
4.95 |
|
including |
20 |
24 |
4 |
7.16 |
|
and |
38 |
41.5 |
3.5 |
18.60 |
|
and |
44 |
45 |
1 |
10.10 |
|
BN14-188 |
13 |
14 |
1 |
4.46 |
|
and |
33 |
35 |
2 |
1.99 |
|
BN14-189 |
15 |
16 |
1 |
1.02 |
|
BN14-190 |
19.5 |
25 |
5.5 |
4.15 |
|
and |
28 |
35 |
7 |
3.83 |
|
BN14-191 |
17.68 |
22 |
4.32 |
5.50 |
|
and |
34.36 |
35.24 |
0.88 |
1.26 |
|
BN14-192 |
24.8 |
29.5 |
4.7 |
4.63 |
|
and |
33 |
43.5 |
10.5 |
4.94 |
|
BN14-193 |
19.5 |
22.5 |
3 |
4.09 |
|
and |
25 |
30 |
5 |
3.29 |
|
and |
53 |
54 |
1 |
1.38 |
|
and |
59 |
60 |
1 |
1.65 |
|
BN14-194 |
16 |
24 |
8 |
2.71 |
|
and |
27.5 |
37 |
9.5 |
3.28 |
|
and |
40 |
42 |
2 |
3.03 |
|
BN14-195 |
18 |
22 |
4 |
4.68 |
|
and |
32 |
39 |
7 |
6.77 |
|
and |
40.5 |
45 |
4.5 |
2.35 |
|
BN14-196 |
15.5 |
16.5 |
1 |
3.28 |
|
and |
24 |
25 |
1 |
1.74 |
|
and |
33 |
33.5 |
0.5 |
60.40 |
|
BN14-197 |
10 |
12 |
2 |
1.95 |
|
BN14-198 |
45 |
49.5 |
4.5 |
3.70 |
|
BN14-200 |
49.5 |
50 |
0.5 |
4.22 |
|
and |
51 |
51.5 |
0.5 |
1.49 |
|
and |
54 |
55 |
1 |
1.76 |
|
|
|
|
|
|
BN14-199 contained no significant intersections of gold |
Of the remaining 1,363 meters of drilling from the Stog'er Tight drill program, 714 meters (seven holes) were designed to define the down-dip limits of the deposit, or to infill areas of low (~100 meter spaced) drilling density (see Exhibit B). Nine holes (649 meters) were designed to verify historical drilling programs by twinning of existing drill holes in anticipation of publishing an NI 43-101 compliant resource, and thus were distributed over approximately 500 meters of strike length. Results from the remaining drilling will be announced once assays are received.
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., a subsidiary of Coordinates Capital Corp., as part of Anaconda's strategy 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 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 November 20, 2013 news release, available on SEDAR (www.sedar.com.)
*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.
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 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/20141106_C6530_PHOTO_EN_7560.jpg
Image with caption: "Exhibit B - Stog’er Tight 2014 Diamond Drill Program Map (CNW Group/Anaconda Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20141106_C6530_PHOTO_EN_7562.jpg
Exhibit B - Stog’er Tight 2014 Diamond Drill Program Map (CNW Group/Anaconda Mining Inc.)
For further information: Anaconda Mining Inc., Dustin Angelo, President and CEO, (647) 260-1248, Email:
dangelo@anacondamining.com; ProConsul Capital Ltd., Andreas Curkovic, Investor Relations, (416) 577-9927, Email:acurkovic@proconsulcapital.com; Company website:
www.anacondamining.com
