TORONTO, July 29, 2015 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") – (TSX: ANX) is pleased to announce
the results of its 2016 exploration program at Stog'er Tight in
preparation for a 2,800-tonne bulk sample this fall. To date, the
exploration program has included: stripping of the overburden to
expose the historical mining surface, detailed geological mapping,
channel sampling and near-surface drilling in the main pit area
where Anaconda ultimately expects to begin mining of the Stog'er
Tight Deposit (see Exhibit A for the location of the main pit
area).
The purpose of these exploration activities was to lay the
groundwork for mining and to acquire additional data for the NI
43-101 resource calculation anticipated in September. More
specifically, Anaconda drilled several holes on the western side of
the main pit area to establish both the outer limits of the
mineralization and the historical pit configuration in that
direction. The Company stripped overburden to expose the historical
mining surface which will assist in refining the block model.
Lastly, the results from the exploration work will be used to
determine the location of the 2,800-tonne sample.
The channel sampling program (Exhibit B) consisted of 58
channels and 323 metres sampled on the exposed central and eastern
portions of the main pit area. Channels were chosen to
coincide with drill section lines with regularly-spaced
infilling. Channels were continuous, if possible, with some
step-out due to ground conditions. Highlights of the channel
sampling include:
- 12.83 g/t grams per tonne ("g/t") gold over 4.38 metres
including 26.50 g/t over 1.42 metres and 14.80 g/t over 0.95
metres
- 8.55 g/t over 4.97 metres including 30.40 g/t over 0.98
metres
- 6.58 g/t over 6.02 metres including 18.5 g/t over 1.06
metres
- 5.00 g/t over 5.69 metres
- 5.16 g/t over 3.32 metres
A table of significant results are given below.
In conjunction with the channel sampling, the Company tested the
margins of the western portion of the main pit area near surface
via an 8-hole, 222-metre diamond drill program. Five holes
(BN-15-220 to BN-15-224) were drilled to condemn the immediate
footwall of the deposit, near the central and western portion of
the main pit area. Hole BN-15-219 tested one northerly margin of a
preliminary pit design and holes BN-15-218 and BN-15-217 tested the
potential western extension of the Stog'er Tight Deposit.
Hole BN-15-217 located approximately 15 metres west of the
previously known limits of the deposit intersected mineralization
as summarized below.
- 2.78 g/t over 9.34 metres from 12.56 metres to 21.90 metres;
including 5.15 g/t over 3.65 metres, in hole BN-15-217
"The results from the exploration and development work at
Stog'er Tight continue to be very good as the Company marches
toward a resource calculation and, ultimately, production." states
President and CEO, Dustin
Angelo. "The establishment of previous mining limits
and geological relationships to mineralization are important in
creating a robust resource calculation and building confidence in
our mine plan in the main pit area. The Company is optimistic
that Stog'er Tight will be a key component in the extension of the
life of the Point Rousse Project."
All approvals have been received from the Newfoundland and Labrador Department of
Natural Resources related to extracting a 2,800-tonne bulk
sample. The Company has decided to wait for the results of a
resource calculation, expected in September, prior to extracting
this sample, previously planned for June. The Company has
also begun the process of permitting a 30,000-tonne bulk sample in
the late fall as part of its fiscal 2016 mining budget.
Channel
ID
|
Interval
(m)
|
Grade g/t
|
CH03
|
3.32
|
5.16
|
CH04
|
1.06
|
0.86
|
CH07
|
1.11
|
5.88
|
CH08
|
2.83
|
3.63
|
CH09
|
4.97
|
8.55
|
including
|
0.98
|
30.40
|
and
|
0.99
|
3.07
|
CH10
|
1.9
|
2.04
|
and
|
3.08
|
6.00
|
CH13
|
6.36
|
2.11
|
CH14
|
2.95
|
1.14
|
CH16
|
0.89
|
3.88
|
CH17
|
1.03
|
2.02
|
CH21
|
1.05
|
1.26
|
CH22
|
0.99
|
1.01
|
CH24
|
2.76
|
1.08
|
CH25
|
2.23
|
3.19
|
CH27
|
0.75
|
1.91
|
CH28
|
5.69
|
5.00
|
CH33
|
0.98
|
2.06
|
CH39
|
0.91
|
1.36
|
CH40
|
3.01
|
0.85
|
CH43
|
0.94
|
0.87
|
CH44
|
5.33
|
3.42
|
CH48
|
4.38
|
12.83
|
including
|
0.95
|
14.80
|
including
|
1.42
|
26.50
|
CH49
|
1.96
|
2.44
|
CH50
|
0.85
|
2.99
|
CH51
|
3.03
|
2.80
|
and
|
|
6.58
|
including
|
1.06
|
18.50
|
including
|
0.92
|
9.48
|
CH52
|
0.85
|
10.50
|
CH53
|
0.96
|
11.60
|
CH54
|
0.69
|
0.97
|
A table of significant, composited gold grades in
channel samples from the Stog'er Tight program. All missing channel
numbers (e.g. CH01 and CH02) did not contain significant
intersections of gold.
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.
ABOUT ANACONDA
Headquartered in Toronto,
Canada, Anaconda is a growth-oriented, gold mining and
exploration company with a producing project, called the Point
Rousse Project, and approximately 6,000 hectares of exploration
property on the Ming's Bight Peninsula located in the Baie Verte
Mining District in Newfoundland,
Canada. Since 2012, Anaconda has increased its property
control by nine-fold. It is currently exploring three primary,
prospective gold trends, which have approximately 20 kilometres of
cumulative strike length and include four deposits and numerous
prospects and showings, all within 8 kilometres of the Pine Cove
Mill. The Company's plan is to discover and develop more
resources within the project area and double annual production from
its current rate of approximately 15,000 ounces to 30,000
ounces.
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: the expectations of the Company in
expanding mineral resources and project mine life and the timing
thereof, current and future market trends and growth opportunities
and whether the Company will be able to capitalize upon them.
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, including the risks factors
outlined in the Company's latest annual information form and other
continuous disclosure documents filed at www.sedar.com, 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.