TORONTO, Nov. 16, 2015 /CNW/ - Anaconda Mining Inc.
("Anaconda" or the "Company") – (TSX: ANX) is pleased to announce
that on October 25th, it
initiated a targeted exploration program at the Point Rousse
Project primarily aimed at expanding the Mineral Resources
associated with the deposits meant to extend the baseload
production profile of the project. The Company's initial goal is to
extend the life of the Point Rousse Project to over 10 years at its
current production rate using the Pine Cove and Stog'er Tight
deposits as its source. To that end, Anaconda developed this
targeted program that consists of 1,000 metres of diamond drilling
at the Pine Cove deposit and 1,000 metres of trenching at the
Stog'er Tight deposit. The Company also plans to trench 300 metres
at the Argyle zone to build upon the early success of the new
discovery. The results of the exploration program are expected by
the end of January.
Drilling at the Pine Cove deposit is focused on the southern
margins of the mine in an area known as Pine Cove Pond (Exhibit
A). The goal of the drill program is to expand near-surface
Mineral Resources at the Pine Cove mine adjacent to the current
ultimate pit design. Geological and geophysical data indicate that
the Pine Cove Pond area may contain the easterly and westerly
continuation of the southern portion of the Pine Cove deposit.
Trenching adjacent to the recently announced Mineral Resource at
Stog'er Tight (see press release dated October 22, 2015) is focused on the East and West
zones as well as the Gabbro zone, East Gabbro zone and South zone
(Exhibit B). The goal of the program is to verify the accuracy of
historical results and to test the down-dip and along-strike
extents of the surface mineralization adjacent to and contiguous
with the Stog'er Tight deposit. Anaconda will be testing the
hypotheses that the East and West zones are extensions of the
Stog'er Tight deposit and that the Gabbro, East Gabbro and South
zones are more extensive than previously known.
President and CEO, Dustin Angelo,
states, "Following the recent resource estimates for Pine Cove and
Stog'er Tight, our primary exploration goal continues to be the
expansion of these deposits to ultimately meet our objective of
demonstrating ten years of future production within the overall
Point Rousse Project. This current program is the next step
on our path to reaching that target. We have prioritized these
areas because they have the potential to be fast-tracked to
production, given our existing mine and mill infrastructure at Pine
Cove and recently acquired mining permits and environmental release
at Stog'er Tight."
Anaconda also plans to trench the Argyle zone (Exhibit C) to
ascertain the general trend and dip of the zone. The Company would
like to acquire the requisite mapping and geochemical data prior to
launching a more aggressive exploration campaign. Trenching
is expected to determine if the two areas of mineralization that
were originally discovered in the Argyle zone (separated by
approximately 200 metres) (see press release from January 8, 2015) are part of a single mineralized
system.
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.
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 6,300 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 ten-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.