Anaconda drills 10 metres of 9.47 g/t gold at Goldboro, Nova Scotia

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Anaconda Mining Inc. [ANX-TSX; ANXGF-OTCQX] reported results of a diamond drill program conducted at the 100%-owned Goldboro gold project in Nova Scotia, as well as the results of a drill program completed at the nearby Lower Seal Harbour property in the winter of 2021.

The Goldboro infill drill program was initiated following the significantly expanded mineral resource estimate announced on February 22, 2021, consisting of 32 holes and 3,321.5 metres (BR-21-225 to -256). The aim of the program was the conversion of inferred resources within the western constrained open pit outlined in the updated mineral resource.

Selected composited highlights (core length) from the infill drill program include:

Hole BR-21-252 returned 9.47 g/t gold over 10.0 metres (59.0 to 69.0 metres), including 6.66 g/t gold over 1.5 metres, 124.50 g/t gold over 0.5 metres and including 24.0 g/t gold over 0.5 metres. Hole BR-21-246 returned 2.76 g/t gold over 11.5 metres (48.5 to 60.0 metres), including 10.50 g/t gold over 0.5 metres.

Hole BR-21-239 returned 5.21 g/t gold over 5.5 metres (47.5 to 53.0 metres), including 43.80 g/t gold over 0.5 metres. Hole BR-21-254 returned 2.49 g/t gold over 7.0 metres (97.0 to 104.0 metres), including 21.40 g/t gold over 0.5 metres.

Hole BR-21-245 returned 2.06 g/t gold over 8.0 metres (26.0 to 34.0 metres), including 8.57 g/t gold over 1.0 metre. Hole BR-21-233 returned 1.12 g/t gold over 7.0 metres (20.0 to 27.0 metres), including 3.49 g/t gold over 1.0 metre in hole BR-21-233.

The infill drill program aimed to upgrade certain inferred resources within the western constrained open pit into the measured and indicated categories to support the continuing feasibility study, targeting approximately 27,400 ounces (418,000 tonnes at a grade of 2.04 g/t gold). The results of the infill drill program within the deposit confirmed the geological model, and drilling near the margins of the constrained pit in previously under-drilled areas outside of the main deposit demonstrate potential for additional resources near the margins of the western open pit.

“Following the recently announced significant increase to the Goldboro mineral resource and the related positive metallurgical recoveries, we initiated a round of shallow infill drilling focused on upgrading inferred resources to measured and indicated with the aim of incorporating them into the ongoing feasibility study. The drill results within shallow areas of the deposit validate the existing model and drilling near the margins of the constrained open pits demonstrate the potential to add ounces to the in-pit resources, potentially reducing the strip ratio within open pits contemplated in the feasibility study. Further opportunities to upgrade and increase mineral resources have been recognized and with the recent $8.5-million financing we are in an excellent position to act on these opportunities as we finalize the preliminary economic assessment and continue with our ongoing feasibility study,” said Kevin Bullock, president and CEO.

Highlights from the Lower Seal Harbour program include 2.36 g/t gold over 2.5 metres (254.0 to 256.5 metres), 1.80 g/t gold over 0.7 metres (202.3 to 203.0 metres) and 1.54 g/t gold over 0.5 metres (261.0 to 261.5 metres) in hole LSH-20-002. Hole LSH-20-005 returned 0.66 g/t gold over 1.0 metre (79.0 to 80.0 metres) and 1.16 g/t gold over 0.5 metres (134.0 to 134.5 metres).




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