Anaconda drills 30 metres of 1.81 g/t gold at Stog’er Tight, Newfoundland

Anaconda Mining Inc. [ANX-TSX; ANXGF-OTCQX] reported assay results from a recent geotechnical and environmental drill program at Stog’er Tight to support an enhanced environmental registration document to be submitted to regulators in the fourth quarter of 2021.

Stog’er Tight, in production since Q1 2018, is part of the 100%-owned Point Rousse Project located within the Baie Verte Mining District, on the Point Rousse/Ming’s Bight Peninsula, northern Baie Verte Peninsula, north-central Newfoundland. Anaconda has been mining at the Pine Cove open pit mine continuously since 2010.

The Stog’er Tight drill program included 704 metres of diamond drilling in eight holes for geotechnical purposes to support detailed pit design as well as 123.5 metres of diamond drilling in four holes for water well installations to obtain relevant environmental data to support continuing environmental assessment work.

Despite their primary purpose, several of these holes encountered mineralization including 1.81 g/t gold over 30.0 metres (56.0 to 86.0 metres), including 10.00 g/t gold over 1.0 metre in diamond drill hole BN-21-496; 0.98 g/t gold over 6.0 metres (47.5 to 53.5 metres) in diamond drill hole BN-21-498; and 0.54 g/t gold over 10.0 metres (51.0 to 61.0 metres) in diamond drill hole BN-21-497.

Also, at Point Rousse, Anaconda conducted 795 metres of delineation drilling in 24 holes at the Argyle gold mine in advance of the next phase of mining to better outline the geometry of the deepest portions of the mineral reserve. This drilling encountered numerous mineralized intersections and resulted in local modifications to the deposit geometry.

The Argyle drill program returned 5.72 g/t gold over 7.0 metres (30.0 to 37.0 metres) in diamond drill hole AE-21-184; 2.16 g/t gold over 13.0 metres (66.0 to 79.0 metres) in diamond drill hole AE-21-185; 5.25 g/t gold over 6.0 metres (28.0 to 34.0 metres) in diamond drill hole AE-21-169; and 1.04 g/t gold over 8.0 metres (29.0 to 37.0 metres) in diamond drill hole AE-21-174.

Kevin Bullock, president and CEO, said, “As we continue to mine at Argyle and move forward with development work at Stog’er Tight, we see an opportunity for optimization and continued mining operations at Point Rousse in the coming years. The advancement of geotechnical and environmental work at Stog’er Tight allows for the optimization of the mineral resource and open-pit design.

“Similarly, the delineation drill results at Argyle have provided an opportunity to better optimize the pit design and mining techniques. With this information we have commenced preparing an updated mineral resource and reserve estimate for our Point Rousse operation that includes a new mineral resource for Stog’er Tight, supporting potential extended life of the mining operations. At the same time, we continue to develop other exploration targets throughout Point Rousse and Tilt Cove and are actively drilling a 6,000-metre diamond drill program and completing a 100-line-kilometre geophysical survey to test the broader prospectivity of the Point Rousse project.”