Anaconda Mining eyes Newfoundland gold development scenario

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Anaconda Mining Inc. [ANX-TSX; ANXGF-OTCQX] on Tuesday April 6 released some impressive results from a 2,086-metre expansion drill program at its Stog’er Tight gold deposit, which is located in the Baie Verte mining district in Newfoundland.,

Anaconda Mining is an exploration and development company with a focus on the Atlantic Canada provinces of Newfoundland and Nova Scotia. The company operates the Point Rousse gold project located in the Baie Verte Mining District. Point Rousse is comprised of the Pine Cove open pit mine, and fully-permitted Pine Cove Mill and tailings facility as well as the Stog’er Tight and Argyle deposits.

Anaconda is also developing the recently acquired Goldboro Project in Nova Scotia, a high-grade mineral resource with the potential to leverage existing infrastructure at the Point Rousse Project.

The company also has a pipeline of organic growth opportunities, including the Viking and Great Northern Projects on the Northern Peninsula and the Tilt Cove Property on the Baie Verte Peninsula.

The Stog’er Tight Deposit is located three kilometres east of the Pine Cove Mill, adjacent to existing road networks. It has been defined over a strike length of 1,250 metres so far. Anaconda produced a total of 17,102 ounces of gold from 349,942 tonnes of ore, material that was extracted from the Stog’er Tight Mine between June, 2018, and January, 2020.

Gold from Stog’er Tight was recovered through the Pine Cove Mill with an average head grade of 1.75 g/t gold at an overall recovery of approximately 87%.

Anaconda is assessing the potential for expanding the Stog’er Tight Deposit and developing additional resources.

The company said the expansion drill program was designed, in part, to follow up on a previously announced 12.8-metre mineralized intersection in a previously untested area south of the Stog’er Tight Deposit, where mineralization was thought to terminate.

Several drill holes were also planned to test the northern continuity of the Stog’er Tight Deposit adjacent to near surface mineralization.

The company said the results of the expansion drill program indicate mineralization extends to both the north and south of known mineralization and, importantly, in the southernmost areas, mineralization is flat-lying and located within 30 metres of surface and continues southward for at least 150 metres.


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