|By Marketwired .||
|March 3, 2014 07:01 AM EST||
TORONTO, ONTARIO -- (Marketwired) -- 03/03/14 -- Anaconda Mining Inc. ("Anaconda" or "the Company") - (TSX: ANX) is pleased to report that condemnation diamond-drilling north of its Pine Cove mine has intersected the possible down-dip extension of the Pine Cove deposit. PC-14-224, a vertical diamond-drill hole, located approximately 180 meters north of the ultimate open pit, intersected 5.75 grams per tonne ("g/t") gold over a core length of 1.97 meters.
The recently completed 600-meter, 4-hole, condemnation diamond-drill program targeted areas north and northwest of the mine as part of a possible waste dump expansion. The holes northwest of the mine were not expected to contain mineralization. However, PC-14-224, which was north of the mine, was drilled to a depth of 300 meters to simultaneously test for condemnation purposes and for the possible down-dip extension. It was collared approximately 95 meters northwest of PC-11-181, which assayed 2.50 g/t gold over a core length of 40.8 meters (Anaconda Press Release, July 27, 2011), and intersected several intervals of Pine Cove style alteration and mineralization (Table 1). The best interval assayed 3.06 g/t gold over 5.54 meters (including 5.75 g/t gold over 1.97 meters) beginning at a vertical depth of approximately 207 meters. This mineralization occurs at the same vertical depth as that intersected in PC-11-181 (an angled hole drilled to the south, away from PC-14-224); however, PC-14-224 cut the mineralized zone almost 150 meters northwest of PC-11-181.
---------------------------------------------------------------------------- Hole_ID From (m) To (m) Width (m) Au g/t ---------------------------------------------------------------------------- PC-14-224 137.26 138.32 1.06 1.15 ---------------------------------------------------------------------------- PC-14-224 207.37 212.91 5.54 3.06 ---------------------------------------------------------------------------- including 210.94 212.91 1.97 5.75 ---------------------------------------------------------------------------- PC-14-224 234.98 235.25 0.27 6.08 ---------------------------------------------------------------------------- PC-14-224 243.23 245.2 1.97 2.23 ----------------------------------------------------------------------------
PC-14-224 targeted an area, well north of previous drilling, that was thought to be underlain by the potential down-dip extension of the Pine Cove deposit. Previous historic drilling, including PC-11-181, indicated that the Pine Cove deposit did continue at depth to the north beyond the present block model. In 2013, drilling intersected wide intervals of gold mineralization of similar grade and tenor to the Pine Cove deposit in both the down-dip area, further validating the down-dip theory, and in a newly defined area referred to as the Western Extension area.
In both areas, the gold mineralization lies outside of the ultimate open-pit boundaries, so its depth may preclude its extraction by open-pit methods. However, within the broad gold-rich zones are narrower higher grade intervals that may be amenable to underground mining methods, particularly in the shallower Western Extension area. Figures 1, 2, 3 and 4 contain a plan view and three section maps of drill hole intersections in and around the Pine Cove pit that illustrate the high grade intervals and the possible trend of mineralization. Additional drilling will be required to test the possible continuity of higher grade material amenable to underground mining.
President and CEO, Dustin Angelo, stated, "The down-dip area north of the Pine Cove mine continues to demonstrate potential, most likely for an underground mine. PC-14-224 intersected significant gold mineralization well north of the current pit. There are no drill holes north of this latest hole and the mineralization that was discovered in PC-14-224 lies almost 150 meters from that which was intersected by PC-11-181. We are encouraged by the results we are seeing and there is still a wide open area north of the pit that we have to evaluate.
Regional Exploration Program Update
Anaconda is currently reviewing and compiling all historic data for both the Deer Cove and Stog'er Tight deposits. The Company plans to carry out a detailed ground magnetic survey over the Stog'er Tight area before spring breakup. Infill and definition drilling will be initiated at Deer Cove in May and subsequently at Stog'er Tight. Data from both properties will be used to complete NI 43-101 resource estimates. Geological mapping, prospecting and trenching programs are also planned for the June to November field season for Stog'er Tight North, Ming's Bight, Goldenville Horizon and the Romeo and Juliet Trend.
In January 2014, Anaconda completed 300 meters of additional diamond-drilling in two holes that targeted the possible down-plunge and eastern extensions to the newly discovered Balcony Zone of the Romeo and Juliet prospect (Anaconda Press Release, September 16, 2013). The drilling was the final phase of a drill program at Romeo and Juliet that was initiated during the summer of 2013 (Anaconda Press Release, July 8, 2013). Both holes successfully intersected the targets but did not return economically significant gold grades. All existing data is being evaluated and further work, including trenching, is anticipated later in 2014 as part of an expanded exploration program along the regional Romeo and Juliet Trend. This trend is defined by a significant northeast-southwest 1.5 km long topographic linear which is anchored by the Romeo and Juliet prospect to the south and the Pumbley Point/Fuel Bog gold showings to the north (Figure 5). Exploration will focus on this linear and, in particular, search for east-west crosscutting structures similar to that hosting the Balcony Zone.
Note: All assay intervals refer to core length and at present true thicknesses of mineralized zones are not known. The diamond drilling was carried out by New Valley Drilling of Springdale, Newfoundland and was supervised by Silvertip Exploration Consultants Inc. The NQ core was logged and sampled at the Pine Cove mine site. Samples selected for analyses were sawn and half the sample was tagged and placed in a sealed plastic bag. Samples generally comprised one meter core intervals in altered rock and half meter intervals in quartz veins. Samples were transported by Silvertip personnel to the Eastern Analytical Laboratory in Springdale, Newfoundland for fire assay. As part of the QA-QC protocol, standards and blanks were randomly inserted during the sampling process. The remaining core is stored at the Pine Cove mine.
This news release has been reviewed and approved by David Evans, P. Geo., with Silvertip Exploration Consultants Inc., a "Qualified Person" under National Instrument 43-101.
To view Figures 1 to 5 please click on the following link: http://media3.marketwire.com/docs/Figures1-5.pdf
Headquartered in Toronto, Canada, Anaconda is a growth oriented, gold mining and exploration company with a producing asset located on the Baie Verte Peninsula in Newfoundland, Canada called the Pine Cove mine.
FORWARD LOOKING STATEMENTS
This document contains or refers to forward-looking information. Such forward-looking information includes, among other things, statements regarding targets, estimates and/or assumptions in respect of future production, mine development costs, unit costs, capital costs, timing of commencement of operations and future economic, market and other conditions, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to: the final approval of the private placement by the Toronto Stock Exchange; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of the any project caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additional funds required to finance the completion of a project; and other factors. Additionally, forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "may," "estimates," "expects," "indicates," "targeting," "potential" and similar expressions. These forward-looking statements, including statements regarding Anaconda's beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties 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 we assume no responsibility to update them or revise them to reflect new events or circumstances, except as required by law.
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