Welcome!

News Feed Item

Anaconda Mining Intersects 5.75 g/t Gold Over 1.97 Meters Down-Dip of Pine Cove Open Pit

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.

Table 1


----------------------------------------------------------------------------
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.

Balcony Zone

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

ABOUT ANACONDA

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
While many government agencies have embraced the idea of employing cloud computing as a tool for increasing the efficiency and flexibility of IT, many still struggle with large scale adoption. The challenge is mainly attributed to the federated structure of these agencies as well as the immaturity of brokerage and governance tools and models. Initiatives like FedRAMP are a great first step toward solving many of these challenges but there are a lot of unknowns that are yet to be tackled. In hi...
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
"Splunk basically takes machine data and we make it usable, valuable and accessible for everyone. The way that plays in DevOps is - we need to make data-driven decisions to delivering applications," explained Andi Mann, Chief Technology Advocate at Splunk and @DevOpsSummit Conference Chair, in this SYS-CON.tv interview at @DevOpsSummit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captur...
"Logz.io is a log analytics platform. We offer the ELK stack, which is the most common log analytics platform in the world. We offer it as a cloud service," explained Tomer Levy, co-founder and CEO of Logz.io, in this SYS-CON.tv interview at DevOps Summit, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.