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
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?