Anaconda mining expands the tilt cove project and identifies key exploration targets

[theminer]

Anaconda mining expands the tilt cove project and identifies key exploration targets

 

TORONTO, May 9, 2019 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that it has significantly expanded the footprint of its Tilt Cove Project, located within the Baie Verte Mining District, near the community of La Scie, Newfoundland, approximately 45 kilometres by road from the Company's Pine Cove Mill. Anaconda has consolidated a significant property package covering a 20 kilometre strike extent of the Betts Cove Complex, a highly prospective geological terrane with a record of past gold and copper production. The Tilt Cove Project now comprises a total of 5,700 hectares (228 claims in 20 licenses and 1 mining lease) of prospective mineral lands acquired via a combination of staking by the Company and the execution of option agreements.

Highlights of the Tilt Cove Project include:

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  Anaconda Mining Inc--Anaconda Mining Expands the Tilt Cove Proje

• Large land position that has been consolidated for gold exploration for the first time in 20 years with 20 kilometres of prospective strike;
• Includes the Nugget Pond Horizon, which hosts the past-producing high-grade Nugget Pond Mine that produced 168,748 ounces and an average grade of 9.85 g/t gold;
• Nugget Pond mineralization is similar to other Banded-Iron-Formation hosted lode gold deposits, such as Meadowbank, Lupin, Meliadine and Homestake;
• Includes the Venams Bight Formation, which hosts the Pine Cove Mine at the Point Rousse Project;
• Significant high-grade historical drill intercepts and the identification of 12 high-priority gold exploration targets including:
  • 6.77 g/t gold over 5.0 metres in hole BC-89-02;
  • 11.20 g/t gold over 1.1 metres in hole BC-89-01;
  • 8.82 g/t gold over 1.0 metre in hole NBC-96-01; and
• Past-producing copper mines including the Tilt Cove and Betts Cove Mines.

 

"We saw the rare opportunity to assemble a large land package immediately along strike from the past producing, high-grade, Nugget Pond mine, which had an average mine grade of 9.85 g/t gold. With some previous high-grade gold drill intercepts ready for follow up drilling and the identification of twelve exploration targets, the Tilt Cove Project provides an immediate opportunity to discover other high-grade gold deposits. The Project is also underlain by the same geology that hosts the Pine Cove and Stog'er Tight Mines as well as the Argyle Deposit, further increasing its prospectivity. With the history of discovery within these horizons and the access to the Company's operational Pine Cove Mill and long-term tailings facility, we believe this is an excellent opportunity to make the next high-grade gold discovery in the prolific Baie Verte Mining District."

~ Kevin Bullock, Chief Executive Officer, Anaconda Mining Inc.

Field work at the Tilt Cove Project will commence in June and will include site investigations of all exploration sites, review of historic core, geological mapping, soil geochemistry, prospecting as well as an airborne EM and magnetic survey over the Project area. This work will be followed by drill testing of the priority exploration targets.

Exploration Targets on the Tilt Cove Project

The Tilt Cove Project has several exploration targets in three main areas: the Nugget Pond, Long Pond, and Betts Cove Target areas.

Nugget Pond Target Area

The Nugget Pond Target is a 7.5 kilometre zone along the Nugget Pond Horizon extending northeast from the Nugget Pond Mine to the Tilt Cove Mine. There are four key exploration targets that are prospective for Nugget Pond-style mineralization on the Property as follows:

East Pond Prospect – The East Pond Zone comprises a minimum 800-metre long segment of the Nugget Pond Horizon beneath East Pond. Diamond drilling in 1997 and 1998 from the north side of East Pond intersected gold mineralization in the footwall of the Nugget Pond Horizon similar to footwall style mineralization at the Nugget Pond Mine. This suggests that the Nugget Pond Horizon above these holes may be mineralized and that these holes intersected northwest oriented mineralized structures like those at the Nugget Pond Mine.

West Pond Prospect – The West Pond Zone comprises a minimum 1.3-kilometre long target beneath West Pond that is marked by the continuation of the Nugget Pond Horizon northeast of the Nugget Pond Mine. The horizon outcrops on the east and west shores of the pond where gold mineralization has been sampled. Continuation of the horizon under the pond is inferred from combined magnetic and IP conductivity data. There is a strong combined till and soil anomaly that extends down ice (SW) from the Nugget Pond Horizon for at least 600 metres. The Nugget Pond Horizon in this area is associated with a break in the magnetic trend indicative of alteration and magnetic destruction associated with a cross-cutting northwest oriented fault, similar to that present at the Nugget Pond Mine. The combined soil geochemical and geophysical features make this an attractive target for follow up drilling testing.

Red Cliff Pond Zone – The Red Cliff Pond Zone comprises a minimum 1.2-kilometre long target beneath and adjacent to Red Cliff Pond that is marked by the continuation of the Nugget Pond Horizon northeast of the Nugget Pond Mine. The horizon outcrops on the east shore of the pond where gold mineralization, assaying up to 5.56 g/t gold, has been sampled at the Low Water Prospect. Several anomalous gold bearing soils are clustered around and to the southeast of the projection of the Nugget Pond Horizon. Drill testing of the Low Water Prospect returned gold assays of 1.92 g/t gold over 4.3 metres.

Long Pond South Trend – A 4.0-kilometre long section of the Nugget Pond Horizon to the east of Red Cliff Pond that has some existing soil anomalies but is generally lacking full soil coverage. Follow-up prospecting and soil sampling is warranted in this area.

Betts Cove Target Area

Betts Cove Mine – At the Betts Cove Mine disseminated to massive pyrite and chalcopyrite +/- gold mineralization is hosted at the contact between gabbroic sills and pillow basalts, particularly within a chlorite schist unit that may represent a sheared alteration zone; a similar setting to the Tilt Cove Mine 20 kilometres to the northeast along strike.

A zone of gold mineralization has been intersected by drilling in 1989 and 1996 at the Betts Cove Mine area. Four of the drill holes testing the deposit returned significant gold intercepts including:

• 4.48 g/t gold over 4.0 metres (from 52.0 to 56.0 metres), including 11.20 g/t gold over 1.1 metres in hole BC-89-01;
• 6.77 g/t gold over 5.0 metres (from 63.1 to 68.1 metres) in hole BC-89-02;
• 1.87 g/t gold over 13.0 metres (from 63.5 to 76.5 metres) including 7.50 g/t gold over 0.5 metres and 8.82 g/t gold over 1.0 metre in hole NBC-96-01; and
• 4.59 g/t gold over 1.5 metres (from 63.5 to 65.0 metres) in hole NBC-96-02.

 

The gold zone intersected in these drill holes is spatially displaced from the copper zone historically mined at Betts Cove. The zone is seemingly flat lying and intersected over an approximately 200 by 50 metre area that is open to the southwest. Potential exists to expand this zone of mineralization along strike.

Mount Misery Prospect – The Mount Misery prospect is located 1.2 kilometres northeast of the Betts Cove Mine and 2.7 kilometres southwest of the Nugget Pond Mine. The prospect has similar geology to the nearby Betts Cove Mine where disseminated to semi-massive pyrite and chalcopyrite +/- gold mineralization is hosted at the contact between gabbroic sills and pillow basalts. Grab samples from the Mount Misery prospect assay up to 2.96 g/t gold. Drilling completed in 1997 intersected disseminated and stringer sulphides that assayed 2.30 g/t gold over 1.5 metres (from 57.0 to 58.5 metres) and 2.24 g/t gold over 1.0 metre (from 113.0 to 114.0 metres).

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