Anaconda Mining Update for January

[theminer]

Anaconda Mining reports further near surface infill drill results at Goldboro, including 871.23 g/t gold over 0.5 metres, 47.87 g/t gold over 1.5 metres and 20.08 g/t gold over 2.4 metres

TORONTO, ON / ACCESSWIRE / January 5, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce further drill results from a completed infill drill program ("Drill Program") at its 100% owned Goldboro Gold Project in Nova Scotia, Canada ("Goldboro" or the "Project"). The Drill Program was comprised of 17,941.7 metres and was designed to convert priority Inferred Mineral Resources into Measured and Indicated Mineral Resources of the Goldboro Deposit as part of the ongoing feasibility study, which recognizes the opportunity for expanded open-pit mining areas as well as underground mining opportunities.

Results from the current drilling (3,241.0 metres in 27 diamond drill holes) all reflect shallow drilling (<175 vertical metres) at the East Goldbrook Gold System ("EG Gold System") at the eastern end of the Goldboro Deposit (Exhibit A). These results demonstrate that numerous near-surface mineralized zones exist in the EG Gold System with similar geometry and location to the modelled mineral resource. In particular, the highest-grade intersections reported herein are consistent with other previously reported intervals of high-grade gold (>50.0 grams per tonne ("g/t")). A total of eleven (11) visible gold occurrences were also observed in these drill holes.

Selected composited highlights from the Drill Program include:
 

• 871.23 g/t gold over 0.5 metres (52.9 to 53.4 metres) and 47.87 g/t gold over 1.5 metres (63.1 to 64.6 metres) in hole BR-20-193;
• 20.08 g/t gold over 2.4 metres (50.6 to 53.0 metres) including 74.40 g/t gold over 0.6 metres in hole BR-20-195;
• 4.73 g/t gold over 4.5 metres (100.0 to 104.5 metres) including 20.10 g/t gold over 1.0 metre in hole BR-20-200;
• 3.41 g/t gold over 3.2 metres (91.8 to 95.0 metres) in hole BR-20-185;
• 1.11 g/t gold over 7.0 metres (44.0 to 51.0 metres) in hole BR-20-187;
• 3.17 g/t gold over 6.1 metres (114.9 to 121.0 metres) including 18.10 g/t gold over 0.7 metres in hole BR-20-215; and
• 0.55 g/t gold over 17.9 metres (23.1 to 41.0 metres) in hole BR-20-205.

A table of selected composite intersections from the Drill Program are shown in Table 1 below.

"The infill drill results from East Goldbrook show very high-grade intercepts locally as well as broader zones of lower grade mineralization, all at levels that could conceptually be mined through open pit mining methods. Of particular interest in this round of drilling is the consistency of spectacular grades from East Goldbrook indicating there may be specific opportunities for further high-grade resource growth since this zone remains open for expansion down plunge. We will use the new data gathered in this round of infill drilling to upgrade mineral resources to the Measured and Indicated categories at East Goldbrook as part of the fully updated resource estimate anticipated in the first quarter of 2021."

~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

See full article here.