Anaconda Mining has commenced a 10,000m diamond drill program at the Goldboro Gold Project in Nova Scotia, Canada.
Image: A gold mineral. Photo: courtesy of carlos aguilar/Freeimages.com.
The Drill Program follows a highly successful campaign that included 12,231 metres of diamond drilling in 42 holes since May of 2017 when the Company acquired Goldboro (the “Initial Drill Program”) (Exhibit A). The Initial Drill Program focused on infilling areas of inferred resources as outlined in the 2018 Preliminary Economic Assessment (“PEA”) filed on March 2, 2018, and expanding the Goldboro Deposit along strike and down plunge and at depth along the host fold structure.
The Initial Drill Program had many highlights including the following:
Selected diamond drill intersections including:
779.97 grams per tonne (“g/t”) gold over 0.5 metres within 151.42 g/t gold over 2.6 metres (33.1 to 35.7 metres) in hole BR-17-04;
21.05 g/t gold over 11.5 metres (77.5 to 89.0 metres) in hole BR-18-37;
4.13 g/t gold over 20.5 metres (324.5 to 345.0 metres) in hole BR-18-23 including 9.93 g/t gold over 7.5 metres and 79.34 g/t gold over 0.5 metres;
17.41 g/t gold over 7.5 metres (93.5 to 101.0 metres) in hole BR-18-39; and
10.55 g/t gold over 6.1 metres (223.0 to 229.1 metres) in hole BR-18-22 including 18.78 g/t gold over 3.1 metres.
Evidence of high-grade tenor of Goldboro including:
186 samples assaying greater than 5 g/t;
114 samples assaying greater than 10 g/t;
57 samples assaying greater than 20 g/t;
24 samples assaying greater than 50 g/t;
12 samples assaying greater than 100 g/t; and
130 new occurrences of visible gold.
Expansion of the Goldboro Deposit:
Expanded the Goldboro deposit along strike by 100 metres (to 1.8 km) and vertically by 200 metres (from 350 to 550 metres) within the Boston Richardson Gold System (“BR Gold System”); and
Identified three new zones of mineralization along strike to the east within the East Goldbrook Gold System (“EG Gold System”).
Correlated wide zones of mineralization from 4.3 metres to 13.5 metres over at least 100 metres of strike including intercepts such as:
11.27 g/t gold over 13.5 metres in hole BR-18-22 including 15.63 g/t gold over 1.4 metres and 44.33 g/t gold over 2.5 metres on section 9100E;
4.11 g/t gold over 9.9 metres in hole BR-87-32 of section 9050E; and
9.14 g/t gold over 4.3 metres in hole BR-87-28 of section 9150E.
Performed infill drilling in the areas that represent approximately 70% of the PEA inferred resources outlined for development.
“Drilling more than 12,000 metres to date has demonstrated the continuity of mineralization and growth potential we expected to see from Goldboro to take the deposit well beyond the current 525,400 ounces of M+I resource and 374,300 ounces of inferred resources*. We have been able to refine and expand the deposit through strategic drilling and leveraging historical work as we advance the project towards feasibility status. The successful completion of the $4.5 million non-brokered private placement will initially fund an additional 10,000 metres of diamond drilling over the next five months to complete the infill drilling in areas identified in the Goldboro PEA as well as test key areas where we believe we can continue to grow the resource. In addition to infill and expansion drilling, we will test specific geological concepts such as the potential for broad zones of high-grade mineralization like features found in similar style deposits in the Victorian Goldfields of Australia. In just over a year of ownership, we have created a tremendous amount of value and we feel we have only scratched the surface. As we grow the resource and move further along in development, we are simultaneously increasing value and decreasing the risk of the project.”
~Dustin Angelo, President and CEO, Anaconda Mining Inc.
10,000-Metre Drill Program
The Drill Program will have two key goals: (1) infilling and upgrading of Inferred Resources in areas of the West Goldbrook Gold System (“WG Gold System”) identified within the mine plan of the PEA; (2) expanding the WG, EG and BR Gold Systems at depth and down plunge. The 10,000-metre drill program is anticipated to take approximately five months and will form the basis of another drill program to be planned for early 2019 and is being funded by a flow-through financing completed in June 2018.
Source: Company Press Release