Anaconda Mining Announces Argyle Drill Results, Including 5.26 G/T Gold Over 4.0 Metres And 4.48 G/T Over 9.14 Metres

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Overig advies 18/06/2020 16:27
TORONTO, ON / ACCESSWIRE / June 18, 2020 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce the results of a 2,305-metre infill drill program at the Argyle Deposit ("Argyle Infill Program"), located approximately 4.5 kilometres from the Company's operating Pine Cove Mill and tailings facility at the Point Rousse Project in Newfoundland (Exhibit A). The purpose of the Argyle Infill Program, comprised of both percussion and diamond drilling, was to better define and upgrade all shallow portions of the deposit to the Indicated Resource category in anticipation of mine development in the second half of 2020. Twenty-four diamond drill holes (AE-20-134 to 157) were completed totaling 1,448.4 metres and 61 percussion holes (AEP-20-26 to 86) were completed totaling 856.3 metres (Exhibit B).

Highlights from the Argyle Infill Program include:
•5.26 g/t gold over 4.0 metres (19.5 to 23.5 metres) in diamond drill hole AE-20-140;
•4.56 g/t gold over 4.5 metres (37.0 to 41.5 metres); including 24.70 g/t gold over 0.5 metres in diamond drill hole AE-20-138;
•2.16 g/t gold over 8.5 metres (15.0 to 23.5 metres) in diamond drill hole AE-20-143;
•6.62 g/t gold over 4.57 metres (10.97 to 15.54 metres) in percussion hole AEP-20-50; and
•4.48 g/t gold over 9.14 metres (7.32 to 16.46 metres); including 16.61 g/t gold over 0.91 metres in percussion hole AEP-20-78.

Selected intersections from the Argyle Infill Program are shown in Tables 1 and 2 below.

"With the final Argyle drill results in hand and with work progressing on Mineral Resources and development plans across Point Rousse, we anticipate a new Mineral Resource and Reserve statement for the Point Rousse Project in the next quarter. This will include over 17,000 metres of drilling completed since the last resource update at Point Rousse and will include an additional 7,940 metres of drilling at Argyle alone. As this work progresses, we are also actively drilling near the Pine Cove Mill to advance other areas for near-term development, all while we continue to generate significant cashflow from our Point Rousse operations. In the current gold-price environment, Anaconda is well positioned to leverage existing permitted infrastructure to quickly and efficiently move gold deposits through to development, taking advantage of our unique situation as a gold producer and developer working in world class mining jurisdictions."

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

The drill results from the Argyle Infill Program are currently being incorporated into an updated Mineral Resource Estimate and are being used for planning of the development and mining of the Argyle Deposit. Mercator Geological Services Limited has been engaged to provide an NI 43-101 Mineral Resource Update and Dassault Systèmes Canada Inc. has been engaged to provide pit shell optimization and preliminary open pit designs for the Argyle Deposit.

Argyle is a near-term development project and Anaconda anticipates making a final production decision with respect to Argyle in the third quarter of 2020.

Table 1: Highlighted composited assays from diamond drill holes AE-20-134 to 157

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