TORONTO, ON / ACCESSWIRE / November 11, 2020 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce drill results from an ongoing 15,000-metre infill drill program ("Drill Program") at its 100%-owned Goldboro Gold Project ("Goldboro" or the "Project") in Nova Scotia, Canada. The Drill Program is designed to convert priority Inferred Mineral Resources into Measured and Indicated Mineral Resources of the Goldboro Deposit as part of the ongoing feasibility study.

These results continue to demonstrate that significant high-grade zones are consistent with the current resource model and, excitingly, that they are being found within much broader zones of mineralization near surface. The most recent results are from shallow drilling (<175 vertical metres) at the West Goldbrook Gold System ("WG Gold System"), near the West Goldbrook Fault (Exhibit A). These results demonstrate the presence of some high-grade gold zones within broader zones of gold mineralization in an area of conceptual open pit resources. A total of three (3) visible gold occurrences were also observed in these drill holes which intersected mineralized belts as predicted by the current resource model.

Selected composited highlights from the Drill Program include:
•6.05 grams per tonne ("g/t") gold over 11.7 metres (189.9 to 201.6 metres) including 12.55 g/t gold over 2.5 metres and 5.52 g/t gold over 7.2 metres (210.8 to 218.0 metres) in hole BR-20-142;
•6.63 g/t gold over 5.3 metres from (35.7 to 41.0 metres) including 47.67 g/t gold over 0.5 metres in hole BR 20-134;
•7.76 g/t gold over 4.4 metres (39.8 to 44.2 metres) including 22.07 g/t gold over 1.0 metre and 9.42 g/t gold over 1.0 metre in hole BR-20-135;
•1.34 g/t gold over 18.7 metres (97.3 to 116.0) including 6.41 g/t gold over 1.0 metre in hole BR 20-135;
•3.26 g/t gold over 7.0 metres (145.5 to 152.5 metres) including 25.20 g/t gold over 0.5 metres in hole BR 20-142; and
•1.76 g/t gold over 11.7 metres (114.3 to 126.0 metres) including 6.87 g/t over 1.0 metre and 6.25 g/t gold over 1.0 metre in hole BR 20-134.

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

"These drill results, together with those announced to date, are important to increasing our understanding of the scale of the mineral resource for the on-going feasibility study, particularly at vertical depths of less than 175 metres in areas of conceptual open pit mineral resources. The current drill results indicate a combination of broad mineralized zones supported with high-grade domains, particularly within the West Goldbrook Gold System, and will be used with other drilling information to further optimize open pits in the area of this drilling. With the infill Drill Program nearing completion we will be in a position to finalize pit designs and evaluate the economic impacts on the Project with respect to these broader zones of mineralization, which suggest there continues to be upside potential to the scale of the Project."

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

To date, a total of 7,066.5 metres in 37 drill holes (BR-20-105 to BR-20-142 excluding BR-20-133) have been completed under the Drill Program, with assays from drill holes BR-20-105 to BR-20-132 previously reported in news releases dated September 3, 2020 and October 5, 2020. Current results for 1,388.0 metres in nine (9) diamond drill holes (BR-20-134 to BR-20-142) include intersections of mineralized zones primarily within the WG Gold System near the West Goldbrook Fault as further detailed in Table 1 and Exhibit A. Diamond drill hole BR-20-133 was sampled out of sequence and will be reported in a later communication once assays have been received and evaluated. A total of three (3) visible gold occurrences were also observed in these drillholes.

The Drill Program is funded using existing flow-through funds but has also benefited from a grant received from the Government of Nova Scotia through a Mineral Resources Development Fund, shared funding exploration grant MRDF-2020-SF-035.

The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Drill Program and any other programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate.

Table 1. Selected Composite Highlights Within This News Release From the Drill Program.
Hole ID From (m) To (m) Interval (m) Gold (g/t) VG
BR-20-134 11.0 13.0 2.0 6.17
and 20.0 21.0 1.0 1.06

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