TORONTO, ON / ACCESSWIRE / September 29, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce results from diamond drilling conducted as part of geotechnical studies and water well installations at the Company's 100%-owned Goldboro Gold Project ("Goldboro", or the "Project"). Despite their primary purpose, several of these holes encountered mineralization within the open pits contemplated in the recently announced Preliminary Economic Analysis ("PEA") and therefore will enable the optimization of pit designs as part of the Feasibility Study. The drill programs included 3,445.5 metres of diamond drilling in eighteen (18) holes (BR-21-257 to 269 and BR-21-285 to 289) for exploration and geotechnical purposes to support detailed pit design and 1,308.2 metres of diamond drilling in ten (10) holes (BR-21-270 to 277 and -279 to 280) for water well installations near the potential open pits and within planned infrastructure to obtain relevant environmental data to support ongoing environmental assessment work ( Exhibit A ).
Selected composited highlights (core length) from the development drilling include:
2.21 grams per tonne ("g/t") gold over 11.0 metres (196.5 to 207.5 metres) in diamond drill hole BR-21-259;
1.61 g/t gold over 14.7 metres (64.9 to 79.6 metres) including 5.49 g/t gold over 1.5 metres in diamond drill hole BR-21-285;
1.71 g/t gold over 9.5 metres (91.2 to 100.7 metres) including 9.78 g/t gold over 1.0 metre in diamond drill hole BR-21-285;
16.09 g/t gold over 1.5 metres (87.3 to 88.8 metres) in diamond drill hole BR-21-271;
1.33 g/t gold over 4.5 metres (144.5 to 149.0 metres) in diamond drill hole BR-21-259; and
1.20 g/t gold over 5.0 metres (156.0 to 161.0 metres) in diamond drill hole BR-21-259.
Selected intersections from the geotechnical and exploratory drilling and water well installations are shown in Table 1 below.
"Our recent drilling at Goldboro includes results from both exploration and development activities to advance the ongoing Feasibility Study anticipated in the fourth quarter of 2021, which demonstrate that mineralization continues in areas of the conceptual open pits not previously drilled. As we continue to advance geotechnical and environmental work, we have now initiated a further 10,000 metres of infill drilling for the eastern pit as part of the recently announced 20,000 metre program and will also complete a further 5,000 metres west of the existing Mineral Resource to determine the potential to expand west towards the past producing gold mine at Dolliver Mountain, once related geophysical work has been completed.
We are excited with the results of the recent PEA for Goldboro, which has demonstrated the potential for a long mine life of over 17 years comprising both surface and underground mining, generating an after-tax NPV (5%) of $547 million and an after-tax IRR of 24.4% using a US$1,550 gold price. We are approaching the development of Goldboro in a disciplined, phased approach, with Phase I focused on the surface mining component of the long-term mine plan, which is the subject of an ongoing Feasibility Study expected to be released in Q4 2021. We envision the advancement of a Phase II feasibility study focused on underground mining within a couple of years of the commencement of surface mining, with potential timing of underground development broadly in line with the long-term mine plan contemplated by the PEA."
~ Kevin Bullock, President and CEO, Anaconda Mining Inc.
Table 1. Table of selected composites from the Goldboro Drill Program
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