Anaconda Mining Intersects Multiple Wide, High-grade Zones at Goldboro Including 11.27g/t Gold Over 13.5 Metres and 9.93 G/t Gold Over 7.5 Metres

TORONTO, April 19, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) is pleased to announce assay results from five drill holes (1,621 metres) of a 30-drill hole (7,200 metres) diamond drill program that began in October 2017 (the "Drill Program") at the Company's Goldboro Project in Nova Scotia ("Goldboro"). The five drill holes (BR-17-11 and BR-18-20 to -23) targeted cross section 9100E near the center of the Goldboro Deposit, within both the East Goldbrook ("EG Gold System") and Boston-Richardson ("BR Gold System") Gold Systems (Exhibit A and B). Within the BR Gold System, the Drill Program successfully intersected multiple wide, high-grade zones in areas not previously drilled, extended mineralization down-dip along known limbs and extended the depth of the BR Gold System by approximately 100 metres more than was previously known in this section. Close to surface, the Drill Program was also successful in extending eight mineralized zones in the EG Gold System westward by 50 metres.

Highlights of recent assays from the Drill Program include:

  • 11.27 grams per tonne ("g/t") gold over 13.5 metres (201.0 to 214.5 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;

  • 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;

  • 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;

  • 5.10 g/t gold over 9.6 metres (116.0 to 125.6 metres) in hole BR-18-22, including 25.82 g/t gold over 1.5 metres;

  • 7.22 g/t gold over 6.5 metres (310.5 to 317.0 metres) in hole BR-18-23, including 16.00 g/t gold over 2.0 metres; and

  • 9.29 g/t gold over 2.1 metres (420.6 to 422.7 metres) in hole BR-18-21.

A full table of composited assays is presented below.

"We continue to prove that mineralization extends in all directions in both the EG and BR Gold Systems. We are encountering typical grade and thickness in most of the newly discovered mineralized areas and then we're uncovering sweet spots that contain broader, higher grade intersections that are among the best results reported from Goldboro to date. The presence of a fault in the areas around holes BR-18-21 to -23 is an important feature that may control the localization of high gold grades and we plan to further test this potential for thicker high-grade intersections within the coming months."

~Dustin Angelo, President and CEO, Anaconda Mining Inc.

Gold mineralization throughout the Goldboro Deposit is broadly controlled by a fold structure, typical of gold deposits within Nova Scotia and analogous to the geological setting of the Victorian Goldfields of Australia.  Faults are also commonly mineralized structures within these types of deposits. They disrupt the normal sequence of rocks and can host deposits of high-grade gold. Drilling within section 9100E indicates that the normal sequence of rocks is disrupted by a fault resulting in the presence of a thick argillite unit associated with the broad, high-grade intercepts reported in section 9100E. The fault and associated high-grade gold intersections within the BR Gold System define a new target for potentially thicker than normal widths of gold mineralization. To better define the extents and dimensions of the fault and associated mineralization, Anaconda will revisit the core from adjacent sections and resume drilling in this area within the next couple of months.

Table of composited assays for Section 9100E

Hole ID

From (m)

To (m)

Interval (m)

Au (g/t)

Gold System

Visible Gold


BR-18-21

160.5

161.2

0.7

8.47

E.G.

v.g.

Current

and

172.0

172.5

0.5

15.94

E.G.

v.g.

and

238.9

239.9

1.0

5.89

E.G.


and

274.5

275.0

0.5

0.25

E.G.


and

282.0

282.5

0.5

3.02

E.G.


and

369.0

370.0

1.0

0.57

B.R.


and

387.5

390.0

2.5

0.58

B.R.


and

393.7

396.0

2.3

0.87

B.R.


and

410.0

411.0

1.0

1.38

B.R.


and

420.6

422.7

2.1

9.29

B.R.


including

422.1

422.7

0.6

28.93

B.R.


and

425.1

425.7

0.6

3.11

B.R.


and

431.2

434.3

3.1

3.49

B.R.

v.g.

and

443.9

444.7

0.8

1.22

B.R.


and

446.7

449.7

3.0

2.09

B.R.


and

451.4

455.1

3.7

1.02

B.R.

v.g.

and

456.9

463.9

7.0

2.14

B.R.

v.g.

including

459.4

461.5

2.1

5.21

B.R.

v.g.

and

472.1

472.6

0.5

2.94

B.R.


BR-18-20

42.0

45.0

3.0

2.14

E.G.


including

42.0

43.0

1.0

4.17

E.G.


and

87.0

87.5

0.5

0.59

E.G.

v.g.

and

166.9

167.4

0.5

0.91

E.G.


and

238.6

239.1

0.5

0.70

B.R.


and

252.9

258.3

5.4

1.94

B.R.


including

253.5

254.0

0.5

10.96

B.R.


and

275.7

280.0

4.3

2.19

B.R.


including

276.4

277.0

0.6

7.97

B.R.

v.g.

BR-17-11

18.6

19.6

1.0

0.81

E.G.


and

42.7

43.2

0.5

1.54

E.G.


and

57.5

63.5

6.0

2.26

E.G.

v.g.

including

62.0

63.0

1.0

9.71

E.G.

v.g.

and

65.0

66.0

1.0

0.52

E.G.


and

77.8

78.3

0.5

6.59

E.G.

v.g.

and

93.5

96.5

3.0

1.38

E.G.


and

121.5

122.0

0.5

2.03

E.G.


and

123.5

124.0

0.5

3.64

E.G.

v.g.

BR-18-22

27.0

28.5

1.5

2.20

E.G.


and

38.6

39.6

1.0

0.94

E.G.


and

50.5

52.4

1.9

0.89

E.G.

v.g.

and

77.5

78.0

0.5

1.33

E.G.


and

116.0

125.6

9.6

5.10

E.G.

v.g.

including

116.0

117.5

1.5

25.82

E.G.

v.g.

and

125.1

125.6

0.5

15.99

E.G.

v.g.

and

140.0

140.5

0.5

0.55

E.G.


and

201.0

214.5

13.5

11.27

B.R.


including

205.9

207.3

1.4

15.63

B.R.


including

209.5

212.0

2.5

44.33

B.R.


including

211.0

211.5

0.5

172.28

B.R.


and

223.0

229.1

6.1

10.55

B.R.


including

224.5

227.6

3.1

18.78

B.R.

v.g.

including

224.5

225.0

0.5

52.16

B.R.


BR-18-23

8.5

9.5

1.0

1.43

E.G.


and

25.5

26.0

0.5

19.02

E.G.

v.g.

and

77.5

78.2

0.7

0.93

E.G.

v.g.

and

99.0

100.0

1.0

0.57

E.G.


and

180.3

183.4

3.1

3.83

E.G.

v.g.

including

181.5

182.0

0.5

11.06

E.G.


and

242.8

243.7

0.9

2.07

B.R.


and

250.0

255.6

5.6

1.20

B.R.


including

250.0

253.6

3.6

1.65

B.R.


and

255.1

255.6

0.5

1.20

B.R.


and

261.0

261.5

0.5

0.87

B.R.


and

262.5

263.0

0.5

5.70

B.R.


and

265.5

266.0

0.5

1.71

B.R.


and

271.5

274.8

3.3

1.26

B.R.

v.g.

and

276.2

278.7

2.5

1.13

B.R.

v.g.

including

277.9

278.2

0.3

7.97

B.R.


and

296.8

297.6

0.8

0.91

B.R.


and

303.8

308.2

4.4

0.79

B.R.


and

307.5

308.2

0.7

1.05

B.R.


and

310.5

317.0

6.5

7.22

B.R.


including

311.0

313.0

2.0

16.00

B.R.


and

321.5

323.0

1.5

0.69

B.R.


and

324.5

345.0

20.5

4.13

B.R.

v.g.

including

324.5

332.0

7.5

9.93

B.R.


and

329.0

329.5

0.5

79.34

B.R.

v.g.

and

356.0

356.5

0.5

4.24

B.R.


and

359.0

361.0

2.0

1.56

B.R.


and

369.7

371.4

1.7

19.99

B.R.

v.g.

including

370.5

371.0

0.5

63.99

B.R.

v.g.

and

393.2

395.3

2.1

9.10

B.R.


and

402.8

404.3

1.5

2.69

B.R.

v.g.

and

419.0

420.0

1.0

1.73

B.R.


and

422.3

424.0

1.7

8.21

B.R.

v.g.

including

423.5

424.0

0.5

20.79

B.R.

v.g.

BR-87-24

58.2

58.5

0.3

17.83

E.G.

v.g.

Historical

and

114.3

117.1

2.8

2.57

E.G.


and

176.6

182.9

6.3

0.67

B.R.


and

186.9

195.7

8.8

1.49

B.R.


including

186.9

187.8

0.9

9.94

B.R.


and

215.8

217.0

1.2

0.65

B.R.


and

231.6

232.9

1.3

0.97

B.R.


and

241.7

249.3

7.6

0.90

B.R.


and

256.8

259.7

2.9

1.68

B.R.

v.g.

and

278.0

278.9

0.9

16.80

B.R.


and

287.1

290.8

3.7

4.68

B.R.


including

287.1

288.5

1.4

10.29

B.R.


and

326.2

331.8

5.6

3.09

B.R.


including

327.4

329.8

2.4

5.83

B.R.


and

350.8

352.1

1.2

0.86

B.R.


 

This news release has been reviewed and approved by Paul McNeill, P. Geo., VP Exploration with Anaconda Mining Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

All samples and the resultant composites referred to in this release are collected using QA/QC protocols including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd. ("Eastern") in Springdale, NL, for Au by fire assay (30g) with an AA finish.

Samples analyzing greater than 0.5 g/t Au via 30 g fire assay were re-analyzed at Eastern via total pulp metallic. For the total pulp metallic analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30g subsample of the -150mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Anaconda considers total pulp metallic analysis to be more representative than 30 g fire assay in coarse gold systems such as the Goldboro deposit.

Reported mineralized intervals are measured from core lengths. Intervals are estimated to be approximately 50-100% of true widths of the mineralized zones.

A version of this press release will be available in French on Anaconda's website (www.anacondamining.com) in two to three business days.

ABOUT ANACONDA MINING INC.

Anaconda Mining is a TSX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia. The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Pine Cove open pit mine, the Stog'er Tight Mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and tailings facility, and approximately 5,800 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing infrastructure at the Company's Point Rousse Project.

The Company also has a pipeline of organic growth opportunities, including the Great Northern Project on the Northern Peninsula and the Tilt Cove Property on the Baie Verte Peninsula.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, the Company's future exploration, development and operational plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda's annual information form for the year ended December 31, 2017, available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Exhibit A. A map showing the location of section 9100E and the associated drill collars and assay highlights.  The Goldboro deposit continues to the west of the map and includes the West Goldbrook Gold System and is 1.7 km in strike length. (CNW Group/Anaconda Mining Inc.)

Exhibit B. Geological cross section 9100E through the Goldboro Deposit showing the location of recent drilling and highlights of composited assays. A fault is located within the lower portions of the drill section, associated with the broad, high-grade intersections of gold mineralization and defines a new target. (CNW Group/Anaconda Mining Inc.)

SOURCE Anaconda Mining Inc.

For further information: Anaconda Mining Inc., Dustin Angelo, President and CEO, (647) 260-1248, dangelo@anacondamining.com, www.AnacondaMining.com; Anaconda Mining Inc., Lynn Hammond, VP Public Relations, (709) 330-1260, Lhammond@anacondamining.com; Reseau ProMarket Inc., Dany Cenac RobertInvestor Relations, (514) 722-2276 x456, Dany.Cenac-Robert@ReseauProMarket.com

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