Goldboro Project

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The Goldboro Project

The Goldboro Gold Project (“Goldboro”) is an advanced exploration and development project that forms a key part in Anaconda’s strategy for near-term growth.  Goldboro is located on tidewater approximately 185 km northeast of Halifax, Nova Scotia within Nova Scotia’s Eastern Goldfields District. Anaconda acquired the project as part of a merger with 100%-owned subsidiary Orex Exploration Inc. in early 2017. 

Project Status and Consultation

Anaconda has been completing geotechnical, hydrological, hydrogeological, baseline environmental studies and archeological studies since acquiring the project. Anaconda has formed a Community Liaison Committee with local residents and has been very proactive engaging and consulting with indigenous communities. Additionally, Anaconda has signed a Memorandum of Understanding (“MOU”) with the Kwilmu’kw Maw-klusuaqn Negotiation Office (“KMKNO”).

Goldboro Exploration and Mineral Resource

Since acquiring the project in 2017, Anaconda has completed a total of 104 diamond drill holes (BR-17-01 to BR-19-104) totalling 28,068.1 metres.  Drilling has focussed on testing the down plunge, down-dip and along strike extension of the Boston-Richardson (“BR”) Gold System, the East Goldbrook (“EG”) Gold System and the West Goldbrook (“WG”) Gold System. Drilling also focussed on infilling under-drilled areas of the Deposit in order to upgrade mineral resources from the inferred to indicated and measured categories.

An Updated Mineral Resource Estimate was prepared by WSP Canada Inc. “WSP” under the supervision of Todd McCracken, P. Geo., an "Independent Qualified Person", as defined in National Instrument 43-101 (“NI 43-101”). The Updated Mineral Resource Estimate is based on validated results of 485 surface and underground drill holes, for a total of 93,916 metres of diamond drilling that was completed between 1984 and August 21st, 2019. The Mineral Resource includes 27,467 metres of drilling conducted by Anaconda including 15,112 metres of diamond drilling in 57 holes since the Previous Mineral Resource Estimate of July 19, 2018. The effective date of this Updated Mineral Resource Estimate is August 21, 2019.

The Updated Mineral Resource Estimate comprises an open pit resource including 955,000 tonnes of Measured and Indicated Resources at a grade of 2.43 grams per tonne “g/t” gold (74,600 ounces) and 22,000 tonnes of Inferred Mineral Resource at a grade of 2.79 g/t gold (2,000 ounces) at 0.5 g/t gold cut-off; and an underground resource including 3,141,000 tonnes of Measured and Indicated Mineral Resources at a grade of 6.18 g/t gold (624,000 ounces) and 2,985,000 tonnes of Inferred Resource at a grade of 7.12 g/t gold (683,200 ounces) at 2.0 g/t gold cut-off.

Mineral Resource Statement for the Goldboro Gold Project (effective August 21, 2019) ^:

Resource Type

Gold Cut-off




Troy Ounces







Open Pit










Measured + Indicated


















Measured + Indicated


















Measured + Indicated








  ^Mineral Resource Estimate Notes

  1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards (2014). Mineral resources that are not mineral reserves do not have demonstrated economic viability. This estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
  2. Open pit Mineral Resources are reported at a cut-off grade of 0.5 g/t gold that is based on a gold price of CAD$1,753/oz (~US$1,350/oz). and a gold processing recovery factor of 95%.
  3. Underground Mineral Resource is reported at a cut-off grade of 2.0 g/t gold that is based on a gold price of CAD$1,753/oz (~US$1,350/oz). and a gold processing recovery factor of 95%.
  4. Appropriate mining costs, processing costs, metal recoveries, and inter ramp pit slope angles were used by WSP to generate the pit shell.
  5. Appropriate mining costs, processing costs, metal recoveries and stope dimensions were used by WSP to generate the potential underground resource.
  6. Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
  7. Tonnage and grade measurements are in metric units. Contained gold ounces are in troy ounces.
  8. Contributing assay composites were capped at 80 g/t Au.
  9. A bulk density factor was calculated for each block based on a regression formula.

The Meguma Terrane

The Goldboro Deposit is hosted within the Goldenville Group of rocks within the Meguma Terrane of Nova Scotia.  The Goldenville Group consists of a sequence of siltstones and sandstones with lesser shale and is approximately 6.7 km thick.  It is overlain by the Halifax Group which dominantly comprises shale and is 11.8 km thick.  The entire Meguma Terrane is pervasively folded into kilometre-scale, east-west or northeast-southwest trending, upright folds that can be traced for many kilometers across Nova Scotia.  The Upper Seal Harbour Anticline is one of these folds and transects the Goldboro Property.  At numerous locations in the eastern Meguma Terrane “Meguma” gold deposition is associated with these structures and this forms the Eastern Gold Fields of Nova Scotia.

Gold was discovered in Nova Scotia in 1861 and a reported 1.2 million ounces were mined sporadically from multiple small-scale operations before 1968.  This included mining at Goldboro between 1893 to 1912 when approximately 414,887 short tons of gold ore was mined at an average grade of 6.7 g/t gold.  A total of 54,871 ounces of gold was produced from the Boston-Richardson Mine.

There is no record of commercial production from the Meguma deposits from the period 1980 to present.  Recent “mining” activity in the Meguma since the early 1980s has focused mainly on advanced underground exploration and bulk samples of varying sizes.  The largest of these was collected from the Forest Hill deposit with 95,000 tonnes processed at an average grade of 6.7 g/t gold. 

Since March 2018 St Barbara Limited, via its recently acquired subsidiary Atlantic Gold, has been mining gold at the Touquoy Deposit in central Nova Scotia. Gold ore is processed through the Touquoy Mill via a conventional CIL circuit with capacity up to 2.0 tonnes per year. Further expansion of St Barbara’s Nova Scotia Operations is planned using a central milling complex at the nearby Beaver Dam, Fifteen Mile Stream and Cochrane Hill Deposits, with a combined estimated mine life for the operation of 12 years.

Deposit Type and Gold Mineralization

The Goldboro Deposit “the Deposit” is a turbidite-hosted orogenic gold deposit hosted within a sequence of alternating argillites and greywacke. These deposit types are typically characterized by the formation of gold bearing quartz veins within the argillite units commonly referred to as belts. The belts are folded into upright anticlines, and gold is deposited during fold formation.  The syn-deformational veins form in three major geometries commonly referred to as reefs: saddle reefs, leg reefs and spur reefs.  Saddle reefs occur about the apex of the fold and are commonly the dominant vein types within this deposit type such as at the Dufferin Deposit.  Leg reefs extend down the limbs of the fold, beyond the saddle reef and are generally parallel with the argillite layers.  Spur reefs are veins that cross between layers and may be in the apex of the fold or on its limbs.

The Deposit contains all three types of reefs outlined above, but is also characterized by mineralization within the argillite that together form belts.  Many of the gold deposits in Nova Scotia are sometime referred to as saddle reef deposits; these have gold bearing belts generally restricted to the hinges of the anticlines.  Because the Goldboro Deposit contains saddle, leg and spur reefs and has gold within the argillite hosting the veins, this Deposit contains significantly more gold resources than deposits of the similar dimensions that contain gold only in particular types of reefs or only within the quartz veins.

The Deposit contains at least 57, stacked, mineralized belts that vary in thickness from less than 1 metre up to 20 metres.  The mineralized belts are folded into a tight, gently east-plunging, anticline referred to as the Upper Seal Harbour Anticline.  The Deposit is divided into three broad zones: the East Goldbrook “EG”, Boston-Richardson “BR”, and West Goldbrook “WG” Gold Systems.  The EG and BR Systems are separated by a thick (up to 50 metres) greywacke sequence (the Marker Horizon) with the EG System above the greywacke and the BR below.  The WG is separated from the BR by a fault zone but is generally the continuation of the BR System on the west side of the fault.  The trace of the Upper Seal Harbour Anticline crosses the Goldboro Property and is found near the Dolliver Mountain several kilometres to the west of the Deposit, demonstrating that the structure which hosts gold continues for several kilometres.

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