The Tilt Cove Project is an exploration-stage gold-copper project located within the Baie Verte Mining District, near the community of La Scie, Newfoundland, approximately 60 kilometres by road from the Company’s Pine Cove Mill. Anaconda is currently earning a 100% interest in the Tilt Cove Project under an option agreement with Metals Creek Resources Corp.
Gold and volcanogenic massive sulphide mineralization is hosted with in the Betts Cove Complex, an Early Ordovician ophiolite complex and volcanic sequence, comprising of the Betts Cove Ophiolite and its volcanic and sedimentary cover sequence, the Snooks Arm Group. The sequence is in thrust contact with Silurian felsic volcanics rocks of the Cape St. John Group to the north and intruded on south and south-west side by the Silurian Cape Brule Porphyry and Ordovician Burlington Granodiorite, respectively.
The Tilt Cove Project is characterized by the same geological environment as part of the Point Rousse Project, specifically the Nugget Pond horizon, an iron formation that hosted the historical high-grade-gold Nugget Pond Mine, which produced 166,000 ounces of gold with an average grade of approximately 11 g/t. The Tilt Cove Project has several occurrences with high-grade gold grab samples from prospecting including 69.38 g/t gold from the Scarp zone, 13.47 g/t gold from the Shaft zone and 6.02 g/t gold from the Road showing.
The area is also host to the historic Tilt Cove mines which produced a total of 8,160,000 tonnes of ore grading between 1% to 12% Cu between 1864 and 1917 and again between 1957 and 1967. Gold is typically associated with copper mineralization and several of the historic copper deposits require follow-up testing for gold potential. An historic non NI43-101 resource of 1,000,000 tonnes grading 1% Cu (Cliff Zone) exist on the property.
A stockpile of gold-bearing overburden material from historical mining, estimated at 50,000 tonnes, is located adjacent to the East Mine. A portion of this stockpile (20,882 wet tonnes) was processed in 2011 by Rambler Metals and Mining at its nearby Nugget Pond Mill under an agreement with Metals Creek. Transportation of the Tilt Cove stockpile to the Nugget Pond Mill began on June 7th, 2011 with subsequent processing of the ore beginning on June 10th, 2011. 20,882 wet metric tonnes of material was processed at a grade of 1.79 g/t gold. This processing resulted in a $173,372 NSR payment from Rambler Mining to Metals Creek Resources as well as roughly 30,000 tonnes of material remaining in the stockpile.
Anaconda is assessing the viability of transporting the remainder of the stockpile to its Pine Cove Mill for processing. Studies by the Company have indicated that there is potential to screen the stockpile material to create and ship a higher-grade concentrate.
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