Discovers New Zone of Mineralisation In Newfoundland
Anaconda Mining Inc. (TSX:ANX) has received positive initial results from its on-going 2,500m infill drill programme at Stog’er Tight and an original exploration drill programme, which commenced in August of 2020.
Both programmes took place near, or along strike from, the Stog’er Tight Mine and Deposit, located approximately three kilometres east of the company’s operating Pine Cove Mill and Tailings Facility in Newfoundland.
The exploration drill results comprise a remaining 660m of drilling near Camp Pond at Stog’er Tight.
Exploration drill results included a 12.8m intersection of gold mineralisation of 0.93 g/t just ten metres below surface.
President and CEO, Kevin Bullock, said this is significant as it was discovered 50m south of mineralisation that was previously thought to terminate towards the south.
Importantly, the drilling indicates that this new mineralised zone is very shallow and continues southward by up to 250m at a shallow dip, immediately below surface.
The results to date from the Infill Drill Programme comprise 1,794.6m which continue to intersect mineralisation with similar characteristics and tenor to those previously drilled in the area. The results are being used to support an updated in-house resource model and pit shells and are indicating the strong potential to extend the mine life of the Point Rousse operation.
Highlights of the Drill Program include:
- 6.50 grams per tonne (g/t) gold over 16.0m (51.1 to 67.1m), including 16.70 g/t gold over 1.0;
- 2.84 g/t gold over 8.0m (44.0 to 52m); including 14.10 g/t gold over 1.0m;
- 2.00 g/t gold over 10m (78.0 to 88m);
- 3.36 g/t gold over 4.0m (69.0 to 73m);
- 0.93 g/t gold over 12.8m (10.2 to 23m) in diamond drill hole BN-20-367; and
- 1.46 g/t gold over 4.9m (49.0 to 53.9m).
“We are very pleased with the results from our earlier exploration drilling at Stog’er Tight and the initial results from a related infill drill programme, which continue to demonstrate the potential to extend the life of mine of the Point Rousse operation,” Mr Bullock said.
“Infill drilling continues to outline and confirm a continuous gold system near Camp Pond and exploration drilling has identified a new zone of near-surface mineralisation at Stog’er Tight.
“This most recent discovery has resulted in a new geological interpretation that the mineralized host rocks are near horizontal in this area and that the potential for gold mineralisation extends southward by at least 250m, just below surface.
“To test this concept and the continuity of near surface mineralisation, we have initiated a further 1,000m drill programme in this new area of interest.
“The results of the infill and exploration programmes, as well as ongoing drilling, will be incorporated into our in-house mineral resource as we begin to plan for a potential development scenario at Stog’er Tight.:
Mr Bullock said the results of the Infill Drill Programme indicate that a zone of gold mineralisation extends at least 720m west and south the Stog’er Tight Mine and represents the strike extension of the original Stog’er Tight Deposit. Mineralisation now extends over a total strike length of approximately 1,250m.
