Discovers New Zone Of Gold Mineralisation At Pumbly Point
Anaconda Mining Inc. (TSX:ANX) (OTCQX:ANXGF) has received promising initial results from its ongoing 3,000m diamond drill programme at its Point Rousse operation in Newfoundland, designed to test several priority targets within several kilometres of the Pine Cove Mill and in-pit tailings facility.
President and CEO, Kevin Bullock, said these targets were identified following a re-evaluation of the near-mill opportunities following a reinterpretation of area geology in light of recent success at the Stog’er Tight Deposit.
In particular, the Pumbly Point Target includes a 1.2-km strike of anomalous gold-in-soil and rocks, mapped alteration and coincident Induced Polarization (IP) chargeability anomalies similar to other targets that have resulted in the discovery of gold deposits at Point Rousse,
Highlights to date include:
- 1.89 grams per tonne (g/t) gold over 7.8m (57.2 to 65m), including 10.60 g/t gold over 0.8m in diamond drill hole PP-21-09;
- 1.42 g/t gold over 4.0m (40.2 to 44.2m), in diamond drill hole PP-21-08;
- Recognition of a new prospective horizon 2.0 km north of the Pine Cove Mill;
- A further 700m of anomalous gold-in-soil and rocks, mapped alteration, and coincident IP chargeability anomalies remaining to be tested.
“We are pleased with the initial results at Pumbly Point that demonstrate the potential for the area to host gold deposits, with drill results showing robust grades and thicknesses in the western most portion of the target area tested to date,” Mr Bullock said.
“Further drilling will allow us to understand the extent and geological context of the Pumbly Point results to date, but they clearly indicate there is potential for further discovery in this previously undrilled area.
“With the expansion of mineralization at Stog’er Tight, three kilometres from the Pine Cove Mill, and continued operation at the Argyle Mine, we are pleased to see further areas of prospectivity opened up adjacent to the current operating mill and tailings infrastructure.
“We continue to advance our strategy of extending mine life through discovery at Point Rousse, well beyond the current reserves at Argyle and potential resource growth at Stog’er Tight. The current results at Pumbly Point are a positive indication of our ability to make further discoveries.”
Drilling at Pumbly Point to date, including ten diamond drill holes (PP-21-01 to -10; 1,077 metres), intersected a gold-mineralised structure along a 500m trend with a further 700m to be tested,
The mineralised structure at Pumbly Point is a level of stratigraphy believed to be coincident with the Goldenville Horizon, a prospective geological sequence equivalent to the highly prospective Nugget Pond Horizon located at the Company’s Tilt Cove Project.
A broader area of prospectivity could be open for further testing should this hypothesis be correct. Another 1,000m of diamond drilling are planned to test the additional 850m of target along strike at Pumbly Point and plans are being developed to follow up on the higher grade-thickness drill results to date which were intersected in the western most extent of the tested area.
