Anaconda Mining Drilling Update for Tilt Cove Project
Anaconda MiningJSR

Anaconda Mining Drilling Update for Tilt Cove Project

Anaconda Mining Inc announced the results of an additional 6,327.3 metres from an ongoing 10,000 metre diamond drill program at its Tilt Cove Gold Project,

Anaconda Mining Inc announced the results of an additional 6,327.3 metres from an ongoing 10,000 metre diamond drill program at its Tilt Cove Gold Project, located within the Baie Verte Mining District in Newfoundland, approximately 45 kilometres by road from the Company's Pine Cove Mill and long-term tailings facility. The Drill Program was designed to test several gold targets at East Pond, Betts Cove, West Pond and Growler, which were developed from previous exploration work completed in 2019 and 2020. The East Pond, West Pond and Growler targets are associated with two prospective iron formations, the Nugget Pond Horizon (which is host to the past-producing, high-grade, Nugget Pond Mine) and the adjacent, parallel Red Cliff Horizon.

Gold mineralization was intersected at the East Pond and Betts Cove targets. At East Pond, drilling intersected significant mineralization associated with quartz veins within the Red Cliff Horizon. At Betts Cove, drilling intersected gold mineralization over a 100-metre strike associated with a past producing Betts Cove copper mine.

Highlights of the Drill Program to date include:

East Pond

4.99 grams per tonne gold over 4.0 metres (135.0 to 139.0 metres), including 17.40 g/t gold over 1.0 metre in diamond drill hole EP-21-09 along the Red Cliff Horizon.

Betts Cove

1.74 g/t g/t gold over 12.0 metres (89.0 to 100.0 metres), including 11.43 g/t gold over 1.0 metre in diamond drill hole BC-21-05;

1.01 g/t gold over 13.4 metres (62.2 to 75.6 metres), including 5.76 g/t gold over 1.0 metre in diamond drill hole BC-21-07;

1.33 g/t gold over 4.5 metres (112.0 to 116.5 metres) in diamond drill hole BC-21-03; and

2.60 g/t gold over 3.9 metres (86.0 to 89.9 metres) and 11.90 over 1.0 metre (122.0 to 123.0 metres) in diamond drill hole BC-21-06.

Selected intersections from the Drill Program at the Tilt Cove Project are shown in Tables 1 and 2 below.

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