Anaconda Mining Expands Stog'er Tight Deposit

Anaconda Mining Inc announced results from its 5,394 metre expansion drill program along strike from the Stog'er Tight Mine and Deposit, located
Anaconda Mining Expands Stog'er Tight Deposit
Anaconda Mining Stog'er Tight DepositAnaconda Mining

Anaconda Mining Inc announced results from its 5,394 metre expansion drill program 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. Results from the Drill Program to date include 4,663 metres in 42 diamond drill holes including the results of 2,936 metres in 20 diamond drill holes (BN-20-341 to -361) reported here. The Drill Program was initiated to follow up on the recent discovery of gold mineralization announced on July 7 and August 18, 2020. The most recent drill holes were specifically designed to test areas around the previously announced intercepts and to expand both the strike and down-dip extent of mineralization. The Drill Program has now successfully expanded mineralization by 690 metres of strike and 360 metres northwestward in the down-dip direction.

Highlights of the Drill Program include:

5.16 grams per tonne gold over 5.0 metres (64.0 to 69.0 metres), including 15.60 g/t gold over 1.0 metres in diamond drill hole BN-20-351;

2.71 g/t gold over 6.7 metres (148.5 to 155.2 metres); including 12.10 g/t gold over 0.8 metres in diamond drill hole BN-20-349;

1.76 g/t gold over 5.0 metres (128.0 to 133.0 metres) in diamond drill hole BN-20-347;

9.31 g/t gold over 2.0 metres (89.0 to 91.0 metres) in diamond drill hole BN-20-359; and

0.94 g/t gold over 9.0 metres (112.0 to 121.0 metres) in diamond drill hole BN-20-341.

Selected intersections from the Drill Program at Stog'er Tight are shown in Table 1 below.

Anaconda Mining Inc President and CEO Mr Kevin Bullock said “Our recent drill program was designed to understand the extent of mineralization at Stog'er Tight and included a series of wide step out holes testing adjacent geological and geophysical targets within 750 metres of known mineralization. The program has successfully expanded mineralization both down-dip and along strike. We are now using this information to create an initial in-house resource estimate and have begun an infill drill program of 2,500 metres that will continue throughout the upcoming winter months. We believe the mineralization outlined west of the Stog'er Tight mine represents its strike extension and has strong potential to extend the life of mine of the Point Rousse operation, consequently we have initiated the required environmental studies and related data collection which will support the permitting process, and potential development and future mining at Point Rousse."

The results of the Drill Program indicate that a zone of gold mineralization extends at least 720 metres west of the Stog'er Tight Mine, and in fact represents the strike extension of the original Stog'er Tight Deposit. Mineralization now extends over a total strike length of approximately 1,250 metres. Gold mineralization is hosted within a shallowly northwest dipping gabbro sill and has been tested to a vertical depth of 100 metres.

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