Anaconda Mining Update on the Goldboro Gold Project
Anaconda Mining Goldboro GoldNorthern Miner

Anaconda Mining Update on the Goldboro Gold Project

Anaconda Mining Inc has provided an update on its 100% owned Goldboro Gold Project in Nova Scotia in Canada. The Company, working closely with its external

Anaconda Mining Inc has provided an update on its 100% owned Goldboro Gold Project in Nova Scotia in Canada. The Company, working closely with its external consultant Nordmin Engineering Inc, initiated optimization work on the Project earlier in the year based on opportunities identified in connection with the ongoing definitive feasibility study. This included a 15,000 metre infill drill program to support an updated mineral resource in all three gold systems within the Goldboro deposit, West Goldbrook, Boston Richardson, East Goldbrook, with the objective of upgrading certain Inferred Mineral Resources into Indicated Mineral Resources as well as more detailed metallurgical work to establish recovery profiles on lower grade < 2.0 grams per tonne mineralization in an open pit scenario.

Further studies have indicated that the scale and potential of the Goldboro Gold Project is changing significantly, and we have identified certain opportunities which may markedly increase the Project's potential value, including

The recognition and confirmation of more low-grade mineralization at shallow levels (less than 175 metres) of the deposit than was previously modeled

The confirmation that mineralization within, and between, the three gold systems of the Goldboro deposit are continuous within the updated resource model

The potential for an open-pit dominant, higher-tonnage development scenario

In light of these opportunities, the Company anticipates that it will issue an updated Mineral Resource in the first quarter of 2021. It has also initiated additional metallurgical, geotechnical, and mine and mill design work, as well as increased baseline environmental studies, to compliment an expanded view of the Project. The Company expects to be in a position to have a completed DFS, based on the expanded scope as outlined above, in the fourth quarter of 2021, well within the timelines for permitting.

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