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Anaconda Mining Inc.
Summary
| Project: | Cape Spencer | |
|---|---|---|
| Deposit: | Cape Spencer | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 1/24/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 24-1-2019: Anaconda Mining Inc. announces a Resource Estimation report for its Cape Spencer deposit at the Cape Spencer project. Initial mineral resource estimate for Cape Spencer project. TORONTO, ONTARIO – January 24, 2019 - Anaconda Mining Inc. ("Anaco | |
| Resources: | (Resource, Inf.): 1.720Mt @ 2.72g/t Au for 151Koz Au | |
| CP/QP: | [Resources]: David Copeland, Matthew Harrington, Michael Cullen (Mercator Geological Services Ltd.) | |
| ABSTRACT: | TORONTO, ONTARIO – January 24, 2019 - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to announce it has completed an updated Mineral Resource Estimate for the Rattling Brook Deposit (“Rattling Brook”) of the Great Northern Project (“Great Northern”) in Newfoundland and an initial Mineral Resource Estimate for the Cape Spencer Gold Project (“Cape Spencer”) in New Brunswick. The Mineral Resource Estimates are presented below in Tables 1 and 3. The Great Northern and Cape Spencer Gold Projects are held in a wholly-owned subsidiary of Anaconda (“ExploreCo”), with a mandate to identify strategic options to unlock the value of these assets for shareholders through a separate vehicle, allowing Anaconda to focus on its core mining and development operations. “In 2018, Anaconda created a wholly-owned subsidiary to house these highly-prospective, Atlantic Canadian exploration projects, with the aim of developing strategic alternatives to realize value from them. To that end, we proceeded to update the Rattling Brook Mineral Resource Estimate and generate a maiden Mineral Resource Estimate for Cape Spencer. As a result, ExploreCo currently has 83,000 ounces of Indicated Mineral Resources in the Thor Deposit, 151,000 ounces of Inferred Mineral Resources at the Cape Spencer Project and 286,000 ounces of Inferred Mineral Resources in the Thor and Rattling Brook Deposits. We have established these gold resources in highly prospective areas with sizeable land packages that provide the platform to build significant district-scale mineral resources in Atlantic Canada in the long term. We have continued to create value at these projects with low expenditures and are well positioned to pursue strategic options to realize that value for our shareholders, while remaining focused on our core assets at Goldboro and on the Baie Verte Peninsula. | |
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