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#1 Posted : Tuesday, December 29, 2020 12:15:02 PM(UTC)

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Anaconda mining expands the tilt cove project and identifies key exploration targets

TORONTO, May 9, 2019 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX) (OTCQX: ANXGF) is pleased to announce that it has significantly expanded the footprint of its Tilt Cove Project, located within the Baie Verte Mining District, near the community of La Scie, Newfoundland, approximately 45 kilometres by road from the Company's Pine Cove Mill. Anaconda has consolidated a significant property package covering a 20 kilometre strike extent of the Betts Cove Complex, a highly prospective geological terrane with a record of past gold and copper production. The Tilt Cove Project now comprises a total of 5,700 hectares (228 claims in 20 licenses and 1 mining lease) of prospective mineral lands acquired via a combination of staking by the Company and the execution of option agreements.

Highlights of the Tilt Cove Project include:

  • Anaconda Mining Inc--Anaconda Mining Expands the Tilt Cove Proje

  • Large land position that has been consolidated for gold exploration for the first time in 20 years with 20 kilometres of prospective strike;
  • Includes the Nugget Pond Horizon, which hosts the past-producing high-grade Nugget Pond Mine that produced 168,748 ounces and an average grade of 9.85 g/t gold;
  • Nugget Pond mineralization is similar to other Banded-Iron-Formation hosted lode gold deposits, such as Meadowbank, Lupin, Meliadine and Homestake;
  • Includes the Venams Bight Formation, which hosts the Pine Cove Mine at the Point Rousse Project;
  • Significant high-grade historical drill intercepts and the identification of 12 high-priority gold exploration targets including:
    • 6.77 g/t gold over 5.0 metres in hole BC-89-02;
    • 11.20 g/t gold over 1.1 metres in hole BC-89-01;
    • 8.82 g/t gold over 1.0 metre in hole NBC-96-01; and
  • Past-producing copper mines including the Tilt Cove and Betts Cove Mines.

"We saw the rare opportunity to assemble a large land package immediately along strike from the past producing, high-grade, Nugget Pond mine, which had an average mine grade of 9.85 g/t gold. With some previous high-grade gold drill intercepts ready for follow up drilling and the identification of twelve exploration targets, the Tilt Cove Project provides an immediate opportunity to discover other high-grade gold deposits. The Project is also underlain by the same geology that hosts the Pine Cove and Stog'er Tight Mines as well as the Argyle Deposit, further increasing its prospectivity. With the history of discovery within these horizons and the access to the Company's operational Pine Cove Mill and long-term tailings facility, we believe this is an excellent opportunity to make the next high-grade gold discovery in the prolific Baie Verte Mining District."

~ Kevin Bullock, Chief Executive Officer, Anaconda Mining Inc.

See full press release here.

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