New assays from four holes Anaconda Mining (TSX: ANX; US-OTC: ANXGF) drilled as part of its metallurgical drill program at its Goldboro gold project in Nova Scotia confirm the continuity of several high grade zones over as much as 40 metres.
The drilling focused on the project’s EG gold system. Highlights from the program include 42.85 grams gold over 3.8 metres from 66 metres downhole including 316.76 grams gold over 0.5 metre as well as 9.83 gram gold over 3.5 metres from 81 metres downhole including 58.31 grams gold over 0.5 metre.
Newly appointed CEO Kevin Bullock said in a prepared statement that the new results “provide confidence in the existing resource” and “provide the necessary samples to advance metallurgical testing to support a feasibility study at Goldboro.”
Bullock recently took over as CEO from Dustin Angelo, who will remain Anaconda’s president and focus on operations as well as “ancillary business opportunities.”
The company is drilling an additional 5,000 metres at EG to both expand the deposit and infill certain sections. It will table an updated resource estimate for Goldboro by 2019’s third quarter.
Goldboro currently contains 3.7 million measured and indicated tonnes grading 4.96 grams gold for 602,700 oz. gold as well as 2.1 million inferred tonnes at 6.63 grams gold for 453,200 oz. gold.
As of a 2018 preliminary economic assignment, the project has a $76 million after-tax net present value at a 7% discount rate and a 29% after-tax internal rate of return.
Shares of Anaconda Mining are currently trading at 32¢ with a 52-week range of 18¢ to 40¢. The company has a $38 million market capitalization.
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