Canadian Mining Journal


Anaconda Mining says discovery of higher grade ounces could double production

Anaconda Mining (TSX: ANX) counts itself as the only pure play gold producer in Atlantic Canada and has increased its property control in the region about eighteen-fold since 2012.

Its Pine Cove open pit mine and mill – part of the company’s flagship Point Rousse project on Newfoundland’s Baie Verte peninsula – turned out 15,821 oz of gold in fiscal 2015 and 16,080 oz of gold in fiscal 2016. (The company’s fiscal year runs from June 1-May 31.)

The 6,300-hectare Point Rousse project also hosts the Stog’er Tight deposit, about 3.5 km from the Pine Cove mill with grades approximately double current production grades, and Argyle, a prospect Anaconda discovered to the northeast of Stog’er Tight, about 5.5 km from the mill. (Argyle is the first discovery in the area in the last thirty years, Anaconda maintains.)

In addition, Point Rousse has a third prospective area called Goldenville, an untested gold belt just kilometers north of the mill that has high grade potential and a horizon of about 8 km long. Anaconda believes Goldenville has a similar rock type to the Nugget Pond mine, which was mined in the late 1990s, and which produced about 166,000 oz of gold at grades of around 11 g/t Au.

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