NEWFOUNDLAND – Toronto-based Anaconda Mining recently concluded a 10 hole program at its Pine Cove gold mine near Baie Verte and accomplished three things: 1) find additional resources to extend the life of the open pit; 2) reduce the stripping ratio by outlining near surface resources; and 3) reduce the haul distance of waste rock by establishing a new dump.
To outline near surface resources, drilling was conducted at Pine Cove Pond and the Northwestern extension of the pit. The three holes at the pond returned 2.91 g/t Au over 3.1 metres, 1.01 g/t over 13.1 metres, and 2.23 g/t over 4.0 metres. The two holes drilled to the northwest returned 11.43 g/t Au over 0.9 metres and 0.89 g/t over 10.7 metres.
Down dip resources were confirmed by five holes drilled along the northern margin of the current pit design. All holes intersected mineralization, and the best results were 2.85 g/t Au over 11.0 metres and 5.06 g/t over 7.0 metres. Anaconda is hopeful the deposit extends beyond the current pit design and beyond current resource modeling.
The company hopes to shorted the haul distance for waste rock by establishing a dump north of the pit. Several broad zones of mineralization were intersected at depths in excess of 200 metres. The results are to be compared with other drilling data from the area to determine if a mineable resource exists.
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