GOLD: Anaconda makes new gold find at Pine Cove

NEWFOUNDLAND – Anaconda Mining of Toronto has made another gold discovery 5 km from the Pine Cove mill in the Baie Verte mining district. The area of interest, the Argyle zone, lies between the Stog'er Tight deposit and the town of Ming's Bight.

The discovery of the Argyle zone extends the length of known mineralization along a 7-km trend. Samples from four trenches within the zone returned 3.75 g/t Au over 16 metres (including 8.27 g/t over 4 metres) and 1.49 g/t over 3.5 metres in trench A8; 1.31 g/t over 11 metres in trench A12; 6.58 g/t over 2 metres and 3.08 g/t over 1 metre in trench A14; and 1.50 g/t over 1 metre in trench A7.

Gold is hosted in gabbroic rocks, which contain a broad halo of leucoxene alteration with increasing iron carbonate and sericite near the mineralized zones. Silica and quartz veins with increasing pyrite are indicative of gold mineralization and are typical of deposits within the project area.

Anaconda notes that the discovery of the Argyle zone is the first of its kind on the Ming's Bight Peninsula since the mid-1980s.

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