Anaconda Mining reports upgraded and expanded resource – ‘single largest gold deposit in Nova Scotia’ (ANX: TSX)

October 31, 2019

Anaconda Mining


Anaconda Mining, the gold mining, development and exploration company with a focus on Atlantic Canada, has reported an upgraded and expanded Measured and Indicated Mineral Resource at their Goldsboro Project in Guysborough County, Nova Scotia. The resource will form the basis of the mine plan due in the Goldsboro Feasibility Study due in Q4 this year.

The highlights of the update include

  • An 6.9% increase in combined open pit and underground grade in Measured and Indicated Mineral Resources including a coincident 11.9% increase in underground gold grade (6.18 g/t gold) at a 2.0 grams per tonne “g/t” cut-off; 
  • A 15.9% increase in combined open pit and underground ounces within the Measured and Indicated Mineral Resource categories bringing the total to 698,600 ounces (4.096 million tonnes at 5.30 g/t gold); 
  • A 51.2% increase in combined open pit and underground Inferred Mineral Resource ounces and a coincident 6.9% increase in gold grade bringing the total to 685,100 ounces (3.007 million tonnes at 7.09 g/t gold); 
  • Expanded the deposit to the east by 375 metres and added 21 new mineralized zones to the Mineral Resource model 

Commenting on the resource upgrade, the President and CEO of anaconda Mining, Kevin Bullock, said that the 698,000 ounces of combined Meadured and Indicated Mineral Resource, coupled with a further 685,100 ounces of Inferred Mineral Resource, makes Goldsboro the single largest gold deposit in Nova Scotia, with the possibility of future expansion. 

“Since acquiring the Project just over two years ago, we have increased Measured and Indicated Mineral Resource categories by 52.7% and the Inferred Mineral Resource category by 83.7% all at a combined cost of less than $10 per ounce, demonstrating the value creation potential of the Project. With an 11.9% increase in the average underground Measured and Indicated Mineral Resource grade to 6.18 g/t gold, this robust Mineral Resource update will provide the basis for a new optimized Goldsboro mine plan.”

About Anaconda

Anaconda is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~11,000 hectares of highly prospective mineral lands including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade resource and the subject of an on-going feasibility study.

Follow us on Social Media to receive emerging news updates:

Follow us Facebook:

Follow us Twitter:

Follow us Instagram:

Follow us on LinkedIn:

MiningIR hosts a variety of articles from a range of sources. Our content, while interesting, should not be considered as formal financial advice. Always seek professional guidance and consult a range of sources before investing.
James Hyland, MiningIR