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Anaconda starts 10,000 m drill program at Tilt Cove
2020-07-21 07:31 ET - News Release
Mr. Kevin Bullock reports
ANACONDA MINING RAMPS UP EXPLORATION PROGRAM AT TILT COVE GOLD PROJECT, INCLUDING IP GEOPHYSICAL SURVEY AND 10,000 METRES OF DIAMOND DRILLING
Anaconda Mining Inc. has initiated a 35-line-kilometre geophysical survey and 10,000-metre diamond drill program at the Tilt Cove gold project, located within the Baie Verte mining district in Newfoundland, approximately 45 kilometres by road from the company's Pine Cove mill and tailings facility. Tilt Cove is a significant, recently consolidated land package encompassing the same geological trend as the past producing, high-grade Nugget Pond mine, which had an average recovered grade of 9.85 grams per tonne (g/t) gold. Tilt Cove covers a 20-kilometre strike extent of the Betts Cove complex, a highly prospective geological terrane including the Nugget Pond horizon (NPH), the iron-rich sedimentary unit that hosts the past producing Nugget Pond mine.
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https://www.stockwatch.com/News/Item?bid=Z-C%3aANX-2936466&symbol=ANX®ion=C
Anaconda Mining produces 3,657 oz Au in Q2
2020-07-20 07:23 ET - News Release
Mr. Kevin Bullock reports
ANACONDA MINING REPORTS Q2 2020 PRODUCTION RESULTS AND PROVIDES UPDATE REGARDING ANNUAL GENERAL AND SPECIAL MEETING
Anaconda Mining Inc. has released production results and certain financial information from the three and six months ended June 30, 2020, as well as provided an update regarding the upcoming annual general and special meeting and a further update concerning the ongoing COVID-19 pandemic. The company expects to file its second quarter financial statements and management discussion and analysis on or around July 30, 2020.
Second quarter 2020 highlights:
Anaconda sold 3,712 ounces of gold in Q2 2020, generating metal revenue of $8.4-million at an average realized gold price of $2,249 ($1,674 (U.S.)) per ounce sold. As at June 30, 2020, the company had 470 ounces of gold in gold dore inventory, which was subsequently sold in July.
Point Rousse produced 3,657 ounces of gold in Q2 2020, a 26-per-cent increase compared with Q2 2019, due to higher mill availability. Production for the first six months of 2020 was 8,654 ounces.
Mine operations produced 111,167 tonnes of ore during the second quarter from the Pine Cove open pit at an average grade of 1.22 grams per tonne at a strip ratio of 5.1 waste tonnes to ore tonnes. The company ended the second quarter with over 36,000 tonnes of ore in stockpiles.
The Pine Cove mill processed 118,333 tonnes during Q2 2020 and achieved a recovery rate of 86.4 per cent, an increase in throughput of 22 per cent compared with Q2 2019 when unplanned maintenance of the regrind mill led to lower mill availability.
Anaconda announced drill results from multiple locations at the Point Rousse project, including the Argyle deposit where work is progressing on a mineral resource, reserve and development plan, and exciting wide, high-grade intercepts at the Stog'er Tight deposit.
The company initiated a 5,500-metre infill diamond drill program at the Goldboro gold project, to convert priority inferred mineral resources, considered proximal to planned development under the continuing feasibility study, into indicated mineral resources.
On July 16, 2020, Anaconda announced a non-brokered private placement for up to $5.51-million, which will accelerate its highly prospective exploration and diamond drill programs in Atlantic Canada.
As at June 30, 2020, the company had a cash balance of $5.5-million, preliminary working capital1 of $6.1-million, and additional available liquidity of $300,000 from an undrawn revolving line of credit facility.
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https://www.stockwatch.com/News/Item?bid=Z-C%3aANX-2935910&symbol=ANX®ion=C