GUYSBOROUGH – Prospects for the development of Anaconda Mining’s Goldboro property look more promising this week with the announcement of a new 6,000-metre diamond drill program and completion of the the first drill hole.
“We are going to be doing two things in that drilling,” Anaconda’s president and CEO, Dustin Angelo, told The Journal during an interview Tuesday. “First we’ll be testing for the ability to extend the known deposit area.”
He said the known deposit stops at a certain point only because no one has drilled further down. This drilling will go further in the “down plunge” to see how far the resource goes.
They’ll also look at what’s called the “long strike.” Right now the resource has been identified extending east and west for 1.5 kms. The new drilling program will determine if it goes farther across.
The first test hole shows that the same geological structure that contains the known resource does continue in depth. “So that’s a good sign,” he said.
And while doing that first drill hole, the company ran into four points where they hit visible gold. Drill core from that hole is now being tested by an assay lab to determine how much gold is in the sample. Results are expected to be known in about eight weeks.
Anaconda now has two staff at its Halifax office connected with the Goldboro project. Angelo said they are still targeting 2020 for production at the Goldboro property.
The company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Pine Cove open pit mine, the fully-permitted Pine Cove Mill and tailings facility, the Stog’er Tight deposit, a new discovery called Argyle, and approximately 5,800 hectares of prospective gold-bearing property.