GUYSBOROUGH – Anaconda Mining is launching a second phase of test drilling at its Goldboro property following excellent results of the first phase, which started May 2017 and wrapped up this past spring. The initial drilling expanded the breadth and depth of the known gold deposit at the site.
“We have been able to refine and expand the deposit through strategic drilling and leveraging historical work as we advance the project towards feasibility status, CEO Dustin Angelo said in a release Monday. An additional 10,000 metres of diamond drilling over the next five months will test areas where the company believes the resource can be further expanded.
“In addition to infill and expansion drilling, we will test specific geological concepts such as the potential for broad zones of high-grade mineralization like features found in similar style deposits in the Victorian Goldfields of Australia,” said Angelo.
“In just over a year of ownership, we have created a tremendous amount of value and we feel we have only scratched the surface. As we grow the resource and move further along in development, we are simultaneously increasing value and decreasing the risk of the project."
The company has applied for provincial environmental approval to take a bulk sample from the property for testing. Ministerial response to that application is expected soon.
Anaconda intends to develop the Goldboro Gold Project into a producing mine within the next few years using surface mining and underground mining methods. It is anticipated that a gold concentrate can be produced onsite at Goldboro and shipped to Newfoundland via tanker truck, and processed in Anaconda’s Pine Cove Mill.