Anaconda testing shows expanded resource at Goldboro

November 6 2019

GUYSBOROUGH – Anaconda Mining Inc. announced an update to its Mineral Resource Estimate on Oct. 31, with test results showing its Goldboro mine site the largest gold deposit in the province.

"Anaconda continues to successfully expand the Goldboro Deposit which now contains 698,600 ounces of combined Measured and Indicated Mineral Resource and a further 685,100 ounces of Inferred Mineral Resource, making it the single largest gold deposit in Nova Scotia and remains open for expansion,” CEO Kevin Bullock said in a news release.

“Since acquiring the Project just over two years ago, we have increased Measured and Indicated Mineral Resource categories by 52.7 per cent and the Inferred Mineral Resource category by 83.7 per cent all at a combined cost of less than $10 per ounce, demonstrating the value creation potential of the Project.”

Bullock said the update will provide the basis for a new “optimized Goldboro mine plan” to support an ongoing feasibility study for the project, which is expected to be released later in 2019.

On Nov. 5 Anaconda released its third-quarter financial results, showing that in the first nine months of 2019, the company invested $9.5 million in its exploration and development projects, including $8.2 million on the Goldboro Gold Project relating to the feasibility study, permitting, the bulk sample, and ongoing diamond drilling programs.