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Anaconda Mining announces promising initial results from its ongoing 3,000 metre diamond drill program at Point Rousse in Newfoundland. The program aims to explore priority targets close to the Pine Cove Mill. Highlights include 1.89 g/t gold over 7.8 metres and 1.42 g/t gold over 4.0 metres in specific drill holes. A new prospective horizon was recognized 2.0 km north of the mill, suggesting potential for further discoveries. The ongoing exploration strategy aims to extend the mine life at Point Rousse, enhancing shareholder value.
Anaconda Mining reported Q1 2021 results with gold sales of 3,119 ounces, generating revenue of $7.4 million at an average realized price of C$2,358 per ounce. Production fell 49% from Q1 2020, leading to a net loss of $2.5 million, compared to a profit of $1.5 million the previous year. Operating cash costs surged to C$2,597 per ounce, leading to a downward revision of annual production guidance to 16,000-17,000 ounces. The company is investing C$2.8 million in exploration, including the Goldboro Project. Cash balance stood at $14.5 million.
Anaconda Mining Inc. has announced an upsized private placement of flow-through common shares, increasing the offering to $8,500,030 from $6,000,000. The company will issue up to 10,241,000 shares at a price of $0.83 each. Proceeds will be allocated for Canadian exploration expenses, with a target closure date of May 20, 2021. The offering is subject to necessary regulatory approvals and is expected to include participation from company insiders, qualifying as a related party transaction.
Anaconda Mining has announced a marketed offering with Raymond James for up to $6.0 million through the sale of up to 7,228,916 flow-through common shares at $0.83 each. Proceeds will fund eligible Canadian exploration expenses related to the company's projects, with closure expected by May 20, 2021. The company may also engage insiders in the offering, classifying it as a related party transaction. All securities will be subject to a four-month hold period in Canada. This initiative is crucial for advancing Anaconda’s exploration efforts.
Anaconda Mining reported Q1 2021 results, selling 3,119 ounces of gold and generating $7.4 million in revenue at an average gold price of $2,358 per ounce. Gold production dropped 49% to 2,540 ounces, primarily due to lower mined grades and mill throughput. The company revised its 2021 guidance down to 16,000-17,000 ounces of gold from a prior estimate of 18,000-19,000 ounces. Operating cash costs are expected to range between $1,625 and $1,675 per ounce. Anaconda had a cash balance of $14.5 million by quarter-end, with ongoing exploration at the Stog'er Tight Deposit showing promise.
Anaconda Mining Inc. announced the results of a 1,271 metre infill drill program at the Stog'er Tight Deposit. Significant findings include:
- 8.46 g/t gold over 5.0 metres in hole BN-21-429
- 7.91 g/t gold over 6.0 metres in hole BN-21-447
- 9.26 g/t gold over 3.0 metres in hole BN-21-449
- 3.11 g/t gold over 4.0 metres in hole BN-21-428
These results will inform resource modeling and potential development plans. Environmental studies have also begun for the area.
Anaconda Mining reported results from a 2,086 metre expansion drill program at Stog'er Tight, confirming mineralization extends north and south. Key highlights include:
- 3.62 g/t gold over 20.0 metres
- 3.86 g/t gold over 7.0 metres
- 2.44 g/t gold over 7.8 metres
- 1.93 g/t gold over 9.8 metres
- 1.50 g/t gold over 10.6 metres
Many mineralized sections are near the surface, within 30 metres. Preliminary environmental studies are underway as the company plans for potential development.
Anaconda Mining announced a significant update on its Goldboro Gold Project, revealing Measured and Indicated Mineral Resources of 1,946,100 ounces of gold, a remarkable 179% increase. The Inferred Mineral Resources also showed a 16% increase to 798,100 ounces. The company's technical report indicates strong potential for surface mining and a proposed Preliminary Economic Assessment is anticipated in Q2 2021. The report underscores excellent average recovery rates, reinforcing the project's economic viability and growth prospect.
Anaconda Mining Inc. (TSX:ANX, OTCQX:ANXGF) has initiated a 4,000 metre diamond drill program at its Point Rousse operation in Newfoundland. This program includes 1,000 metres of infill drilling at the Stog'er Tight Extension and 3,000 metres of exploration drilling targeting several priority sites near the Pine Cove Mill. The aim is to enhance mineral resources and explore high-potential targets, particularly at Pumbly Point. The successful discoveries at Point Rousse could extend mining operations and enhance the company's profitability in the future.
Anaconda Mining Inc. has launched a 3,500 metre diamond drill program at its 100%-owned Goldboro Gold Project, following a recent increase in mineral resources. The aim is to convert high-priority Inferred Resources into Measured and Indicated categories to support an ongoing Feasibility Study anticipated in Q4 2021. Highlights include 1,946,100 ounces of gold across all categories and plans to enhance open pit resources. Company’s growth strategy aims for 150,000 ounces of gold production yearly. A Technical Report will be filed by March 31, 2021.
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