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Anaconda Mining reported strong financial results for the year ending December 31, 2020, producing 18,268 ounces of gold, meeting annual guidance. The company generated record metal revenue of $41.5 million at an average gold price of C$2,316 per ounce. Q4 EBITDA was $4.7 million, with annual EBITDA of $20.5 million, up from $9.9 million in 2019. Net income was $8.2 million or $0.06 per share, compared to $0.00 per share in 2019. Anaconda invested $7.2 million in exploration, focusing on its Goldboro project, which boasts a significantly expanded resource base.
Anaconda Mining Inc. has announced a substantial increase in the Mineral Resource Estimate for its Goldboro Gold Project in Nova Scotia, Canada, effective February 7, 2021. The updated estimate shows 1,089,800 ounces of gold within two open pits, a 1,361% increase in ounces, and a total of 1,946,100 ounces across all categories, marking a 179% increase. The project demonstrates a strong economic potential, particularly with over one million ounces classified as Measured and Indicated. A Preliminary Economic Assessment will be initiated to further assess the project's viability.
Anaconda Mining Inc. announced positive results from its metallurgical testing program for the Goldboro Gold Project in Nova Scotia. The program tested various gold grades, ranging from 0.16 g/t to 4.46 g/t, with an average of 1.04 g/t gold. Recovery rates ranged from 89% to 98%, indicating strong potential for both near-surface and high-grade mineralization. These results will contribute to an updated Mineral Resource Estimate and feasibility study planned for Q1 2021. The tests also included cyanide destruction and arsenic precipitation, demonstrating compliance with environmental standards.
Anaconda Mining has announced initial results from its 2,500 metre infill drill program and final results from its exploration drill program at the Stog'er Tight project in Newfoundland. The exploration drilling identified a significant new gold mineralization zone, with a 12.8 metre intersection of 0.93 g/t gold. The infill drilling revealed a continuous gold system with multiple high-grade intersections, including 6.50 g/t gold over 16.0 metres. These findings indicate the potential to extend the mine life of the Point Rousse operation and support an updated resource model.
Anaconda Mining Inc. has announced an update regarding its Goldboro Gold Project in Nova Scotia, Canada, emphasizing a 15,000 metre infill drill program aimed at upgrading Inferred Mineral Resources. The optimization process has identified more low-grade mineralization than previously modeled, which could significantly enhance the project's value. Anaconda plans to release an updated Mineral Resource in the first quarter of 2021 and aims to complete a Definitive Feasibility Study (DFS) by the fourth quarter of 2021.
Anaconda Mining Inc. (TSX:ANX, OTCQX:ANXGF) has launched a 10,000 metre diamond drill program at its Tilt Cove Gold Project in Newfoundland. The drill program follows a successful 19.1 line kilometre IP Geophysical Survey and aims to explore high-potential targets, including the Scarp Zone and Growler. Historical data indicates promising gold grades, with Nugget Pond Mine averaging 9.85 grams per tonne. The company is well-funded and optimistic about leveraging its infrastructure to create significant shareholder value.
Anaconda Mining announced significant production results for Q3 2020, producing 5,444 ounces of gold, a 16% increase from Q3 2019 and a 49% rise from Q2 2020. Total metal revenue reached $12.7 million from gold sales of 5,105 ounces, averaging $2,486 (US$1,866) per ounce. The company has commenced development at the Argyle Gold Mine and ended Q3 with a cash balance of $14.8 million. Anaconda is on track to meet its annual production guidance of 18,000 to 19,000 ounces for the year.
Anaconda Mining Inc. announced positive drill results from its 15,000-metre program at the Goldboro Gold Project in Nova Scotia, confirming high-grade gold zones. The drill program aims to convert Inferred Mineral Resources into Measured and Indicated Resources, enhancing feasibility studies for mine planning. Significant intersections include highlights such as 4.16 g/t gold over 22.8 metres and 59.21 g/t gold over 1 metre. The program is funded through existing funds and a government grant, emphasizing health and safety amid COVID-19 protocols.
Anaconda Mining Inc. announced initial drill results from its 5,500-metre program at the Goldboro Gold Project in Nova Scotia. The program aims to convert Inferred Mineral Resources to Indicated Resources, enhancing project value. Results from 10 holes show significant gold mineralization, with highlights including 16.79 g/t gold over 3.0 metres. The company plans to expand the drill program to 15,000 metres, targeting near-surface resources. Funding includes existing flow-through funds and a government grant. Anaconda emphasizes health and safety amid the COVID-19 pandemic.
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