Selected composited highlights (core length) from the development drilling include:

  • 2.21 grams per tonne ("g/t") gold over 11.0 metres (196.5 to 207.5 metres) in diamond drill hole BR-21-259;
  • 1.61 g/t gold over 14.7 metres (64.9 to 79.6 metres) including 5.49 g/t gold over 1.5 metres in diamond drill hole BR-21-285;
  • 1.71 g/t gold over 9.5 metres (91.2 to 100.7 metres) including 9.78 g/t gold over 1.0 metre in diamond drill hole BR-21-285;
  • 16.09 g/t gold over 1.5 metres (87.3 to 88.8 metres) in diamond drill hole BR-21-271;
  • 1.33 g/t gold over 4.5 metres (144.5 to 149.0 metres) in diamond drill hole BR-21-259; and
  • 1.20 g/t gold over 5.0 metres (156.0 to 161.0 metres) in diamond drill hole BR-21-259.

Selected intersections from the geotechnical and exploratory drilling and water well installations are shown in Table 1 below.

"Our recent drilling at Goldboro includes results from both exploration and development activities to advance the ongoing Feasibility Study anticipated in the fourth quarter of 2021, which demonstrate that mineralization continues in areas of the conceptual open pits not previously drilled. As we continue to advance geotechnical and environmental work, we have now initiated a further 10,000 metres of infill drilling for the eastern pit as part of the recently announced 20,000 metre program and will also complete a further 5,000 metres west of the existing Mineral Resource to determine the potential to expand west towards the past producing gold mine at Dolliver Mountain, once related geophysical work has been completed.

We are excited with the results of the recent PEA for Goldboro, which has demonstrated the potential for a long mine life of over 17 years comprising both surface and underground mining, generating an after-tax NPV (5%) of $547 million and an after-tax IRR of 24.4% using a US$1,550 gold price. We are approaching the development of Goldboro in a disciplined, phased approach, with Phase I focused on the surface mining component of the long-term mine plan, which is the subject of an ongoing Feasibility Study expected to be released in Q4 2021. We envision the advancement of a Phase II feasibility study focused on underground mining within a couple of years of the commencement of surface mining, with potential timing of underground development broadly in line with the long-term mine plan contemplated by the PEA."

~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

Table 1. Table of selected composites from the Goldboro Drill Program

Hole ID** From (m) To (m) Interval (m)* Gold (g/t) Visible Gold
BR-21-258

153.6

155.1

1.5

0.98

  
BR-21-259

33.6

34.1

0.5

48.00

  

and

44.4

45.9

1.5

1.05

  

and

60.0

62.7

2.7

0.97

  

and

140.5

141.0

0.5

4.67

  

and

144.5

149.0

4.5

1.33

  

and

156.0

161.0

5.0

1.20

  

and

169.0

170.0

1.0

2.15

  

and

179.0

180.0

1.0

1.10

  

and

183.5

186.5

3.0

2.35

  

and

196.5

207.5

11.0

2.21

  
BR-21-260

164.0

164.5

0.5

4.03

  

and

294.5

296.0

1.5

2.38

  

and

325.0

327.0

2.0

3.17

  

and

331.5

332.5

1.0

1.45

  
BR-21-264

16.0

17.5

1.5

0.88

  

and

34.0

36.6

2.6

0.59

  

and

77.0

77.5

0.5

6.05

  

and

93.0

94.0

1.0

0.57

  

and

106.5

107.0

0.5

2.05

  

and

142.9

143.4

0.5

1.24

  

and

153.9

155.0

1.1

2.05

  
BR-21-265

67.2

68.2

1.0

0.51

  
BR-21-266

55.0

55.5

0.5

18.40

  

and

116.0

117.0

1.0

5.91

  
BR-21-269

119.0

121.0

2.0

4.71

  

and

177.0

177.5

0.5

8.50

VG

and

192.3

192.8

0.5

2.07

  

and

211.5

214.0

2.5

0.58

  

and

243.9

245.9

2.0

1.09

  

and

257.0

259.0

2.0

0.51

  

and

271.6

273.1

1.5

1.28

  
BR-21-271

87.3

88.8

1.5

16.09

  
BR-21-285

25.0

27.0

2.0

1.88

  

and

32.0

36.0

4.0

0.57

  

and

46.0

47.0

1.0

1.05

  

and

64.9

79.6

14.7

1.61

  

including

77.6

79.1

1.5

5.49

  

and

91.2

100.7

9.5

1.71

  

including

95.1

96.1

1.0

9.78

  

and

108.4

113.9

5.5

0.60

VG

including

108.4

108.9

0.5

4.58

VG

and

192.6

198.7

6.1

0.52

  

including

198.0

198.7

0.7

2.12

  
BR-21-289

26.5

27.0

0.5

30.30

VG

*Intervals are reported as core length only. True widths are estimated to be between 70% and 90% of the core length.

**Drill holes BR-21-268 and BR-21-277 to BR-21-284 did not contain alteration or mineralization and were not sampled for gold assay. These holes were logged for geotechnical and water monitoring information only. Other drill holes not listed in the table may have contained intercepts of gold but are not considered significant and are not highlighted in the table above. All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.

Mineral Resource Statement for the Goldboro Gold Project (Previously Reported)

Resource Type

Gold Cut-off

(g/t)

Category

Tonnes

('000)

Gold Grade

(g/t)

Troy Ounces

Open Pit

0.44

 Measured

6,137

2.73

538,500
Indicated

5,743

2.99

551,300
Measured + Indicated

11,880

2.86

1,089,900
Inferred

1,580

1.75

89,000

Underground

2.60

 Measured

1,384

7.36

327,700
Indicated

2,772

5.93

528,600
Measured + Indicated

4,156

6.41

856,200
Inferred

3,726

5.92

709,100

Combined*

0.44/2.60

 Measured

7,521

3.58

866,200
Indicated

8,515

3.95

1,079,900
Measured + Indicated

16,036

3.78

1,946,100
Inferred

5,306

4.68

798,100

Mineral Resource Estimate Notes

  1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
  2. Open Pit Mineral Resources are reported at a cut-off grade of 0.44 g/t gold that is based on a gold price of CAD$2,000/oz (~US$1,550/oz) and a gold processing recovery factor of 96%.
  3. Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of CAD$2,000/oz (~US$1,550/oz) and a gold processing recovery factor of 97%.
  4. Assays were variably capped on a wireframe-by-wireframe basis.
  5. Specific gravity was applied using weighted averages to each individual wireframe.
  6. Mineral Resource effective date February 7, 2021.
  7. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
  8. Excludes unclassified mineralization located within mined out areas.
  9. Reported from within a mineralization envelope accounting for mineral continuity.

The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Drill Program and any other programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate.