TORONTO, ONTARIO--(Marketwired - April 4, 2013) - Anaconda Mining Inc. ("Anaconda" or "the Company") - (ANX.TO) is pleased to report the results from the 1,000-tonne bulk sample that was extracted from the Romeo and Juliet prospect in late 2012.
Five representative samples of crushed quartz, averaging 12.6 kg, were processed at Accurassay Laboratories in Thunder Bay by cyanide extraction (bottle roll testing).
The weighted average assay of the five samples is 5.71 g/t gold and is representative of the gold grade within the near surface portion of the Juliet zone where the bulk sample was extracted.
Table 1 contains the head grade assay results for the five samples.
Table 1. Gold head grade assay results from Anaconda's Romeo and Juliet bulk sample.
| Sample | Mass (grams) | Grade
(g/t gold) |
| 68956 | 11,842 | 6.32 |
| 68957 | 12,774 | 5.14 |
| 68958 | 12,299 | 5.15 |
| 68959 | 13,061 | 4.91 |
| 68960 | 13,018 | 7.05 |
. The samples returned a weighted average assay of 5.71 g/t gold which is considered to be representative of the gold grade within the near surface portion of the Juliet zone.
The bulk sample was well mixed during the extraction, loading, crushing and sampling processes.
Anaconda has hired a mineral processing consultant to assist with the metallurgical testing and pilot milling of the Romeo and Juliet ore type. Ideally, the quartz vein hosted mineralization would supplement the current sulfide hosted mineralization to maximize the current circuit configuration of the mill.
Overview of Romeo and Juliet
The Romeo and Juliet prospect is a series of gold-bearing quartz veins discovered in 1987 that are exposed approximately 1.5 kilometers northwest of the Pine Cove mine (Figure 1).
The prospect is comprised of three zones referred to as Juliet, Connecting, and Romeo and have a combined strike length in excess of 300 meters.
The veins trend about 30 degrees, dip approximately 60 degrees to the southeast and are up to 2 meters thick.
Gold is present as fine disseminations within the quartz and as very fine clots and flakes along discrete, pale green sericite-coated vein margins. Sulphide minerals are rare.
The head grade obtained from the Romeo and Juliet bulk sample is representative of the grade of gold in the near-surface Juliet zone.
Furthermore, historic assay results from diamond-drilling and sampling on both the Connecting and Romeo zones are similar to historic results from the Juliet zone.
Surface exposures of both the Connecting and Romeo zones were known historically to contain visible gold.
The nature of the veins and the gold tenor (fine disseminated gold and very fine gold along sericite coated quartz vein surfaces) suggest that the Connecting zone and Romeo zone veins are very similar and therefore could potentially exhibit similar gold grades.
Previous property owners drilled 18 shallow diamond drill holes which tested the prospect to a maximum vertical depth of 100 meters, highlights of which are presented in Table 2 (this data is historic in nature and has not been verified by Anaconda).
Table 2. Historic diamond-drill assay results (1990-2000).
| Hole | From m | To m | Length m | Gold g/t |
| JU-90-01 | 20.9 | 22.4 | 1.5 | 4.04 |
| JU-90-01 | 33.0 | 34.0 | 1.0 | 2.53 |
| JU-90-02 | 29.0 | 31.0 | 2.0 | 1.47 |
| RJ-00-05 | 5.2 | 7.0 | 1.8 | 1.92 |
| RJ-00-06 | 6.0 | 7.5 | 1.5 | 12.20 |
| RJ-00-06 | 11.6 | 12.3 | 0.7 | 3.86 |
| RJ-00-07 | 22.0 | 24.0 | 2.0 | 3.47 |
| RJ-00-08 | 19.1 | 21.4 | 2.3 | 2.23 |
| RJ-00-10 | 19.9 | 22.8 | 2.9 | 5.35 |
| RJ-00-11 | 28.6 | 33.1 | 4.5 | 1.91 |
| RJ-00-12 | 36.6 | 38.0 | 1.4 | 0.72 |
| RJ-00-13 | 45.3 | 46.1 | 1.6 | 2.31 |
| RJ-00-14 | 58.8 | 60.2 | 1.4 | 7.14 |
| RJ-00-14 | 65.4 | 67.2 | 1.8 | 7.01 |
| RJ-00-16 | 28.45 | 29.9 | 1.45 | 9.83 |
| RJ-00-17 | 133.4 | 135.4 | 2.0 | 1.74 |
| RJ-00-18 | 188.1 | 189.5 | 1.4 | 0.58 |
In 1993, Nova Gold extracted a 10-tonne bulk sample from a section of the Juliet zone.
A total of 3,035 kilograms were processed in a series of cyanide-leach bottle roll tests at the Technical University of Nova Scotia and returned a head grade of 36.68 grams per tonne gold (this data is historic in nature and has not been verified by Anaconda).
While the head grade of Anaconda's bulk sample is considerably lower than the 36.68 g/t gold head grade reported by Nova Gold, the variance can be attributed to the difference in bulk sample sizes (1,000 tonnes versus 10 tonnes) and that the Nova Gold bulk sample was extracted from a portion of the Juliet zone known to contain considerable visible gold.
It should also be noted, that during the crushing phase of its bulk sampling process, Anaconda personnel collected a series of grab samples which were assayed at Eastern Analytical Laboratory.
These results confirmed the variability of gold content as the assays ranged from 2.06 g/t to 8.70 g/t gold.
In the fall of 2012, Anaconda trenched a historic 45 parts per billion gold-in-soil anomaly located northeast of the Romeo zone (Figure 1).