Anaconda Mining starting new drilling program

GOLDBORO: The company looking to construct a gold mine in Goldboro has embarked on a new diamond drilling program.

The 5,500 metre drill program is designed to find minerals to support Anaconda Mining’s planned development in Guysborough County.

Kevin Bullock, president and CEO of Anaconda Mining Inc. indicated the drill program, which began June 12, will last approximately two-and-a-half-months – and the company expects to announce the results in the third quarter of 2020.

A release from Anaconda explains the drilling can potentially add significant value by extending the life of the mine along with the project’s economics and is funded from existing flow-through funds.

“This robust drill program has the real potential to directly impact the project’s economics and key economic metrics, creating significant incremental value,” Bullock said.

“We have identified significant opportunities to optimize the Goldboro Gold Project and in particular to increase the overall economics of the project. The company is well-funded to advance its growth strategy and take advantage of these opportunities.”

The drill program will target existing Inferred Mineral Resources in four separate zones within the Boston-Richardson and East Goldboro Gold Systems that combined contain an estimated 325,000 tonnes of minerals, at an average grade of 16.10 grams per tonne, and about 168,000 ounces of gold.

Anaconda has also critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure the drill program and any other programs are executed in a way that ensures the health and safety of their personnel, contractors, and the communities where they operate.