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Anaconda Mining(ANX)&Metals Creek Resources Renegotiates Terms of the Jackson cove agreement,Nov 12

Discussion in 'Canadian Stocks Message Boards' started by Intern shIp, Nov 13, 2019.

  1. Intern shIp

    Intern shIp Member

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    On October 15, 2019, Anaconda and Magna Terra Minerals Inc. (“Magna Terra”) (TSX-V:MTT) announced they have entered into a definitive share purchase agreement dated October 14, 2019, whereby Magna Terra proposes to acquire all of the issued and outstanding common shares of Anaconda's wholly owned subsidiary, 2647102 Ontario Inc. (ExploreCo). ExploreCo owns a 100-percent interest in the Great Northern and Viking projects in Newfoundland and Labrador, and the Cape Spencer project in New Brunswick. The Jacksons Arm Project is part of ExploreCo’s Great Northern Project.

    http://www.metalscreek.com/november-12-2019

    Under the revised terms of the Jacksons Arm Agreement, on or before the November 7, 2019 Anaconda will issue to Metals Creek 50,000 Consideration Shares (see definition below), and on or before January 6, 2020 - $20,000 in cash by wire transfer and $70,000 in Consideration Shares.

    All other terms of the agreement remain unchanged.

    Tilt Cove Agreement with Anaconda

    Under the revised terms of the Tilt Cove Agreement,to maintain the Option with respect to the Licenses in full force, ANX shall pay to MCR the following amounts:

    - on the Effective Date (November 7, 2016) – $20,000 in cash by wire transfer and 50,000 Consideration Shares (see definition below); (Paid)

    - on the first anniversary of the Effective Date – $40,000 in cash by wire transfer and 100,000 Consideration Shares; (Paid)

    - on the second anniversary of the Effective Date – $60,000 in cash by wire transfer and 150,000 Consideration Shares;(Paid)

    - On the third anniversary of the Effective Date - $20,000 in cash and 100,000 Consideration Shares;

    - On or before February 6, 2020 - $20,000 in cash;

    - On or before May 6, 2020 – $20,000 in cash; and

    - On or before August 6, 2020 – $20,000 in cash.

    To further maintain the Option in full force with respect to the Licenses, Anaconda shall fund Expenditures with respect to the Licenses aggregating a minimum of $150,000 at any time or times during the Option Period.

    All other terms of the agreement remain unchanged.

    Consideration Shares

    Under the Jacksons Arm Agreement the Consideration Shares shall be issued as fully paid and non-assessable shares and shall form part of a class of shares that is listed and posted for trading on an Exchange and shall be free and clear of all restrictions on trading other than those required by applicable Laws.

    For clarity, the number of Consideration Shares set forth herein refers to common shares in the capital of the Optionee as constituted on the date hereof. Such number of common shares shall be subject to adjustment, as deemed necessary by the directors of the Optionee, acting reasonably from time to time, including without limitation, upon the occurrence of a subdivision or consolidation of the common shares in the capital of the Optionee.

    Under the Tilt Cove Agreement the number of Consideration Shares set forth herein refers to common shares in the capital of Anaconda as constituted on the date hereof. Such number of common shares shall be subject to adjustment, as deemed necessary by the directors of the Optionee, acting reasonably from time to time, including without limitation, upon the occurrence of a subdivision or consolidation of the common shares in the capital of the Optionee.
     
  2. Intern shIp

    Intern shIp Member

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    Anaconda Mining Discovers New Prospective Areas at its Tilt Cove Gold Project and Initiates Trenching and Drilling Program
    • Anaconda Mining Inc--Anaconda Mining Discovers New Prospective A
    • [​IMG]

      Anaconda Mining Inc--Anaconda Mining Discovers New Prospective A
    • Discovered the new Growler Showing with seven grab samples ranging in grade from 2.11 to 5.68 grams per tonne ("g/t") gold, with similarities to Nugget Pond-style gold mineralization (Exhibit A and B);

    • Discovered a new prospective iron formation, the Red Cliff Horizon, in the footwall of the Nugget Pond Horizon with a 6 km strike, establishing two potential host rocks for Nugget Pond-style gold mineralization in this area (Exhibit A and B);

    • Acquired new land adjacent to the Growler Showing that hosts the Betts Big Pond Showing with historic grab samples up to 60.66 g/t gold and chip samples of 8.19 g/t gold over 2.3 m;

    • Developed three drill targets associated with coincident structures that cross the Nugget Pond and Red Cliff Horizons, associated with low magnetic intensity and includes gold-in-soil anomalies located along the southeast trend of historic glacial movement ("down-ice");

    • Identified a broad gold-in-soil anomaly down-ice from the Red Cliff Pond Target;

    • Found 154 samples with anomalous gold (82 samples greater than 0.50 g/t gold, 31 greater 3.00 g/t gold and 14 high-grade samples ranging from 5.16 g/t gold to 216.10 g/t gold) and two visible gold occurrences; and

    • Initiated a trenching program and a diamond drilling program of up to 4,000 metres, including initial trenching and 1,000 metres of drill testing at the Growler Showing, West Pond and Red Cliff Pond targets (Exhibit B).


    "Based on data from our recent comprehensive exploration evaluation program, combined with historical data, we have identified exciting new opportunities for discovery at the Tilt Cove Gold Project and have initiated trenching programs and drill testing of these targets. The identification of the Red Cliff Horizon parallel with the Nugget Pond Horizon over a six-kilometre strike means there are now two potential host rocks for Nugget Pond-style gold mineralization in this area. We have also discovered the Growler Showing, which bares similarities to Nugget Pond-style gold mineralization and is located in the immediate hanging wall of a large-scale fault system and acquired another property hosting the Betts Big Pond Showing. The Growler Showing is currently being tested through trenching and drilling, with drilling at the West Pond and Red Cliff Pond targets to follow. We expect to complete these initial trenching and drilling programs by the end of the year and anticipate commencing a second phase of drilling at Tilt Cove in the new year."

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

    The Red Cliff Horizon

    The Red Cliff Horizon is a previously unrecognized prospective horizon at Tilt Cove located between 50 and 200 metres northwest of, and within the footwall stratigraphy to the steeply dipping Nugget Pond Horizon and has a strike of approximately 6 kilometres (Exhibit B). Like the Nugget Pond Horizon, the Red Cliff Horizon includes iron-rich, magnetic rocks known to be important hosts to gold deposits like the Nugget Pond Deposit. Anaconda has identified three targets (the West Pond, East Pond and Red Cliff Pond targets) located along a six-kilometer strike of both the Nugget Pond Horizon and the Red Cliff Horizon where there is a confluence of cross-cutting structures, breaks in magnetic intensity, and down ice gold-in-soil anomalies, all consistent with the setting of the Nugget Pond Deposit.

    The Growler Showing

    The Growler Showing is located 1.2 kilometres west of the Nugget Pond Mine and is hosted within sedimentary rocks similar to those hosting the Nugget Pond Mine. The rocks hosting the Growler Showing are highly altered and contain abundant (up to 10%) coarse, cubic pyrite as part of the alteration system, a common feature at the Nugget Pond Deposit. The Growler Showing is in the hanging wall of a large-scale fault system as is common to many gold deposits in the Baie Verte Mining District. Ten grab samples were all anomalous in gold including seven samples grading between 2.11 g/t and 5.68 g/t gold.

    The Betts Big Pond Showing

    The Betts Big Pond Showing is located 1.9 kilometres west of the Nugget Pond Mine and 700 metres west of the Growler Showing. The Betts Big Pond Showing is hosted in a similar setting to the Nugget Pond Mine but near a faulted contact with younger Silurian Intrusive rocks of the Cape Brule Porphyry. Alteration comprises disseminated pyrite and associated quartz veins. Historic grab sampling completed in 1987 includes assays up to 60.66 g/t gold and chip sampling in 2017 across the exposed zone assaying 8.18 g/t gold over 2.3 m (true width unknown). Due diligence re-sampling by Anaconda yielded grab samples assaying up to 3.36 g/t gold.

    Highlights of the Tilt Cove Gold Project

    • Large land position that has been consolidated for gold exploration for the first time in decades with 20 kilometres of prospective strike, encompassing the Nugget Pond Horizon, which hosts the past-producing high-grade Nugget Pond;
    • Includes the newly identified Red Cliff Horizon, which is an iron rich magnetic rock prospective for gold deposits;
    • Nugget Pond mineralization is like other Banded-Iron-Formation hosted lode gold deposits, such as Meadowbank, Lupin, Meliadine and Homestake;
    • Includes the Venams Bight Formation, which is the same formation that hosts the Pine Cove Mine at the Point Rousse Project;
    • Significant high-grade historical drill intercepts and the identification of 13 high-priority gold exploration targets including:
      • 6.77 g/t gold over 5.0 metres in hole BC-89-02;
      • 11.20 g/t gold over 1.1 metres in hole BC-89-01;
      • 8.82 g/t gold over 1.0 metre in hole NBC-96-01; and
    • Land package also includes the past-producing Tilt Cove and Betts Cove copper mines.


    This news release has been reviewed and approved by Paul McNeill, P. Geo., VP Exploration with Anaconda Mining Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

    All "non-historic" samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, NL, for Au by fire assay (30 g) with an AA finish.

    Composited assays from historical drill core are compiled from historic reports and data filed with the Department of Natural Resources, Newfoundland and Labrador. Sufficient work has not been completed by Anaconda geologists and QPs to verify the validity of these composited assays.

    A version of this press release will be available in French on Anaconda's website (www.anacondamining.com) in two to three business days.

    ABOUT ANACONDA

    Anaconda is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~11,000 hectares of highly prospective mineral lands including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade resource and the subject of an on-going feasibility study.




    https://www.anacondamining.com/2019...-and-Initiates-Trenching-and-Drilling-Program
     
  3. Intern shIp

    Intern shIp Member

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    Anaconda Mining plans changes to proposed Goldboro mine

    https://www.cbc.ca/news/canada/nova...a1oYMSePAkVGzI6Nwad-IPz7E_VCex69nPzdsFFJaGBCs

    Anaconda Mining originally planned to create a 125-hectare surface and underground gold mine just outside Goldboro, N.S., about 250 kilometres east of Halifax.

    The proposal called for ore to be processed on site and then for gold concentrate to be trucked to the company's Point Rousse processing facility near Baie Verte, N.L., via the North Sydney ferry.

    Company spokesperson Lynn Hammond said the new plans will include a full-scale mill that will produce gold doré, or partially refined, bars at the Goldboro site.

    The revised plans also modify the original layout "with a goal of further minimizing environmental impact," Hammond said.

    The amount of time mining at the surface before moving underground will also shrink to two years from three years.


    [​IMG]
    The company now plans to produce gold bars at its proposed Goldboro, N.S., mine rather than trucking gold concentrate to Newfoundland for processing. (Zach Goudie/CBC)
    Hammond said the new proposal reflects input received from Mi'kmaq organizations and communities.

    The original project was submitted for environmental approval in August 2018.

    But the environment minister said the company's submission didn't contain enough information. She asked Anaconda to write a new, more extensive report on the environmental implications of the project, and gave a one-year deadline.

    This September, three days before that deadline, Anaconda withdrew its proposal for the Goldboro mine from the environmental assessment process. Hammond said Nova Scotia Environment advised the company to withdraw it because of the planned changes.

    The company plans to submit a new environmental assessment before the end of this month.

    The original plan called for construction to begin in 2020 and for production to wrap up in 2029. Hammond said that timeline hasn't changed.
     
  4. Intern shIp

    Intern shIp Member

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    Anaconda mining innovating in Art & trench anomalies

    https://www.juniorminingnetwork.com...ogram-kubi-gold-project-ghana-smd-update.html
    Anaconda Mining is adapting to an increasingly digital world with our entry to PwC Canada’s #artofmining photography competition. Check out www.pwc.com/ca/artofmining and vote now!
    https://im-mining.com/2019/06/06/anaconda-mining-ready-disrupt-narrow-vein-mining-sector/

    [​IMG]
    [​IMG]
     

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