Anaconda Mining Inc. has released an initial mineral resource estimate (Resource) for the Argyle gold deposit (Argyle) at the Point Rousse project, Newfoundland and Labrador, Canada.
The resource has an effective date of 31 December 2017. Argyle, located 4.5 kilometres east of the Pine Cove mill and accessible by road, is defined over a strike length of 600 metres and to a down-dip depth of 225 metres and is open for expansion in all directions.
The company has estimated indicated resources of approximately 38 300 oz and inferred resources of approximately 30 300 oz (capped grades). Approximately 45% of currently defined mineral resources are contained within an initial conceptual open pit shell prepared by Anaconda staff.
A 1000 metre diamond drilling programme was initiated in early December to expand the deposit and is on-going at present.
Anaconda expects to submit environmental assessment application documents to the Newfoundland and Labrador Department of Environment by February 2018; all permits and approvals for production are expected in the spring of 2019.
Dustin Angelo, President and CEO of Anaconda, said: “It is a big milestone for Anaconda to have outlined another deposit in close proximity to the Pine Cove mill. At the Point Rousse project, we have built significant processing capability and tailings capacity while generating over CAN$42 million in project level EBITDA from our mining activities in the last six years. To potentially add more local ore feed that can utilise this infrastructure and continue to produce cash flow for the Company is tremendous.”