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TORONTO, ON – September 5, 2019 - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX: ANX)
(OTCQX: ANXGF) is pleased to provide an update on the Tilt Cove Gold Project (“Tilt Cove”), located within the Baie
Verte Mining District in Newfoundland, approximately 45 kilometres by road from the Company’s Pine Cove Mill
(Exhibit A). Tilt Cove is a large land package along the same geological trend as the past producing, high-grade Nugget
Pond Mine, which had an average recovered grade of 9.85 g/t gold. Tilt Cove covers a 20-kilometre strike extent of the
Betts Cove Complex, a highly prospective geological terrane including the Nugget Pond Horizon, the ironstone unit that
hosts the Nugget Pond Mine (Exhibit A). The Company currently plans to drill 4,000 metres of diamond drilling starting
in the fourth quarter of 2019.
Since the Company announced the expansion of its footprint at Tilt Cove on May 9, 2019, key geological characteristics
of the Nugget Pond Mine have been identified and used to guide a work program focused on providing the specific data
required to evaluate and prioritize exploration targets. The Tilt Cove work program to date includes the following
• Identified 12 exploration targets based on historical exploration data (Exhibit A);
• Collected 569 prospecting rock samples and 2,192 soil samples;
• Initiated a detailed drone-magnetic survey (455-line km) over the Nugget Pond Horizon;
• Completed a LiDAR survey over the entire project area (196 km2
• Conducted a review of available drill core and relogged 13 diamond drill holes from the Nugget Pond deposit;
• Received all required exploration and drilling permits; and
• Expanded the prospective Tilt Cove land position to 6,075 hectares.
Upon receipt of all prospecting and soil sample assays and geophysical data sets early in Q4 2019, Anaconda will conduct
a full evaluation of all available data to determine the highest priority targets prior to drilling.
“We have identified twelve exploration targets to date and have located more prospective areas based on our geological
mapping and prospecting. We will continue with our data acquisition which, in combination with historical data will
allow us to fully evaluate and prioritize exploration targets and develop specific drill targets. Given the history of past
production at the high-grade Nugget Pond Mine, our large land position in this highly prospective area and proximity
to our operating Pine Cove mill and tailings facilities, we believe we are in a unique position to make the next high-
grade gold discovery in the prolific Baie Verte Mining District.”
~ Kevin Bullock, Chief Executive Officer, Anaconda Mining Inc.