Anaconda Mining Initiates Exploration Programs at the Tilt Cove Gold Project in Newfoundland

TORONTO, ON / ACCESSWIRE / August 4, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce that it has initiated various exploration programs at its 100% owned Tilt Cove Gold Project, located within the Baie Verte Mining District in Newfoundland, approximately 45 kilometres by road from the Company's Pine Cove Mill and long-term tailings storage facility (Exhibit A). Anaconda has consolidated more than 11,000 hectares of prospective mineral lands covering 35 kilometres of high-potential strike length, including the Nugget Pond Horizon, a geological unit that hosted the past producing, high-grade Nugget Pond Mine.

The exploration programs, initially expected to cost $1.25 million, will include advancing the understanding of the high-grade gold intercepts from recent drilling at East Pond and the thick mineralized intercepts at Betts Cove, including systematic prospecting, geological mapping and structural analysis of priority targets throughout the area. This work will help direct an initial 4,000 metres of diamond drilling to test prospective targets, which will be increased opportunistically based on results. At the recently expanded property area known as Nippers Harbour, a program comprising stream sediment, till and soil geochemical studies as well as prospecting and geological mapping will be completed to define targets for follow-up drilling in this underexplored part of the greater Tilt Cove Project.

Highlights of the Tilt Cove Gold Project and results to date include:

• Large land position that has been consolidated for gold exploration for the first time in 20 years with 35 kilometres of prospective strike and an initial 13 high priority gold exploration targets;
• Includes the Nugget Pond Horizon, which hosts the past-producing high-grade Nugget Pond Mine that produced 168,748 ounces and an average grade of 9.85 grams per tonne ("g/t") gold;
• Significant recent and historic high-grade drill intercepts, including:
  • 4.99 g/t gold over 4.0 metres, including 17.40 g/t gold over 1.0 metre in diamond drill hole EP-21-09 along the Red Cliff Horizon at East Pond;
  • 8.82 g/t gold over 1.0 metre in historic diamond drill hole NBC-96-01 at East Pond;
  • 1.74 g/t g/t gold over 12.0 metres, including 11.43 g/t gold over 1.0 metre in diamond drill hole BC-21-05 at Betts Cove;
  • 6.77 g/t gold over 5.0 metres in historic diamond drill hole BC-89-02 at Betts Cove;
  • 11.20 g/t gold over 1.1 metres in historic diamond drill hole BC-89-01 at Betts Cove; and
• Recognition of several other favorable targets, including iron-rich sediments within the footwall of the Nugget Pond Horizon including the Red Cliff Horizon;
• Recognition of gold-rich environments in the hanging wall of past-producing copper mines, including the Tilt Cove and Betts Cove Mines;
• Intersection of high-grade copper mineralization at the Scarp Zone near the Tilt Cove mine including:
  • 4.41% copper over 2.2 metres (64.3 to 66.5 metres) in diamond drill hole SZ-20-04; and
  • 1.79% copper over 3.0 metres (37.0 to 40.0 metres) in diamond drill hole SZ-20-01.

"Anaconda acted on a rare opportunity to consolidate a large land package that now includes a 35-kilometre strike extent of highly prospective geological terrane adjacent to the Green Bay Fault, a crustal scale structure proximal and genetically linked to both the Nugget Pond and Hammerdown Mines. The Tilt Cove Project is also immediately along strike from the past producing, high-grade, Nugget Pond mine, which had an average mine grade of 9.85 g/t gold. With recent and historic high-grade gold drill intercepts ready for follow up drilling and the identification of numerous exploration targets, the Tilt Cove Project provides an immediate opportunity to discover other high-grade gold deposits. Furthermore, our early-stage work at the expanded Nippers Harbour area in the southwest is expected to continue to grow our pipeline of drill targets. With our history of discovery, access to the Company's Pine Cove Mill and long-term tailings facility, and being well-funded to advance prospective exploration programs, we believe this is an excellent opportunity to make the next high-grade gold discovery in the prolific Baie Verte Mining District."