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Anaconda Mining Initiates 100 Line Km Geophysical Survey and Drill Program at the Tilt Cove Gold Project, Newfoundland

TORONTO, ON / ACCESSWIRE / January 27, 2022 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce that it has initiated an exploration program at its 100% owned Tilt Cove Gold Project, located within the Baie Verte Mining District, 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 including a significant property package covering 35 kilometres of high-potential strike length including the Nugget Pond Horizon, a geological unit that hosts the past producing, high-grade Nugget Pond Mine.

The winter exploration program will consist of a 100-line-kilometre ground Induced Polarization ("IP") geophysical survey and 4,000 metres of diamond drilling (the "Winter Exploration Program"). The IP geophysical survey is designed to locate anomalies analogous to the Nugget Pond Deposit to depths down to 250 metres, which have not been previously investigated at Tilt Cove. The Winter Exploration Program will also include 4,000 metres of diamond drilling at two target areas known as the Nugget Pond and Long Pond Target Areas. The drill program will include drilling from frozen ponds and will leverage improved access conditions at this time of year. The Winter Exploration Program is based on information gathered during the late summer and fall of 2021, a summary of which is provided below with remaining analytical results anticipated in Q1 2022.

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;

  • 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 high-grade historical and recent drill intercepts and the identification of 13 high-priority gold exploration targets 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 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 of 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