The Company, through a combination of staking and option agreements holds mineral exploration rights to approximately 4,785 hectares comprising the Pine Cove Project. These rights cover highly prospective rocks of the Point Rousse ophiolite complex which is known to host "Mother-Lode-Style" gold mineralization. The fiscal 2013 exploration program had three objectives:
1) to re-evaluate the exploration potential immediately north and west of the Pine Cove deposit;
2) to identify trenching and diamond-drill targets regionally across the Pine Cove project; and
3) to obtain a bulk sample from the Romeo and Juliet prospect for metallurgical testing.
1. Pine Cove Down-Dip and Western Extension Exploration: Historic drilling immediately north of the Pine Cove deposit indicated potential for additional gold mineralization down-dip of the Pine Cove deposit. In 2011 and 2012, drilling was completed approximately 100 meters north of the mine. Drill hole PC-11-181 intersected 2.50 grams per tonne gold over 40.8 meters and PC-12-189 intersected 32 meters grading 0.848 grams per tonne. During the fiscal year, the Company completed a twenty-hole, 3,296-metre program successfully exploring the area immediately west and down-dip of the Pine Cove deposit. Subsequent to the end of fiscal 2013, a review and compilation of diamond-drill results from the winter drill program was completed. A detailed structural interpretation was recommended to guide future exploration efforts. A structural study of the Pine Cove mine area was initiated in late July, 2013. Results are anticipated by the fall of 2013.
Western Extension Area
-- Hole PC-13-196 intersected 11.4 metres of 2.19 grams per tonne ("g/t") gold from a depth of 26.6 meters;-- Additional mineralization in hole PC-13-196 was intersected at 63.9 metres and again at 96.0 metres;-- Hole PC-13-202 intersected 26.87 metres of 1.81 g/t from a depth of 73 metres and 12.7 metres of 1.28 g/t gold from a depth of 108.9 metres;-- Hole PC-13-210 intersected 41 metres of 2.34 g/t gold from a depth of 51 metres.
Down-dip Extension Area
-- Hole PC-13-195 intersected 12.06 metres of 3.32 g/t gold from a depth of 168.66 metres;-- Hole PC-13-199 intersected 3.06 metres of 7.69 g/t gold from a depth of 147.2 metres:-- Four, widely spaced drill holes all intersected mineralization up dip from PC-11-181, which assayed 2.50 g/t gold over a core length of 40.8 metres (Anaconda Press Release, July 27, 2011).2. Regional Exploration: Past mineral exploration activities in the Ming's Bight area on the Baie Verte Peninsula, dating mainly from the period 1985-1990, resulted in an extensive collection of archived data that includes more than 30,000 gold-in-soil geochemical analyses. Much of this data has never been adequately followed up and many anomalies have not been explained. Compilation and digitizing of this historic geophysical and soil geochemical data was initiated by Tenacity and completed by Anaconda. Prospecting teams have followed up much of the historic soil data and completed infill sampling in some areas.
As a result of the positive sampling results, trenching targets have been identified in the Ming's Bight and Goldenville areas. Because of positive sampling results from the Goldenville area, Anaconda optioned three mineral licenses from local prospectors (Press Release dated December 11, 2012) and now controls a 4-kilometer strike length of the Goldenville iron formation.