Anconia Resources Corp.
TSX VENTURE : ARA

Anconia Resources Corp.

November 09, 2011 12:42 ET

Anconia Reexamines Gold Assay Values at Its RB Property and Provides Exploration Update

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2011) - Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") is pleased to provide additional sampling results, which confirm previously reported (September 27, 2011) high grade (samples of +20g/t Au) gold assay results obtained at its RB Property located in Nunavut Territory, Canada approximately 125 kilometres southwest of the town of Rankin Inlet.

During a property visit Company geologists took two additional samples (RB 144 and RB 100) to verify the two highest previously reported gold results, namely Sample # 19619, which assayed 144.0 g/t Au, and Sample # 19626, which assayed 101.0 g/t Au.

The confirmation sample RB 144 assayed 196 g/t Au, 36% greater than the original sample (Sample # 19619). This result was achieved using a fire assay with gravimetric finish.

The confirmation sample RB 100 assayed 66.8 g/t Au, 33.9% lower than the original sample (Sample # 19626). This result was achieved using a fire assay with gravimetric finish.

These results confirm the presence of high grade (samples of +20g/t Au) gold at both sample sites, however the high variability between the original results and the confirmation results (reported above) indicates the likely presence of coarse gold, which would provide a "nugget effect". To confirm this, the Company requested full gold metallics testing. For sample RB 144 the majority of the gold reported to the fine fraction (-100 mesh), whereas for sample RB 100 the coarse fraction (+100 mesh) assayed significantly higher than the fire assay, indicating the presence of coarse gold. In both cases the total gold metallics assay closely approximated the initial fire assay, which is reported above.

Jason Brewster, President and C.E.O. of Anconia commented, "These confirmation results are important not only because they indicate the presence of high grade gold values on the property, but also they will allow us to tailor our future exploration activities on this property to account for the presence of coarse gold. This will be an important consideration as we further develop the property".

QA Discussion of Assay Methodology

The samples for the RB Property were selected in the field, bagged, and sealed with a security seal and transferred by bonded courier to the facilities of Activation Laboratories in Ancaster, Ontario. They were processed using Activation Laboratories' Au Total Metallics analytical package where a representative 500 gram split is sieved at 100 mesh with assays performed on the entire +100 mesh and 2 splits of the -100 mesh fraction. A final assay is calculated based on the weight of each fraction. Samples were also analysed using 4 Acid Total Digestion.

Mr. Brian H. Newton P. Geo. of Minroc Management Limited and a "qualified person" pursuant to National Instrument 43-101, has reviewed and approved the technical disclosure in this press release on behalf of the Company.

SSM Property

The Company is also providing an update on exploration activities on the SSM Property 65 kilometres northeast of the City of Sault Ste. Marie, Ontario. A first phase prospecting program on the SSM Property has been completed, which has yielded 27 samples of mineralized outcrops, which may be prospective for gold. Samples have been sent to Agat Labs of Mississauga for multi element and gold assaying, the results of which are anticipated towards the end of the month, and will be reported when received. Exploration plans for the winter season on the SSM Property will be determined pending the results of this initial work program.

About Anconia

Anconia is a base and precious metals exploration and development company, which is focused on providing shareholder value through the advancement of its properties in the Nunavut Territory and the Province of Ontario, Canada. Anconia is undertaking a comprehensive exploration program to determine the potential of the projects currently in its portfolio.

Forward-Looking Information

This news release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws including with respect to the likely presence of coarse gold and high grade gold in the RB claims and the prospective for gold on the SSM property. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management of Anconia in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to: the speculative nature of mineral exploration and development, including the uncertainty of mineral reserve and resource estimates; uncertainties relating to the availability and costs of financing needed to complete exploration activities; exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which Anconia has an interest; unexpected geological or hydrological conditions; operational and technical difficulties; fluctuations in commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of Anconia; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; as well as other risks and uncertainties which are more fully described in Anconia's annual and quarterly Management's Discussion and Analysis and in other filings made by Anconia with Canadian securities regulatory authorities and available at www.sedar.com.

Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, Anconia disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Anconia believes that the assumptions inherent in the forward-looking information are reasonable, forward- looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Anconia Resources Corp.
    Jason Brewster
    President and CEO
    416-815-9777