Anconia Resources Corp.
TSX VENTURE : ARA

Anconia Resources Corp.

September 27, 2011 08:25 ET

Anconia Reports Gold Values from its RB Gold Project in Nunavut

TORONTO, ONTARIO--(Marketwire - Sept. 27, 2011) - Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") is pleased to provide the following assay results recently received from a reconnaissance program at its RB gold project, located in Nunavut Territory, Canada approximately 125 kilometres southwest of the town of Rankin Inlet.

Highlights include:
Sample # 19619: 144.0g/t Au Sample # 19638: 37.9g/t Au
Sample # 19626: 101.0g/t Au Sample # 19640: 34.2g/t Au
Sample # 19634: 49.2g/t Au Sample # 19662: 36.1g/t Au

The RB project consists of 4 claims which Anconia recently staked totalling 41.8 square kilometres, located approximately 65 kilometres east of the Marce project, the Company's high grade polymetallic project which has associated gold and high grade silver values.

In July of this year, a total of 73 surface samples were collected from mineralised structures within the Company's RB claim area and 36% of those samples (26 samples in total) reported gold values exceeding 2.0g/t. An apparent strong north-east/south-west trending, high grade (samples of +20g/t Au) zone of mineralisation was identified over a length of approximately 1,000 metres – see accompanying map.

The Chairman of the Company, Peter Miller MIMMM, and two technical advisors, Neil Novak P.Geo, and Norman Brewster P.Geo made the following observations during a subsequent site visit in mid September this year:

  1. The RB claims host numerous low sulphide, quartz veins and shear zones varying from a few centimetres up to 20 metres in thickness;
  2. The best gold mineralisation appears to be located in structures found in low angle splays off two rectangular shaped lakes, approximately 1,000 metres apart;
  3. The mineralisation was unusually well exposed in outcrop; and
  4. No visible gold was encountered in any of the samples or during the property visit.
Principal Grab Sample Assay Results
Sample Gold Silver Copper Zinc
Number Au ppm Ag ppm Cu % Zn %
19616 2.18 1.84 0.14% 0.01%
19617 7.61 0.91 0.21% Trace
19619 144.00 9.88 0.16% 0.12%
19620 7.22 0.36 0.06% 0.02%
19624 27.20 1.16 0.31% Trace
19625 7.84 1.82 0.18% 0.01%
19626 101.00 3.01 0.69% 0.01%
19629 19.20 2.11 0.13% 1.65%
19633 5.54 0.25 0.02% 0.45%
19634 49.20 6.82 0.11% 5.89%
19635 26.60 3.73 0.15% 6.83%
19638 37.90 65.7 2.05% 0.04%
19639 5.25 34.6 1.43% 0.03%
19640 34.20 45.4 2.94% 0.10%
19652 3.60 0.58 0.20% 0.04%
19653 7.13 1.17 0.17% 0.27%
19655 8.97 0.64 0.10% 0.23%
19656 3.60 3.39 0.04% 0.06%
19657 6.79 0.91 0.17% 0.07%
19658 5.45 0.90 0.06% Trace
19660 20.10 1.09 0.13% 1.83%
19661 2.87 0.99 0.14% 0.97%
19662 36.10 5.66 1.14% 3.15%
19663 34.80 7.68 0.34% 4.52%
19664 1.15 0.18 0.04% 0.01%
19665 8.19 0.65 0.06% 0.01%
19678 10.8 3.09 0.03% 1.20%

To view the map of the RB Claims Area and Sample Sites, please visit the following link: http://media3.marketwire.com/docs/rbclaim.pdf

Summary

Jason Brewster, President and CEO of Anconia commented: "These results have exceeded our earlier expectations and it is clear from the amount of mineralised outcrop that we may be looking at a large, robust gold system. The Company has determined there is sufficient evidence to indicate the presence of a potentially economic gold system in its RB project and, consequently, we have commenced planning for an expanded work program on these claims in summer 2012".

Sample QA/QC

A total of 73 rock samples were submitted to Actlabs Laboratories in Thunder Bay, Ontario ("Actlabs") for INAA multi-element analysis, XRF Whole Rock Analysis, Aqua Regia ICP / MS analysis and Au by Fire Assay with Au over limits by Fire Assay Gravimetric. Fresh rock samples from surface outcrop were taken in areas of visible sulphide mineralization and other outcrops deemed favourable as host to mineralization. The samples were bagged, tagged and sealed in the field. Samples were shipped from Rankin Inlet to Actlabs via a combination of secure air carrier and bonded ground transport to Thunder Bay. Sample shipments consisted of 6 to 8 samples placed in rice bags which were secured using a combination of zip ties and numbered security seals to ensure maintenance of COC protocols from the moment the samples were dropped at the airport to arrival at Actlabs.

Mr. Brian H Newton P.Geo of Minroc Management Services Inc. 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.

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, 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 presence of a potentially economic gold system in the RB claims. 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