Anconia Resources Corp.
TSX VENTURE : ARA

Anconia Resources Corp.

November 22, 2013 15:37 ET

Anconia Resources Drilling Confirms Second VMS District at ZAC Occurrence

TORONTO, ONTARIO--(Marketwired - Nov. 22, 2013) -

Announces Investor Relations Contract and Option Extension

Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") is pleased to report initial results from the drilling program on its ATLAS group of claims (the "ATLAS Group") located in the Nunavut Territory of Canada announced on August 29, 2013.

Highlights

  • 110 m of disseminated and stringer chalcopyrite mineralization was intersected in hole ZAC-13-05, including 20m (from 35-55m down-hole) of intensive stringer mineralization.
  • All components of a VMS mineralizing system are confirmed to be present at ZAC, including a 4.8m massive sulfide unit intersected in hole ZAC-13-01.
  • ZAC is confirmed to represent a second VMS district, approximately 22km northeast of the ATLAS-1 discovery within the Company's ATLAS group of claims.

Mr. Jason Brewster, President and C.E.O. of Anconia commented "We are very excited by the program that we have just completed on the ZAC portion of the claim group. We now know that the West Zone zinc mineralization that we see at surface has a sub-surface extension and there is a large sub-volcanic intrusion immediately to the north of the West Zone which provides the heat engine for a new VMS district on the ATLAS claim group. What is most interesting to us, however, is the large stringer zone that we encountered in hole ZAC-13-05. The size of this zone is indicative that we are in the vicinity of a possibly large massive zone, which we would expect to have been "fed" by the stringer zone according to the classic model of VMS genesis. A few more holes should tell the story. Unfortunately, winter weather prevented us from completing the drill program this season. We are looking forward to getting back to the field to continue drilling on ZAC as soon as possible, with March 2014 being the target."

Drill Program

The drilling program consisted of 5 holes totaling 1306m, and was focused on the ZAC occurrence. This is located in the northeast portion of the Company's claim block, approximately 22km northeast of the ATLAS-1 base metal discovery, announced in 2012 (see press release dated October 10, 2012). The current program confirmed the existence of a second distinct VMS district within the Company's ATLAS Group of claims.

The 5 drillholes were designed to test the extension of a historically known area of surface zinc mineralization, discovered by Comaplex (the previous holder of the ZAC occurrence claims), the "West Zone" mineralization, as well as to test local geophysical (gravity and electromagnetic) anomalies (see figure 1 below).

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/AncResMap.pdf.

Holes ZAC-13-01 and ZAC-13-02 successfully tested the down dip and along strike extension of the West Zone. Hole ZAC-13-01 intersected a 4.8m massive sulfide unit starting 78.1m down hole. Hole ZAC-13-02 is an undercut of Hole ZAC-13-01, which intersected a 1.4m massive sulfide unit starting at 122.1m downhole; approximately 60m down dip from the massive sulfide unit intersected in hole ZAC-13-01. Assays are pending.

Holes ZAC-13-03 and ZAC-13-04 tested a large gravity anomaly to the north of the "West Zone" and confirmed that the anomaly was created by a gabbroic intrusion which probably represents the heat source needed to enable mineralization in the standard VMS model.

Hole ZAC-13-05 was collared approximately 1km along strike east of holes ZAC-13-01 and 02, and tested a band of conductivity, which stretches between the two and continues further to the East. From surface to approximately 110m down-hole low grade both disseminated and stringer chalcopyrite mineralization was intersected, which from 35m to 55m is comprised of a very intensive stringer zone. The hole continued with variable amounts of sulfide stringers and VMS style alteration all the way to the end of the hole at 335m. Stringer zones underlie most massive sulfide deposits, and in highly deformed areas such as at ZAC, are commonly asymmetric to massive sulfides. The extent of this stringer zone may indicate that massive sulfides lie in the upper part of the strata, and adjacent to the drilled area (the C2 and C3 targets in the above map).

The Company is currently waiting on assay results, which will be reported when they are received.

All qualitative observations contained within this press release have been made and recorded on behalf of the Company by Mark Wellstead, an independent geologist in the employ of Minroc Management Limited, who has been the project geologist for the duration of the 2013 program as well as the 2011 and 2012 field programs. Mr. Wellstead works under the supervision of Mr. Brian Newton P.Geo who is a partner of Minroc Management Limited and a "qualified person" pursuant to NI-43-101. Mr. Newton has approved the technical information in this release.

Investor Relations

The Company is also pleased to announce that it has extended its contract with Investor Cubed to provide investor relations services under the same terms and conditions as previously announced (June 28, 2011). The current contract extension will expire on April 29, 2014. As part of the contract extension, the 370,000 options granted to Investor Cubed at an exercise price of $0.40 on June 27, 2011, have been extended to April 29, 2014 at the same exercise price.

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 and information under applicable securities laws, including with respect to being in the vicinity of a possibly large massive zone, that massive sulfides lie in the upper part of the strata and adjacent to the drill area of Hole ZAC-13-05, and the continuation of drilling on the ZAC. 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