Anconia Resources Corp.

Anconia Resources Corp.

July 13, 2012 09:04 ET

Anconia Resources Provides Update in Advance of Nunavut Exploration Season and Appoints New Director

TORONTO, ONTARIO--(Marketwire - July 13, 2012) - Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") is pleased to provide the following update, and outlook for the upcoming exploration season on its MARCE Project, which consists of a group of 4 claims centered around the MARCE Occurrence in the Nunavut Territory of Canada.

Ground Geophysics

Anconia has recently completed a successful ground geophysics program consisting of Horizontal Loop EM and Magnetics on its MARCE Occurrence (completed in the first week of May 2012), which was designed to test the extent of the mineralization visible on surface, as well as providing greater detail than the previous airborne survey which was flown in the summer 2011 season. Subsequent to completion of the survey, the Company commissioned an interpretation of the cumulative findings of the 2012 ground geophysics, the 2011 airborne geophysics completed by the Company, and selections of a 1998 ground gravity and TDEM survey which covered parts of the current claim group. This interpretation has resulted in the identification of numerous conductors and responses within the claim group of varying degrees of importance. The recommendation from this report is to drill test an identified feature, which is comprised of 4 conductors, numbered 1, 3, 4 and 5, depicted in the illustration below (the MARCE Occurrence is labeled as conductor #5). The composite length of the 4-conductor feature is approximately 3200 metres, with the MARCE Occurrence (conductor #5) comprising approximately 1300 metres.

To view the image associated with this press release, please visit the following link:

(In this image the background is Total Field Magnetics, the boxes represent Airborne EM anomalies, and the black line represents the EM conductors identified from the ground geophysical survey.)

Drill Program

The Company has planned a drill program of up to 1500 metres of drilling, which will focus on the MARCE Occurrence, a VMS target that has a surface expression in the form of frost heaved subcrop, and is co-incident with a 1.3 km geophysical signature consisting of Magnetics, Electromagnetics, and Gravity labeled as #5 in the image above. In August and September of 2011 Anconia conducted a surface sampling program, which returned the following values, 0.02 - 34.14% Zn, 0 - 19.2 g/t Au, 0.6 - 2100 g/t Ag, and 0.01 - 10.6% Cu, from a total of 43 samples (see press release dated October 20th 2011). The samples are all taken from the MARCE Occurrence, conductor #5 in the image above, which has co-incident Magnetics and Gravity and is sub-parallel to a magnetically indicated Iron Formation. It is important to note that recent ground geophysics work has demonstrated that the gravity anomaly is associated with the conductor as opposed to the Iron Formation. The planned drill program will test the extent of the MARCE Occurrence and conductor to depth and along strike. The Company will provide an update upon commencement of the drilling program.

Mr. Jason Brewster, President and C.E.O. stated: "It is very exciting to finally be able to drill the MARCE Occurrence. Between the geophysics that we have and the surface sampling that we have done, we believe that there are indications of a significant deposit at the MARCE Occurrence. All that remains now is to drill and see exactly what we are dealing with."

Anconia is currently in possession of all requisite permits from NPC (Nunavut Planning Commission), NIRB (Nunavut Impact Review Board), KIA (Kivalliq Inuit Association), and the Nunavut Water Board to carry out the planned exploration. Additionally, the Company has conducted what it believes to be positive community consultations with the nearby communities in Nunavut.

Board Changes

The Company is pleased to announce that Dr. James Franklin has agreed to join the board of directors of the Company. Dr. Franklin's years of experience and vast technical knowledge of VMS style deposits will prove invaluable to Anconia as the MARCE Occurrence is further explored. A brief professional bio of Dr. Franklin follows:

Jim Franklin is an exploration geologist with over 40 years experience, focusing on discovering base metal-, uranium- and gold-bearing ore deposits. He is a graduate of Carleton University (BSc, MSc) and the University of Western Ontario (PhD). He taught at Lakehead University (1969 - 1975), and then joined the Geological Survey of Canada, where he directed major research programs on base metal and gold deposits in the Canadian Shield, and coordinated the GSC's marine minerals program, which culminated in the discovery of a major deposit at Middle Valley on Canada's Juan de Fuca Ridge. As Chief Geoscientist of the GSC from 1993 until 1998, he was responsible for coordinating GSC's entire scientific program. Currently he is the director of three exploration companies and sits on numerous advisory boards for mining companies. He also sits on advisory or management boards for the Canadian Scientific Submersible Facility, the Canadian Mining Innovation Council, The Mining Industry Human Resources Council, Society of Economic Geologists Canadian Foundation, and NRCan's Earth Science and Minerals and Metals sectors advisory boards.

Mr. Franklin has received GAC's Logan and Duncan R Derry medals, CIM's Selwyn Blaylock, A.O. Dufresne, Distinguished Lecturer and Julian Boldy Memorial awards and. SEG's Thayer Lindsley and Distinguished Lecturer awards. He is a Fellow of the Royal Society of Canada, a registered professional geologist in the Province of Ontario, and an Adjunct Professor at Queen's, Laurentian and Ottawa Universities. He is a Past President of both the Geological Association of Canada and the Society of Economic Geologists. He has published over 196 papers and book chapters, and innumerable abstracts.

Additionally Mr. Peter Miller has resigned as a Director and Chairman of the Company to pursue other opportunities. The Board thanks Mr. Miller for his service in helping to guide the Company through its first year of operations and wishes him success in his future endeavors. Jason Brewster, the current President and C.E.O. of the Company, will act as interim Chairman of the Company until a replacement can be found to fill the role on a longer term basis, Mr. Denis Clement a current director of the Company will act as lead director during the time that Mr. Brewster is acting as Chairman.

Qualified Person Statement

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 and forward-looking information within the meaning of applicable securities laws including with respect to the indications of a significant deposit at the MARCE Occurrence, the Company's planned drilling programs and positive community consultations with the nearby communities in Nunavut. 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

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