TORONTO, ONTARIO--(Marketwired - Nov. 11, 2014) - Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia") is pleased to announce initial results from the second phase program at its Grenfell Property near Kirkland Lake (under option from Cadillac Ventures Inc.). The program is a follow-up to the recently completed initial prospecting and sampling program, the results of which were reported in a press release dated October 23 2014.
The current program is further testing the extent of gold mineralization at the Allen Veins and Riverside areas, both of which were proven by the first phase program to host gold mineralization. The results reported in this press release are grab samples taken to better define the potential for gold mineralization in the various rock types, and help to guide the channel sampling, which is currently ongoing.
Highlights from the most recent program are:
- Grab sample of 19 g/t Au from the wall rock of the Sylvanite Fault.
- Sample 041005 (4.97 g/t Au) and Sample 041004 (1.14 g/t Au) recovered gold from massive Diabase outside of the shear zones.
- Allen Vein and Riverside areas have been pressure washed to allow for more extensive channel sampling.
Mr. Jason Brewster, President and C.E.O. of Anconia commented, "Anconia is very pleased with the results of these grab samples, specifically the highest grade sample (19 g/t Au) taken from very heavily sheared wall rock immediately beside the Sylvanite Fault. This demonstrates the potential of the Sylvanite Fault itself, and leads to the possibility that the Fault is a major controlling structure for gold in the Allen Veins area. This opens up the entire length of the Sylvanite Fault as an exploration target. It is also important that Sample #041004 (1.14 g/t gold) was well outside any of the shear zones and only very weakly altered. This indicates that potentially there is a halo of gold mineralization in the wall rock around the more mineralized areas affected by shear zones."
Sample Descriptions and Results
Sample #041002 - 19.0 g/t Au -Strongly silicified mafic volcanics containing 5-10% fine disseminated pyrite immediately adjacent to the Sylvanite fault. Some brecciation of the rock is evident with narrow vitreous quartz infill cementing the small fragments. The shear is oriented at roughly 182 degrees and is very blocky.
Sample #041005 - 4.97 g/t Au -Strongly silicified diabase with numerous parallel quartz stringer 1-10mm thick immediately adjacent to a thick quartz + ankerite vein/stockwork system (part of the main Allen vein system). This sample contained approximately 15% fine to medium disseminated pyrite throughout. This sample was taken due to the amount of silicification and pyrite content. There seems to be a strong correlation between the intensity of silicification and the amount of pyrite found in the rock.
Sample #041004 - 1.14 g/t Au -Massive weakly sericitic diabase, with up to 5% fine to medium grained disseminated pyrite and rare narrow quartz stringers. This sample is along strike of the main shear / vein system in the Allen Vein outcrop area, however shearing is not present in this sample. It was taken to determine if mineralization extends past the shear systems.
Sample #041003 - 0.676 g/t Au -Northernmost exposure of the Sylvanite fault found in the Allen Vein area. Here the rock was strongly oxidized and broken due to the shear. Patchy fine pyrite is predominantly in and around a weak quartz-ankerite stockwork. The extensive weathering in this sample may have leached out pre-existing sulfides.
Sample #041001 - 0.151 g/t Au -Massive white quartz vein hosted by sheared mafic volcanics. The vein itself is approximately 10cm thick and is within the main shear (oriented at 42 degrees / dip 54 degrees sw) in the Allen Vein area. This sample was taken to better define the role of the quartz veining as it relates to the mineralization.
Sampling Protocol
Samples referred to in this press release were obtained in the field by or under the supervision of Brian H. Newton P.Geo, a "qualified person" pursuant to the guidelines set out in National Instrument 43-101. All are grab samples, which were removed from outcrop using hand tools. Once obtained, and immediately after recovery, each sample was inserted into a labeled sample bag, alongside a unique tag provided by the assay laboratory. Bags were then tied using cable ties and placed in larger, labeled rice bags. Samples were then delivered to Agat Laboratories in Sudbury where they were analyzed using procedure 202-052 to fire assay for gold; a gravimetric finish was used for over limits. The QP has not independently verified the data and has relied on the QA/QC protocols of Agat Labs as per their ISO 17025 certification.
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 its portfolio. Anconia is undertaking comprehensive exploration programs to determine the potential of its current projects.
Forward-Looking Information
This news release contains forward looking statements and information under applicable securities laws. 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:
Jason Brewster
President and CEO
(416) 815-9777