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A leader in the Canadian gold mining landscape, Anaconda Mining is leveraging its assets to reach its goal of 100,000 ounces of gold production a year.
When it comes to gold mining in Newfoundland, look no further than Anaconda Mining. This growth-oriented gold mining and exploration company owns and operates the Point Rousse Project, which includes an active operation at the Pine Cove Mine and Pine Cove Mill, on the Ming’s Bight Peninsula in the Baie Verte Mining District.
Since 2012, the company has made a pointed effort in expanding its property control. Today, the company is exploring three gold trends on the Ming’s Bight Peninsula, mining the Pine Cove open pit and integrating its new location, the Viking Project, into its exploration and operational plans.
“Anaconda Mining has been a driven company from the beginning,” shared Dustin Angelo, President and CEO of the company. “We’re resourceful, always looking for ways to be better, and we conduct business in an open, honest, transparent way. Our focus is always on the stakeholders, not just the shareholders.”
Through its recent acquisition of the Viking Project and its dedication to expand the use of the Pine Cove Mill, Anaconda Mining is well on its way to meet its goal of doubling production to 30,000 ounces a year at its Newfoundland operations.
Operations at the Viking and Point Rousse Projects
The Viking Project in particular is an entirely new venture for the mining company, as it is outside of the Point Rousse Project by about 100 kilometers by water. The location has an established resource on it, in a deposit called the Thor Trend Gold Deposit. With 63,000 ounces indicated and 20,000 ounces inferred, Angelo believed it to be a good start in a new location, which is a first for the company.
“It’s our first step out from the Point Rousse Project, and the first location away from our existing infrastructure,” he said.
“We’re trying to leverage the mill as much as possible. We’re looking for other deposits outside of Point Rousse to bring back to the Pine Cove Mill to utilize our infrastructure. Anaconda can generate more value out of a deposit by doing this.”
If the company didn’t have a mill easily accessible by water—a relatively inexpensive manner of transportation compared to the land options—it would need to go after a larger deposit to compensate for the cost of building a mill or other infrastructure on site. This way, Anaconda Mining can generate more value out of a deposit, and acquire more, relatively smaller mines in the future that would be otherwise uneconomic in the hands of another company.
The rest of the Point Rousse Project is also providing ample growth and expansion opportunities in the form of two exploration opportunities at gold trends on the northern end of the peninsula, and the potential of a decade more of mining life at the Pine Cove pit and the Stog’er Tight deposit in the southern most gold trend called the Scrape trend.
“We’ve identified 47 primary and secondary gold targets that are centered around the Scrape trend and the Goldenville trend in the middle of the Ming’s Bight Peninsula,” shared Angelo. “In the Goldenville trend, we’re looking to find higher grade ore, like the 11 grams per ton that was mined at the Nugget Pond Mine in the early 2000s, and hopefully blend that at the Pine Cove mill with the current type of ore coming out of Pine Cove and Stog’er Tight.”
All of these concurrent projects are possible because of Anaconda Mining’s core team. From exploration geologists to operators and developers and so many more, the company is able to manage several different projects at different stages of exploration and development.
But these aren’t the only stakeholders Angelo and the rest of the leaders at Anaconda care about. Almost 90 percent of the company’s annual expenditures are with Newfoundland suppliers or Newfoundland distributors, which helps build the regional economy and provide jobs in the community.
“It’s important to invest in people and the communities in which we operate because they are important stakeholders who contribute to our success,” he shared. “Internally it’s a core part of our long-term strategy to develop our employees through training and mentoring so we can bring value to their careers and they can bring value to the business.”
Where to Next?
Anaconda Mining is a forward-thinking company, and its future goals are set on growth to reach a production level of 100,000 ounces of gold a year over multiple projects across Newfoundland, Atlantic Canada, and the rest of North America. According to Angelo, that’s in the cards in the next three to five years.
This growth could take Anaconda further south, potentially into the U.S.
“We’ve had an emphasis on Atlantic Canada because that’s where we started, but we also value diversification and being in more mining-friendly jurisdictions,” he said. “It can be challenging to find additional projects in Atlantic Canada—we’re the only gold producing mine in this region. The U.S. would provide not just portfolio diversification, but a chance for us to enter a different market and duplicate our success, proving our expertise as a top-performing junior mining company.”
Headquartered in Toronto, Canada, Anaconda Mining is a growth-oriented, gold mining and exploration company with a producing project called the Point Rousse Project and an exploration/development project called the Viking Project in Newfoundland.
The Point Rousse Project is approximately 6,300 hectares of property on the Ming's Bight Peninsula located in the Baie Verte Mining District in Newfoundland, Canada. Since 2012, Anaconda has increased its property control by ten-fold on the peninsula. It is currently exploring three primary, prospective gold trends, which have approximately 20 km of cumulative strike length and include five deposits and numerous prospects and showings, all within 8 km of the Pine Cove mill.
Anaconda also controls the Viking Project, which has approximately 6,225 hectares of property in White Bay, Newfoundland, approximately 100 km by water (180 km via road) from the Pine Cove mill. The project contains the Thor Deposit and other gold prospects and showings.
The company's plan is to discover and develop more resources within these project areas and double annual production at the Pine Cove mill from its current rate of nearly 16,000 ounces to 30,000 ounces. Beyond the Point Rousse and Viking Projects, Anaconda’s goal is to acquire additional projects to raise its annual production to approximately 100,000 ounces.