TORONTO, ONTARIO--(Marketwire - Mar 22, 2013) - Anconia Resources Corp. (TSX VENTURE:ARA) ("Anconia" or the "Company") has confirmed that the recently reported, unusually elevated gold and silver mineralization, (see table 1 below) encountered at the Company's Atlas-1 Zn-Cu-Ag VMS discovery in the Kivalliq region of Nunavut, represents an entirely separate precious metals mineralized system, in one instance superimposed on the VMS mineralized system. The results, seen below, contain gold and silver values that exceed typical contents of VMS deposits (typical Canadian Shield-type VMS deposits contain 0.81 g/t Au and 21.14 g/t Ag; (Franklin et al., 2005)).
|Hole||From||To||Core Length||Au g/t (weighted average)||Ag g/t (weighted average)|
|Table 1: Weighted average content of high silver and gold intercepts, Atlas drill holes: Note that these are core lengths; true widths may be less.|
The gold and silver values from these intervals (Table 1) while unusually elevated for a VMS type deposit, are not visually obvious and are contained in altered wall rocks adjacent to barren, narrow (typically 20cm) quartz veins. This prompted Anconia to commission Dr. Ingrid Kjarsgaard to undertake a through mineralogical investigation of selected samples (Table 2) in order to determine the mineral inventory through microscopic analysis of polished thin section samples. The results of Dr. Kjarsgaard's work show that the principal minerals containing the gold and silver are native gold and native silver, as well as acanthite (a silver-sulfide), allargentum (a silver antimony mineral), and electrum (5.8% Au). Additionally the silver contains about 10% Au and 2.7% Sb. Structurally two of the zones are slightly separated from the VMS mineralization (MRC 12-06 and-11) and one zone is at least partially superimposed on the base metal rich material (MRC 12-04). This is notable because the mineral assemblage is not typical of most massive sulfide deposits, and has been concluded to represent a second type of mineralization.
|Drill hole||From (m)||To (m)||Au g/t||Ag g/t||Pb %||Zn %||Cu %|
|MRC-12-04 (sulfide zone)||59.3||59.5||14.6||1210||0.03||3.28||10.0|
|MRC-12-06 (silver-gold zone)||115.4||116.4||35.9||3590||2.51||0.33||0.33|
|MRC-12-11 (silver-gold zone)||188.4||189.4||8.25||329||1.07||7.45||1.73|
|MRC-12-11 (silver-gold zone)||189.4||190.4||11.6||515||0.66||3.37||0.86|
|Table 2: Assay data for the samples used for the mineralogical study. Sample from MRC-12-04 is typical VMS-style base metal-rich mineralization; the others are adjacent to quartz veins.|
Mr. Jason Brewster, President and C.E.O. of Anconia commented, "These results are obviously very exciting for Anconia, not only is there a new VMS discovery at ATLAS-1, but now we have further evidence that there is a second precious metal system containing both native silver and native gold in the same location. We are currently in the process of doing additional work on the core to further define this system prior to our upcoming field season."
These metal contents are of obvious economic interest, and Anconia is reviewing its core for any additional intercepts. In addition, one zone of secondary mineralization outcrops at surface. Anconia will undertake additional mapping during the next field season, having identified the nature of the second mineralized zone. Anconia will seek to establish the extent of the secondary zone and explore for the presence of additional similar high-grade zones. Also planned for the 2013 exploration season will be the further testing at depth and along strike of the mineralization identified in eleven out of the twelve holes drilled last summer. These results were previously reported to contain elevated zinc, silver and copper mineralization. These targets will be further tested to determine more accurately the size and economic potential of the zone. Within Anconia's large property, several other mineralized zones have been noted but inadequately prospected. We are planning a robust program to examine all of these aspects.
Mr. Brian H. Newton, P.Geo, of Minroc Management Inc. and a "qualified person" pursuant to NI 43-101 has reviewed and approved the technical information in this press release on behalf of the Company.
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.
This news release contains forward-looking statements and information under applicable securities laws, including with respect to Anconia's planned exploration program in 2013. 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; 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.
Franklin, J. M., Gibson, H. G., Jonasson, I. R., Galley, A. G. 2005, Volcanogenic Massive Sulfide Deposits: Economic Geology, v. 100th Anniversary Volume, p. 523-559.