Anaconda Mining acquires Rattling Brook Deposit, expands Great Northern project

By Dale Benton
A TSX-listed gold mining, exploration and development company, with a specific focus in the Atlantic Canadian jurisdictions of Newfoundland and Nova Sco...

A TSX-listed gold mining, exploration and development company, with a specific focus in the Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia, has significantly expanded its portfolio following the acquisition of a deposit and surrounding property.

Anaconda Mining announced in a statement that it had acquired the Rattling Brook Deposit, located in northwest Newfoundland, pursuant to an acquisition agreement between Anaconda and Kermode Resources ltd.

The acquisition will see an initial payment of $25,000 paid to Kermode, with a further issuing of $500,000 of Anaconda common shares equal to 1,113,218.

Anaconda Mining will expand its Great Northern Project, which will in turn enhance its prospective land position in the Northern Peninsula.

This includes the Thor Deposit, which is located around 20 kilometres south of Rattling Brook. Anaconda has two deposits located on the Northern Peninsula, which is collectively known to as the Great Northern Project.


Related stories:

Stratex appoints new CEO and targets significant portfolio growth in 2018

Northam Platinum finalises Eland platinum mine acquisition from Glencore

Anglo American sells its New Largo thermal coal project for $71million


The Great Northern Project, contains two gold resources with a combined Inferred Mineral Resources of 526,000 oz and an Indicated Mineral Resource of 83,000 oz.

"The acquisition of the Rattling Brook Deposit consolidates Anaconda's land position within the region of our exploration portfolio, and is the first step in a strategy to realize shareholder value for the Great Northern Project,” said Dustin Angelo, President and CEO, Anaconda Mining.

“There is a renewed interest in the gold exploration potential in Newfoundland, and we believe we are well positioned to generate value from our now-expanded Great Northern Project. As we focus on our development and production stage assets, we are pursuing options to unlock value we believe lies within the Great Northern Project for our shareholders."




Featured Articles

Startup Arkon Energy pours $28m into Bitcoin mining

Australian-based Arkon Energy has secured $28 million in funding to expand renewable Bitcoin mining efforts

KSA’s SWCC signs agreements for brine mining projects

Projects will extract bromine and other salts and minerals for use across Kingdom’s oil & gas, petrochemical, pharmaceutical and metallurgical industries

Glencore to pay over £275mn over Africa mining oil bribes

Glencore Energy UK has been found guilty of seven corruption offences, and has been ordered to pay over £275mn in fines for bribing officials in Africa

Aya Moroccan subsidiary seals US$100m financing for Zgounder

Supply Chain & Operations

Crypto mining firm Core Scientific may be facing bankruptcy

Digital Mining

Rio Tinto and Wright Prospecting modernise Rhodes Ridge JV

Supply Chain & Operations