Tilt Cove Gold Project Diamond Drill Program

TORONTO - Anaconda Mining Inc. reprinted an additional 6,327.3 meters from an ongoing 10,000 meter diamond drill program at its Tilt Cove Gold Project, located within the Baie Verte Mining District in Newfoundland, approximately 45 kilometers by road from the  Pine Cove Mill and long-term tailings facility. The Drill Program was designed to test several gold targets at East Pond, Betts Cove, West Pond and Growler, which were developed from previous exploration work completed in 2019 and 2020. The East Pond, West Pond and Growler targets are associated with two prospective iron formations, the Nugget Pond Horizon.

Gold mineralization was intersected at the East Pond and Betts Cove targets. At East Pond, drilling intersected significant mineralization associated with quartz veins within the Red Cliff Horizon. At Betts Cove, drilling intersected gold mineralization over a 100-meter strike associated with a past producing Betts Cove copper mine.

Highlights of the Drill Program to date from the East Pond: 4.99 grams per tonne ("g/t") gold over 4.0 meters (135.0 to 139.0 meters), including 17.40 g/t gold over 1.0 meter in diamond drill hole EP-21-09 along the Red Cliff Horizon. Also at meters the Betts Cove: 1.74 g/t g/t gold over 12.0 meters (89.0 to 100.0 meters), including 11.43 g/t gold over 1.0 meter in diamond drill hole BC-21-05; 1.01 g/t gold over 13.4 meters (62.2 to 75.6 meters), including 5.76 g/t gold over 1.0 meter in diamond drill hole BC-21-07; 1.33 g/t gold over 4.5 meters (112.0 to 116.5 meters) in diamond drill hole BC-21-03; and 2.60 g/t gold over 3.9 meters (86.0 to 89.9 meters) and 11.90 over 1.0 meter (122.0 to 123.0 meters) in diamond drill hole BC-21-06.

Kevin Bullock, President and CEO, said, “The most recent drill results at East Pond and Betts Cove demonstrate that Tilt Cove has the potential to host high-grade gold mineralization that is related to both orogenic and gold rich-massive sulphide mineralizing styles. We are pleased to see high-grade quartz-sulphide veins at East Pond and broader zones of disseminated gold mineralization at Betts Cove. The mineralization at East Pond is of particular significance as it is hosted within the Red Cliff Horizon, an iron formation that sits adjacent and parallel to the Nugget Pond Horizon and is similar in style to the past producing Nugget Pond Mine. Follow up work on the East Pond drilling is being planned and we continue to identify other drill targets at Tilt Cove, including within our expanded land package to the southwest. Our goal at the Tilt Cove Project continues to be the discovery of a high-grade deposit which can leverage Anaconda's operating mill and tailings facilities at Point Rousse."

The Drill Program to date comprised 6,327.3 meters in 31 diamond drill holes as further detailed below. The Drill Program was designed to test several gold targets at East Pond, Betts Cove, West Pond and Growler, along the strike extent of the Betts Cove Complex and Nugget Pond Horizon, based on exploration work completed in 2019 and 2020.

East Pond Target - East Pond is characterized by an 800-meter-long strike coincident with a reduction in magnetic intensity associated with the Nugget Pond Horizon and cross cutting lineaments. The target also includes historic drilling, which intersected footwall mineralization analogous to the Nugget Pond Mine including 5.74 g/t gold over 0.5 meters (RCP-97-01), 10.30 g/t gold over 0.5 meters (RCP-97-02), 1.16 g/t gold over 3.4 meters (RCP-97-02), and 4.90 g/t gold over 0.5 meters (RCP-98-01). The company has reviewed available drill core from historic drilling but was not able to verify the historic drill results. The results should not be relied upon.

A total of 1,899.8 meters in 9 drill holes diamond drill holes (EP-20-05, EP-21-06 to -13) tested two target areas at East Pond; the Nugget Pond Horizon and the Red Cliff Horizon. A zone of quartz-sulfide veining hosted in the Red Cliff Horizon to the north of the Nugget Pond Horizon intersected in holes RCP-97-01, 02 and RCP-98-01.

Follow-up drill testing of the Red Cliff Horizon in drill holes EP-21-06, -07, -09, and -12 intersected quartz sulphide veins hosted within a thick sequence of iron formation and variably magnetic pillow basalt and interflow sediments similar to that from adjacent historic drill holes.