Near Surface Infill Drill Results At Goldboro

TORONTO - Anaconda Mining Inc. reported further drill results from a completed infill drill program at its 100% owned Goldboro Gold Project in Nova Scotia, Canada. The Drill Program was comprised of 17,941.7 meters and was designed to convert priority Inferred Mineral Resources into Measured and Indicated Mineral Resources of the Goldboro Deposit as part of the ongoing feasibility study, which recognizes the opportunity for expanded open-pit mining areas as well as underground mining opportunities.

Results from the current drilling (3,241.0 meters in 27 diamond drill holes) all reflect shallow drilling (<175 vertical meters) at the East Goldbrook Gold System ("EG Gold System") at the eastern end of the Goldboro Deposit . These results demonstrate that numerous near-surface mineralized zones exist in the EG Gold System with similar geometry and location to the modeled mineral resource. In particular, the highest-grade intersections reported herein are consistent with other previously reported intervals of high-grade gold (>50.0 grams per tonne ("g/t")). A total of eleven (11) visible gold occurrences were also observed in these drill holes.

Kevin Bullock, President and CEO, said, “The infill drill results from East Goldbrook show very high-grade intercepts locally as well as broader zones of lower grade mineralization, all at levels that could conceptually be mined through open pit mining methods. Of particular interest in this round of drilling is the consistency of spectacular grades from East Goldbrook indicating there may be specific opportunities for further high-grade resource growth since this zone remains open for expansion down plunge. We will use the new data gathered in this round of infill drilling to upgrade mineral resources to the Measured and Indicated categories at East Goldbrook as part of the fully updated resource estimate anticipated in the first quarter of 2021."