Anconia Completes Acquisition of Grenfell GOLD Property, Kirkland Lake , Ontario
ANCONIA COMPLETES ACQUISITION OF GRENFELL GOLD PROPERTY, KIRKLAND
LAKE , ONTARIO
Toronto, Canada – April 10, 2017 – Anconia Resources Corp. (TSXV:ARA) (“Anconia”) is
pleased to announce that it is exercising its option to obtain a 100% ownership interest in the
Grenfell Gold property in Kirkland Lake, Ontario. Anconia holds a 60% interest in this property
under an earn in - option agreement executed in 2014. Anconia will issue 5 million common
shares to Cadillac Ventures Holdings (“Cadillac”) to acquire the remaining 40% of the property.
The shares will be subject to a hold period of 4 months and one day from the date of issuance.
Cadillac will retain a 2% net smelter returns royalty on the Property, of which Anconia is entitled
to purchase 1% at any time up to 2 years after the commencement of commercial production, for
$1,000,000. Closing of this acquisition is subject to TSX Venture Exchange approval.
Property Highlights
The Grenfell Gold property consists of 16 patented mining claims and 2 staked claims, for a total
land area of 3.8 square kilometers, in the well established Kirkland Lake gold mining district.
The property is approximately 5km along strike from the currently producing Macassa Mine.
Gold was discovered on the property in 1917 and an exploration shaft was sunk to 25 feet and
the property was subsequently acquired in 1926 by Four Nations Reserve Mining Company Inc.
Between 1926 and 1928 the shaft was extended to 536 feet and levels were established at 125,
250, 375, and 500 feet. Approximately 2500 feet of lateral development was undertaken at this
time, mostly on the 500 foot level. The underground workings of the mine are not currently
accessible, and their condition is unknown.
- 10 Vein systems have been identified at surface, two of which, the “Allen Veins” were
trenched by Four Nations Consolidated Gold Mines in 1934 and were determined at
that time to carry gold averaging 8.57 g/t across 2.38m for a length of 61m (source:
"Technical Report on the Kirkland Lake Gold Property, Grenfell Township Larder Lake
Mining Division, Ontario" by Howard J. Coates M. Sc., P.Geo.).
- In 2014 Anconia sampled 7.81 g/t Au over 7.55m from the Allen Veins adjacent to the
Sylvanite Fault (see press release dated Dec 1 2014).
- Grab samples from the Allen Veins area have yielded results up to 19.0 g/t Au (see
Anconia’s press releases dated Nov 11 and Oct 23 2014)
- The Kirkland Lake 04 Main Break is interpreted to continue onto the property and
possibly intersect with the Sylvanite Fault, a major north south structure bisecting the
Allen Veins approximately 1km to the north.
Mr. Brian H Newton P.Geo of Minroc Management Limited. and a “qualified person” pursuant to
National Instrument 43-101, has reviewed and approved the technical disclosure in this press release on
behalf of Anconia.
About Anconia
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 its portfolio. Anconia is
undertaking comprehensive exploration programs to determine the potential of its current projects.
For further information regarding Anconia please contact:
Jason Brewster
President and CEO
Tel: (416) 815-9777
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.