Gold mining and exploration company Anaconda Mining has initiated a new drilling programme at the Pine Cove deposit, which is located between Baie Verte and Ming's Bight in Canada.
According to the company, the deposit features around 2,000m of diamond drilling in ten holes.
The initial goal of the 2014/2015 drilling programme is to increase near surface mineral resources at the Pine Cove mine proximal to the existing ultimate pit design.
The company will focus on the Western Extension area, discovered in 2013, and the Pine Cove Pond area on the southern side of the pit, which hosts known mineralisation that is not included in the initial mineral reserves.
Anaconda also looks to identify the limits of the northern, down dip, extension of the deposit and would like to determine the potential for future expansion of the mine in the down dip area.
The company is also assessing the potential of the surface ground immediately north of the Pine Cove pit, to see if it can be used as waste rock storage.
Anaconda Mining president and CEO Dustin Angelo said: "Based on our analysis, we are optimistic that there are additional resources that can be incorporated into the Pine Cove pit design that will extend the life of mine and reduce the average stripping ratio for the remainder of the open pit life.
"The results of this programme will enable us to maximise the economic potential of the Pine Cove resource, as well as determine if there is an opportunity for future mine development."
The company hopes to complete the Pine Cove drilling programme by the end of February and plans to calculate new mineral reserve and resource estimates for the Pine Cove deposit, subsequently.
Image: 3D view of the ultimate pit design. Photo: courtesy of Anaconda Mining Inc.