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Anaconda Mining is teaming up with Memorial University to develop, prototype and optimize a new excavation system to access narrow vein type deposits. Funding from both the federal and provincial governments to assist the project were announced on Friday.
©Photo courtesy Anaconda Mining
BAIE VERTE, NL – Over $2 million in federal and provincial funding was announced on Friday to help Anaconda Mining Inc. develop, prototype and optimize a new excavation system to access narrow vein type deposits.
The company is partnering with Memorial University on the project.
The narrow vein type deposits cannot be mined cost-effectively with existing technologies.
“This project fits with Anaconda’s objectives of optimizing mineral resources and maintaining sustainable employment at the Point Rousse Project in the Baie Verte region,” Allan Cramm, Anaconda’s vice president of innovation and development, said in a news release.
“Anaconda has many narrow vein hosted gold zones within our property boundaries that are not economic with today’s mining methods. We hope to leverage our culture of innovation, in partnership with Memorial University, to ultimately adapt and create technology that will position Anaconda and this province as global leaders in narrow vein mining.”
The federal government is contributing $1,564,300 in conditionally repayable funding from the Atlantic Canada Opportunity Agency’s (ACOA) Atlantic Innovation Fund.
A further $520,000 was announced for the project through the province’s Research & Development Corporation.
Anaconda plans to use the technology at the Point Rousse Project and the recently acquired Goldboro property in Nova Scotia.