Exploration and development company Anaconda Mining has unveiled an initial mineral resource estimate for the Argyle gold deposit at the Point Rousse project in Newfoundland and Labrador, Canada.

Based on the estimate, the deposit is said to have indicated resources of 38,300oz and inferred resources of 30,300oz.

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According to the company, around 45% of currently defined mineral resources are contained within an initial conceptual open-pit shell.

Last month, a 1,000m diamond drilling programme was initiated to expand the deposit and is currently ongoing.

“We have built significant processing capability and tailings capacity, while generating over $42m in project level EBITDA from our mining activities in the last six years.”

Anaconda Mining president and CEO Dustin Angelo said: “It is a big milestone for Anaconda to have outlined another deposit in close proximity to the Pine Cove Mill.

“At the Point Rousse project, we have built significant processing capability and tailings capacity, while generating over $42m in project level EBITDA from our mining activities in the last six years.”

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The company expects to submit the environmental assessment application documents to the Newfoundland and Labrador Department of Environment by next month, with all permits and approvals required for production scheduled to be granted in the spring of 2019.

Located 4.5km east of the Pine Cove Mill, the Argyle deposit is defined over a strike length of 600m and is understood to be open for expansion in all directions. Currently, Anaconda is involved in the completion of a combination of step-out and infill drilling at the site.