Among the latest results, Anaconda reported 0.4m at 201.68g/t gold within a broader 2.6m at 32.42g/t; and 1.1m at 78.07g/t from 196.7m.

President and CEO Dustin Angelo said the company was developing plans for a 5,000m programme in the first half of 2019 to update the resource and form the basis of a feasibility study to be completed this year.

The company had invested C$4.6 million of its $6 million exploration spend in the first nine months of 2018 at Goldboro, where it has increased the resource and released an updated preliminary economic assessment in October.

The PEA outlined an 8.8-year mine life producing 375,900 ounces at an all-in sustaining cost of US$615/oz, with preproduction capex at $47 million (US$35.4 million). Using an updated mineral royalty tax and a US$1,200/oz gold price, it put the after-tax NPV (5%) at C$88 million and the IRR at 29.3%.

Goldboro's measured and indicated resource comprises 3.8 million tonnes at 4.96g/t gold for 602,700 ounces and an inferred 2.1Mt at 6.63g/t for 453,200oz.

Anaconda said in November it was on track to exceed its 2018 production guidance of 18,000oz after producing a record 5,099oz during the third quarter from its Point Rousse operation in Newfoundland.

The company reported cash and equivalents at September 30 of $7.6 million (US$5.7 million) and said it was continuing to invest in its key growth projects in Newfoundland and Nova Scotia.

Anaconda's efforts to acquire its near-neighbour in Newfoundland and Labrador, Maritime Resources (TSXV: MAE), were rebuffed mid-year.  

Anaconda shares were trading at 50c a year ago and are trading near a 52-week low of 18c reached in November.

They rose half-a-cent yesterday to 22c to capitalise it over $26 million.