| Announcement Date: | 2022-11-15 |
|---|---|
| Announcement Type: | Deposit Estimation |
| Announcement Code: | JORC |
| Company name: | Anova Metals Ltd. |
| Project name: | Big Springs |
| Location: | United States |
| Commodities: | Gold |
| Highlight: | Updated Resource Estimate for Project |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Anova Metals Limited (ASX: AWV) (Anova or the Company) is pleased to advise of the completion of an updated Mineral Resource Estimate (MRE) at its 100%-owned Big Springs Gold Project (Big Springs) in Nevada, US. The updated JORC (2012) compliant Big Springs MRE is 15.5 Mt at 2.0 g/t Au for 1.01 Moz (utilising cut-off grades of 0.8 g/t Au and 1.0g/t Au for various ore bodies). Using a higher 2.5 g/t Au cut-off grade, the high-grade portion of the updated Big Springs MRE is 3.1 Mt at 4.2 g/t Au for 413 koz. Total Measured and Indicated (M&I) Resources now stand at 555 koz (at an average grade of 2.5g/t Au), which represents a 21% increase on the previous M&I Resources. Critically, this sees the higher confidence M&I Resources now comprising approximately 55% of the total MRE at Big Springs (up from 45% for the previous MRE). The Big Springs Project consists of a number of Carlin-style gold deposits located in north-eastern Nevada, along strike from the Jerritt Canyon gold camp. (see Figure 1). Jerritt Canyon consists of a cluster of deposits, five of which contain more than 1 Moz each in gold resources (see Figure 1). Approximately 10 Moz gold has been mined from the Jerritt Canyon property in total. In contrast, the Big Springs Project property is relatively underexplored and has been prepared by Anova this year for a significant drilling program to commence in 2023. An important step in this process was the independent updating of the Big Springs MRE (last estimated in 2014) to incorporate the outcomes of drilling programs conducted during the intervening period. The independently updated MRE provides a high-confidence, solid foundation, which the Company will endeavour to grow through optimized exploration and discovery. |
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