The cash will help fund a monster 40,000m drilling blitz across Anova’s exciting +1Moz gold projects in 2023.

A big chunk of the proceeds will be used to accelerate exploration of the underexplored Golden Dragon and Fields Find projects in the Murchison province, which Anova Metals (ASX:AWV) is in the process of acquiring from DC Mines.

The projects, which already host a 945,000oz resource, are in the same neighbourhood as Capricorn Metals’ Mt Gibson gold project (60km away), the Golden Grove mine (3km away) and Silverlake Resources’ high grade Rothsay gold mine (12km away).

Historical production at the projects of ~350,000oz most came from shallower oxide material.

Substantial exploration upside exists for fresh mineralisation below and along strike from existing shallow open pits, Anova says.

“With an average drilling depth of only 42 metres the projects are essentially unexplored at depth, and high-level geological review work by our technical team has already identified a number of walk-up drill targets which have potential to substantially add to the gold resources already in place,” managing director Dr Amanda Buckingham said late last month.

Combined with its existing Warriedar project, the acquisition delivers Anova a significant landholding of 804km2 in a premier WA gold and copper mining province.

Investors to enjoy stream of news flow in 2023

In accordance with the terms of the acquisition, the first 10,000m (Program 1) is to be drilled (and funded) by DC Mines.

Assay results from Program 1 are anticipated in March 2023.

Programs 2 and 3 (~ 30,000m) are set to be undertaken by Anova through the remainder of the year, designed to test a range of resource extension, brownfields and greenfields targets.

The 2023 exploration program will also include extensive field sampling and mapping activities along with several targeted geophysical programs.

All-important resource updates for the WA projects are anticipated upon receipt of results from each of Programs 2 and 3 in mid and late 2023, respectively.

Placement proceeds will also be utilised in a substantial drilling program to progress the company’s Big Springs Project in Nevada in 2023.

Placement strongly supported

Anova says the two-tranche placement – at a tiny discount to the last closing price — was supported by a range of leading Australian and international institutional and sophisticated investors, including the major shareholders of DC Mines.

“Critically, the placement will enable the Anova team to plan and secure the key equipment and personnel required to deliver this substantial pipeline of exploration activity and results throughout 2023,” Buckingham says.

“I would like to thank all existing shareholders for their support and to welcome a number of new institutional and sophisticated investors to the Anova share register.

“I believe that it is particularly affirming for our future to see the major DC Mines shareholders participating in the placement.”




This article was developed in collaboration with Anova Metals, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.