Anova increases Big Springs gold resource by a whopping 21%

Anova Metals has updated the mineral resource estimate (MRE) for its Big Springs project in Nevada, USA, to 15.5 Mt at 2.0 g/t gold for 1.0 Moz.

Using a higher 2.5 g/t gold cut-off grade, the high-grade portion of the updated MRE is 3.1 Mt at 4.2 g/t gold for 413 koz.

Total Measured and Indicated (M&I) Resources now stand at 555 koz – which represents a 21% increase on the previous M&I Resources.

Notably, this means the higher confidence M&I Resources now comprise around 55% of the total MRE at Big Springs (up from 45% for the previous MRE).

Untapped resource growth potential

The M&I upgrade was driven by infill drilling programs in recent years, along with the discovery of new lodes at North Sammy and along the Briens Fault, such as Crusher Zone South and the 401 deposit – also incorporated in the updated MRE.

But that’s not where the potential ends, with Anova Metals (ASX:AWV) confident there are further resource growth opportunities.

“The independently updated Mineral Resource Estimate has confirmed we have in excess of 1 Moz of contained gold at Big Springs,” MD Amanda Buckingham said.

“What is exciting is the sheer, relatively untapped resource growth potential that remains at Big Springs.

“In particular, the ability to expand our drilling activities into the large-scale southern tenement areas at Big Springs offers enormous opportunity over the coming years.”

Aggressive exploration planned

Anova is planning an aggressive drilling program once it’s been granted the expanded Big Springs Plan of Operation in 2023.

“After several meetings with the US Forestry Service during the last month, we have an expanded Plan of Operation submission that addresses our exploration objectives for the next few years,” Buckingham said.

“With the Phase 1 approval of this submission anticipated in time for the 2023 field season, we look forward to undertaking an initial program focussed on near-mine and brownfields targets in closest proximity to our existing MRE.

“Subsequent Phase 2 approval should allow expansion of our drilling activities into the highly prospective Golden Dome and Jacks Creek areas, within which reside some very attractive exploration targets for priority drill testing.”

This article was developed in collaboration with Anova Metals Limited, 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.