Anova on track with Golden Dragon drilling and acquisition
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Anova Metals is progressing the initial drilling program at the soon-to-be-acquired Golden Dragon project, with 4,116m of the 10,000m program drilled at the Windinne Well to date.
The first samples have been dispatched to the lab and are on track for first assay results during Q1 2023.
Once the current drilling wraps up, the drill rig will remain on site and Anova Metals (ASX:AWV) will mobilise a second RC rig to commence drilling gold and base metal targets at the Fields Find Project.
“This dual focus on gold and base metals targets at Fields Find demonstrates Anova’s approach across the tenure, with the base metal potential being aggressively pursued alongside the targeting of primary gold deposits – as evidenced with the recent commencement of an airborne EM survey over the ground,” the company said.
The initial drilling program is funded by DC mines Pty Ltd as part of the acquisition terms for the previously producing Golden Dragon and Fields Find projects, with the former having existing resources of 945,000oz of gold including 461,000oz in the high confidence Measured and Indicated categories.
The companies agreed to terms in late November 2022 and on Monday the acquisition was approved by Anova shareholders at the General Meeting – and is expected to be completed by mid-February.
Post completion of the initial program, the current RC rig is expected to remain at Golden Dragon and continue its focus on drilling primary gold targets to build free milling gold resources.
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.