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Mining
A large-scale sampling program continues to uncover significant gold targets at Anova Metals’ +1Moz ‘Big Springs’ gold project in Nevada, where results from a recent drilling program are also imminent.
The historic Big Springs project produced ~386,000oz between 1987 and 1993, when mining ceased due to the gold price environment.
In 2014, a 1Moz JORC resource was established, which included a 415,000oz high grade component (ore grade of 4g/t).
Anova Metals (ASX:AWV) believes there is a lot more to find here. The project is 20km north of the ‘Jerritt Canyon’ gold mine, which has produced over 10Moz since 1981 with a remaining resource of 1.2Moz.
Since 2020, Anova has conducted systematic exploration across its landholding, leading to a clear pipeline of attractive, drill-ready targets.
About 4,000 assay results have now been received from large-scale soil sampling programs conducted at Big Springs designed to evaluate the gold potential at ‘Jacks Creek’, ‘Golden Dome South’ and ‘Mac Ridge’.
Multiple new significant gold anomalies have been identified, including within new claims that were only secured by the company in August this year.
At Jacks Creek – where no drilling has been conducted previously — gold-in-soil anomalies were identified along the extension of the Beadles Creek Fault and a secondary fault derived from Beadles Creek, which is consistent with historical soil sampling programs.
At Golden Dome South, significant gold-in-soil anomalies were uncovered along the faults identified from gravity data analysis.
Historical drilling at Golden Dome South returned an interval of 6.1m @ 2.79g/t, which is consistent with the location of a significant historical soil anomaly.
At Mac Ridge, over five specific gold-in-soil anomalies of +30 ppb Au were returned, with a peak assayed gold content from this area of 470 ppb.
Surface mapping is planned to refine the identified gold anomalies and provide enhanced targeting for future drilling activities in these areas, Anova says.
In October, a ~5,100m drilling program kicked off focusing on six near-mine targets and four district targets. The program is ongoing, the company says.
“The program was designed to explore new targets at Crusher Zone South and the Beadles Creek Fault in between the Beadles Creek and South Sammy deposits,” it says.
“Five holes of this program have been completed at Crusher Zone South to date. Eight holes of the program have been completed along the Beadles Creek Fault.
“Intense Carlin-style gold mineralisation indicators were observed in both the Crusher Zone and Beadles Creek drilling, including strong sulphide alteration, quartz veins, and argillic alteration.
“Samples for the first nine holes have been dispatched to the laboratory with the remainder to be sent shortly.”
Initial assay results are expected to be received during December.
The company is now primed for aggressive drilling in 2022. It was well funded with $6.3m in the bank at the end of September.
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.
Mining
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