Anova reckons its Big Springs project is in prime position in the Nevada goldfields
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Gold explorer Anova Metals reckons its Big Springs project in Nevada is highly prospective – and it’s gearing up for a drilling program next month.
And the company recently nabbed another 240 mining claims surrounding the existing land package, bringing its total land holding to 81 square kilometres.
It’s a smart move according to Anova Metals (ASX:AWV) project manager Geoff Xue, because Nevada is the most prolific gold production province in America.
“Nevada is like WA to Australia, it accounts for around 80% of gold production in the States,” he said.
“And the area around Big Springs – where we are – is kind of like gold greenstone belt in WA.
“Of around 700 listed mining companies on the ASX, only a few have projects in Nevada.”
Gold was first discovered at Big Springs during the 1970s, and open pit mining produced approximately 386,000 ounces, but ceased in 1993 due to the low prevailing gold price environment.
But with gold prices sitting just under US$1,800/ounce, the timing – and the pricing – is right to get drilling underway at the project.
Big Springs is adjacent to the Jerritt Canyon gold mine which has produced over 10 million ounces of gold since commencing in the 1980s.
“Big Springs is the first gold discovery in the belt, but quite underexplored because the focus has been moved to Jerritt Canyon – which is just 20km away,” Xue said.
“We also have a mining permit advantage, because to get a mining permit in Nevada can be a more than two-year process.
Big Springs is fully permitted to conduct a Stage 1 mining operation at South Sammy, including open pit mining at the 601 deposit and underground mining at the 601 and 701 deposits.
The company completed a JORC (2012) Mineral Resource estimate of 1 million ounces at 2g/t for Big Springs in 2014 – with a high-grade component of 415,000 ounces at 4.2g/t. Various drilling programs since then delivered outstanding intercepts at South Sammy, North Sammy and Beadles Creek.
A comprehensive targeting study conducted on the project identified 18 near mine targets to expand the current resource, as well as 41 district targets for prospective regional exploration.
The upcoming reverse circulation program is aimed at both resource extension and new exploration target testing.
And Xue said he’s confident there’s potential to grow existing resources at the project.
“We plan to start drilling in early October to test these targets,” he said.
“We’re aiming to extend the resources, and I’m very confident in the 19 high-priority targets.
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.