Anova wraps up $9m placement, set for flurry of gold drilling
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Anova is all set to embark on an aggressive exploration program across the Golden Dragon and Fields Finds gold projects after completing the second tranche of its $9m placement.
The completion of the $2.9m second tranche follows shareholder approval and includes $0.5m in drill equity from contract partner Top Drill, which is undertaking a 10,000m reverse circulation drill program that is separately funded by DC Mines – the owner of the two projects.
Anova Metals (ASX:AWV) will now move to complete the acquisition of DC Mines in the middle of this month before changing its name to Warriedar Resources (ASX:WA8) and embarking on more than 40,000m of drilling at Golden Dragon and Fields Finds.
“Conclusion of the two-tranche placement enables Anova to undertake planned aggressive exploration programs at Golden Dragon and Fields Find upon the imminent completion of the acquisition of DC Mines Pty Ltd, which has now been approved by Anova shareholders,” non-executive chairman Mark Connelly said.
Golden Dragon and Fields Find are located within 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) in Western Australia’s Murchison region.
Historical production at the projects of about 350,000oz came primarily from shallower oxide material though these projects still have resources of about 945,000oz.
There is also substantial potential for further resource growth in fresh mineralisation below and along strike from existing shallow open rigs.
The first 10,000m of drilling – funded by DC Mines – is already underway with results expected at the very end of February 2023.
Anova will carry out the remaining two programs totalling about 30,000m through the remainder of the year to test a range of resource extension, brownfields and greenfields targets.
Other exploration to be carried out this year include extensive field sampling and mapping activities along with several targeted geophysical programs.
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.