Anova wraps up DC Mines acquisition, set to emerge a bigger gold player
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Anova has officially added 945,000oz of gold to its resource base following the acquisition of Golden Dragon and Fields Find project holder DC Mines.
The addition of the previously producing Golden Dragon, which holds the known resource, and Fields Find in Western Australia’s highly prospective Murchison region also adds substantially to the company’s exploration pipeline.
Anova Metals (ASX:AWV) is progressing the Phase 1 reverse circulation drill program at Golden Dragon with first assays expected by the end of February with a second rig being mobilised to site in March.
Separately, the company has completed its 10-to-1 capital consolidation and will change its name to Warriedar Resources (ASX:WA8) next week.
“The acquisition of the Golden Dragon and Fields Find tenure provides us with a commanding ground position in the central Murchison province region,” managing director Amanda Buckingham said.
“This area has a substantial endowment of gold and base metals and is currently experiencing a rapid resurgence in both exploration and mining activity.
“Phase 1 drilling at Golden Dragon is already well progressed with initial drilling at Windinne Well now complete and the rig moved to Austin. A total of 21 holes for approximately 4,700m were drilled at Windinne Well, with first assays expected at the end of February.”
The company had in November 2022 agreed to acquire DC Mines for 237,500 Anova shares and 23,750,000 performance rights.
Its acquisition adds the Golden Dragon and Fields Find which have produced 350,000oz from shallow oxide gold deposits, including 175,000oz under the operation of Minjar Gold between 2013 and 2019.
Despite having proven gold systems and proximity to Silver Lake Resources’ ultra-high grade Rothsay mine and Capricorn Metals’ multi-million ounce Mt Gibson gold project, the two projects remain underexplored.
While more than 30,000 drill holes have been sunk, processing constraints meant previous owners weren’t looking for fresh rock below oxide resources. Pits ended at an averaged depth of less than 60m.
That means there is plenty of fresh mineralisation to be found beneath and along strike from their existing shallow open pits
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.