Anova Metals : Further strong results from 2021 drilling

28 March 2022

ASX ANNOUNCEMENT

Further strong results from 2021 drilling

HIGHLIGHTS:

•  Assay results received for the final three holes from the Big Springs 2021 RC drilling program.

•  BS21_14 was designed to step-out from the successful extension of the 401 deposit in 2020 and returned a thick intercept of 16.75m @ 1.68g/t Au from 83.7m, including 4.57m @ 3.71g/t Au.

•  Results from BS21_13 confirmed and extended the shallow and oxidized gold mineralisation discovered by BS21_12 and BS21_11; additional mineralisation controlled by the Beadles Creek fault was also confirmed in this hole.

•  The overall results of the 2021 RC drilling program are consistent with the Targeting Study and have strongly affirmed Anova's understanding of mineralisation controls at Big Springs.

•  These results are now to be incorporated into the design of the planned 2022 resource and exploration target drilling program, including further direct testing of the mineralisation controlled by the Beadles Creek fault.

•  Update of the Big Springs Mineral Resource estimate, incorporating the outcomes of the 2021 RC drilling program, along with all drilling since 2014, is scheduled for Q2 2022.

•  Expanded Plan of Operation (POO) application is under review, which covers an area of up to >3,600 Ha (compared to the existing POO of only 68 Ha). The expanded POO covers the vast majority of the high-priority and nearly all of the district drill targets (total of 41 targets).

Anova Metals Limited (ASX: AWV) (Anova or the Company) is pleased to advise the final assay results from the 2021 exploration program at its 100%-owned Big Springs Gold Project (Big Springs) in Nevada, U.S.

Fifteen RC holes, for a total of 2,620 metres, were drilled at Big Springs in late 2021 (Figure 1). This program was designed to test high-priority targets identified from the Comprehensive Targeting Study completed at Big Springs in Q1 2021 (see AWV ASX release dated 27 May 2021). The targets specifically tested in the 2021 drilling program included Crusher Zone South, along the Beadles Creek Fault, and the mineralisation extension at 401 deposit.

Assay results for the first twelve holes, which tested the Crusher Zone South zone and Beadles Creek fault mineralisation, were previously received and released (see AWV ASX releases dated 9 February 2022 and 25 February 2022). Oxidized and shallow high-grade intervals were returned at both targets with intervals of 27.43m @ 2.39g/t Au from 21.3m at Crusher Zone South and 22.86m @ 1.23g/t Au at Beadles Creek fault zone, which represented the first new discoveries at Big Springs since the mid-2000s.

Assay results have now been received for the remaining three holes from the 2021 drilling program. Hole BS21_14 was seeking to extend the high grade mineralisation discovery from the 2020 drilling program at 401 deposit, which had previously returned an interval of 10.85m @ 3.96g/t Au (see AWV ASX release dated 21 January 2021). BS21_14 returned a thick interval of 16.75m @ 1.68g/t Au from 83.7m,including 4.57m @ 3.71g/t Au (see Tables 1 and 2). This has demonstrated wide gold mineralisation depth continuity at the 401 deposit (Figure 2).

As previously announced (and shown in Figure 3), new oxidized gold mineralization was discovered from the earlier BS21_12 and BS21_11 holes in the 2021 program (see AWV ASX release dated 25 February 2022). This new body of mineralisation was further confirmed by the newly released BS21_13, which returned a wide, lower grade interval of 16.7m @ 0.39g/t Au. A further interval of 1.53m @ 0.68g/t Au was also received from BS21_13, which was associated with the Beadles Creek fault.

Commenting on the further 2021 assay results, Anova Managing Director and CEO, Dr Mingyan (Joe) Wang, said:

"Gold mineralisation at 401 deposit was further extended at depth and remains open. Also importantly, shallow oxidized gold mineralisation controlled by the Beadles Creek fault was re-affirmed by BS21_13, which was consistent with the intervals from BS21_11 and BS21_12. Follow up drilling to test the mineralisation at Beadles Creek is a priority for drilling in 2022.

"Anova is pleased by the overall outcomes of the 2021 RC drilling program, which are consistent with the Targeting Study released in May 2021 and have strongly affirmed our understanding of the mineralisation controls at Big Springs. Our expanded POO application is under review by Forest Services, which if granted will allow the Company to conduct aggressive drilling across a considerably wider area at Big Springs that also covers 19 high priority district targets."

BS21_14

BS21_13

Figure 1: Plan view of the location of drill holes in the 2021 RC drilling program

Figure 2: Cross section showing the depth continuation of gold mineralisation at 401 deposit

BS21_09 &10

BS21_06&07&08

BS21_11 &12

Cross section in Figure 2

Figure 3: Plan view of the results from 2021 RC drilling. Gold mineralisation was extended at 401 deposit, Gold mineralisation controlled by the Beadles Creek Fault was also confirmed by BS21_13 and BS21_12.

This announcement has been authorised for release by: Mingyan Wang, Managing Director

CONTACT:

Investors	Media
[phone]	Michael Vaughan (Fivemark Partners)
[e-mail]	[phone]
Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004
ABN 20 147 678 779	P [phone] [e-mail]

Wanovametals.com.au

Table 1: Drill hole collar and survey details for new 2021 RC drilling results

Hole_id	Hole_type	Max depth (m)	x	y	z	Azi	Dip
BS21_13	RC	226.8	550918.7	28728120	7690	139.5	-60.7
BS21_14	RC	121.8	550688.2	28728275	7705	247.6	-62.34

Note: Collar is in the grid of NAD83 Nevada East ft. Azi and dip data are for the down hole depth of 0 meter.

Table 2: Drill hole location details for new 2021 RC drilling returned assays

Drill Hole	From	To	Intercept
BS21_13	4.57	21.32	16.75m @ 0.39 g/t
BS21_13	162.91	164.43	1.53 m @ 0.68 g/t
BS21_14	83.74	100.49	16.75m @ 1.68g/t, including 4.57m @ 3.71g/t