Anova Metals Limited (ASX: AWV) (Anova or the Company) is pleased to advise of assay results for the first two holes (BS-006 and ZBF-02a) from the 2020 diamond drilling program at its 100%-owned Big Springs Gold Project in Nevada (Big Springs).

Commenting on the initial results, Anova Managing Director, Dr Mingyan (Joe) Wang, said: 'We are excited to report the first assay results from the 2020 diamond drilling at Big Springs. As the first exploration drilling program since 2007 to test these particular targets, the outstanding results returned have not only further improved confidence in Anova's geological model, but also affirmed the potential for substantial resource growth with further drilling. We look forward to the ongoing receipt and reporting of assay results from the drilling conducted in late 2020, and the incorporation of these results into our current planning for a large-scale, intensive exploration program at Big Springs through 2021.'

Assay results were received for BS-006 (North shoot, North Sammy) and ZBF-02a (401 deposit, South Sammy). Multiple lodes of gold mineralisation were intercepted at both BS-006 and ZBF-02a, with a summary of the intervals reported in Tables 1 and 2. Best results included: BS-006: 5.49m @ 15.23g/t from 106.07m, including 1.52m @ 31.5g/t and ZBF-02a: 4.54m @ 3.98g/t from 91.75m, including 1.39m @ 7.24g/t.

Intense alteration such as silicification and decarbonation was developed in the mineralisation zones. Pyrite and arsenopyrite were the dominant sulphide minerals observed. Brecciation within the mineralisation zone also occurred due to the intersection with faults.

The interval of 5.49m @ 15.23g/t at BS_006 at North Sammy is a new lode discovery and occurred below the main ore shoot. The intercept of 1.52m @ 0.56g/t in BS-006 was returned above the Schoover Fault. It has successfully extended the shallower mineralisation at North Sammy by another 100 metres down dip.

The intercept of 4.54m @ 3.98g/t at ZBF-02a has successfully extended the high-grade discovery at 401 deposit (South Sammy) (which was made back in 2006/07) for another 50 metres to the west and down dip. Importantly, the mineralisation in this zone also remains open along strike and down dip.

Next steps

Follow-up drill holes focussed on both these extensional successes are expected to form part of the 2021 drilling program, targeting significant further resource growth in these areas.

Extensive drilling and broader exploration activities are currently being planned for the 2021 field season, including drilling, soil sampling, field mapping and geophysics surveys. Further details with respect to the planned 2021 field program at Big Springs are expected to be announced shortly.

Assay results for the remaining eight diamond holes completed in the 2020 drilling program are expected to be received over coming weeks. This program comprised infill and extensional drilling of the existing 1.03 Moz Big Springs Mineral Resource, plus active testing of new exploration targets.

Contact:

Tel: +61 8 9481 0389

About the Big Springs Gold Project

The Big Springs Gold Project is a Carlin-style gold deposit located 80 km north of Elko in northeast Nevada, USA. Big Springs produced 386,000 ounces of gold between 1987 and 1993, ceasing production due to low gold prices. It is located in proximity to multiple +10 Moz resource Carlin-style gold projects within the region, including the producing Jerritt Canyon Gold Mine which is 20km south of Big Springs. Big Springs has Measured, Indicated and Inferred Mineral Resources of 16 Mt at 2.0 g/t Au for 1.03 Moz (refer Table 1 and Anova ASX release dated 26 June 2014), over 50 km2 of highly prospective ground. The high-grade portion of the Mineral Resources, reported at a cut-off grade of 2.5 g/t gold, contains 3.1 Mt at 4.2 g/t for 415 koz. Big Springs is fully permitted for Stage 1 mining operations.

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