Anova Metals Limited announced the completion of an updated Mineral Resource Estimate at its 100%-owned Big Springs Gold Project in Nevada, US. The updated JORC (2012) compliant Big Springs MRE is 15.5 Mt at 2.0 g/t Au for 1.01 Moz (utilising cut-off grades of 0.8 g/t Au and 1.0g/t Au for various ore bodies). Using a higher 2.5 g/t Au cut-off grade, the high-grade portion of the updated Big Springs MRE is 3.1 Mt at 4.2 g/t Au for 413 koz.

Total Measured and Indicated Resources now stand at 555 koz (at an average grade of 2.5g/t Au), which represents a 21% increase on the previous M&I Resources. Critically, this sees the higher confidence M&I Resources now comprising approximately 55% of the total MRE at Big Springs The Big Springs Project consists of a number of Carlin-style gold deposits located in north-eastern Nevada, along strike from the Jerritt Canyon gold camp. Jerritt Canyon consists of a cluster of deposits, five of which contain more than 1 Moz each in gold resources.

Approximately 10 Moz gold has been mined from the Jerritt Canyon property in total. In contrast, the Big Springs Project property is relatively underexplored and has been prepared by Anova this year for a significant drilling program to commence in 2023. An important step in this process was the independent updating of the Big Springs MRE (last estimated in 2014) to incorporate the outcomes of drilling programs conducted during the intervening period.

The independently updated MRE provides a high-confidence, solid foundation, which the Company will endeavour to grow through optimized exploration and discovery. The new MRE was undertaken by Elizabeth Haren of Haren Consulting Pty Ltd, based on information compiled by Anova geological staff which included previous MRE files, geological and mineralisation interpretation, and drillhole data. The updated MRE incorporates the previously announced estimates for the Mac Ridge area, portions of the South Sammy area and portions of the Briens Fault area.

Updated estimates were made for North Sammy, portions of South Sammy, Beadles Creek, Dorsey Creek, and portions of Briens Fault where new drill hole data was available. The Big Springs disseminated; sediment-hosted gold deposits have been classified by respected scientific authors as typical Carlin-style deposits. Gold is hosted predominantly within the "Overlap Assemblage", which is Mississippian to Permian in age (300 to 360Ma), with structure and host stratigraphy being the primary controls on gold mineralisation.

Mineralisation is typically hosted within black, highly carbonaceous siltstone and calcareous sandy siltstone. These units are typically located between the Argillic thrust in the footwall and the Schoonover thrust in the hanging wall. Individual high grade ore shoots at North Sammy generally plunge moderately to the NNW and are controlled by intersections of E-W-striking faults with the NE-SW-striking Argillic thrust.

The South Sammy Creek deposit is more complex with a series of controlling structures, in particular the Briens fault along the western margin. On the eastern side of the Briens fault the thick, tabular South Sammy ore deposit forms a largely continuous zone that is semi-concordant with the permeable and brittle host rocks of the Overlap Assemblage. Data from 2,506 drill holes (300,078 metres) were used for the interpretation.

Previous miner, Independence Mining Company Inc. (IMC), drilled both RC and diamond core and previous explorer, Gateway Gold Corp. (Gateway), drilled 312 holes of which 141 were RC and 171 were HQ diamond core. Sample information used in resource estimation was derived from both RC drilling and diamond core drilling.

The drill samples have been geologically logged and sub-sampled for lab analysis. Historical assaying was undertaken by one of the following: Monitor Geochemical Laboratory, American Assay Laboratories, Chemex Laboratory or Cone Geochemical. Most of the samples were assayed for Au by Atomic Absorption Spectroscopy after roasting and acid digestion.

Selected samples were analysed by Fire Assay, or by cyanide leach on either roasted or un-roasted pulps. These techniques are designed to report total gold. Gateway samples were submitted to ALS Chemex for Au by Fire Assay/atomic absorption.

All samples more than 5g/t Au were re-assayed by Fire Assay with gravimetric finish. In addition, all samples were analysed for a suite of 34 elements with either an aqua regia or 4 acid digest and ICP/AES finish. Samples from Anova's drilling program between 2014 and 2017 were sent to American Assay Labs in Reno for Au by Fire Assay/Anomic absorption.