Anova Metals Limited announced the completion of an updated Mineral Resource Estimate at its 100%-owned Big Springs Gold Project in Nevada, US. All samples in excess of 10g/t Au were re-assayed by Fire Assay with gravimetric finish. Same as historical drilling programs, a suite of 34 elements were analysed with either an aqua regia or 4 acid digest and ICP/AES finish.

Gold and multi elements analyses (a suite of 51 elements) assaying for samples from the 2020 and 2021 Diamond and RC drilling programs were completed at ALS lab in Reno, NV. Fire assay were used for Au and aqua regia for multi elements and finished by ICP/MS. Each sample weigh a nominal 2-3 kg was sent to the lab and pulverised. The previously reported deposits blocks models were created using Surpac software using 10 ftX by 10 ftY by 5ftZ (3.05 mX by 3.05 mY by 1.52 mZ) blocks, constrained by wireframes for mineralisation for Briens Fault.

For the southern portion of South Sammy and Southwest Sammy a categorical indicator approach was used to define mineralisation from country rock. The updated deposits used Datamine software to create block models using 10 ftX by 10 ftY by 10ftZ (3.05 mX by 3.05 mY by 3.05 mZ) blocks, constrained by wireframes for mineralisation for North Sammy, South Sammy, Beadles Creek and southern Briens Fault. For Dorsey Creek a categorical indicator approach was used to define mineralisation from country rock.

Samples were composited to 5 ft (1.52 m) lengths. Statistical analysis showed the populations in each domain to have approximately log-normal distribution shapes. Where outlier gold grades were identified appropriate top-cuts were applied.

Top-cuts were generally not severe with relatively few composites affected. Continuity analysis was performed on domains where possible with poorly informed domains borrowing parameters from statistically and genetically similar domain. Ordinary Kriging were used to estimate grades in all domains, with estimation searches governed by individual variograms for each domain.

The previously completed bulk density study was used to assign densities based on rock type and oxidation zone. A 0.8 g/t Au gold cut-off was used to report the more diffuse zones with open pit potential while a 1.0 g/t Au cut-off was used where the mineralisation is in a deeper level. The Mineral Resource has been classified Measured, Indicated, and Inferred based on confidence in the geological model, continuity of mineralised zones, drilling density, confidence in the underlying database and bulk density information.

Where geological and grade continuity has been confirmed, density data is available, and the drill spacing is nominally 40ft by 40ft (12m) the Mineral Resource is classified as Measured. Where the geological and grade continuity is assumed, density data is available, and the drill spacing is nominally 80ft by 80ft (12m) the Mineral Resource is classified as Indicated. The remaining material is classified as Inferred except where extrapolation is significant.

In these cases, the material remains unclassified. A portion of the South Sammy MRE previously estimated and reported as Inferred has been removed from reporting due to the stricter assessment of classification criteria applied by the Competent Person. This material will be potentially considered by Anova for an Exploration Target.

Open pit mining studies for the 601 zone at South Sammy are being evaluated and this is proposed to be the initial mining area. Options for underground mining are being evaluated for North Sammy, South Sammy and Beadles Creek. Factors such as a successful previous mining history, open pits still with stable walls after 20+ years since the mine closure, successful historical processing of both oxide and sulphide ore plus numerous nearby mining operations on similar styles of mineralisation and processing facilities indicate that the assumption for potential successful mining of Big Springs is reasonable.

A combination of a historical period of processing both oxide and sulphide ore from Big Springs plus more limited metallurgical testwork by Gateway indicate that the assumption for potential successful processing of Big Springs ore is reasonable. Mining factors such as dilution and ore loss have not been applied.