Anova Metals : Final Big Springs Results confirm Successful Drill Campaign

25 February 2021

ASX ANNOUNCEMENT

Final Results at Big Springs confirm

Successful Drill Campaign

HIGHLIGHTS:

•  Excellent assay results received from the final six holes of the 2020 Big Springs diamond drilling campaign, with best intervals including:

  • ‒ 16.76m @ 2.36 g/t Au from 29.87m, including 3.05m @ 7.90g/t;

  • ‒ 9.14m @ 2.48 g/t Au from 55.78m, including 2.74m @ 6.82g/t;

  • ‒ 9.14m @ 2.18 g/t Au from 54.25m, including 3.05m @ 4.37g/t; and

  • ‒ 6.10m @ 2.80 g/t Au from 77.11m, including 1.89m @ 5.92g/t.

•  Defined continuity of mineralisation enhanced at both the SWX Shoot and Crusher Zone at North Sammy.

•  SWX Shoot extended down-dip for a further approx. 50 metres (and remains open) with footwall lodes also discovered.

•  Design of the 2021 Big Springs exploration program is almost complete with an overview of planned activities expected to be released in coming weeks.

•  The 2021 program is planned to aggressively test extensions to existing resources at Big Springs as well as drilling of high-priority new exploration targets worked up through the 2020 field season.

Anova Metals Limited (ASX: AWV) (Anova or the Company) is pleased to advise of assay results received for the residual six diamond holes from the 2020 drilling program at its 100%-owned Big Springs Gold Project in Nevada (Big Springs).

Commenting on the final results, Anova Managing Director, Dr Mingyan (Joe) Wang, said:

"The final results from the 2020 drilling program again show the strong mineralisation profile evident across the Big Springs Gold Project. The strong widths at excellent grades returned from these holes have delivered some key outcomes. Mineralisation continuity has been improved at both the SWX Shoot and Crusher Zone at North Sammy. Mineralisation at the SWX Shoot has also been extended down-dip and remains open in that direction. The discovery of footwall lodes at the SWX Shoot is also very encouraging.

"We now look forward to embarking upon our aggressive exploration plans for Big Springs in 2021. This program is targeted at significant resource growth via extensional drilling of existing deposits plus testing of high-potential exploration targets derived from the extensive geophysical work undertaken through 2020. We believe this program has the clear potential to reposition scale expectations for Big Springs. We look forward to commencing these workstreams, which are planned to include significant RC and diamond drilling through this year."

Wide mineralised intercepts at excellent grades were received at both the SWX Shoot and Crusher Zone at North Sammy. Drill hole intercepts are summarised in Tables 1 and 2, with the best results including:

•  BS-010A: 15.24m @ 2.53g/t from 28.35m, including 3.05m @ 7.90g/t;

•  BS-010A: 9.14m @ 2.18g/t from 54.25m, including 3.05m @ 4.37g/t;

•  BS-003: 9.14m @ 2.48g/t from 55.78m, including 2.74m @ 6.82g/t;

•  BS-009: 6.10m @ 2.80g/t from 77.11m, including 1.89m @ 5.92g/t;

•  BS-008: 3.11m @ 2.39g/t from 5.27m; and

•  BS-007: 16.76m @ 1.20g/t from 29.87m, including 3.05m @ 2.03g/t.

Main lode mineralisation at both the SWX Shoot and Crusher Zone are within Unit D, demonstrating strong alteration of silicification decarbonisation and argillic alteration. The dominant sulphide minerals are arsenopyrite and pyrite. Texture of brecciation, vuggy and stringers are observed. Unit D hosts most of the gold mineralisation at Big Springs.

Figure 1: Cross section showing new drill hole BS-009 at SWX Shoot, North Sammy. Mineralisation has been extended by about 50 metres down dip, with the main lode interval of 6.1m @ 2.8 g/t, including 3.05m @ 7.90g/t. Footwall lode with interval of 7.25m @ 1.04g/t discovered.

Continuity of wide gold mineralisation at SWX Shoot, North Sammy has been enhanced through the intervals returned from BS-010A and BS-007, with encouraging assay results of 15.24m @ 2.53g/t from 28.35m (including 3.05m @ 7.90g/t) and 16.76m @ 1.20g/t from 29.87m (Figures 1 and 2).

Intercepts returned from BS-009 have successfully extended the mineralisation at SWX Shoot, North

Sammy for approximately 50 metres down-dip, with an interval of 6.1m @ 2.80g/t from 77.11m, including 3.05m @ 7.90g/t (Figure 2). SWX Shoot mineralisation remains open down dip.

Footwall lode mineralisation for the SWX Shoot was established from three new drill holes (BS-007, BS-009, and BS-010A), with intervals of 9.14m @ 2.18g/t from 54.25m (including 3.05m @ 4.37g/t) and 7.25m @ 1.04g/t (Figure 2) from 136.92m.

Figure 2: Cross section showing new drill hole BS-007 and BS-010A at SWX Shoot, North Sammy.

Intervals received from infill holes have further improved the continuity of wide mineralisation. Main lode intervals of 15.24m @ 2.53 g/t and 16.76m @ 1.20g/t were returned. Footwall lode discovered with interval of 9.14m @ 2.18g/t.

Intervals of 9.14m @ 2.48g/t from 55.78m (including 2.74m @ 6.82g/t) in BS-003 and 1.52m @ 1.92g/t from 97.23m in BS-002 have further advanced the understanding of the geology at the Crusher Zone, North Sammy. The continuity of defined mineralisation for this area has also been significantly improved.

A noteworthy interval of 3.11m @ 2.39g/t from 5.27m was received from BS-008 at the North Shoot, North Sammy. This indicates the clear potential for further shallow discoveries of oxide resources.

Figure 3: Cross section showing new drill hole BS-002 and BS-003 at Crusher Zone, North Sammy, with returned intervals of 9.14m @ 2.48g/t and 1.52m @ 1.92g/t. Mineralisation continuity significantly improved.