Anova Metals : Further Gold-in-Soil Targets identified at Golden Dome South

18 January 2022

ASX ANNOUNCEMENT

For personal use only

Further Gold-in-Soil Targets identified at

Golden Dome South

HIGHLIGHTS:

• Another approximately 1,000 assay results received from large-scale soil sampling programs.
• Further gold-in soil anomalies returned from the southern zone of Golden Dome South, with this anomalism typically located along the east-west faulting identified from gravity studies.
• Surface mapping is planned this year to refine the targets identified via geochemistry for planned future drilling activities.
• 15 holes with a total of 2,620 meters were completed with the greenfield targets Crusher Zone South and Beadles Creek fault now tested. Assay results are expected to be received late January and early February.

Anova Metals Limited (ASX: AWV) (Anova or the Company) is pleased to advise that it has received further assay results for another two batches of soil samples from last year's exploration program at its 100%-owned Big Springs Gold Project (Big Springs) in Nevada, US.

Approximately 5,500 soil samples were collected at Big Springs in 2021 over an area of approximately 17 km2. This sampling was designed to evaluate the gold mineralisation potential at Jacks Creek, Mac Ridge North and Golden Dome South (see Anova ASX release dated 20 September 2021).

Assay results for more than 4,000 soil samples have previously been received with Anova announcing encouraging new gold anomalies at Jacks Creek, Mac Ridge North and Golden Dome, including within new claims that were only secured by the Company in August 2021 (see Anova ASX release dated 7 December 2021 and 14 December 2021). These anomalies are typically located along the faults and intersections between faults that were identified from gravity studies.

Assays for a further two batches of approximately 1,000 samples in total at Golden Dome South have now been received. More significant gold-in-soil anomalies have been returned along the east-west faults identified from gravity data analysis (Figure 1).

These most recent anomalies are concentrated in the southern zone of the Golden Dome South area and include multiple samples of both 20-30 ppb Au and +30 ppb Au. Consistency between historical soil gold anomalies and identified in-situ gold mineralisation is affirmed by historical drilling results, such as the historical intercept of 6.1m @ 2.79 g/t Au, which is located approximately 500 metres to the north of this southern zone at Golden Dome South.

Surface mapping is planned as soon as conditions permit, to refine the identified gold anomalies and provide enhanced targeting for planned future drilling activities at Golden Dome South.

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	1
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au

For personal use only

The RC drilling program for 2021 was completed with 15 holes having been drilled for a total of 2,620 meters (Figure 2). Drilling was stopped earlier than planned due to the weather conditions. However, the two main greenfield targets were tested, including Crusher Zone South and Beadles Fault; to find repeat ore bodies in between Beadles Creek and South Sammy. Encouraging Carlin gold mineralisation indicators such as sulphide mineralisation and argillic alteration were observed from the RC chips (see Anova ASX release dated 7 December 2021). One hole designed to follow up the 401 deposit drilling intercept of 10.85m @ 3.96 g/t in 2020 was completed as well (see Anova ASX release dated 21 October 2021). The fully permitted 11 holes with a total of 2,500 meters will be continued to drill in 2022. Assay results are expected to be received late in January and early February. The Company will keep the market informed.

6.1 m @ 2.79g/t

Figure 1: New gold-in-soil anomalies identified in the southern zone of Golden Dome South

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For personal use only

Figure 2: Big Springs Gold Project RC drilling program in 2021

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

a	b
CONTACT:
Investors	Media
[phone]	Michael Vaughan (Fivemark Partners)
[e-mail]	[phone]

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Table 1: Mineral Resources

					Measured				Indicated					Inferred			Combined
only		Project		kT	Grade		Koz	kT		Grade	Koz	kT	Grade	Koz	kT	Grade		Koz
	Big Springs (JORC 2012)
	North Sammy		346	7.0		77.9	615		3.1	62.2		498	2.8	44.1	1,458	3.9		184.1
	North Sammy Contact						443		2.3	32.4		864	1.4	39.3	1,307	1.7		71.8
	South Sammy		295	4.0		38.2	3,586		2.1	239.9	3,721	1.3	159	7,602	1.8		437.2
	Beadles Creek						119		2.2	8.2	2,583	2.3	193.5	2,702	2.3		201.7
	Mac Ridge										1,887	1.3	81.1	1,887	1.3		81.1
	Dorsey Creek											278	1.4	12.9	278	1.4		12.9
	Briens Fault											799	1.6	40.5	799	1.6		40.5
	Big Springs Sub-Total		641	5.6		116.1	4,762		2.2	343.3	10,630	1.7	570.4	16,032	2.0		1,029.9
use		Note: Appropriate rounding applied
	1. The information in this announcement that relates to the mineral resources for the Company's Big Springs Project was first reported by the Company
		in its resource announcement ("Resource Announcement") dated 26 June 2014. The Company confirms that it is not aware of any new information or
		data that materially affects the information included in the Resource Announcement, and in the case of estimates of Mineral Resources, that all material
		assumptions and technical parameters underpinning the estimates in the Resource Announcement continue to apply and have not materially changed.
personal		Competent Person Statement
	The information in this report that relates to Exploration Result for the Big Springs Project is based on information compiled by Dr. Geoffrey Xue. Dr.
	Xue is a full time employee of Anova and a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to
		the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in
		the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
		Reserves. Dr. Xue consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.
		The information in this report that relates to Mineral Resources for the Big Springs Project is based on information compiled by Mr Lauritz Barnes,
		Principal Consultant Geologist - Trepanier Pty Ltd. Mr Barnes is a shareholder of Anova. Mr Barnes is a member of the Australian Institute of
		Geoscientists and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities
		undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for
		Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Barnes consents to the inclusion in this report of the matters based on his
		information in the form and context in which they appear.
		Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004					4
		ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au
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Appendix 1: JORC Code, 2012 Edition - Supporting tables.

For personal use only

The following section is provided to ensure compliance with the JORC (2012) requirements for the reporting of exploration results for the Big Springs gold deposit in Nevada.

Section 1: Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation		Commentary
Sampling	Nature and quality of sampling (eg cut channels,	∙ Approximately 5500 soil samples
techniques	random chips, or specific specialised industry		were collected with sampling
	standard measurement tools appropriate to the		density of 30 meters E-W and 70
	minerals under investigation, such as down hole		meters N-S.
	gamma sondes, or handheld XRF instruments, etc).	∙ Samples will collected at a size of
	These examples should not be taken as limiting the		500 grams for each, with a depth
	broad meaning of sampling.		of approximately 0.3 meters
	Include reference to measures taken to ensure		below surface.
	sample representivity and the appropriate calibration	∙ Samples have been dispatched to
	of any measurement tools or systems used.		ALS Global in Reno, NV for
	Aspects of the determination of mineralisation that		analysis
	are Material to the Public Report.	∙ Fire assay will be used for Au
	In cases where 'industry standard' work has been		analysis and aqua regia/ICP MS
	done this would be relatively simple (eg 'reverse		will be used for multi element
	circulation drilling was used to obtain 1 m samples		analysis.
	from which 3 kg was pulverised to produce a 30 g
	charge for fire assay'). In other cases more
	explanation may be required, such as where there is
	coarse gold that has inherent sampling problems.
	Unusual commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure of
	detailed information.
Drilling	Drill type (eg core, reverse circulation, open-hole	∙	N/A
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc)	∙
	and details (eg core diameter, triple or standard tube,
	depth of diamond tails, face-sampling bit or other
	type, whether core is oriented and if so, by what
	method, etc).
Drill sample	Method of recording and assessing core and chip	∙	N/A
recovery	sample recoveries and results assessed.	∙
	Measures taken to maximise sample recovery and
	ensure representative nature of the samples.
	Whether a relationship exists between sample
	recovery and grade and whether sample bias may
	have occurred due to preferential loss/gain of
	fine/coarse material.
Logging	Whether core and chip samples have been	∙	N/A
	geologically and geotechnically logged to a level of
	detail to support appropriate Mineral Resource
	estimation, mining studies and metallurgical studies.
	Whether logging is qualitative or quantitative in
	nature. Core (or costean, channel, etc) photography.
	The total length and percentage of the relevant
	intersections logged.
Sub-sampling	If core, whether cut or sawn and whether quarter,	∙ Each sample is about 500 grams,
techniques and	half or all core taken.		and organic materials were
			sieved out.

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	5
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au