Anova Metals : Shallow High-Grade Gold Discovered at Beadles Creek Fault

25 February 2022

ASX ANNOUNCEMENT

For personal use only

Shallow High-Grade Gold Mineralisation

Discovered at Beadles Creek Fault

HIGHLIGHTS:

• Assay results received for a further six holes from the Big Springs 2021 RC drilling program.
• These holes were testing new targets identified along the Beadles Creek Fault, associated with the Briens Fault.
• Shallow, high-grade gold mineralisation intercepted including:
• • BS21_12: 22.86m @ 1.23g/t from 0m, including 3.05m @ 4.91g/t
  • BS21_09: 25.91m @ 0.82g/t from 91.44m, including 4.57m @ 2.13g/t
• The intervals in BS21_12 (starting from surface) represent a new discovery running parallel to existing mineralisation controlled by the Briens Fault.
• This new discovery highlights the significant potential at Big Springs for ongoing discovery of oxidized supergene gold mineralisation.
• Wider mineralised intervals suggest the potential for a large gold system along the broader Beadles Creek Fault; in this highly prospective zone.
• These results will be followed-up with further drill testing during the 2022 exploration program.
• Remaining assay results from the 2021 drilling are expected to be received later this month.

Anova Metals Limited (ASX: AWV) (Anova or the Company) is pleased to advise of the receipt of assay results for another six Reverse Circulation (RC) drill holes from the 2021 exploration program at its 100%- owned Big Springs Gold Project (Big Springs) in Nevada, U.S.

Fifteen RC holes, for a total of 2,620 metres, were drilled at Big Springs in late 2021 (Figure 1). This program was designed to test high-priority targets identified from the Comprehensive Targeting Study completed at Big Springs in Q1 2021 (see AWV ASX release dated 27 May 2021). The targets specifically tested in the 2021 drilling program included Crusher Zone South and along the Beadles Creek Fault.

Assy results for the first six holes, which tested the Crusher Zone South zone were previously received and released (see AWV ASX release dated 9 February 2022). These results included a thick, shallow, high-grade interval of 27.43m @ 2.39g/t from 21.3m, which represented the first new discovery at Big Springs since the mid-2000s.

Assay results have now been received for a further six holes (BS21_07 to BS21_12). These holes were designed to test the new targets identified along the Beadles Creek Fault and mineralisation associated with the Briens Fault, which controls the occurrence of the 401 deposit.

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

Commenting on the further 2021 assay results, Anova Managing Director and CEO, Dr Mingyan (Joe) Wang, said:

"The high-grade intervals announced earlier this month represented the first greenfield discovery at Big Springs since the mid-2000s. We are now very pleased to announce the additional discovery of high- grade gold mineralisation starting from surface in parallel with the Briens Fault controlled ore body. When coupled with the wide intervals also returned at the broader Beadles Creek Fault target, we believe the 2021 drill program has clearly vindicated the use of modern, systematic exploration at Big Springs - and highlighted the substantial and immediate opportunity for the Company."

BS21_09&10 BS21_11&12

BS21_07&08

Figure 1: Plan view of the location of drill holes in the 2021 RC drilling program

Outstanding results were received at the Beadles Creek Fault target with the discovery of several new lodes of gold mineralisation. Returned intervals are detailed in Tables 1 and 2 and include:

• BS21_12: 22.86m @ 1.23g/t from 0m, including 3.05m @ 4.91g/t
• BS21_09: 25.91m @ 0.82g/t from 91.44m, including 4.57m @ 2.13g/t

High grade gold mineralisation, starting from surface and running parallel to the existing mineralisation at Briens Fault, was intercepted at BS21_12, with the interval of 22.86m @ 1.23g/t including 3.05m @ 4.91g/t (Figures 2 and 3). Oxidized gold mineralisation was also returned in the nearby hole BS21_11 with an interval of 39.62 m @ 0.43g/t from surface. This new discovery highlights the significant potential at Big Springs for ongoing discovery of oxidized supergene gold mineralisation.

Anova Metals Limited	Level 3, 3-5 Bennett Street, East Perth WA 6004	2
ABN 20 147 678 779	P [phone] E [e-mail] W anovametals.com.au

For personal use only

The gold mineralisation returned in BS21_09 occurs in Unit D, which hosts the majority of the gold mineralisation at South Sammy. It confirms the extension of the mineralisation from an historical interval of 7.62m @ 3.27g/t drilled in 2005.

Gold mineralisation in association with the Beadles Creek Fault was also confirmed with the intercept of 3.05m @ 0.63g/t in BS21_08. Wide, lower grade gold mineralisation in BS21_11, controlled by the Beadles Creek Fault, was also returned (Figure 3). These results reaffirm the Company's interpretation of the mineralisation control factors. Anova plans to follow-up these results with further drill testing in 2022 targeting high-grade mineralisation in between Beadles Creek and South Sammy.

Wide gold mineralisation in a fresh rock zone was also confirmed with an interval of 54.86m @ 0.37g/t from 202.69m in BS21_10 (ends in gold mineralisation, Table 1). Such intercepts highlight the clear potential to discover large-scale gold systems at Big Springs.

Figure 2: Cross section showing the new discovery of oxidized supergene gold mineralisation parallel to the discovered mineralisation along Briens Fault

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

For personal use only

BS21_12

BS21_09 & 10

Cross section in Figure 2

BS21_11

BS21_07 & 08

Figure 3: Plan view of the results from 2021 RC drilling. A new zone of oxidized supergene gold mineralisation was discovered at BS21_12. Gold mineralisation controlled by the Beadles Creek Fault was also confirmed.

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

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

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

For personal use only

Table 1: Drill hole collar and survey details for new 2021 RC drilling results

Hole_id	Hole_type	Max depth (m)	x	y	z	Azi	Dip
BS21_07	RC	289.56	550358.4	28727378	7930	140.62	-73.87
BS21_08	RC	169.164	550358.4	28727378	7930	140.23	-54.98
BS21_09	RC	196.596	550408.3	28727817	7951	138.83	-69.6
BS21_10	RC	257.556	550408.3	28727817	7951	141.5	-80
BS21_11	RC	216.408	550711.6	28727900	7835	140.42	-67.5
BS21_12	RC	185.928	550705	28727897	7835	283.71	-55.62

Note: Collar is in the grid of NAD83 Nevada East ft. Azi and dip data are for the down hole depth of 0 meter.

Table 2: Drill hole location details for new 2021 RC drilling returned assays

Drill Hole	From	To		Intercept
BS21_07	0	25.91	25.91m @ 0.30 g/t
BS21_08	0	10.67	10.67 m @ 0.30 g/t
BS21_08	25.91	30.48	4.57 m @ 0.51 g/t
BS21_08	96.01	99.06	3.05m	@ 0.63g/t
BS21_09	0	4.57	4.57 m @ 0.36g/t
BS21_09	91.44	117.35	25.91m	@ 0.82g/t
BS21_09	102.11	106.68	4.57m	@ 2.13g/t
BS21_10	202.69	257.56	54.86m	@ 0.37g/t
BS21_11	0	39.62	39.62m	@ 0.43g/t
BS21_12	0	22.86	22.86m	@ 1.23g/t
BS21_12	0	10.67	10.67m	@ 2.13g/t

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