Anova Metals Limited is a gold company focused on re-commencing mining operations at its 100% owned Big Springs gold project in north eastern Nevada, USA.
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In Big Springs, Anova has a high quality gold asset with a clear and rapid path to production. A key element is the low start-up capital of around US$2 million for the initial open cut phase, with ore being processed via a toll treatment agreement with the neighbouring Jerritt Canyon Mine. This obviates the need to build a treatment plant, which in addition to cutting costs, simplifies permitting and significantly reduces the time and risks to start-up. The low capital for the following underground stages will be able to be funded from cash flow.
The proposed initial 3 year, 41,000ozpa operation has the potential to spin off significant cash, with which the Company plans to pay dividends. There is also excellent exploration and resource expansion potential – both in extensions to the current mineralisation, and also in the high quality exploration ground surrounding the Big Springs mining area.
Big Springs, being located in the Carlin district, is in a world class gold producing area, with access to all support required for a new operation. Another key positive of the jurisdiction are costs – the US is, compared to Australia, a low cost operating environment.
Anova Metals Limited (ASX: AWV) is an Australian based junior developer concentrating activities on the Big Springs Gold Project in northern Nevada. Since acquiring the historical producer in 2012, the Company has progressed steadily towards production.
With permitting for the initial stages expected in Q1, 2015, open cut mining will commence by the middle of 2015, using local mining contractors. An initial 3 year, 4 stage mining plan is being developed, which will include one open pit (with pre-stripping completed by an earlier operator) and three underground operations mining a total of 780,620t @ 5.52g/t gold.
Anova plans to increase mine life through expansion of existing resources and discoveries of new ones...
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Official website: http://anovametals.com.au/
ASX on Hotcooper: http://hotcopper.com.au/asx/AWV