Anova Metals (ASX:AWV) has received firm commitments from sophisticated and professional investors to raise $2 million through the issue of 50 million shares priced at $0.04 each.
Proceeds will be used primarily for permitting, mine design finalisation and site works in preparation for commencement of mining operations at its Big Springs Gold Project in Nevada.
The capital raising will be undertaken in two tranches with the first tranche of 37,500,000 shares to raise $1,500,000 to be issued upon completion of the documentation and the second tranche of 12,500,000 shares to raise $500,000, will be issued subject to shareholder approval.
Big Springs has a contained Resource of 1.03 million ounces of gold.
Recent drilling has confirmed the high grade nature of mineralisation.
Best intersections included:
- 20.5 metres at 7.6 grams per tonne gold from 7 metres;
- 7.6 metres at 9.5 g/t gold from 53.3 metres;
- 6.1 metres at 11.8 g/t gold from 9.1 metres; and
- 10.7 metres at 8.7 g/t gold from 45.7 metres.
Big Springs is close to good supporting infrastructure with the Carlin region of Nevada being the primary gold production centre for the U.S.
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