Anova Metals (ASX:AWV) now has the cash in the bank to develop its Big Springs gold project in Nevada, USA, and is now turning its attention to the permitting required for mining the 1.03 million ounce deposit.
The company raised US$1.35 million at $0.045 each from investors for the operation which plans to start open pit mining later this year.
The Nevada Division of Environmental Protection has issued a draft Water Pollution Control Permit for the project.
Receipt of this permit marks a major technical and regulatory milestone for the project and Anova is progressing towards completion of permitting for the project during the second quarter of 2016.
With the grant of draft Water Pollution Control Permit and the Nevada Reclamation Permit expected in April, the company is well placed to make a decision to mine in the second quarter of 2016.
The project contains Carlin-style gold deposits 80 kilometres north of Elko in Nevada’s north-east.
The Big Springs gold deposits comprise five separate zones and the project was mined by Freeport McMoRan (NYSE:FCX) between 1987 and 1993, producing 386,000 ounces of gold from six open pits.
Mining ended in 1993 due to low gold prices but from 2002, new owners of the project, Gateway Gold Corporation, completed extensive exploration work on Big Springs, including 49,100 metres of reverse circulation and diamond drilling.
This work was combined with pre-existing drill data to produce a combined database with more than 2,400 drill holes.
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