Anova Metals (ASX:AWV) has received firm commitments for a capital raising of $504,000 priced at $0.045 from sophisticated and professional investors.
Proceeds will be used for permitting, mine design finalisation and general working capital requirements for the company’s wholly-owned Big Springs gold project in Nevada.
Big Springs is a Carlin-style gold deposit located in an established gold mining region.
It was mined by Freeport McMoRan (NYSE:FCX) between 1987 and 1993 producing 386,000 ounces of gold from several open pits. Mining at the Project ceased in 1993 due to low gold prices.
Anova has updated JORC Resources of 1.03 million ounces of contained gold at Big Springs.
As at 30th June 2015, it had cash reserves of $1.47 million.
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