The acquisition of Golden Dragon and Fields Find gold projects is expected to be completed in February 2023, subject to several conditions, including the completion of due diligence on the projects and shareholder approvals
Existing plant and infrastructure at Golden Dragon. (Credit: Anova Metals Limited)
Anova Metals has signed a binding agreement to fully acquire DC Mines, the company that holds the Golden Dragon and Fields Find gold projects located in the Western Australia.
The acquisition is expected to be completed in February 2023, subject to several conditions, including the completion of due diligence on the projects and shareholder approvals.
The company intends to seek the necessary shareholder approvals to complete the transaction, at a general meeting to be held in January 2023.
Upon closing of the acquisition, the combined company will be rebranded to Lustre Metals, and will commence a significant drilling programme.
Anova managing director Amanda Buckingham said: “I am delighted to announce the proposed acquisition of the Golden Dragon and Fields Find Projects to Anova shareholders.
“The opportunities for serious and sustained growth are exceptional with this new portfolio, and the fit with our existing gold project in Nevada is ideal.
“With the team we have built, we can shift focus between WA and Nevada as the seasons dictate and maintain a steady pace of development at both projects.
The two projects are located in the highly prospective Murchison Region of Western Australia, which holds high grade gold and base metals discoveries.
They are situated 60km north of Capricorn Metals’ Mt Gibson Gold project, 3km west of the Golden Grove mine and 12km northeast of Silverlake Resources’ Rothsay gold mine.
The projects collectively host an existing JORC Mineral Resource Estimate (MRE) of 19.2Mt at 1.5g/t Au for 945koz gold, with 461koz in the measured and indicated classification.
Upon closing of the acquisition, Anova’s total Mineral Resource base will increase to 1.95Moz, and will undertake aggressive drilling programme to rapidly expand it.
Together with the existing Warriedar project, the company will have a landholding of 804km2 in a premier Western Australian gold and copper mining province.
Buckingham added: “I am particularly excited about the upside potential at Fields Find and welcome the addition of copper as a target commodity in our portfolio.
“This acquisition will position the company as a multi-project, multi-jurisdictional gold and copper exploration and development business.
“It will allow us to conduct year-round, high-impact exploration activities while optimising the use of our exceptional technical team.”