Anova Metals Limited announced that a 10,000m Reverse Circulation (RC) drilling program has commenced at the Golden Dragon Project, located in the highly prospective Murchison region of Western Australia. This program, being undertaken by contractor, Topdrill, represents the first major exploration program to explore for primary gold mineralization at Golden Dragon in the last 20 years. It is being funded by the current owner of the Golden Dragon Project, DC Mines Pty Ltd. (DC Mines), as part of the conditions precedent to its agreed acquisition by Anova.

This initial drilling is set to test resource growth targets at Windinne Well, Mugs Luck and Austin, with the purpose of delineating deposit extensions along strike and at depth. Mineralization control factors, particularly for the high grade lodes in fresh rock zones, will also be interrogated and provide guidance for drillhole design across the two further drilling programs scheduled at Golden Dragon for 2023 (encompassing a planned additional 30,000m+ of drilling by Anova). Golden Dragon Project snapshot: The Golden Dragon (plus Fields Find) Project(s) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton.

Combined with the Company's existing Warriedar Project in the region, the total consolidated land package is 804 km2. The package extends for over 70 km of strike from north to south and covers much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts. Total historical gold production from Golden Dragon (and Fields Find) was 350 koz, with the plant placed on care and maintenance in August 2019.

The current JORC (2012) Mineral Resource estimate for Golden Dragon is 19.2 Mt at 1.5 g/t Au for 945 koz contained gold (of which 461 koz at 1.6g/t Au sits in the Measured and Indicated classifications). The existing Mineral Resources are spread across the Golden Dragon tenement package over more than 10 discrete deposits, and within various geological settings. While there are over 30,000 drill holes in the Golden Dragon (plus Fields Find) drill hole database, the average drill hole depth at Golden Dragon is only 42m, with only a very limited number of holes designed to test fresh rock mineralization.

Target Area 1: Windinne Well: Drilling has commenced first at Windinne Well, where approximately 4,500m is initially planned. The Windinne Well deposit occurs along the underexplored western side of the Yalgoo greenstone belt and mineralization is hosted by a BIF unit. Discovered gold mineralisation extends for approximately 2 km along strike.

The deepest hole below the existing pit at Windinne Well returned an intercept of 5.26m @ 5.07g/t (WWDD039, 270m below surface). The current drilling is set to test depth extensions of the mineralisation at both Windinne Well North and South. Shallow, high grade mineralisation was discovered at Windinne Well North with representative intervals including 11m @ 2.63 g/t Au from 84m (, WORC022, ends in mineralization), 6m @ 4.25 g/t Au from 82m (, WORC017), and 26m @ 1.34g/t Au from 62m (WORC024, not on presented cross sections).

The existing resource at Windinne Well corresponds well with a chargeability anomaly identified in an Induced Polarization (IP) survey covering the area. The anomaly extends north into the Windinne Well North prospect and is set to be tested by the current drilling. The clear extension of the anomaly to the east is planned to be drill tested in a subsequent program, testing for a potential repeat parallel ore body.

Target Area 2: Mugs Luck: Gold mineralisation at Mugs Luck is associated with BIF and dolerite, which were displaced by secondary/tertiary structures. The deepest historic drill holes were less than 150m down hole depth, and mineralisation remains open along strike and at depth. In addition, existing soil samples and drilling results have revealed the occurrence of multiple parallel ore bodies.

The proposed drill holes are set to test the extension of mineralisation at depth and for repeat, parallel (new) deposits. Approximately 3,500m are planned to be drilled at Mugs Luck as part of this initial program. Target Area 3: Austin: At the Austin deposit, the existing shallow open pit is less than 20m deep.

Limited fresh rock drilling at Austin in 2018 returned encouraging intervals, such as 16m @ 3.74 g/t Au from 128m (AURC047). Geology logging for fresh rock mineralisation showed strong sulphide mineralisation, which is consistent with chargeability anomalies identified in an IP survey carried out over the area. The proposed drill holes at Austin are set to test the IP Chargeability anomalies and the high grade gold mineralisation in the fresh rock zone.

The plan is to initially drill approximately 2,500m at Austin.