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Highlights:
- Anova Metals registered remarkable gains on Monday, ending 50% strong at AU$0.015 apiece.
- The company has been in news lately for its Big Springs Gold project.
- Recently, a robust IP survey indicated that gold deposits at Big Springs are anomalously chargeable.
Share price of ANOVA Metals Limited (ASX:AWV) exploded on the ASX today (8 August 2022). The stock ended today’s session at AU$0.015 apiece after jumping 50%.
Anova is a resource development and exploration company in Nevada and Western Australia. It deals in gold exploration and possesses 100% ownership of the Big Springs Gold project, situated at Nevada, USA.
Why did Anova shares shoot up today?
The company did not share any price sensitive information on Monday. However, the benchmark index, ASX 200 Materials (INDEXASX:XMJ) closed 288.20 points or 1.832% higher today.
Also, the recent updates by the company might have supported the share price.
Recent announcements by Anova
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Image source: © Tepic | Megapixl.com
In late June to early July, Anova conducted Induced Polarisation and Resistivity (IP) survey at Big Springs. The data shared by the company showed that the parts of the Big Spring deposit are clearly anomalously chargeable.
In addition to these results, the company highlighted that unexplained and interesting anomaly in the data gathered had been flagged for possible drilling and further consideration.
Changes in the board and management
From 1 July 2022 onwards, Amanda Buckingham took up the role of Executive Director. Amanda carries a full-time experience of over 25 years in mineral exploration.
Also, same day, Mingyan Wang took up the role of non-executive director and left the position of CEO and managing director.
Steve McMillin became part of the company as the Big Springs Exploration manager at the beginning of Mya 2022. The extensive experience of McMillin would be crucial for the company to accelerate the exploration activities at the Big Springs.
What are the strategic initiatives of Anova?
The company intends to develop, advance and own high-potential projects in geologically prolific mining and Tier 1 jurisdictions. The end goal of such an initiative is to create shareholder returns.
In line with this strategy, the company is actively looking for early-stage exploration projects in Western Australia that would complement the Big Spring Gold Project, situated in Nevada.
Historical performance of Anova shares
In last one month, the shares have gained 50%. In 6 months, the shares have dropped by 25% and one year fall is also 25%. In last five years, the share price has dropped significantly by 78%.
The 52-week high is AU$0.027, and the low is AU$0.006. The market capitalisation of Anova stands at AU$14.98 million.
