PERTH (miningweekly.com) – Junior gold developer Anova Metals is looking for a buyer for its Big Springs gold project, in Nevada.
“The board has decided to pursue a divestment for Big Springs. This will unlock significant value from the work undertaken at Big Springs over the past five years and will allow Anova to focus its resources on advancing projects within its Australian portfolio and pursue additional opportunities within Australia,” said Anova executive director Bill Fry.
The company said on Wednesday that a 2017 independent technical assessment and valuation report had valued the Big Springs and US exploration assets at between A$51.2-million and A$75.8-million, with a preferred valuation of A$63.1-million.
The divestment process will be led by Canadian resource advisers Haywood Securities, and will explore multiple opportunities for Anova to divest of its interest in the project and unlock value for shareholders, the company said.
It added that a number of potential parties have already been identified by Haywood, which will be targeted during the divestment process.
The process is expected to run for several months, and is targeted for completion before the end of the calendar year.
Big Springs currently has a resource estimate of 16-million tonnes, grading 2 g/t gold, for more than one-million ounces of contained gold.