Toronto, Ontario--(Newsfile Corp. - September 9, 2019) - Minnova Corp. (TSXV: MCI) ("Minnova" or the "Company") is please to announce high grade gold assays from historical underground mine stockpiles from the Poderosa Vein on its La Esperanza discovery-stage project in Peru.
During a recent site visit to prepare for a fall exploration and bulk sampling program on the La Esperanza vein our technical team re-visited the mine adit accessing the Poderosa vein to evaluate underground mine conditions. During the site visit two historic mine stockpiles located at the opening of the Poderosa vein mine adit were sampled. Both stockpiles exhibited visible sulphide mineralization and quartz veining/silicification typically associated with gold mineralization previously reported on the La Esperanza property. In addition, a wooden chute used to dump mined material into trucks for transport to nearby mills was noted to contain a significant volume of historical mined material from the Poderosa vein and this was also sampled. In total approximately 300 kilograms from the two stockpiles and the wooden chute were sampled to provide reference samples prior to sending the stockpile's and mine chute material to a toll mill as part of a bulk sample program. Pictures of the stockpiles and mine chute can be accessed on by clicking the following link: https://player.vimeo.com/video/358904819
Table 1: Selected reference samples of planned bulk samples from the Poderosa Vein stockpiles and mine chute
|Sample No.||Location||Sample||Sample |
|CM-388979||Poderosa Vein - Stockpile #1||Reference sample||200||11.34|
|CM-388981||Poderosa Vein - Stockpile #2||Reference sample||50||9.09|
|CM-388980||Poderosa Vein - Mine Chute||Reference sample||30||18.89|
Gold grades of these reference samples are considerably higher than previous underground chip and grab samples results taken by Minnova personnel in summer 2018. All of the large grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.
Gorden Glenn, President and CEO of Minnova commented: "The high gold grade results obtained from the Poderosa vein stockpiles and mine chute are an exciting development for the La Esperanza Property. Whereas initial field work and sample results from the Poderosa vein had caused us to focus on the rapid evaluation and development of the La Esperanza vein these reference sample results support re-prioritizing the Poderosa vein and including it in our planned bulk sampling program. The Poderosa vein already has 206 meters of underground development on 3 levels which are all readily accessible. An initial work program consisting of detailed surface and underground mapping and bulk sampling can be initiated quickly with shipment of bulk samples of gold and silver mineralized material for processing at the near by Inkarri Mill." See Additional Disclosure below.
The La Esperanza property is a discovery-stage property hosting two veins (La Esperanza and Poderosa) which have been traced over 2.2 kilometres and remain open on strike. Both veins exhibit historical small-scale mining dating back to the Spanish era and both veins exhibit high gold grades. Neither vein has been subjected to modern exploration techniques of detailed mapping, sampling, geophysics and drilling to determine their resource potential. Minnova intends to advance the project along a dual track of modern exploration and small-scale development and bulk sampling from existing underground workings and surface trenching. Bulk samples will be processed at a local toll mill to collect data on gold distribution and metallurgical characteristics. Proceeds from the sale of bulk samples will be re-invested in the project.
In addition to the positive assay results we are pleased to report that the consultants engaged to file our exploration permit completed their site visit in August and are in process of completing reports required as part of the permitting process. Once the permits are in place, we will be able to scale up our exploration and development work on the property which will include up to 1000 m of diamond drilling, mapping and trenching.
All reference samples were bagged in rice bags which were labeled, tagged, documented and sealed. The reference samples were transported directly to Labratorio Quimico & Metalurgico the Inkarri mill preparation lab and individually crushed, mixed and quartered under supervision of Minnova personnel. Receipt of the samples was signed off at the preparation lab and was tracked by the Company. Pulps of each sample were prepared and followed by fire assay and gravimetric analysis, if required, at Analytica Mineral Services S.A.C., Chala, Peru. A QA/QC program including the regular insertion by the Company of duplicates, blanks and standards is in place.
Additional Disclosure - Cautionary Language
Minnova has not made a production decision on the La Esperanza property. The La Esperanza property has not been subject to any modern exploration (e.g. mapping, sampling and drilling) and as such does not host a NI 43-101 compliant resource. The property occurs in the Chala mining district of southern Peru, which hosts numerous active small mining operations and toll mills. The property itself exhibits significant historical mining activity consisting of over 15 adits and surface pits and well over 200 metres of underground development including open, historically mined stopes dating back to the Spanish era. Minnova's work program benefits from the historical mine infrastructure. A program of detailed underground and surface mapping, underground and surface drilling and bulk samples has been proposed for the Poderosa and La Esperanza veins evaluate their potential to host a resource. At this time the Company has not demonstrated the economic and technical viability and there can be no assurance our proposed program will be successful.
Mr. Chris Buchanan, M. Sc., P. Geo., a consultant of the Company and a "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
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President & Chief Executive Officer
For further information, please contact Investor Relations at 647-985-2785 or firstname.lastname@example.org
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Forward Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information regarding the Company including management's assessment of future plans and operations, that may involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be achieved nor that the proposed operations will be economically viable. Although Minnova has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Minnova does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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