Minnova Corp. Step-Out Drilling Expands High Grade at PL Mine
Toronto, Ontario--(Newsfile Corp. - October 15, 2020) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ("Minnova" or the "Company"), a discovery-stage exploration and advanced development-stage gold company focused on the expansion and restart of our 100% owned PL Gold Mine in central Manitoba, is pleased to announce further assay results from its Summer 2020 PL Mine on-lease exploration and resource expansion drilling program.
Highlighted intercepts include:
11.7 g/t over 1.00 m
7.55 g/t over 1.00 m
6.99 g/t over 1.50 m
6.92 g/t over 1.20 m
10.7 g/t over 1.00 m
11.4 g/t over 1.00 m
The purpose of the drilling program was to demonstrate the exploration and resource expansion potential of the PL Mine property. Holes M-20-01 through M-20-11 are all located outside the November 2017 mineral resource and reserve estimate resource wireframes (see news release dated November 1, 2017) and were designed to test the PL North target area to potentially expand the current PL Mine resource whereas holes M-20-12 and 13 were located within the current resource area to potentially expand and upgrade the current resource. The highlighted mineralized intervals in Table 1 have the potential to; a) either expand the resource wireframes, b) extend a currently defined mineralized trend or c) are newly identified mineralized trends (eg the new Footwall Tonalite mineralized structure). In any case the PL deposit remains open to expansion.
Gorden Glenn, President and CEO commented, "Results from the 2020 summer drilling program were an overwhelming success and demonstrate the exploration upside and resource expansion potential within the permitted Mineral Lease boundary. Notably high-grade gold was intercepted at, or near surface in holes M-20-02, 09 and 10, highlighting the untapped near surface potential of the PL Mine Property. In addition to the highlighted results in Table 1 we observed several new mineralized structures in the Footwall Tonalite with anomalous gold grades ranging form 0.5 g/t to 1.5 g/t over core widths of up to 9 meters. It is also important to note that all the drilling was completed within 500 meters of the permitted 1000 tpd mill and could have a positive impact on not only future resource estimates but also future development plans due to the location proximal to the mill. This will be evaluated in 2021 as we update our reserve and resource estimates and review our mine development plans.
Additional exploration and resource expansion drilling is planned to restart in mid-late November targeting further resource expansion and even greater step outs along strike. In addition, future drilling will target new mineralized structures in the Footwall Tonalite.
Table 1: Selected Assay Results from 2020 PL Mine Summer Drill Program
Hole | Location | Sample Type | From (m) | To (m) | Length(m) | Au gpt |
M-20-01 | 373028E/6100986N | Half-split | 102.30 | 103.30 | 1.00 | 0.74 |
Half-split | 103.30 | 104.30 | 1.00 | 0.81 | ||
Half-split | 104.30 | 105.30 | 1.00 | 6.33 | ||
Half-split | 105.30 | 106.30 | 1.00 | 5.40 | ||
Half-split | 106.30 | 107.30 | 1.00 | 5.37 | ||
Dup. Qrtr-split | 106.30 | 107.30 | 1.00 | 19.20 * | ||
Half-split | 122.30 | 123.7 | 1.40 | 7.86 | ||
Multiple mineralized structures intersected | < 1.50** | |||||
M-20-02 | 373028E/6100986N | Half-split | 4.00 | 5.50 | 1.50 | 2.05 |
Half-split | 5.50 | 6.50 | 1.00 | 0.90 | ||
Half-split | 6.50 | 7.50 | 1.00 | 4.08 | ||
Half-split | 87.75 | 88.75 | 1.00 | 4.26 | ||
Half-split | 89.75 | 91.15 | 1.40 | 3.82 | ||
Dup. Qrtr-split | 89.75 | 91.15 | 1.40 | 4.15* | ||
Multiple mineralized structures intersected | < 1.50** | |||||
M-20-03 | 373051E/6100947N | Multiple mineralized structures intersected | < 1.50** | |||
M-20-04 | 373051E/6100947N | Multiple mineralized structures intersected | < 1.50** | |||
M-20-05 | 373051E/6100947N | Half-split | 90.90 | 91.70 | 0.80 | 1.71 |
Half-split | 91.70 | 92.70 | 1.00 | 0.88 | ||
Dup. Qrtr-split | 91.70 | 92.70 | 1.00 | 1.11* | ||
Half-split | 102.00 | 103.00 | 1.00 | 1.35 | ||
Half-split | 103.00 | 104.00 | 1.00 | 11.7 | ||
Multiple mineralized structures intersected | < 1.50** | |||||
M-20-06 | 373089E/6100933N | Half-split | 121.00 | 122.5 | 1.50 | 1.08 |
Half-split | 122.50 | 123.3 | 0.80 | 1.87 | ||
Dup. Qrtr-split | 122.50 | 123.3 | 0.80 | 2.95* | ||
Multiple mineralized structures intersected | < 1.50** | |||||
M-20-07 | 373089E/6100933N | Half-split | 100.80 | 101.80 | 1.00 | 1.94 |
Half-split | 101.80 | 103.10 | 1.30 | 2.41 | ||
Multiple mineralized structures intersected | < 1.50** | |||||
M-20-08 | 373101E/6100967N | Half-split | 133.40 | 134.50 | 1.10 | 1.84 |
Dup. Qrtr-split | 133.40 | 134.50 | 1.10 | 2.06 | ||
Half-split | 134.50 | 135.60 | 1.10 | 3.64 | ||
Multiple mineralized structures intersected | < 1.50** | |||||
M-20-09 | 372984E/6100932N | Half-split | 1.10 | 2.20 | 1.10 | 1.30 |
Half-split | 2.20 | 3.20 | 1.00 | 7.55 | ||
Dup. Qrtr-split | 2.20 | 3.20 | 1.00 | 6.44* | ||
Half-split | 69.50 | 71.00 | 1.50 | 6.99 | ||
Half-split | 71.00 | 72.50 | 1.50 | 1.03 | ||
M-20-10 | 372984E/6100932N | Half-split | 1.25 | 2.10 | 0.85 | 3.23 |
Half-split | 2.10 | 3.30 | 1.20 | 6.92 | ||
Half-split | 3.30 | 4.30 | 1.00 | 1.01 | ||
M-20-11 | 372984E/6100932N | Half-split | 66.10 | 67.2 | 1.10 | 3.40 |
Multiple mineralized structures intersected | < 1.50** | |||||
M-20-12 | 373192E/6100702N | Half-split | 81.20 | 82.2 | 1.00 | 1.70 |
Half-split | 82.20 | 83.2 | 1.00 | 10.70 | ||
Half-split | 83.20 | 84.2 | 1.50 | 11.40 | ||
Dup. Qrtr-split | 83.20 | 84.2 | 1.50 | 6.61* | ||
Multiple mineralized structures intersected | < 1.50** | |||||
M-20-13 | 373192E/6100702N | Half-split | 69.50 | 70.8 | 1.30 | 2.61 |
Half-split | 86.60 | 88.1 | 1.5 | 2.18 | ||
Multiple mineralized structures intersected | < 1.50** | |||||
Notes: * Denotes Duplicate Quarter-split sample, ** Mineralized intercepts assaying <1.5 g/t
QA/QC
All samples were sawn and separated with one half being returned to the core box for reference and the other being bagged in a plastic sample bag which was labeled, tagged, documented and sealed. All core samples were placed in labelled rice sacks and sealed with a security zip-tie. Samples were delivered to Activation Laboratories Ltd. in Thunder Bay, Ontario. 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. A QA/QC program including the regular insertion by the Company of duplicates, blanks and standards was instituted.
Sample lengths varied according to geology and mineralization with quartz veins regularly sampled.
About Minnova Corp.
Minnova Corp. is an emerging Canadian gold producer focused on re-starting the PL Gold Mine and expanding gold resources on its PL and Nokomis gold deposits. The Company has completed a Positive Feasibility Study in support of re-starting the PL Mine at an average annual production rate of 46,493 ounces over a minimum 5 year mine life. The resource remains open to expansion and future surface exploration work programs will target resource expansion. The PL Gold Mine has a relatively short pre-production timeline forecast at 15 months, benefits from a valid underground mining permit (Environment Act 1207E), an existing processing plant, over 7,000 meters of developed underground ramp to -135 metres depth, is fully road accessible and close to existing mining infrastructure in the prolific Flin Flon - Snow Lake Greenstone Belt of Central Manitoba.
Qualified Person
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.
For more information please contact:
Minnova Corp.
Gorden Glenn
President & Chief Executive Officer
For further information, please contact Investor Relations at 647-985-2785 or info@minnovacorp.ca
Visit our website at www.minnovacorp.ca
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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