Minnova Corp. Intersects 16.38 g/t over 5 Meters
Toronto, Ontario--(Newsfile Corp. - May 4, 2017) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) "Minnova" or the "Company"), an advanced-stage mining exploration and gold development company focused on the advancement and re-start of our 100% owned PL Gold Mine in central Manitoba is pleased to announce additional positive results from Phase 1 of its 2017 PL Gold Deposit in-fill drilling program.
Highlighted intercepts include;
23.79 g/t over 1.00 m
23.28 g/t over 1.00 m
15.76 g/t over 1.00 m
10.36 g/t over 1.00 m
9.23 g/t over 1.00 m
8.73 g/t over 1.00 m
Hole M-17-17 intercepted a wide zone of well mineralized shear zone between 63.0 m and 68.0 meters in a vertical hole. The wide, high-grade intersection confirms the dip continuity of the shear zones that control quartz veining and associated gold mineralisation.The apparent width indicates that there are pinch-and-swell structures within the deposit that control the geometry of high-grade gold mineralized shoots.The 2017 in-fill drill program was designed, in part, to identify the structural controls on these shoots and help to model their location within the deposit.
Full and partial assay results have now been received for 21 of the 50 diamond drill holes completed as part of our Phase 1, 10,000 meter drilling program.See Table 1 for details on assay results received to date.
The PL Deposit consists of multiple, stacked shear zones trending northwest-southeast and defined in drill core over a strike length of over 1 kilometer.The deposit remains open to expansion along strike and down dip. The Phase 1 in-fill drilling program was designed to target the shallow portion of the deposit between surface (the resource sub-crops) and -150 meters vertical; across the strike length of known mineralization with a goal of upgrading the current measured, indicated and inferred resources.
Gorden Glenn, CEO commented, "Minnova geologists and consultants designed the Phase 1 2017 in-fill drilling program to further enhance our existing geological model of structural controls on gold mineralization.Hole M-17-17's exceptional results supports our model and the interpretation that wider, high grade gold mineralized shoots can be traced in the PL Deposit. This data will not only support future mine planning and development initiatives, but also our property wide and regional exploration efforts".
Table 1: Drill results with gold assays greater that 5 g/t
| Hole | Location | Azimuth/Incl. | From (m) | To (m) | Length(m) | Au gpt |
| M-17-04 | 373349E/6100641N | 0/-90 | 110.00 | 112.00 | 2.00 | 9.29 |
| including | 111.00 | 112.00 | 1.00 | 17.46 | ||
| M-17-05 | 373293E/6100630N | 0/-90 | 77.00 | 81.00 | 4.00 | 5.19 |
| including | 79.00 | 81.00 | 2.00 | 7.67 | ||
| including | 79.00 | 80.00 | 1.00 | 13.31 | ||
| M-17-06 | 373169E/6100678N | 0/-90 | 57.65 | 59.30 | 1.65 | 9.39 |
| M-17-09 | 373199E/6100617N | 0/-90 | 51.50 | 54.00 | 2.50 | 10.88 |
| including | 52.00 | 53.28 | 1.28 | 18.77 | ||
| including | 53.00 | 53.28 | 0.28 | 57.64 | ||
| M-17-10 | 373212E/6100603N | 0/-90 | 23.00 | 25.00 | 2.00 | 5.47 |
| including | 23.00 | 24.00 | 1.00 | 7.79 | ||
| 65.00 | 67.00 | 2.00 | 26.73 | |||
| including | 66.00 | 67.00 | 1.00 | 53.36 | ||
| M-17-11 | 373220E/6100573N | 0/-90 | 12.30 | 15.85 | 3.55 | 20.23 |
| including | 12.30 | 12.60 | 0.30 | 131.29 | ||
| 13.65 | 15.85 | 2.20 | 14.09 | |||
| 35.82 | 36.15 | 0.33 | 17.67 | |||
| 62.40 | 63.95 | 1.55 | 6.45 | |||
| including | 62.40 | 63.35 | 0.95 | 9.71 | ||
| 74.85 | 75.26 | 0.41 | 16.61 | |||
| M-17-12 | 373250E/6100578N | 0/-90 | 29.00 | 33.00 | 4.00 | 8.79 |
| including | 29.00 | 32.00 | 3.00 | 11.09 | ||
| including | 30.00 | 32.00 | 2.00 | 14.86 | ||
| including | 30.00 | 31.00 | 1.00 | 21.23 | ||
| 65.00 | 68.00 | 3.00 | 9.66 | |||
| 65.00 | 66.50 | 1.50 | 18.80 | |||
| M-17-16 | 373155E/6100700N | 0/-90 | 58.00 | 60.00 | 2.00 | 10.67 |
| including | 58.00 | 59.00 | 1.00 | 21.25 | ||
| 84.00 | 87.25 | 3.25 | 5.75 | |||
| including | 84.50 | 85.50 | 1.00 | 16.19 | ||
| M-17-17 | 373262E/6100575N | 0/-90 | 63.00 | 68.00 | 5.00 | 16.38 |
| including | 63.00 | 64.00 | 1.00 | 23.79 | ||
| including | 64.00 | 65.00 | 1.00 | 8.73 | ||
| including | 65.00 | 66.00 | 1.00 | 15.76 | ||
| including | 66.00 | 67.00 | 1.00 | 10.36 | ||
| including | 67.00 | 68.00 | 1.00 | 23.28 | ||
| M-17-20 | 373283E/6100679N | 0/-90 | 125.00 | 130.00 | 5.00 | 8.60 |
| including | 127.50 | 130.00 | 2.50 | 15.52 | ||
| 84.00 | 87.25 | 3.25 | 5.75 | |||
| including | 84.50 | 85.50 | 1.00 | 16.19 |
(core intersection lengths approximate 85% true width, assay results are uncut, fire assay with gravimetric finish on samples >10 g/t)
QA/QC Statement
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. Samples were placed in labelled rice sacks and sealed with a security zip-tie. Initially samples were delivered to the Accurassay Laboratories in Thunder Bay Ontario.Due to an unforeseen closure of the Accurassay lab samples were re-routed to SGS Canada Inc. and their labs in Burnaby, BC and Cochrane, Ontario. Receipt of the samples was signed off at all preparation labs and 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 completed an Updated PEA which supports average annual production of 48,100 ounces over a +10 year mine life.Work to date supports advancing the project toward production with an initial program of detailed definition drilling to be followed by a future underground test mining and bulk sample program and completion of a Feasibility Study to bring the PL Mine back into production. The PL Gold Mine has a valid underground mining license, an existing 1,000 tpd flotation mill, 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.