Minnova Corp. Reports Final Gold Assays from Phase 1 PL Deposit Drill Program and Initiates Updated PL Deposit Mineral Resource Estimate
Toronto, Ontario--(Newsfile Corp. - July 18, 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 its 100% owned PL Gold Mine in central Manitoba is pleased to announce final assay results from Phase 1 of its 2017 PL Gold Deposit in-fill drilling program.The Company also announces that it has engaged CSA Global Canada Geosciences Ltd. ("CSA") to initiate an updated mineral resource estimate for the PL deposit.
Highlighted intercepts include;
21.69 g/t over 0.95 m
7.90 g/t over 0.93 m
23.90 g/t over 1.17 m
12.70 g/t over 1.00 m
12.40 g/t over 1.00 m
10.30 g/t over 1.00 m
Gorden Glenn, CEO commented "Our 2017 drill program achieved a high level of success, intersecting multiple zones of high grade gold mineralization, including one of the highest grade gold intercepts ever reported at the PL deposit (298.05 g/t over 0.30 m in hole M-17-14).With Phase 1 drilling complete we are now in a position to update our PL Deposit mineral resource estimate in support of our ongoing feasibility study and planned underground test mining program to be initiated fall 2017. It is anticipated the feasibility study will be completed in August 2017 in support of project financing discussions to re-start the PL mine".
The 2017 drill program has advanced the Company's technical understanding of the PL Deposit with the recognition of new structural controls on the formation of higher-order mineralized shear zones within the deposit that provide multiple targets for the discovery and expansion of higher-grade mineralized shoots.The new exploration targets include: conjugate shear zones, mineralized shoots plunging along the intersections of existing zones, and previously unrecognized shear zones that link the historical mineralized zones.The recognition of a conjugate shear zones controlling mineralization provides a comprehensive structural framework to begin re-modeling the deposit and understanding the controls on mineralization.
The PL Deposit consists of multiple, stacked shear zones trending northwest-southeast that are defined in drill core for 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.
Table 1: Drill results with gold assays greater that 4 g/t
| Hole | Location | Azimuth/Incl. | From (m) | To (m) | Length (m) 1 | 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-17-07 | 373245E/6100650N | 0/-90 | 58.65 | 59.30 | 0.65 | 23.28 |
| 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 | ||
| and | 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 | ||
| including | 13.65 | 15.85 | 2.20 | 14.09 | ||
| and | 35.82 | 36.15 | 0.33 | 17.67 | ||
| and | 62.40 | 63.95 | 1.55 | 6.45 | ||
| including | 62.40 | 63.35 | 0.95 | 9.71 | ||
| and | 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 | ||
| and | 65.00 | 68.00 | 3.00 | 9.66 | ||
| including | 65.00 | 66.50 | 1.50 | 18.80 | ||
| M-17-13 | 373540E/6100725N | 0/-90 | 245.00 | 246.00 | 1.00 | 6.30 |
| M-17-14 | 373190E/6100630N | 0/-90 | 38.10 | 46.65 | 8.55 | 10.98 |
| including | 38.10 | 38.47 | 0.37 | 11.03 | ||
| including | 46.35 | 46.65 | 0.30 | 298.05 | ||
| M-17-16 | 373155E/6100700N | 0/-90 | 58.00 | 60.00 | 2.00 | 10.67 |
| including | 58.00 | 59.00 | 1.00 | 21.25 | ||
| and | 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-17-18 | 373580E/6100745N | 0/-90 | 166.00 | 168.00 | 2.00 | 5.09 |
| including | 166.00 | 167.00 | 1.00 | 9.85 | ||
| M-17-19 | 373290E/6100605N | 0/-90 | 89.22 | 92.00 | 2.78 | 37.35 |
| including | 89.22 | 90.00 | 0.78 | 81.90 | ||
| including | 90.00 | 91.00 | 1.00 | 32.25 | ||
| including | 91.00 | 92.00 | 1.00 | 7.70 | ||
| and | 122.00 | 125.00 | 3.00 | 34.34 | ||
| including | 122.00 | 123.00 | 1.00 | 5.80 | ||
| including | 123.00 | 124.00 | 1.00 | 1.52 | ||
| including | 124.00 | 125.00 | 1.00 | 27.02 | ||
| M-17-20 | 373283E/6100679N | 0/-90 | 125.00 | 130.00 | 5.00 | 8.60 |
| including | 127.50 | 130.00 | 2.50 | 15.52 | ||
| and | 84.00 | 87.25 | 3.25 | 5.75 | ||
| including | 84.50 | 85.50 | 1.00 | 16.19 | ||
| M-17-21 | 373540E/6100725N | 0/-90 | 275.00 | 279.00 | 4.00 | 6.22 |
| including | 275.00 | 276.17 | 1.17 | 8.54 | ||
| and | 278.00 | 279.00 | 1.00 | 14.49 | ||
| M-17-23 | 373220E/6100695N | 0/-90 | 107.00 | 112.00 | 5.00 | 15.79 |
| including | 110.00 | 111.04 | 1.04 | 70.35 | ||
| M-17-24 | 373220E/6100720N | 0/-90 | 124.00 | 125.00 | 1.00 | 4.25 |
| M-17-25 | 373278E/6100714N | 0/-90 | 113.75 | 114.75 | 1.00 | 8.66 |
| and | 137.00 | 138.00 | 1.00 | 6.96 | ||
| M-17-26 | 373664E/6100820N | 0/-90 | 345.00 | 346.95 | 1.95 | 12.41 |
| including | 346.00 | 346.95 | 0.95 | 21.69 | ||
| M-17-27 | 373324E/6100730N | 0/-90 | 163.07 | 165.00 | 1.93 | 19.00 |
| including | 163.07 | 164.00 | 0.93 | 37.90 | ||
| M-17-28 | 373282E/6100735N | 0/-90 | 147.02 | 148.00 | 0.98 | 4.55 |
| M-17-29 | 373317E/6100708N | 0/-90 | 128.00 | 129.00 | 1.00 | 4.85 |
| M-17-30 | 373740E/6100581N | 0/-90 | 179.00 | 181.00 | 2.00 | 4.27 |
| including | 180.00 | 181.00 | 1.00 | 6.41 | ||
| M-17-31 | 373139E/6100762N | 0/-90 | 116.75 | 117.75 | 1.00 | 4.57 |
| M-17-33 | 373700E/6100599N | 0/-90 | 135.00 | 137.00 | 2.00 | 10.20 |
| including | 136.00 | 137.00 | 1.00 | 12.40 | ||
| M-17-34 | 373179E/6100838N | 0/-90 | 92.00 | 93.00 | 1.00 | 6.08 |
| M-17-35 | 373394E/6100705N | 0/-90 | 160.00 | 161.00 | 1.00 | 4.07 |
| and | 177.62 | 178.34 | 0.72 | 4.00 | ||
| M-17-36 | 373762E/6100544N | 0/-90 | 127.00 | 128.00 | 1.00 | 5.22 |
| M-17-37 | 373384E/6100769N | 0/-90 | 152.00 | 153.00 | 1.00 | 12.70 |
| M-17-39 | 373327E/6100771N | 0/-90 | 156.00 | 158.00 | 2.00 | 7.46 |
| and | 174.00 | 176.00 | 2.00 | 4.88 | ||
| including | 175.00 | 176.00 | 1.00 | 7.97 | ||
| M-17-42 | 373681E/6100540N | 0/-90 | 212.00 | 213.00 | 1.00 | 4.84 |
| M-17-44 | 373429E/6100771N | 0/-90 | 134.00 | 135.00 | 1.00 | 10.30 |
| M-17-45 | 373839E/6100038N | 0/-90 | 179.00 | 186.23 | 7.23 | 5.98 |
| including | 183.83 | 185.00 | 1.17 | 23.90 | ||
| M-17-46 | 373449E/6100742N | 0/-90 | 195.00 | 196.00 | 1.00 | 5.99 |
NOTES:
- True widths vary depending on the vein zone intersected but generally approximate 85% of the down hole interval,
- 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. Subsequent to that, in order to improve assay turnaround time, the company engaged Activation Laboratories Ltd. in Thunder Bay 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. Disclosure related to the 2015 Updated Preliminary Economic Assessment (the "2015 PEA"- the 2015 PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. 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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