Toronto, Ontario--(Newsfile Corp. - January 22, 2021) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ("Minnova" or the "Company"), is pleased to announce that the Company has commenced drilling at the PL Mine as one part of our 2021 restart programs'. The initial 2021 drill program contemplates 2,500 meters of drilling at the PL North target, located on the permitted mining lease, but outside of the current mineral resource and reserve estimates.
The purpose of the program is to expand current resources, particularly at shallow depths (surface to <150m) and continue to demonstrate exploration upside at the PL Mine site. This program follows on the success of the summer 2020 drilling program and will support an updated NI 43-101 resource estimate by June 2021.
Results of the program will also be used to update and potentially modify or optimize The Company's mine development approach. If the Company can define a near surface resource, it may be considered for a future bulk sample for metallurgical test work. Test work that would include updated gravity, flotational and Merrill-Crowe recovery techniques. The Company is also considering ore sorting test work to confirm that the deposits mineralogy and other rock characteristics are amenable to this new technology.
Gorden Glenn, President & CEO commented, "We have been busy preparing for the winter program since last fall and I'm very pleased to report our initial results in real time from the PL Mine site. We have completed the first hole of the program (M-21-068) to a target depth of 152 meters. We encountered all mineralized structures at targeted depths. The core is being logged, RQD'd and sampled as I write this from the PL Mine site. I would encourage our shareholders and investors to watch our progress in future material press releases and onsite activities which are regularly uploaded to twitter () and Instagram (."
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 surface exploration work programs have and will continue to 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
Visit our website at and follow us on social media (twitter: @MinnovaCEO and Instagram: minnovacorp)
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. 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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