Minnova Corp. Reports Final Gold Assays from Phase 1 PL Deposit Drill Program; Initiates Updated PL Deposit Mineral Resource Estimate
TSX VENTURE: MCI
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|
- 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,
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.
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.