Minnova Corp. Reports High Grade Gold Assays up to 45 g/t in Grab Samples from Summer Field Mapping Program Along Strike from the PL Mine Site
Toronto, Ontario--(Newsfile Corp. - August 14, 2017) - Minnova Corp. (TSXV: MCI) (OTC: 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 initial surface grab sample assay results from its summer field program at the PL Mine site.
Prospecting and geological mapping along VTEM conductors and magnetic lineaments along strike of the PL Deposit has identified two new gold showings, the PL North and J Showings. The PL North Showing (assays up to 45g/t) is located 385 m northwest of the PL Deposit and the J Showing (assays up to 0.9g/t) is located 2.0 km west-northwest of the mine site.
The PL North showing is comprised of a network of 30-40 cm thick quartz veins hosted by biotite-garnet, biotite-amphibole, biotite-quartz, and amphibolite gneisses of the Amisk Group. The paragneiss succession is underlain by the tonalite gneiss that forms the footwall of the PL Deposit. The moderately dipping, northwest striking stratigraphy at the PL North Showing occurs along the trend of the host stratigraphy of the PL Deposit. Where exposed, arsenopyrite and pyrite mineralisation, associated quartz veins, can be traced over a strike length of approximately 100m at the contact between the biotite-quartz and biotite-garnet gneiss units. The competency contrast between these rock units is an important control on sulphide and gold mineralisation within the main PL Deposit. Initial mapping at the PL North Showing indicates the structural style of the quartz veins, mineralisation, and stratigraphy is comparable to the PL Deposit. The similarity in host rocks and structural style suggests this is the strike extension of the deposit, or a new zone within the structural trend. The PL North Showing was not previously identified and has never been drill tested.
The J Showing is located along a northeast-trending VTEM conductor along the eastern shoreline of Jay Lake. The anomalous gold mineralisation is associated with pyrite and fine-grain arsenopyrite hosted by biotite-quartz gneiss. Weathering of the sulphides at the J Showing form distinctive gossans within the scattered outcrop along the trend of the VTEM conductor. Due to extensive swamps and poor outcrop exposure in this area additional detailed ground work will be required to understand the nature and extent of gold mineralisation at the J Showing. The J Showing was not previously identified and has never been drill tested.
Surface grab sample results to date include;
|Sample Number||Au (ppb)|
|J Showing(all results shown)|
|PL North Showing (additional results pending)|
Note: Assay results are uncut, fire assay with gravimetric finish on samples >10 g/t
Geological mapping and prospecting of these new gold occurrences and several other targets along strike from the PL Mine is ongoing. The goal of the remaining summer program will be to determine the extent of the gold mineralisation and how the new gold showings correlate to the PL Deposit.
Gorden Glenn, CEO commented, "Initial results from our summer program are extremely encouraging and point to the untested exploration potential of the property. No field work has been carried out on the PL Mine site and surrounding area in over 30 years. As previously released the recent detailed infill drilling program on the PL deposit has advanced our technical understanding of the PL Deposit geology and structural controls that may control gold mineralization."
All grab 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 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.
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.
For more information please contact:
President & Chief Executive Officer
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"- the2015 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. AlthoughMinnova 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 beas 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.
Source: Newsfile Corp.