Discovery Stage La Esperanza Property, PL Mine Metallic Screen Check Samples Results
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Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 365 Bay Street, Suite 400
www.minnovacorp.ca Toronto, Ontario M5H 2V1
Corporate Update
Discovery Stage La Esperanza Property,
PL Mine Metallic Screen Check Samples Results
Debt Settlements and Option Grants
NOT FOR DISSEMINATION INTO THE UNITED STATES
January 31, 2019, Toronto, Ontario – Minnova Corp. (TSXV: M CI, OTC Pink : AGRDF,
"Minnova” or the “Company”), a discovery-stage exploration and gold development company is
pleased to provide a corporate update on our discovery stage La Esperanza property in Peru and
our ongoing efforts to further de-risk and enhance our PL Mine re-start plan.
Following the acquisition of the La Esperanza property in Peru in late October 2018 we engaged
Peruvian consultants to complete requisite environmental studies and community engagement
activities in advance of planned field work in Spring of 2019. It is anticipated that all requisite
approvals will be in place to start our inaugural 2019 work program of mapping, trenching, bulk
sampling and up to 1,500 metres of drilling on the la Esperanza and Poderosa veins by March
2019.
Gorden Glenn, CEO com mented “We are ex cited to initiate field work on this discovery stage
property. The property has never been explored by modern methods yet has seen small scale
production dating back to the Spanish era. Our extensive due diligence traced the la Esperanza
vein over a kilometer on surface with high grade chip and gr ab samples as high as 26.4g/t over
1.0 meter (see Press Release dated October 15, 2018). The Poderosa vein has approximately
400 meters of underground development on 3 levels and offers a unique opportunity to explore
and develop the project from underground including possible bulk samples to be processed at a
local toll mill, potentially generating revenue to offset exploration costs. Our goal at La Esperanza
is to rapidly advance the project and complete an initial NI 43-101 resource estimate by the end
of 2019.”
At our PL Mine additional results from 7 holes (30 assays) from our Metallic Screen Fire Assay
(“MSFA”) check assay program have been received and compared against Original Fire Assay’s
(“OFA’s”). The latest MSFA results continue to exhibit positive, and in some cases negative
variation, as compared to the OFA’s and continue to support a potential increase in gold grades
by an average of 18% (See Table 1).
Gorden Glenn, CEO commented “MSFA results to date continue to support potential for higher
gold grades. The fine fraction assays generally exhibit good reconciliation with the gold grades
reported in the OFA, while the course fraction generally exhibits a greater variance. While coarse
fraction variance is generally positive there are MSFA check assays where it is negative possibly
indicating the coarse gold was captured in the OFA and therefore not available to be captured in
the MSFA check assay. Work i s ongoing to complete the check assay program by mid -2019 in
parallel with plans for a future bulk sample program.”.
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Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 365 Bay Street, Suite 400
www.minnovacorp.ca Toronto, Ontario M5H 2V1
Table 1: Metallics Screens Check Sample Gold Assays Compared to Original Fire Assays
Hole From
(m)
To
(m)
Length
(m)
Original
Fire Assay
Au gpt
Coarse
Fraction
Au gpt
Fine
Fraction
Au gpt
MSFA
Total
Gold
Au gpt
Au
% Change
Revised
Composite
Au gpt
Composite %
Change
M-17-04 110.0 112.0 2.00 9.29 15.61 68%
Including 110.0 111.0 1.00 1.12 0.12 0.90 1.02 -9.0%
111.0 112.0 1.00 17.46 16.67 13.52 30.20 73.0%
M-17-05 77.00 80.00 3.00 7.67
7.05 -8.0%
Including 77.00 78.00 1.00 4.34 1.42 4.45 5.87 35.3%
78.00 79.00 1.00 1.10 0.02 0.92 0.95 -14.0%
79.00 80.00 1.00 17.56 1.42 12.92 14.34 -18.3%
M-17-06 35.25 36.9 1.65 6.05 1.79 2.54 4.32 -28.6% 4.32 -28.6%
M-17-06 47.15 48.42 1.27 0.90 0.75 -17.0%
Including 47.15 48.15 1.00 0.03 0.00 0.01 0.02 -33.3%
48.15 48.42 0.27 4.11 0.17 3.28 3.45 -16.1%
M-17-09 51.50 54.00 2.50 9.89 12.63 27.6%
51.50 52.00 0.50 3.32 0.12 2.24 2.36 -28.92%
52.00 53.00 1.00 5.40 1.66 7.64 9.29 72.09%
53.00 53.28 0.28 57.64 22.03 50.55 72.57 25.91%
53.28 54.00 0.72 2.13 0.08 0.99 1.07 -49.67%
M-17-10 23.00 25.00 2.00 4.60 4.77 3.7%
Including 23.00 24.00 1.00 6.04 0.046 6.76 6.81 12.7%
24.00 25.00 1.00 3.16 0.027 2.73 2.73 -13.6%
M-17-10 64.00 66.00 2.00 26.73 24.18 -9.6%
Including 64.00 65.00 1.00 0.11 0.00 0.05 0.05 -52.8%
65.00 66.00 1.00 53.36 11.51 36.75 48.26 -9.5%
M-17-11 62.40 63.95 1.55 6.45
11.87 84.1%
Including 62.40 63.35 0.95 9.71 4.48 14.05 18.53 90.8%
63.35 63.95 0.60 1.29 0.01 1.33 1.34 3.9%
M-17-11 74.00 75.26 1.26 5.98
8.13 36.1%
Including 74.00 74.85 0.85 0.85 0.00 1.01 1.02 19.5%
74.85 75.26 16.61 16.61 13.47 9.42 22.89 37.8%
M-17-12 29.00 33.00 4.00 8.79 9.37 6.6%
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Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 365 Bay Street, Suite 400
www.minnovacorp.ca Toronto, Ontario M5H 2V1
Including 29.00 30.00 1.00 3.57 0.047 4.37 4.42 23.7%
30.00 31.00 1.00 21.23 0.253 18.86 19.11 -10.0%
31.00 32.00 1.00 8.50 2.06 10.07 12.13 42.7%
32.00 33.00 1.00 1.87 0.003 1.84 1.84 -1.6%
M-17-12 65.00 66.50 1.50 14.58
14.30 -2.0%
Including 65.00 65.50 0.50 1.29 0.01 1.15 1.16 -10.1%
65.50 66.50 1.00 21.23 0.24 20.62 20.86 -1.7%
M-17-12 78.00 80.00 2.00 6.07 12.36 103.6%
Including 78.00 79.00 1.00 3.51 5.24 3.36 8.61 145.3%
79.00 80.00 1.00 8.62 7.13 9.02 16.1 86.8%
M-17-13 245.00 246.00 1.00 7.66 0.61 12.03 12.64 65.0% 12.64 65.0%
M-17-15 57.00 59.00 2.00 2.48 1.91 -23.1%
57.00 58.50 1.00 0.40 0.00 0.30 0.31 -22.5%
58.00 59.00 1.00 4.57 0.04 3.48 3.52 -23.0%
M-17-16 84.00 87.25 3.25 5.75 8.66 50.6%
84.00 84.50 0.50 0.53 0.03 0.37 0.40 -24.5%
84.50 85.50 1.00 16.19 16.43 9.23 25.7 58.7%
85.50 87.25 1.75 1.28 n.s.
M-18-65 79.91 82.00 2.09 6.15 2.31 -62.4%
Including 79.91 81.00 1.09 11.00 1.15 2.27 3.43 -68.8%
81.00 82.00 1.00 0.873 0.03 1.07 1.10 26.0%
Average Variance 10.9% 18.4%
Notes; n.s.- no MSFA sample, MSFA Total Gold may not add due to rounding
QA/QC
The MSFA check samples were selected from a subset of samples that were used to create
composite intervals for the 2017 resource calculation. Composite intervals were selected to test
the response of variable grade sample intervals to MSFA. The course reject and corresponding
pulp for each of the original samples were placed in labeled sample bags, documented by
geological staff, and packaged in rice bags with security zip -ties for shipment. Samples were
delivered to Activation Laboratories Ltd. in Thunder Bay, ON. At the lab each course reject and
pulp was reconstituted into a new sample by laboratory staff. The samples were processed to
extinction by the laboratory to fully test the entire sample for inhomogenously distributed course
and fine gold particles. The FA procedure utilised a 50g aliquot, compared to the standard 30g
aliquot utilised by Minnova Corp. The results of the MSFA samples were incorporated into the
sample database and used to recalculate the original composite intervals.
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Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 365 Bay Street, Suite 400
www.minnovacorp.ca Toronto, Ontario M5H 2V1
In other Corporate developments the Company has reached an agreement with arms-length and
non-arm's length debt holders to settle up to $500,000 of debt by issuing Common shares priced
at $0.45 per common share.
In addition to the proposed debt settlement the Company has granted an aggregate of 1,000,000
options to purchase common shares of the Company exercisable at a price of $0.43 per common
share for a period of 5 years, to certain directors, officers, employees and consultants. The
common shares issuable upon exercise of the options are subject to a four month hold period
from the original date of grant.
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 future surface exploration work programs will 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 e xisting 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 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. Although Minnova has attempted to identify important
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Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 365 Bay Street, Suite 400
www.minnovacorp.ca Toronto, Ontario M5H 2V1
factors that could c ause 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 ac curate, 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.