101.6 g/t Au Assay Results Associated with Visible Gold Discovered in Biggest
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
Minnova Corp.
101.6 g/t Au Assay Results Associated with Visible Gold Discovered in Biggest
Step-Out Drill Hole in History of PL Mine
NOT FOR DISSEMINATION INTO THE UNITED STATES
May 27, 2021, Toronto, Ontario – Minnova Corp. (TSXV: MCI, OTC Pink: AGRDF, "Minnova”
or the “ Company”), a discovery -stage exploration and advanced development -stage gold
company focused on the expansion and restart of our 100% owned PL Gold Mine in central
Manitoba is pleased to announce recent assay results and on-site activities.
Following a detailed review and compilation of the Winter 2021 drill program the Company ’s
technical team planned a 642 meter follow-up drill program consisting of 4 holes targeting: a) a
south east trending mineralized vector on the main PL Deposit, b) shallow infill holes on the PL
North Upper and Lower Zones to define mineralized structures in advance of planned open pit /
bulk sample and c) a deeper, down dip hole to test the PL North mineralized trend at depth.
The Company announced that Visible Gold had been intersected in DDH M-21-048x on April 20,
2021 (see link to press release: MCI-Visible-Gold-and-PL-Mine-Phase-1.pdf). Assay results
confirmed a bonanza gold grade of 101.6 g/t over 0.50 meter interval with a weighted
average grade of 51.95 g/t over the 1 meter mineralized structure . The significance of the
intercept is twofold:
✓ It is the biggest step-out hole in the history of the project highlighting the down-dip and
on-strike resource expansion and exploration potential of the PL property (see Figure 1).
✓ This intercept is the 6th highest grade assay in the history of the PL Deposit and highlights
the potential for extremely high gold grades to occur in the mineralized structures that
make up the PL Deposit and the evolving PL North target area (“PLN”).
Other positive assay results were returned from shallow drilling on PL North Upper Zone. These
include 2.95 g/t over 1.75 meters starting at a depth of 2.5 meters in DDH M-21-082 and 1.02 g/t
over 3.5 meters starting at a depth of 17.0 meters in DDH M -21-083. Near surface gold
mineralization on the PL North Upper Zone is being evaluated for future development, initially as
an open pit / bulk sample that would ultimately be developed into a new northern portal. A second
decline will provide more direct access to PL Deposit reserves (see Note 1) targeted for initial
development and optimize future underground mining operations. The benefits of a new northern
decline were previously highlighted in the April 20, 2021 press release noted above.
PL North Lower Zone continues to evolve as a mappable mineralized structure. The presence of
high-grade assays between the PL North upper and lower zones are interpreted as higher order
shear zones and possibly conjugate shear zones that link the two main mineralized structures at
PL North. In addition to these subsidiary mineralized zones , gold-bearing quartz veins are
consistently intersected at depth within the footwall tonalite, below the PL North Lower Zone (see
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
link to press release where new Tonalite hosted mineralized structures were originally highlighted:
MCI-Corporate-Update-July-30-2020-FINAL.pdf ). These recently identified mineralized structures
are interpreted to be the strike-extension of discontinuous, tonalite-hosted mineralized structures
in the footwall of the PL Deposit, historically referred to as the Lower Lower Zone.
The Location of DDH M -21-048x and other PL North Target drilling, relative to the PL Mill and
main PL Deposit is highlighted in Figure 1.
Figure 1: Location Map Highlighting Spring 2021 Drilling and PL Deposit Resource Model (Note 1)
Gorden Glenn President & CEO commented: “We are pleased that assay results have confirmed
bonanza grades associated with the visible gold observed in step -out hole M -21-048x. The
exceptional grade and location of this inte rcept confirm the on -strike exploration and resource
expansion potential that exists at the PL Mine. Further drilling is warranted to infill drill a large
untested area underlying the PL mill.
We are currently active onsite planning work programs for additional drilling (step-out drilling and
infill drilling). While on site we are also hosting local contractors and service providers to update
our mine development and mill refurbishment cost estimates. All site visitors have commented
on the sites clean and safe working condition (see Photo 1 below). This is a positive reflection on
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
our management, site personnel, contractors and shareholders and we are always pleased to
present our project to interested parties.”
Table 1: Selected Assay Results (>2.00gpt) from the Spring 2021 PL Mine Drill Program
Hole Location Target Zone From
(m)
To (m) Length(m) Au gpt
M-21-048x 373092E/6101499N PLN Upper Zone 208.00 209.00 1.00 51.95
including 208.00 208.50 0.50 101.60
M-21-082 373997E/6100922N PLN Upper Zone 2.50 4.25 1.75 2.95
including 2.50 3.00 0.50 2.57
3.00 3.50 0.50 2.85
3.50 4.25 0.75 3.26
PLN Intermediate
Zone 45.50 48.94 3.44 1.48
including 45.50 46.50 1.00 2.26
48.40 48.94 0.54 4.60
PLN Lower Zone 65.00 66.92 1.92 2.91
including 65.00 66.00 1.00 4.77
M-21-083 372971E/6100982N PLN Upper Zone 17.00 20.50 3.50 1.02
including 17.00 17.85 0.85 1.82
19.00 19.50 0.50 1.06
19.50 20.50 1.00 1.17
PLN Lower Zone 79.50 80.00 0.50 2.47
PLN Deep Zone 100.78 102.90 2.12 2.67
including 100.78 101.14 0.36 2.06
101.14 102.00 0.86 0.21
102.00 102.90 0.90 5.25
M-21-081 373960E/6099965N PLD Main Zone No significant results
Note 1: Nokomis NI 43-101 mineral resource estimate was prepared by Leon McGarry, B.Sc., P.Geo., of CSA Global
Pty Ltd., and is contained in the Technical Report entitled Feasibility Study, PL Gold Project, Manitoba, Canada filed
on SEDAR on May 4, 2018.
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
Photo 1: PL Mine Site May 2021 Current Condition (left photo of north side of mill and right photo
of south side of the mill)
The Company will provide further progress updates as internal studies and site work advances
during the summer of 2021 and over the remainder of the year.
About Minnova Corp.
Minnova Corp. is an emerging Canadian gold producer focused on restarting 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 restarting 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 existing 1000 tpd 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 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
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
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. 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 forw ard-
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.