Minnova Corp. Office: +1 647 985 2785
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Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
Minnova Corp.
Wide Interval of High-Grade Gold Mineralization
Confirmed in Hole M-20-01
NOT FOR DISSEMINATION INTO THE UNITED STATES
August 10, 2020, Toronto, Ontario – Minnova Corp. (TSXV: M CI, OTC Pink : AGRDF,
"Minnova” or the “Company”), a discovery-stage exploration and advanced development-stage
gold company focused on the expansion and re-start of our 100% owned PL Gold Mine in central
Manitoba is pleased to announce initial positive results from its Summer 2020 PL Mine on-lease
exploration and resource expansion drilling program.
Highlighted intercepts include;
6.33 g/t over 1.00 m
5.40 g/t over 1.00 m
5.37 g/t over 1.00 m
19.20 g/t over 1.00 m (Duplicate - quarter split of above 5.37g/t half split)
7.86 g/t over 1.00 m
The purpose of the drilling program was to demonstrate the exploration and resource expansion
potential on strike from the PL Gold Deposit.
Assay results have now been received for hole M-20-01, the first hole of our Summer 2020 drilling
program. See Table 1 for details on assay results received to date.
The NI 41-101 compliant PL Deposit resource and reserve estimates are hosted within multiple,
stacked shear zones trending northwest-southeast and currently defined in drill core over a strike
length of approximately 1 kilometer. The deposit remains open to expansion along strike and
down dip. The Summer 2020 PL Mine drilling program was designed to test the on strike
exploration and resource expansion and specifically target the shallow, on-strike extension of the
gold mineralized structures in an area of multiple surface showing called the PL North Trend
(“PLN”). See our press release describing new gold showings discovered during summer 2017
field program dated August 24, 2017 at the following link ;
https://www.newsfilecorp.com/release/28630/Minnova-Corp.-Reports-Additional-High-Grade-
Gold-Assays-in-Grab-Samples-Along-Strike-from-the-PL-Mine-Site).
Assay results from hole M -20-01 reconcile with the visible gold initially observed in core . See
Table 1 below which presents continuous assay results over a core length of 8.0 meters from
102.3 meters to 110.3 meters that defines the new footwall tonalite structure. Based on these
initial positive results our geological team re-logged past hole M-17-56, located over 200 meters,
along strike, to the northwest of M-20-01 to determine if the footwall tonalite structure was present.
M-17-56 was relatively short hole (EOH 80 meters) that did not report any meaningful structures
or gold mineralization. Hole M -17-56 was re -logged and visible gold was observed along a
microfracture in a quartz vein at 76.87 meters. The visible gold was associated with arsenopyrite
near the margin of a quartz vein starting at approximately 76.5 meters and extending to the EOH
at 80 meters. It is believed that this mineralized vein marks the beginning of the footwall tonalite
`
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
structure and the drill hole was stopped prematurely and the footwall tonalite structure was not
recognized at that time. If this is the case the footwall tonalite mineralized structure can be traced
over 200 meters along strike to the northwest . These positive assay results, combined with
previous drilling suggest we have identified a new, wide zone of gold mi neralization occurring
within the footwall tonalite.
Gorden Glenn, CEO commented “Initial results highlight the exploration potential of the property
with confirmation of a new, gold mineralized structure in the footwall tonalite. Of note is the width
of the intersection whi ch would represent one the widest mineralized intervals reported on the
property to date. Considering the footwall tonalite has typically been the “shutdown rock” occuring
below the main PL deposit we have paused the summer drilling program to focus on relogging
previously drilled holes to determine if the newly defined footwall tonalite structure was missed in
previous drill logs. Drilling will resume in the fall to further delineate the footwall tonalite structure
property wide and along strike from current drilling. Results to date and the identification on visible
gold mineralization from re-logging an earlier hole are exciting developments that highlight the
exploration and resource expansion potential of the PL Deposit”.
Table 1: Continuous Assay Results from New Footwall Tonalite Structure in Hole M-20-01
Hole Location Sample Type From (m) To (m) Length(m) Au gpt
M-20-01 373028E/6100986N Half-split 102.30 103.30 1.00 0.74
Half-split 103.30 104.30 1.00 0.81
Half-split 104.30 105.30 1.00 6.33
Half-split 105.30 106.30 1.00 5.40
Half-split 106.30 107.30 1.00 5.37 *
Duplicate Qrtr-
split
106.30 107.30 1.00 19.20 *
Half-split 107.30 108.30 1.00 0.16
Half-split 108.30 109.30 1.00 0.42
109.30 110.30 1.00 7.86
* quarter split sample returned assay of 19.20g/t
In Table 2 (below) we have summarized the drill program details to date including geologist
observations of mineralized intercepts. The holes are designed to test the vein structures at
shallow depths (-50m to -150m). All drill holes and vein/structure i ntercepts are located on the
permitted Mineral Lease within 350m of the PL Mill and other PL Mine site infrastructure. Results
to date appear to be defining a new mineralized vein structure within the Tonalite that typically
occurs in the footwall of the main PL deposit. As noted above the drill program has been paused
and will resume in the fall, following a review of past footwall tonalite drill core.
Table 2: PL Gold Mine – 2020 Mineral Lease Drill Program Results to August 10, 2020
Hole ID Easting Northing Dip Azimuth Hole
Depth
Mineralization
Intercept
Mineralization
Description
from to
M-20-01 373028 6100986 90 223 161 103.3 107.3
V.G. qzvn w/ apy-
py-po-cpy
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Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
M-20-02 373028 6100986 70 223 140 85.05 91.12
V.G. qzvn w/ apy-
py-po-cpy
M-20-03 373051 6100947 90 227 161 98.46 99.5 qzvn w/ py-po
M-20-04 373051 6100947 70 227 110 87.8 91.6 qzvn w/ py-po-apy
M-20-05 373051 6100947 45 227 110 88.9 95.3 qzvn w/ py-po-apy
M-20-06 373089 6100933 90 230 152 122.85 123
qzvn w/ py-po-
apy; 111.5-112.4m
w/ D2 qtz-py-po
M-20-07 373089 6100933 45 230 134 93.8 94.8 qzvn w/ py-po-asp
M-20-08 373101 6100967 90 230 161 132.2 135.6 qzvn w/ asp-py-po
M-20-09 372984 6100932 70 230 101 63.5 68.0
qzvn w/ py, 1.1-12
m asp-py-po w/
D2 qtz
M-20-10 372984 6100932 45 230 101 66.9 70.38
qzvn w/ py, 1.25-
12.65 m asp-py-po
w/ D2 qtz
M-20-11 373112 6100908 90 230 131 115.0 115.5
qzvn w/ py, 58.9-
67.8 m asp-py-po
w/ D2 qtz
M-20-12 373192 6100702 65 225 122 82.16 84.15
qzvn w/ asp,py,po
(400 zone), 85.8-
94.19m (500
Zone)
M-20-13 373192 6100702 45 225 110 86.60 91.12
qzvn w/ asp,py,po
(400 zone), 96.63-
93.74m (500
Zone)
Notes: V.G. - visible gold observed, qzvn - quartz vein, apy - arsenopyrite, py - pyrite, po - pyrrhotite, qtz – quartz, cpy
– chalcopyrite, D2 – deformation stage.
PL Mine Re-Start Update
In addition to the latest positive results from the ongoing exploration and resource expansion work
programs, and considering current gold price and market conditions, the Company is accelerating
discussions with mining contractors and various project finance groups to re-start gold mining
operations at the P L Mine. Development options being reviewed range from; 1) an initial
underground test mining and bulk sampling program with an indicative budget of C$5 to $6 million,
2) complete refurbishment of the mill and undergroun d development as contemplated in the
positive 2017 Feasibility Study with foreca st capex of C$35.7 million. Minnova holds a valid
Environment Act License No. 1207E permit that allows for underground mining operations of up
to 1,000 tpd and anticipates it could re-start operations within 12 to 18 months of putting project
finance in place and 3) solicit and consider joint venture proposals or outright M+A to deliver
shareholder value.
QA/QC
`
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
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. All core 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 the preparation lab and was 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 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 f orecast 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 www. minnovacorp.ca
`
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
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 dif fer
materially from those anticipated in the forward looking st atements. 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 cau se 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.