Visible Gold in Quartz Vein Discovered in Biggest Step-Out Drill Hole in History of PL Mine and Phase 1 Restart Initiatives Update
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
Minnova Corp.
Visible Gold in Quartz Vein Discovered in Biggest Step-Out Drill Hole in History of
PL Mine and Phase 1 Restart Initiatives Update
NOT FOR DISSEMINATION INTO THE UNITED STATES
April 20, 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 exploration developments, current and planned on site
activities.
Visible Gold Intersected in Step-Out Drilling
Targeted deep drilling on the down dip/on strike extension to earlier positive drill results from the
Company’s Spring 2021 drill campaign have intersected visible gold in hole M-21-048x at a depth
of 208 m. Visible gold mineralization is described as coarse, 1mm to 3mm grains at the margins
of a 30.0 cm wide quartz vein (see Photo 1). The success of this intercept is a result of a detailed
re-interpretation of historic drilling along with more recent shallow drilling on the PL North
mineralized structures. From this work it was determined that a previous Minnova wildcat hole
testing a shallow airborne EM conductor may have been shut down short of the projected down
dip extension of the PL North mineralized structures. The successful re -entry of M -21-048x
affirms a predictable model for gold mineralization based on continued structural a nalysis of the
deposit. Iterations of this model are being used for deposit development and regional scale
exploration.
Photo 1: Visible Gold in Quartz Vein
Visible Gold was logged along the margins the quartz vein is located within a broader high-strain
structure measuring 1.0 meters at the target depth. This structure is interpreted to be the down
dip extension of the PL North Upper Zone. M -21-048x is located approximately 350 meters
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
northwest of the PL mill and over 500 meters beyond the limits of the 2017 PL Deposit resource
model. This mineralized intercept demonstrates that the deposit is open for expansion along
strike and down-dip beneath the permitted 1,000 tpd PL mill (see Figure 1 Location Map).
Figure 1: Location Map of DDH M-21-048x
Gorden Glenn President & CEO commented: “We are very excited to announce this intercept of
visible gold. It confirms our structural model that the mineralized PL North structures extend to
significant depth along strike to the northwest. This intercept is the result of thorough structural
analysis by our exploration team. This discovery is also significant as it is located well outside
the currently defined PL Deposit reserves and resources (see Note 1) an d demonstrates the
significant potential for resource expansion and brown-fields exploration of the PL Project.
In fact, it is the most significant and farthest step -out drill hole in the history of the property. It
gives credence to the potential for additional gold deposits in the greater PL Project region . We
intend to aggressively follow up these results with further diamond drilling at depth and along
strike.”
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
PL Mine Phase-1 Restart Update
In addition to exploration upside evidenced by above noted discovery of visible gold in step-out
drilling the Company is confident that the current development options being studied will also
deliver significant shareholder value.
The Company is actively planning for an optimized Phase-1 Restart of the PL Mine to capitalize
on current high gold price and positive gold price outlook. Our efforts are focused on development
strategies that minimize; both risk, and initial capital costs to optimize near term and long term
mine developments and operational plans to maximize metallurgical recoveries.
A key variance to the initial development strategy from the 2017 Feasibility Study is the
development of a new northern portal and decline to access the PL deposit. Benefits to this
development approach include:
• much earlier access to high grade reserves and resources potentially shorting time to
first production
• reduced initial underground development requirements
• increased development options for initial test mining techniques that focus on selective
mining to minimizing dilution without compromising overall resource extraction
• optimal location for new underground access as resource appears to extend to the
northwest
• underground mine access closer to the mill to reduce ore haul travel distance on
surface
Included in our revised mine development plan is the opportunity to initiate an on-site bulk sample
of mined material provided by the t est mining program. On-site testing is envisioned to include
basic crushing, milling, and processing via modern gravity recovery equipment. This testing will
contribute to updated metallurgical recoveries using modern gravity concentration technology and
potentially allow free gold to be recovered during the early test mining phase . Tailings from the
gravity process test work will be a) stockpiled for future on-site flotation processing following the
restart of PL mill and b) sent offsite for additional floatation circuit recovery testing . Previous
metallurgical studies estimated over 50% of gold recovery by gravity concentration using spirals,
jigs and a shaker table, technology prevalent at that time.
The company is optimistic the revised mine development plan and onsite bulk sample test work
will result in streamlined processes that lead to significant cost savings and improve overall gold
recovery.
The PL Mine is located in a mining friendly jurisdiction with access to a highly skilled local
workforce. The Company believes the PL Mine can make a significant contribution to regional
economic development and future investment in the historic Flin Flon, MB mining district.
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
Minnova will provide further progress updates as internal studies and site work advances during
the summer of 2021 and over the remainder of the year.
Notes 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.
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 for ecast 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
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 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
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
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.