Minnova Corp. Reports Additional High Grade Gold Assays in Grab Samples Along Strike from the PL Mine Site
Toronto, Ontario--(Newsfile Corp. - August 24, 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 additional surface grab sample assay results from its summer field program at the PL Mine site.
As previously disclosed (see August 14, 2017 press release) prospecting and geological mapping along VTEM conductors and magnetic lineaments along strike of the PL Deposit identified two new gold showings, the PL North and J Showings. Additional assays have now been received from the PL North Showing extending surface mineralization by over 100m to the southeast towards the current northern limits of the PL Deposit.
The PL North showing is comprised of a network of 30-40 cm thick quartz veins hosted within a series of Amisk Group gneisses. The paragneiss succession is underlain by tonalite gneiss that also forms the footwall of the PL Deposit. Where exposed, quartz veining and mineralization at the PL North Showing can now be traced over a strike length of approximately 230m. 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 PL North Showing was not previously identified and has never been drill tested.
In addition to the PL style vein mineralisation two new previously unrecognized styles of gold mineralisation where encountered. The first new style of mineraization is characterized by disseminated fine-grain arsenopyrite and gold mineralisation hosted in a greywacke paragneiss with grab samples E00016992 grading 3.83 g/t, 16993 grading 5.04 g/t and 16994 grading 5.87 g/t in a mapable unit measuring approximately 23m thick. See Notes to assay results table on page 2 for additional disclosure related to these surface grab samples. The second style of mineralization is gold associated with disseminated aresenopyrite in the footwall tonalite gneiss located approximately 100 meters west of the PL North Showing. Field work is ongoing to further define and expand these mineralized occurrences.
Gorden Glenn, CEO commented, "Additional surface grab samples have successfully extended the strike length of gold mineralization at the PL North showing which is interpreted to be on trend from the PL Gold Deposit. These results in addition to the new styles of gold mineralization continue to highlight the exploration potential of the property. Field work continues in preparation for a winter drill program to test strike and dip extents of gold mineralization at the PL North Showing and the 2km trend of untested strike length extending on trend toward the J showing."
Surface grab sample results to date include;
|Sample Number||Au (ppb) |
Atomic Absorption Finish
|Au (g/t) |
|PL North Showing|
|E00016987 PR||> 10000.00||13.80|
|E00016989 PR||> 10000.00||45.00|
Note: Assay results are uncut, fire assay with gravimetric finish on samples >10 g/t
PR — Previously reported on August 14, 2017
Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property
Surface grab samples E00016992, 16993 and 16994 are point samples and are not consistent throughout entire unit
Field work to date supports an interpretation that a gold mineralised, structural trend extends northwest of the PL deposit, is intimately associated with the same footwall tonalite underlying the known PL deposit gold mineralisation. Field work continues to explore the extent and characteristics of this prospective structural zone that occurs at the tonalite contacts beyond the currently defined 2km trend between the PL North Showing and the J Showing. Geological mapping and prospecting of these new gold occurrences and several other targets along strike from the PL Mine is ongoing. See geology map with sample locations at www.minnovacorp.ca.
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.
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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"- the 2015 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. 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 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.