Toronto, Ontario--(Newsfile Corp. - September 27, 2018) - Minnova Corp. (TSXV: MCI) (OTC: AGRDF) ("Minnova" or the "Company"), an advanced-stage exploration and gold development company is pleased to announce a significant increase in reported gold grades in drill core from check assaying with Metallic Screen Fire Assay ("MSFA") as compared to Original Fire Assay ("OFA") at our 100% owned PL Gold Mine in central Manitoba.
Highlighted Metallic Screen Fire Assay Check Sample Results vs Original Fire Assay Results;
17.46 g/t OFA increases to 30.2 g/t MSFA - 73% Increase
16.19 g/t OFA increases to 25.7 g/t MSFA - 58% Increase
8.62 g/t OFA increases to 16.1 g/t MSFA - 86% Increase
3.51 g/t OFA increases to 8.61 g/t MSFA - 145% Increase
The PL Gold Deposit is a high-grade gold deposit with average a reported reserve grade of 7.0 g/t and is known to host significant visible gold. Visible gold or free gold, often called nuggety gold, is a common characteristic of narrow vein mesozonal gold deposits. The distribution of high-grade vs. low-grade gold domains within the mineralized zones is critically important in mine planning to separate ore from waste. Following the completion of the positive Feasibility Study ("FS") our technical team continued to review our technical data with a view to identifying opportunities to optimize the FS mine plan, reserve model and geological model. Analysing nuggety gold or the nugget effect can be a challenge. It was determined that larger sample size and a metallic screen fire assay technique could provide a better analytical and statistical gold grade estimate of our mineralized zones. Metallic screen fire assay technique is commonly used to determine coarse and fine gold in samples and utilises a larger volume of the sample.
During the summer of 2018 a detailed review of the assay data base was completed and over 100 individual samples from across the PL Deposit were flagged where original fire assay results were inconsistent with either visible gold or significant mineralization was noted in drill logs.
Initial check assaying using metallic screen fire assay of previously fire assayed mineralized intervals have returned positive results highlighting the potential to significantly increase gold grades by an average of 25%, based on 10 MSFA check samples.
Gorden Glenn, CEO commented "Results from our initial check sampling program highlight the significant potential to increase the gold grade of the deposit. We will now expand our check sampling program to include another 90 to 100 samples that could positively affect the current reserve and resource grade estimates. In addition, we will start planning for a bulk sample program of near surface mineralisation within the Sherridon zone structure and additional drilling to further demonstrate the resource growth potential at the PL Deposit."
Table 1: Metallics Screens Check Sample Gold Assays
| Hole | From (m) | To (m) | Length (m) | Fire Assay Au gpt | Metallic Screens 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 | 1.02 | -0.9% | | |
| | 111.0 | 112.0 | 1.00 | 17.46 | 30.20 | 73% | | |
| | | | | | | | | |
| M-17-06 | 35.25 | 36.9 | 1.65 | 6.05 | 4.32 | -28.6% | 4.32 | -28.6% |
| | | | | | | | | |
| M-17-06 | 47.15 | 48.42 | 1.27 | 0.90 | | | 0.75 | -17% |
| Including | 47.15 | 48.15 | 1.00 | 0.033 | 0.015 | -55.6% | | |
| | 48.15 | 48.42 | 0.27 | 4.11 | 3.45 | -16.1% | | |
| | | | | | | | | |
| M-17-12 | 78.00 | 80.00 | 2.00 | 6.07 | | | 12.36 | 103.6% |
| Including | 78.00 | 79.00 | 1.00 | 3.51 | 8.61 | 145.3% | | |
| | 79.00 | 80.00 | 1.00 | 8.62 | 16.1 | 86.8 | | |
| | | | | | | | | |
| M-17-16 | 84.00 | 87.25 | 3.25 | 5.75 | | | 8.66 | 50.6% |
| | 84.00 | 84.50 | 0.50 | 0.53 | 0.40 | -25.1% | | |
| | 84.50 | 85.50 | 1.00 | 16.19 | 25.7 | 58.7% | | |
| | 85.50 | 87.25 | 1.75 | 1.28 | n.s. | | | |
Notes; n.s.- no MSFA sample
QA/QC
The initial set of 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.
PL Mine Re-Start Update
Mine re-start plans including an underground test mining and bulk sampling program are progressing in parallel to discussions with various mining project finance groups. Minnova holds a valid Environment Act License No. 1207E permit for underground mining operations and anticipates it could re-start operations within 12 to 18 months of putting project finance in place.
The Company believes there are opportunities to further improve the economics of the PL Gold Mine through continued exploration, resource expansion, MSFA check sampling, capital cost reductions and other optimization initiatives in the 1,000 tpd PL mill.
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 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 info@minnovacorp.ca
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 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.
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