19:31:49 EST Wed 30 Nov 2022
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Minnova Corp
Symbol MCI
Shares Issued 40,132,984
Close 2021-01-22 C$ 0.435
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Minnova begins 2021 drilling at PL mine

2021-01-22 09:40 ET - News Release

Mr. Gorden Glenn reports


Minnova Corp. has commenced drilling at the PL mine as one part of its 2021 restart programs. The initial 2021 drill program contemplates 2,500 metres of drilling at the PL North target, located on the permitted mining lease but outside of the current mineral resource and reserve estimates.

The purpose of the program is to expand current resources, particularly at shallow depths (surface to less than 150 metres) and continue to demonstrate exploration upside at the PL mine site. This program follows on the success of the summer 2020 drilling program and will support an updated National Instrument 43-101 resource estimate by June, 2021.

Results of the program will also be used to update and potentially modify or optimize the company's mine development approach. If the company can define a near-surface resource, it may be considered for a future bulk sample for metallurgical test work. Test work would include updated gravity, flotational and Merrill-Crowe recovery techniques. The company is also considering ore-sorting test work to confirm that the deposit's mineralogy and other rock characteristics are amenable to this new technology.

Gorden Glenn, president and chief executive officer, commented: "We have been busy preparing for the winter program since last fall and I'm very pleased to report our initial results in real time from the PL mine site. We have completed the first hole of the program (M-21-068) to a target depth of 152 metres. We encountered all mineralized structures at targeted depths. The core is being logged, RQD-ed [rock quality designation] and sampled as I write this from the PL mine site. I would encourage our shareholders and investors to watch our progress in future material press releases and on-site activities, which are regularly uploaded to Twitter (at minnovaCEO) and Instagram (at minnovacorp)."

About Minnova Corp.

Minnova 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 five-year mine life. The resource remains open to expansion and surface exploration work programs have and will continue to target resource expansion. The PL gold mine has a relatively short preproduction timeline forecast at 15 months; benefits from a valid underground mining permit (Environment Act 1207E), an existing processing plant and over 7,000 metres of developed underground ramp to minus-135-metre 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

Chris Buchanan, MSc, PGeo, 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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