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Minnova Corp.
Summary
| Project: | Maverick | |
|---|---|---|
| Deposit: | PL Deposit | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 1/10/2020 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 10-1-2020: Minnova Corp. announces an Exploration/Drilling Update report for its PL Deposit deposit at the Maverick project. New Metallic Screens Fire Assay check results from old drill holes. January 10, 2020, Toronto, Ontario – Minnova Corp. (TSXV: MCI, | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Chris Buchanan (Internal) | |
| ABSTRACT: | January 10, 2020, Toronto, Ontario – Minnova Corp. (TSXV: MCI, OTC Pink: AGRDF, "Minnova” or the “Company”), a discovery-stage exploration and gold development company is pleased to provide a corporate update on our ongoing Metallic Screens Fire Assay (“MSFA) check assay program and our planned 2020 PL Mine re-start work program. Gorden Glenn, CEO commented “Gold price is now well over US$1,500 per ounce. It is worth reminding our shareholders and new investors of the PL Gold Mine’s gold price leverage. Our positive 2017 Feasibility Study (“2017 FS”) used a base case gold price of US$1,250 per ounce which was prevalent at that time. The results of the sensitivity analysis for the Base Case indicated that the project is most sensitive to changes in gold price and head grade, and least sensitive to changes in capital cost. We highlighted this in a prior (November 12, 2018) press release which focused on impact of potentially higher gold grades resulting from the MSFA check assay program. In the table below we highlight the PL Gold Mine’s sensitivity to higher gold price.” Additional results from 5 holes (14 MSFA check assays) have been received and compared against Original Fire Assay’s (“OFA’s”). The latest MSFA results continue to exhibit positive, and in some cases negative variation, as compared to the OFA’s. This work program will continue though the spring of 2020, furthering our understanding of course gold distribution within the PL Gold Deposit. This effort will support a future resource update, an optimized mine plan and ultimately may have positive implications for our process flow sheet which could potentially achieve higher gold recoveries to a gravity concentrate (See Table 2). | |
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