Minnova Corp. Announces PL Gold Mine Restart Plans for 2025 and Updated Feasibility Study in 2026
29.04.2025 | Newsfile
Toronto, April 29, 2025 - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ("Minnova" or the "Company"), is pleased to provide an update on the Company's 100%-owned PL Gold Mine and our plans for 2025 and 2026 that could lead to the restart of gold mining operations.
The PL Gold Mine is an advanced development stage gold project. The Company published results of a positive Feasibility Study in 2018 that forecast an average annual production rate of 46,493 ounces over a minimum 5-year mine life. Using a then long-term gold price of US$1,250/oz the study forecast the majority of gold production from underground mining operations with contributions from shallow open pits over the mine life. With current gold price over US$3,000/oz the Company is working with consultants to optimize the mine development plan, including: a) restart the mine with initial production from open pit operations before transitioning to underground mining, b) drilling programs to further expand and define the existing mineral resource estimates, c) metallurgical programs to improve gold recovery and optimize the process flow sheet and d) test property wide exploration potential including the satellite Nokomis Deposit located 7km north east of the PL Mine site. The last phase of drilling at Nokomis was in 2011 which consisted of 11 holes totaling 1,823 m. The results of the program, press released March 1 2012, returned impressive high grade gold mineralization including1;
- 125.08 g/t over 7.6 m (incl. 1,830 g/t over 0.5 m);
- 12.27 g/t over 5.2 m;
- 5.1 g/t over 6.43 m;
- 9.62 g/t over 5.6 m (incl. 62.23 g/t over 0.53 m)
Table 1: Summary of PL Gold Mine Restart Programs Planned for 2025 and 2026.
| Deposit | Activity | Objective | Impact |
| PL Deposit | Resource expansion drilling. | Further delineate and expand the PL North mineralized structures and update deposit-scale geological model | Potential to expand gold mineralization. PL North not currently included in the 2017 Mineral Resource Estimate (MRE). |
| Resource infill drilling | Tighter drill spacing to better delineate existing mineralized structures. Focused on near surface future open pits. | Update and define mineralized domains, update MRE and open pit and underground mine plans | |
| Update and Amend Permits | Amend current underground mining license (Environment Act License 1207E) to include open pit mining methods. | Update mine plan from 2017 Feasibility Study to consider expanded open pit production starting in year 1 | |
| Nokomis Deposit | Resource infill and expansion drilling. | Expand and delineate Nokomis mineralized structures. | Update MRE and analyse contribution to overall PL development plan as potential satellite open pit / underground mine. |
| PL and Nokomis Deposits | Submit Application for an Advanced Exploration Permits ("AEP"). | Consider two 10,000 tonne open pit bulk samples. One on the PL deposit and one at the satellite Nokomis deposit. | The PL bulk sample will be used for updated metallurgical test work including ore sorting and gravity recovery. At Nokomis the bulk sample will be used for initial metallurgical test work and to develop logistics solutions for future satellite mine operations. |
| Updated metallurgical test work. | Reduced tonnage to mill at higher grade can result in higher gold recoveries, reduced consumables and lower processing costs. | Enhance gold recovery and optimize overall processing costs. | |
| Property Wide Exploration | Review surface showings and historical drill results outside of PL and Nokomis deposits. | Identify and prioritize targets for follow-up drill testing. | Demonstrate exploration potential of property. |
Gorden Glenn, CEO commented, "The planned 2025 and 2026 programs will build on the considerable existing technical database and prior studies. This work will inform an updated Feasibility Study that will include a new optimized mine plan using a much higher gold price than the US$1,250/oz used in the 2018 Feasibility Study."
Qualified Person
Mr. Chris Buchanan, M. Sc., P. Geo., is an independent 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.
About Minnova Corp.
Minnova Corp. is focused on the restart of its PL Gold Mine, which included completion of a Positive Feasibility Study in 2018. The study concluded the restart of the PL Mine, at an average annual production rate of 46,493 ounces over a minimum 5-year mine life, was economically robust. Importantly the global resource remains open to expansion, as does the reserve. The PL Gold Mine benefits from a short pre-production timeline forecast at 15 months, a valid underground mining permit (Environment Act 1207E), an existing 1,000 tpd processing plant, over 7,000 meters of developed underground ramp to -135 metres depth. The project is fully road accessible and close to existing mining infrastructure in the prolific Flin Flon Greenstone Belt of Central Manitoba.
For more information please contact:
Minnova Corp.
Gorden Glenn
President & Chief Executive Officer
Investor Relations: info@minnovacorp.ca
Website: www.minnovacorp.ca
Forward-Looking Statements
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This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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[1] https://www.globenewswire.com/news-release/2012/03/01/1477373/0/en/Auriga-Gold-Reports-High-Grade-Gold-Intersections-from-Nokomis-Deposit-Maverick-Gold-Project-Manitoba-Including-Uncut-Values-Up-to-1-830-g-t-Over-0-5-m.html
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