- Targeted deep drilling has intersected visible gold in a hole at a depth of 208 metres at Minnova’s (MCI) PL Gold Mine
- The project is located in central Manitoba
- The company remains focused on the expansion and restart of the 100-per-cent owned gold mine
- Drilling took place in Spring 2021, including the most significant and farthest step-out drill hole in the history of the property
- Minnova is up 30.19 per cent on the day, with shares of the company trading at C$0.34 at 1:45 pm ET
Targeted deep drilling has intersected visible gold in a hole at a depth of 208 metres at Minnova’s (MCI) PL Gold Mine.
Diamond drilling took place in Spring 2021, including the most significant and farthest step-out drill hole in the history of the property
The project is located in central Manitoba.
Visible gold mineralization is described as coarse, 1 millimetre to 3 millimetre grains at the margins of a 30-centimetre-wide quartz vein.
The a discovery-stage exploration and advanced development-stage gold company remains focused on the expansion and restart of the 100-per-cent owned gold mine.
“We are very excited to announce this intercept of visible gold. It confirms our structural model that the mineralized PL North structures extend to significant depth along strike to the northwest. This intercept is the result of thorough structural analysis by our exploration team.
This discovery is also significant as it is located well outside the currently defined PL Deposit reserves and resources (see Note 1) and demonstrates the significant potential for resource expansion and brown-fields exploration of the PL Project. In fact, it is the most significant and farthest step-out drill hole in the history of the property. It gives credence to the potential for additional gold deposits in the greater PL Project region. We intend to aggressively follow up these results with further diamond drilling at depth and along strike,” said Minnova President and CEO Gorden Glenn.
The company is actively planning for an optimized Phase-1 restart of the PL Mine to capitalize on current high gold price and positive gold price outlook. Efforts are focused on development strategies that minimize; both risk, and initial capital costs to optimize near term and long term mine developments and operational plans to maximize metallurgical recoveries.
Minnova is up 30.19 per cent on the day, with shares of the company trading at C$0.34 at 1:45 pm ET.