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Home » Popular Markets » Equities » Minnova Corp sees bonanza gold grades from step out drill at Manitoba mine

Under the radar Manitoba gold mine opportunity Minnova Corp (TSXV:MCI / OTC Pink: AGRDF), which has been involved in re-starting the PL Gold Mine, has announced that it has intersected visible gold and that assay results have confirmed bonanza gold of 101.6 g/t over a 0.5m interval.

Minnova also confirmed weighted average grades of 51.95 g/t over a one metre mineralised structure. This comes from the biggest step out hole in the history of the project, highlighting the down dip and on-strike resource expansion and exploration potential of the property.

Potential for further good grades from this site

The intercept is already the sixth highest grade asset in the history of the deposit and highlights the potential for extremely high gold grades that occur in the make up of the PL deposit.

Minnova reported other positive results from shallow drilling on the PL North Upper Zone. These include 2.95 g/t over 1.75m starting at a depth of 2.5m (DDH M-21-082) and 1.02 g/t over 3.5m starting at a depth of 17m (DDH M-21-083).

Further development plans

Near surface gold mineralisation on the PL North Upper Zone is being evaluated for future development, initially as an open pit / bulk sample that would ultimately be developed into a new northern portal. A second decline will provide more direct access to PL deposit reserves targeted for initial development. It would also help to optimise further underground operations.

Minnova said that it sees PL North Lower Zone continuing to evolve as a mappable mineralised structure. The presence of high grade assays between the PL North upper and lower zones are interpreted as higher order shear zones and possibly conjugate shear zones that link the two main mineralised structures.

“The exceptional grade and location of this intercept confirm the on-strike exploration and resource expansion potential that exists at the PL Mine,” said Gorden Glenn, CEO and President of Minnova Corp. “Further drilling is warranted to infill drill a large untested area underlying the PL mill.”

Two-pronged approach by Minnova Corp

Newcomers to Minnova Corp should note that the company is taking a two-pronged approach to the project, with plans to re-start the existing mine on the site and leverage some of the legacy infrastructure as part of those operations. Work programs are being carried on onsite to facilitate further step out and infill drilling while also hosting local contractors and service providers who are updating the mine development and mill refurbishment cost estimates.

Minnova has completed a feasibility study to support restarting the mine at an average annual production rate of 46,493 ounces over a minimum of five years for the mine’s life. The resource remains open to expansion and future surface exploration work programs will explore further resource expansion on the site.

One of its key advantages in our view is the relatively short pre-production timeline forecast of 15 months, thanks to a valid underground mining permit and an existing 1000 tpd processing plant. The mine also boasts 7000m of developed underground ramp down to 135m. It is also road accessible and close to existing mining operations in the Flin Flon Greenstone belt in central Manitoba.


This article is not investment advice. Investors should do their own research or consult a professional advisor.

Stuart Fieldhouse

Stuart Fieldhouse

Stuart Fieldhouse has spent 25 years in journalism and marketing, including as a wealth management editor for the Financial Times group, covering capital markets and international private banking, and as an investment banking correspondent for Euromoney in Hong Kong. He was the founder editor of The Hedge Fund Journal.

Stuart has worked at CMC Markets, supporting the re-launch of its global financial spread betting and CFD trading platforms. He is also the author of two books on trading, published by Financial Times Pearson. Based in The Armchair Trader’s London office, Stuart continues to advise fund managers, private banks, family offices and other financial institutions.

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