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Minnova Corp: Corporate Update; Potential Impact of Metallic Screen Check Assay Sample Program on Mineral Resource Estimates and Feasibility Study Net Present Value
Toronto, Ontario--(Newsfile Corp. - November 12, 2018) - Minnova Corp . (TSXV: MCI) (OTC Pink...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp: Corporate Update; Potential Impact of Metallic Screen Check Assay Sample Program on Mineral Resource Estimates and Feasibility Study Net Present ValueToronto, Ontario--(Newsfile Corp. - November 12, 2018) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) (\"Minnova\" or the \"Company\"), is an advanced-stage mining exploration and gold development company offering gold price leverage through our development-stage PL Gold Mine in central Manitoba and a new exploration property in Peru. On September 27, 2018 we announced a significant increase in reported gold grades from a check assaying program using Metallic Screen Fire Assay (\"MSFA\") protocol on larger sample volumes versus the Original Fire Assay (\"OFA\") results. From the initial 10 samples of a planned 100 sample MFSA program we reported that gold grades increased by an average of 25%. In response to numerous investor and shareholder inquires we are pleased to provide an overview of the potential impact our MSFA program could have on the PL Gold Deposits mineral reserve and resource gold grade estimates and in turn the feasibility study economic assessment results (Net Present Value or NPV). Any comments and analysis are based solely on the sensitivity analysis included in the feasibility study and do not reflect any other changes in parameters, assumptions, costs etc. that may be required to be revised and incorporated into an updated feasibility study. Highlighted Metallic Screen Fire Assay Check Sample Results vs Original Fire Assay Results from September 27, 2018 press release;17.46 g/t OFA increases to 30.2 g/t MSFA - 73% Increase16.19 g/t OFA increases to 25.7 g/t MSFA - 58% Increase8.62 g/t OFA increases to 16.1 g/t MSFA - 86% Increase3.51 g/t OFA increases to 8.61 g/t MSFA - 145% IncreasePotential Impact on Mineral Reserves and ResourcesFinal results of the MFSA check assay program will be added to the PL deposit assay database and be incorporated into a future update of the November 1, 2017 NI-43-101 mineral reserve and resource estimates (see November 1, 2017 Feasibility Study Press Release and the full Feasibility Study report, both available at www.minnovacorp.ca). The PL Gold Deposit is a high-grade gold deposit with an average diluted underground Proven & Probable grade of 7.0 g/t and an average diluted open pit Proven & Probable grade of ...