Minnova Corp. Announces Progress and Plans for PL Gold Mine Amid Rising Gold Prices
Minnova has released an update regarding its 100% owned PL Gold Mine, detailing future plans to advance the project in light of significantly higher gold prices. Since the completion of a positive Feasibility Study in 2017, when gold was priced at US$1,250 per ounce, current market prices have surged to over US$2,400 per ounce. This increase has prompted Minnova to resume work programs aimed at reducing project risks and preparing for a potential restart of operations.
Planned Activities for PL Gold Mine:
- Diamond Drilling: The company intends to conduct infill and expansion drilling, particularly focusing on the PL North zone, to enhance resource definition.
- Resource Estimate Update: Minnova plans to update the mineral resource estimate, which currently includes drill results only up to June 2017.
- Bulk Sampling and Metallurgy: A small open pit will be developed to extract a bulk sample and update metallurgical data.
- Revised Mine Plan: The mine plan will be updated to incorporate open-pit mining methods from the onset of operations.
- Updated Feasibility Study: An updated Feasibility Study will be conducted to reflect current market conditions and operational strategies.
Additionally, Minnova is considering the onsite production of bullion gold (99.999% purity) using existing refining technologies as part of the feasibility study. This initiative aims to cater to increasing investor demand for gold-backed investments, offering an alternative to traditional gold ETFs and potentially even to royalty and streaming companies. By leveraging blockchain technology, Minnova seeks to provide a secure, physical gold-backed digital investment option.
The company also confirmed that the audit process is ongoing and expects to file its Annual Financial Statements and Management Discussion & Analysis (MD&A) by August 31, 2023.
