PL Gold Mine Restart Update High Grade Gold Results, Resource Expansion Potential and Operational Readiness Update
Minnova Corp. (MCI) announced results from a 13,500m / 131-hole infill and resource-expansion drill program at its PL Gold Mine in Manitoba, completed between Sept-2025 and April-2026.
Key intercepts reported include:
- PL North (PLN) target
- M-25-004: 25 g/t Au over 0.50 m; 10.04 g/t Au over 1.4 m
- M-25-018: 7.96 g/t Au over 1.5 m (down-dip extension, 110.4 m down-hole)
- Shallow PLN: 8.23 g/t / 0.5 m; 15.67 g/t / 1.4 m; 7.92 g/t / 1.2 m
- Main PL Deposit (PLD) infill
- Shallow: 46.16 g/t / 1.50 m; 55.12 g/t / 1.00 m; 43.48 g/t / 1.50 m
- Deeper: 156.10 g/t / 0.40 m; 40.88 g/t / 0.50 m; 35.6 g/t / 2.00 m; 17.25 g/t / 1.20 m
The company states mineralization remains open along strike and down dip, and it is finalizing an updated MRE and PEA for a 2,000 tpd open-pit restart. Additionally, the board approved a 2.6M option grant at $0.20/share (5-year term, immediate vest, 4-month hold).
Minnova Corp. (MCI) is a pre-revenue junior moving toward a restart but remains heavily dependent on external financing. The company’s existing 2017 Mineral Resource Estimate (MRE) already contains more than 600,000 ounces of gold in Measured and Indicated and Inferred categories. This drill program aims to upgrade Inferred resources to Indicated and tighten the resource model for the Preliminary Economic Assessment (PEA) and Feasibility Study.
The results are broadly consistent with the deposit’s grade profile and do not indicate a new discovery, a material grade uplift, or a substantive extension. The step-out at PLN is a single hole and cannot yet be projected into tonnes.
The market has already priced the restart narrative: the stock surged from $0.09 to $0.49 on the back of the 2025 expansion and financing announcements, but has since declined to $0.17. This release does not contain new information that would alter the thesis; it is a routine progress update.
Because widths are narrow, true thickness is unstated, and QA/QC is thin in this filing, the results do not provide the kind of confidence needed to re-rate the equity. The option grant of 2.6 million shares at $0.20 also signals ongoing dilution risk.
Minnova Corp. owns the PL Gold Mine, also known as Puffy Lake, in Manitoba. The site is a past producer that operated in 1988 and features an existing 1,000 tpd processing plant, more than 7,000 meters of underground ramp development, and a valid underground mining permit.
The company’s resource base is defined by a 2017 NI 43-101 Mineral Resource Estimate (MRE) showing Measured and Indicated resources of 282,500 ounces at 5.93 g/t, and Inferred resources of 301,700 ounces at 5.08 g/t. This totals approximately 584,200 ounces, though an investor deck indicates 612,426 ounces when including the Nokomis satellite deposit.
Minnova plans to restart operations by shifting to lower-cost open-pit mining first, targeting 2,000 tpd throughput using existing infrastructure. A Preliminary Economic Assessment (PEA) and updated MRE are scheduled for 2026, followed by a Feasibility Study.
As of Q3-2026 (December 31, 2025), Minnova has 121.6 million shares outstanding, with an options and warrants overhang. Financials show negative equity of –$2.17 million and cash of $2.51 million following a $4.82 million financing. However, operating losses of $3.13 million over nine months indicate a high burn rate and a need for additional funding.