Minnova Corp. has reported a new mineral resource estimate for the PL Gold Mine in central Manitoba, shifting its development strategy away from the underground-only model outlined in its 2018 feasibility study toward an initial open-pit operation.

The September 2026 resource estimate defines 601,158 ounces of measured and indicated gold across 3.76 million tonnes grading 4.98 g/t, alongside 202,810 inferred ounces at 3.78 g/t. The total comprises an open-pit component of 268,091 measured and indicated ounces at 5.28 g/t and an underground resource of 333,066 measured and indicated ounces at 4.75 g/t, evaluated using a gold price of US$3,000 per ounce.

The updated resource compares with the company's previous November 2017 estimate, which reported measured and indicated resources of 282,500 ounces grading 5.93 g/t gold across 1.48 million tonnes. The company noted that a direct, like-for-like comparison between the 2017 and 2026 estimates is not appropriate due to the lower reporting cut-off grade applied in the newer calculation and updated mining constraints used to establish pit and underground reporting limits.

The previous 2018 feasibility study was based on an underground-only development plan with an average annual production rate of 46,493 ounces over a five-year mine life. Under the revised restart plan, Minnova intends to use lower-cost open-pit mining methods for initial production before transitioning to underground operations.

The project utilizes an existing 1,000 tonnes-per-day processing plant, over 7,000 metres of underground ramp development, and a valid underground mining permit under Environment Act License 1207E. Initial production is targeted at approximately 45,000 ounces per year at a throughput rate of 1,000 tpd, scaling to approximately 90,000 ounces annually following a planned expansion to 2,000 tpd in the second year of operations until the pit is depleted.

Minnova plans to update the mineral resource estimate further to incorporate outstanding assay results from its 2025–2026 drilling program as part of an upcoming pre-feasibility study.

Read the full announcement: PL Gold Mine Restart Update