Millennial Files Technical Report with Measured and Indicated Resource Estimate of 4.12 Million Tonnes LCE at Pastos Grandes Project, Argentina
Vancouver, May 31, 2019 - Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQX: MLNLF) ("Millennial" or the "Company") is pleased to announce the filing of a technical report (the "Resource Report") titled "Phase III Measured, Indicated and Inferred Lithium and Potassium Resource Estimate Pastos Grandes Project Salta Province, Argentina" dated effective May 31, 2019 that contains an updated resource estimate for the Company's Pastos Grandes lithium brine project located in Salta, Argentina.
Millennial engaged Montgomery & Associates Consultores Limitada ("Montgomery") based in Santiago, Chile, a subsidiary of international hydrogeology firm E.L. Montgomery & Associates, to prepare the independent Resource Report.
The updated resource estimate contained in the Resource Report was first disclosed by the Company in a news release dated April 17, 2019.
The Resource Report advances the Company's understanding of the Pastos Grandes Project and was a necessary step in completing a feasibility study (the "Feasibility Study") which will evaluate the economics of the Pastos Grandes Project. This Feasibility Study, which is being completed by WorleyParsons, is anticipated to be completed shortly in July, 2019.
The resource statement contained in the Resource Report, detailed in the table below, includes 4,120,000 tonnes of lithium carbonate ("Li2CO3") equivalent (LCE) and 15,342,000 tonnes of potash ("KCl") equivalent in the Measured and Indicated Resource categories, with an additional 798,000 tonnes of Li2CO3 and 2,973,000 tonnes KCl in the Inferred Resource category.
| Phase II Resource Category | Brine Volume (m3) | Avg. Li (mg/l) | In situ Li (tonnes)* | Li2CO3 Equivalent (tonnes*) | Avg. K (mg/l) | In situ K (tonnes)* | KCl Equivalent (tonnes)* |
| Measured | 9.5E+08 | 446 | 425,000 | 2,262,000 | 4,734 | 4,508,000 | 8,597,000 |
| Indicated | 8.6E+08 | 406 | 349,000 | 1,858,000 | 4,114 | 3,537,000 | 6,745,000 |
| M+I | 1.8E+09 | 427 | 774,000 | 4,120,000 | 4,440 | 8,045,000 | 15,342,000 |
| Inferred | 3.5E+08 | 428 | 150,000 | 798,000 | 4,457 | 1,559,000 | 2,973,000 |
*Cut-off grade for brine used to calculate the resource was 300 milligrams per liter
**Tonnages are rounded to the nearest thousand
***The reader is cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability.
****Li Equivalency: each tonne of Li is equivalent to 5.3228 tonnes of Li2CO3
*****K Equivalency: each tonne of K is equivalent to 1.907 tonnes of KCl
In the April 17, 2019 news release, the 4,120,000 tonnes of lithium carbonate equivalent above was incorrectly stated (with the "1" missing) to be 4,200,000 tonnes.
The technical report is available for review on SEDAR at www.sedar.com under the Company's profile and on the Company website at www.millenniallithium.com.
The Company also wishes to announce that it will not, at this time, be working with NetworkNewsWire as previously announced in its news release dated March 20, 2019. NetworkNewsWire is a provider of corporate communications and other services to clients including to a number of Canadian listed issuers.
This news release and the scientific and technical disclosure contained in it has been prepared under the supervision of Mike Rosko, CPG, SME Registered Number 4064687, a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.
"Farhad Abasov"
President and CEO, Director
MILLENNIAL LITHIUM CORP.
1177 West Hastings Street
Suite. 2000
Vancouver, BC Canada V6E 2K3
Tel: (604) 662-8184
Fax: (604) 602-1606
E-Mail: info@millenniallithium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Argentina which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties, export policies or taxes in Argentina and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45206