Millennial Potash Corp. Starts Exploration at Its Banio Potash Project
Vancouver, April 11, 2023 - Millennial Potash Corp. (TSXV: MLP) ("MLP" "Millennial" or the "Company") is pleased to provide an update regarding exploration activities at its Banio Potash Project in Gabon. The Company has made significant progress in its mobilization program including rehabilitation of the exploration camp with modern communications, initiating construction of the access road to planned drillhole BA-004, prepping and upgrading rotary drill rig equipment on site, initiating seismic re-interpretation studies, and resampling previous drillholes.
Farhad Abasov, Millennial's Chair, commented, "We are pleased with the excellent progress at our Banio Potash Project in Gabon. The camp is now up and running, complete with power, tent accommodations for 30 people, catering, medical facilities, and satellite communications. Preparations for drilling are advancing and we hope to be drilling the upper part of hole BA-004 shortly. Sample pulps from previous drilling are undergoing re-analysis and are expected to confirm the KCl content and the presence of carnallite and sylvite seams providing reliable data that may be utilized in any future mineral resource estimates. Similarly, the seismic data re-interpretation is underway, and we have initiated our ESG program for the project. We look forward to the arrival of the core rig at the project and to delineating additional potash horizons at the north end of the property."
Camp rehabilitation is complete with new tent accommodation and container office and catering and medical services in place. Satellite communications with internet capabilities have also been established and power facilities are up and running.
Initial field activities include clearing a 4km historic road to the new drill site for BA-004. This work is ongoing. The rotary drill rig on site is undergoing servicing and preparation for drilling. Upon completion this rig will move to the site for BA-004 to drill the upper sedimentary units to the top of the salt sequence, estimated at a depth of approximately 320m. This hole will be extended to 700m with PQ core upon arrival of the new core drill rig. The new core drill rig is enroute to the project having disembarked in Gabon from Europe in early April. Estimated arrival of the new core drill rig at the project is late April-early May.
For assistance with its ESG initiatives at Banio the Company has engaged consulting group ESS (Environmental and Social Sustainability). ESS has extensive experience in West Africa including Gabon and will assist with preparation of our Health, Environmental and Social Management Plans, with planning environmental baseline studies, preparation of environmental impact statements and communication with local authorities to ensure compliance with Gabon regulations, and international best practices. In addition, ESS will assist the Company with its community outreach programs and consultations with all stakeholders in the region.
Millennial has engaged Ercosplan Ingenieurgesellschaft to assist with the planning of the current exploration programme including the resampling of the historic drillholes on the project to confirm potash intervals. Millennial was able to source and secure the sample pulps from the previous drillholes (2017-2018 drill program) on the project from ALS Global, and Ercosplan has confirmed the pulps are well preserved and acceptable for re-analysis. Approximately 450 samples will be analyzed, and results will be available for a maiden mineral resource estimate planned for later this year.
Additional review of historic data from the project is ongoing. The data from seismic surveys acquired by French oil and gas company Maurel and Prom in 2011-2012 is currently being reviewed by Geo People, a geophysical consultancy based in the UK with extensive experience in Gabon, to confirm the basic geology of the Gabon Basin evaporite sequence. Geophysical survey data consist of approx. 275km of 2D seismic lines and re-interpretation of this data will assist with planning of new drillholes and will allow correlation of the evaporite stratigraphy, and possibly carnallite seams, between drillholes.
This news release has been reviewed by Peter J. MacLean, Ph.D., P. Geo, Director of the Company and a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or email at info@millennialpotashcorp.com.
"Farhad Abasov"
Chair of the Board of Directors
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 document 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" or "planned", "forecast", "intend", "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 and environmental, local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction 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$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company's current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. 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, environmental 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 affecting such statements and information other than as required by applicable laws, rules and regulations.
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