TSXV:MPM | OTCQB:MLPMF
TORONTO, Dec. 17, 2021 /CNW/ - Millennial Precious Metals
Corp. ("Millennial" or the "Company") (TSXV: MPM) (OTCQB:
MLPMF) is pleased to announce that it has entered into a definitive
purchase agreement (the "Purchase Agreement") with two individuals
(each a "Seller") with respect to the acquisition of a 51% interest
and title in and to the Ocelot Property located in Lander Country,
Nevada. The Company, through its
wholly-owned subsidiary, currently owns the remaining 49% interest
in the Ocelot Property.
Jason Kosec, President, CEO &
Director of Millennial stated, "we are delighted to increase
Millennial's interest in the Ocelot Property to 100%. Ocelot's
access from the nearby highway, historical drilling and sampling
results, and strong potential for gold mineralization below
historical drilling make this property a great addition to
Millennial's high-quality exploration portfolio in Nevada."
Pursuant to the Purchase Agreement, the Company will acquire the
51% interest in the Ocelot Property for total consideration of:
(i) the issuance to each Seller of 127,920 common shares
in the capital of the Company (the "Consideration Shares"); (ii) a
cash payment of US$50,000 to each
Seller; and (iii) the grant of a 0.5% net smelter return
royalty to each Seller, which may be purchased in its entirety by
the Company from each Seller for a purchase price of US$750,000. The closing of the transaction
contemplated by the Purchase Agreement remains subject to approval
of the TSX Venture Exchange.
The Consideration Shares will be subject to a four month hold
period pursuant to applicable securities laws. For further details
regarding the Ocelot Property, please refer to the Company's annual
information form dated July 27, 2021
available on Millennial's issuer profile on SEDAR at
www.sedar.com.
Ocelot Property Overview:
The Ocelot (historically known as Zeno) property is located
within the Toiyabe Range in Nevada, 57km southwest from the world class Au
deposits at Pipeline/Cortez. The 3,978-acre land package consists
of 206 unpatented claims on federally owned lands administered by
the U.S. Bureau of Land Management (BLM). Mineralization at Zeno is
strongly representative of a low sulfidation epithermal Au/Ag
system, hosted in the Valmy Formation and volcano-sedimentary units
overlying local quartzite basement rocks. Several target areas
display broad zones of alteration including argilization
(quartz-illite) and intense silicification with boiling textures,
characteristic of the upper levels in epithermal systems.
Several promising target zones at Ocelot display encouraging Au,
As, Hg, and other pathfinder element data from previous sampling
programs. Mapping reports broad zones of silicification and sinter
on the property with assays up to 200 ppb Au. Historical shallow
drilling reported intersections up to 0.01 opt Au associated with
micro breccia veinlets.
ABOUT MILLENNIAL PRECIOUS METALS CORP.
Millennial Precious Metals (TSXV:MPM) (OTCQB:MLPMF) is a
Nevada-based exploration and
development company focused on unlocking quality ounces through the
responsible expansion of its seven gold projects. The Company plans
to accelerate the development of its two flagship projects, Wildcat
and Mountain View. The Wildcat Inferred Mineral Resource estimate
contains 776,000 ounces of Au oxide (60.8 million tonnes at 0.40
g/t Au; effective date of November 18,
2020) and the Mountain View Inferred Mineral Resource
estimate contains 427,000 ounces of Au oxide (23.2 million tonnes
at 0.57 g/t Au; effective date of November
15, 2020). Each of the technical report titled "NI 43-101
Technical Report Resource Estimate for the Wildcat Project,
Pershing County, Nevada,
United States", dated November 20, 2020 with an effective date of
November 18, 2020 prepared by
William J. Lewis, B.Sc., P.Geo.,
Rodrigo Calles-Montijo, MSc., CPG,
and Leonardo de Souza, MAusIMM (CP)
and the technical report titled "NI 43-101 Technical Report for the
Mountain View Project, Washoe Country, Nevada, USA", dated November 25, 2020 with an effective date of
November 15, 2020, prepared by
William J. Lewis, B.Sc., P.Geo.,
Rodrigo Calles-Montijo, MSc., CPG,
and Leonardo de Souza, MAusIMM (CP)
is available on Millennial's issuer profile on SEDAR at
www.sedar.com.
Millennial Precious Metals is led by an experienced management
team and board of directors with a proven track record of success
in financing and developing mining assets. The Company is well
positioned to create value for all stakeholders by applying a
systematic strategy to develop all seven gold projects over the
next few years.
Corporate
Website: https://millennialpreciousmetals.com/
QUALIFIED PERSON
Leonardo De Souza, P. Geo., is
the Qualified Person for the scientific and technical information
contained in this press release and is an independent Qualified
Person within the meaning of National Instrument 43- 101.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements in this news release are forward-looking
statements, which reflect the expectations of management regarding
the business development objectives and plans of
Millennial.
Forward-looking information contained in this news release
are based on certain factors and assumptions. While Millennial
considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect. Forward
looking information involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information. Such factors include risks inherent in
the exploration and development of mineral deposits, including
risks relating to changes in project parameters as plans continue
to be redefined, risks relating to variations in grade or recovery
rates, risks relating to changes in mineral prices and the
worldwide demand for and supply of minerals, risks related to
increased competition and current global financial conditions,
access and supply risks, reliance on key personnel, operational
risks, regulatory risks, including risks relating to the
acquisition of the necessary licenses and permits, financing,
capitalization and liquidity risks, title and environmental risks
and risks relating to health pandemics and the outbreak of
communicable diseases, such as the current outbreak of the novel
coronavirus, COVID-19.
Further, these forward-looking statements reflect
management's current views and are based on certain expectations,
estimates and assumptions which may prove to be incorrect. A number
of risks and uncertainties could cause the Company's actual results
to differ materially from those expressed or implied by the
forward-looking statements, including: (1) a downturn in general
economic conditions in North
America and internationally, (2) the inherent uncertainties
and speculative nature associated with mineral exploration, (3) a
decreased demand for precious metals, (4) any number of events or
causes which may delay exploration and development of the property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labour problems, (5) the risk that
the Company does not execute its business plan, (6) inability to
finance operations and growth, (7) inability to obtain all
necessary permitting and financing, and (8) other factors beyond
the Company's control. These forward-looking statements are made as
of the date of this news release and Millennial does not assume an
obligation to update these forward looking statements, or to update
the reasons why actual results differed from those projected in the
forward-looking statements, except in accordance with applicable
securities laws.
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.
SOURCE Millennial Precious Metals Corp.