TORONTO, Jan. 12, 2022 /CNW/ - Millennial Precious
Metals Corp. (TSXV: MPM) (OTCQB: MLPMF) ("Millennial" or the
"Company") is pleased to provide results from the ongoing resource
conversion and exploration drill program currently being conducted
at its Mountain View project located in Nevada, USA, as a part of the fully funded
20,000m maiden drill program. In
2021, the Company drilled 21 holes at Mountain View totaling
5,256m. The 2022 drill program at
Mountain View consists of 2,700m with
the objective of confirming RC grades, validating grade continuity,
and extending the mineralization laterally to increase the pit
size. Millennial expects to continue to release drill results from
the program monthly.
Highlights:
Drillhole MVCD-0016A returned an intercept of 0.91 g/t
oxide Au over 232.5m including a
high-grade intercept of 10.88 g/t Au over
11.3m and 2.18 g/t Au over
22.3m (refer to Table 1 for
detailed interval results).
- The high-grade intercept is likely further evidence of the
plumbing system which controls the lower-grade, bulk oxide portion
of the deposit hosted by flow-banded rhyolite.
- The high-grade zone is characterized by a hydrothermal breccia
with quartz, pyrite and marcasite within the matrix.
- Grade observed in MVCD-0016A is significantly higher than
expected from the block model.
- The high-grade hydrothermal breccia was not reported in the
historical RC drilling.
- Actual geometry of the high-grade hydrothermal breccia (>1.0
g/t Au) is approximately 60m x
180m x 140m. MVCD-0016A stepped out 20m from the previous high-grade breccia zone.
The zone remains open at depth, to the north west and south
east.
- The existing block model at Mountain View is based on
historical results, drilled primarily with RC (reverse circulation)
rigs. Millennial's program is being completed principally with DDH
(diamond drill hole) rigs.
- MVCD-0016A was designed to convert the high-grade resources at
the bottom of the current pit shell from Inferred to Indicated in
support of an updated mineral resource in 2022.
- Consistent with previous observations, mineralized rhyolite is
situated directly below the alluvium, which is composed of sand,
gravels and boulders as seen in Figure 1. As a result, it is
expected that pre-stripping for open-pit mining will not require
conventional drilling and blasting, potentially reducing mining
costs.
- Gold mineralization at Mountain View is hosted by flow-banded
rhyolite with strong oxidation persisting throughout most of the
hole.
- Minor, post-mineral faulting has broken the host rock which is
expected to have a positive impact on gold leaching and reduce
processing costs.
Jason Kosec, President, CEO &
Director of Millennial stated, "we are extremely pleased with the
outcome of drillhole MVCD-0016A. With ~230m at an average grade of
~0.9 g/t Au oxide, this hole confirms the excellent ore grade
continuity at Mountain View. In addition, the high-grade portion of
the hole provides further evidence of the potential bonanza grade
feeder zone which could significantly augment project economics at
Mountain View."
Table 1: MVCD-0016A Detailed Intercept Results
|
Hole No.
|
From (m)
|
To (m)
|
Interval
(m)
|
Au (g/t)
|
|
MCVD-0016A
|
111.5
|
344.0
|
232.5
|
0.91
|
|
including
|
296.3
|
318.5
|
22.3
|
2.18
|
|
including
|
318.5
|
329.8
|
11.3
|
10.88
|
Figure 1: Cross Section from A – A'. Mineralization Hosted
Within the Rhyolite (purple) and Quaternary Alluvium Barren Cap
(yellow).
Mountain View Project Overview:
Mountain View is located within the Deep Hole mining district in
Nevada, 24km north of the town of
Gerlach within Washoe County. The project area is covered by
a 3,169-acre land package consisting of 154 unpatented claims,
located on federally owned lands administered by the U.S. Bureau of
Land Management (BLM). Gold-dominated mineralization at Mountain
View consists of low sulfidation epithermal veins and disseminated
oxide and sulphide mineralization hosted in Cenozoic volcanic
rocks. Mountain View has an Inferred mineral resource estimate
containing 427,000 ounces of Au (oxide) (23.2 million tonnes at
0.57 g/t Au; effective date of November 15,
2020).
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.
QUALIFIED PERSON
The information in this news release was reviewed and approved
by Raphael Dutaut, Ph.D., P.Geo., Vice President, Exploration for
Millennial Precious Metals Corp. Mr. Dutaut is a QP as defined by
NI 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.