TSXV: MPM | OCTQB: MLPMF
TORONTO, March 8, 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. 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-0021 returned an intercept of 0.46 g/t
Au over 189.0m including a
high-grade intercept of 1.35 g/t oxide Au over
33.5m and 0.58 g/t
transition (mixed oxide-fresh material) Au over 23.9m (refer to Table 1 for detailed interval
results).
- MVCD-0021 was designed to target a poorly defined area between
the two primary high-grade brecciated bodies in the center of the
deposit. The results demonstrate excellent grade continuity within
the Rhyolite body outside of the brecciated area.
- The high-grade zone is characterized by a highly silicified
Rhyolite and oxidized pyrite within the matrix.
- Oxidation profile reaches a depth of 193.9m (down hole) and is followed by a mixed
transition zone (approximately 50% oxide, 50% fresh rock) which
extends to the end of the hole at a depth of 396.2m.
- MVCD-0021 intersects the existing pit shell at an approximate
depth of 235.0m (down hole) before
the new intercept of 0.58 g/t transition (mixed oxide-fresh
material) Au over 23.9m.
- Excluding the high-grade intercepts, the residual grade of hole
MVCD-0021 is 0.21 g/t Au over 131.6m,
which is above the cut-off grade of 0.14 g/t Au (described in the
November 2020 NI 43-101 Technical
Report for the Mountain View Project filed on SEDAR) and is
therefore economic ore in a potential heap-leach mining
scenario.
- Actual geometry of the main high-grade hydrothermal breccia
(>1.0 g/t Au) is approximately 60m
x 180m x 140m. MVCD-0021 stepped out ~80m from the main
high-grade breccia zone, and ~40m from the secondary high-grade
mineralized body. The zone remains open at depth, to the
north-west.
- 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 drillhole) rigs.
- 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 the majority
of the drillholes.
- 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 pleased with the outcome of
drillhole MVCD-0021. With ~190m at an average grade of ~0.50 g/t of
primarily oxide Au, this hole continues to demonstrate the
excellent continuity of high-quality economic ore at Mountain View.
We are very proud of our technical team at site who continue to
successfully manage the aggressive maiden drill program. We expect
the team to complete the drill program at Mountain View in Q2 2022
and begin drilling at Wildcat shortly thereafter."
Table 1: MVCD-0021 Detailed Intercept Results
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 sulphidation 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 an
exploration and development company focused on unlocking quality
ounces through the responsible expansion of its eight gold and
silver projects located in Nevada
and Arizona, USA. The Company
plans to accelerate the development of its two flagship projects
located in Nevada: Wildcat and
Mountain View. The Wildcat Inferred Mineral Resource estimate
contains 776,000 ounces of oxide Au (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 oxide Au (23.2 million tonnes
at 0.57 g/t Au; effective date of November
15, 2020). Technical reports 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 "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) are 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 high-quality mining projects. The
Company is well positioned to create value for all stakeholders by
applying a systematic strategy to advance and de-risk all eight
projects over the next few years.
Corporate
Website: https://millennialpreciousmetals.com/
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.