TORONTO,
ON, May 12, 2022 /CNW/ - Millennial Precious
Metals Corp. (TSXV: MPM) (OTCQB: MLPMF) ("Millennial" or the
"Company") is pleased to provide final assay results from the
recently completed resource conversion and exploration drill
program conducted at its Mountain View project located in
Nevada, USA. The Phase 1 drill
program at Mountain View consisted of 27 holes totaling ~7,200m
with the objective of resource conversion, collecting geotechnical
and metallurgical data, validating grade continuity, and extending
the mineralization laterally to increase the pit size.
Highlights:
Drillhole MVCD-0024 returned an intercept of 1.48 g/t
Au over 185.5m (mixed oxide-fresh
material) including a high-grade intercept of 3.99
g/t Au over 36.9m
and 2.60 g/t Au over 29.6m.
Drillhole MVCD-0025 returned intercepts of 0.42 g/t Au over
19.8m, 0.27 g/t Au over 15.9m and 0.53 g/t Au over 21.0m within the oxide material, as well as
0.61 g/t Au over 17.1m within
the mixed material (oxide-fresh) (refer to Table 1 for detailed
interval results).
- MVCD-0024 was designed as a step out hole to test the
continuity and strike extent of the breccia body toward the
expected feeder zone. MVCD-0024 extended the breccia body
northwest by ~100m. The exact geometry and true width of the
breccia body remain unknown due to the limited amount of diamond
drilling completed (5 holes to date).
- Observations indicate that grade increases to the northwest,
suggesting a closer proximity to the feeder zone. The high-grade
breccia has not been drilled to the northwest and remains
open.
- Other holes from the Phase 1 drill program that intersected the
breccia have display similar grades and continuity to MVCD-0024:
MVCD-0004 (1.73 g/t Au over 128.3m), MVCD-0015 (0.49 g/t Au over
275.5m), MVCD-0016A (0.91 g/t
Au over 232.5m), and MVCD-0021
(0.46 g/t Au over 189.0m).
Refer to highlighted sections in Table 2 for detailed interval
results.
- Excluding the high-grade intercepts, the residual grade
of hole MVCD-0024 is 0.43 g/t Au over 119.0m, which is significantly 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).
- The high-grade zone is characterized by a highly silicified
rhyolite and oxidized pyrite within the matrix. The oxidation
profile is visible to ~230m downdip 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 ~330m.
- MVCD-0024 intersects the existing pit shell at a depth of ~210m
(down hole) before the new intercept of 3.99 g/t Au oxide over
36.9m; the high-grade
intercept stepped out ~100m (horizontally) to the northwest
from the 2020 NI 43-101 pit limit (refer to Figure 1).
- MVCD-0025 was drilled to collect environmental data from the
proposed northwest pit wall (geochemical & environmental
analysis). In addition to providing critical information for future
mining permitting, MVCD-0025 unexpectedly intersected numerous
large mineralized secondary structures (refer to Figure 2), however
was forced to shut down within the high-grade breccia body due to
technical issues with the drill.
MVCD-0024 and MVCD-0025 are the final holes from the Phase 1
program at Mountain View that were intended to intersect
mineralization. The remaining holes from the program are technical
in nature (geotechnical, environmental, and metallurgical),
therefore no additional assay results from the Phase 1 program will
be reported. Refer to Table 2 and Figure 3 for detailed interval
results and plan view from the Phase 1 drill program at Mountain
View.
Jason Kosec, President, CEO &
Director of Millennial stated, "we are extremely pleased with the
results from the Phase 1 drill program at Mountain View. With
~185m at ~1.5 g/t Au, MVCD-0024 represents one of our best drill
results to date and demonstrates the excellent grade continuity
of high-quality mineralization at Mountain View. This hole
confirms the high-grade breccia discovery and opens the deposit for
future expansion to the northwest. We are extremely proud of
our technical team at site for successfully completing the
aggressive Phase 1 program at Mountain View. The team's focus now
shifts to Wildcat where we commenced Phase 1 drilling last week. We
look forward to sharing our progress over the next few months
leading to the updated mineral resource and PEA later this
year."
Note: Considering the broad shape of mineralization, all
intersects are estimated to represent 70-100% of true
width.
Mountain View Project Overview:
Mountain View is located within the Deephole mining district in
Nevada, 24km north of the town of
Gerlach within Washoe County. The project area is covered by
a 5,476-acre land package consisting of 282 unpatented claims,
located on federally owned lands administered by the 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). A technical
report for the Mountain View Project is available on Millennial's
issuer profile on SEDAR at www.sedar.com.
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.
SAMPLE PREPARATION AND QAQC
Drill core at the Mountain View project is drilled in NQ to PQ
size ranges (47.6mm to 85mm). Drill core samples are minimum 50cm
and maximum 200cm long along the core axis. All core is sampled, at
the exception of the quaternary overburden. All of Millennial's
drilling samples were prepared and analyzed at American Assay
Laboratories ("AAL") in Sparks,
Nevada. Drill core sample preparation includes drying in an
oven at a maximum temperature of 60°C, fine crushing of the sample
to at least 70% passing less than 2mm, sample splitting using a
riffle splitter, and pulverizing a 250g split to at least 85%
passing 75 microns. Thirty-gram aliquots of the pulps material were
analyzed at AAL for gold by fire-assay fusion with an ICP finish.
Silver and 49 major, minor, and trace elements were determined by
ICP and ICP-MS following an aqua-regia digestion of 0.5-gram
aliquots. Samples that assayed greater than 5.0 g/t Au were
re-analyzed by fire-assay fusion of 30-gram aliquots with a
gravimetric finish. Commercial CRMs and blanks material were
inserted as pulps at a frequency of approximately every 20th
sample. Approximately 5% of the samples were randomly selected for
coarse duplicate re-assays. Sample QAQC measures make up 15% of the
samples submitted to the lab for holes reported in this
release.
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.
