TORONTO, Nov. 29,
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 at its Wildcat project
located in Nevada, USA. The Phase
1 drill program at Wildcat consisted of 12 holes, totaling ~1,250m.
The program was designed for mineral resource conversion, to gather
material for geotechnical and metallurgical analysis, and to test
gold mineralization below the oxidation profile. Phase 1 drilling
will support the updated mineral resource estimate and PEA expected
to be released following the completion of metallurgical column
testing and various mining studies.
Highlights:
- Drillhole WCCD-0005 returned intercepts of 0.36 g/t
oxide Au over 17.7m and 0.55
g/t oxide Au over 68.6m, directly
below the 2020 NI 43-101 pit shell.
- Drillholes WCCD-0008, WCCD-0009, and WCCD-0011
returned intercepts of 0.36 g/t oxide Au over 51.8m, 0.40 g/t oxide Au over 30.5m, and 0.29 g/t oxide Au over
69.5m, respectively.
- Drillhole WCCD-0012 returned intercepts of 0.34 g/t
oxide Au over 30.5m and 0.41
g/t Au over 54.9m (oxide and
mixed), ~150m outside the 2020 NI 43-101 pit shell (refer to
Table 1 for detailed interval results).
-
- WCCD-0005 was drilled to gather material for metallurgical
studies and to test the highly brecciated oxide material in the
eastern part of the 2020 NI 43-101 pit shell. WCCD-0005 intercepted
~70m of mineralization outside the current oxide pit with
the oxidation profile visible ~30m deeper than previously
modeled.
- WCCD-0012 is located ~250m east of WCCD-0005 and was designed
as a step-out hole to test the oxide continuity and geotechnical
characteristics of the area. WCCD-0012 extends the oxide
mineralization by ~150m to the east of the pit (see Figure
1).
- WCCD-0008 was drilled for metallurgical testing in the center
of the north pit, at the highest elevation point at Wildcat.
WCCD-0009 and WCCD-0011 were drilled to gather geotechnical data to
test the expected north-east high wall (see Figure 2). WCCD-0009
and WCCD-0011 demonstrated excellent grade continuity towards
the edge of the oxide pit, which is expected to limit dilution
in a future mining scenario.
- Excluding the high-grade intercept, the residual grade of
WCCD-0008 is 0.24 g/t oxide Au over 32.0m, which is above the cut-off grade of 0.15
g/t Au (described in the November
2020 NI 43-101 Technical Report for the Wildcat Project
available on SEDAR).
- Assay results were also received from a deeper intercept of
previously reported drillhole WCCD-0004, which were delayed for
additional geotechnical analysis. In addition to the reported
intercept of 0.93 g/t oxide Au over 41.4m (see news release from August 16, 2022), WCCD-0004 also intercepted 0.74
g/t Au over 38.1m in fresh material
(see Figure 1 and Table 2)
- All reported drillholes from the Phase 1 program intersected
the rhyolitic tuff breccia, which represents the bulk of the
mineralization at Wildcat Main Hill. Overall, Phase 1 drilling at
Wildcat demonstrated strong grade continuity, no overburden
coverage (extremely low strip ratio), and excellent rock
competency for favourable pit slope angles, all of which are
attractive characteristics for a potential heap leach
operation.
- WCCD-0012 was the final drillhole of the Phase 1 program at
Wildcat that was intended to intersect mineralization, therefore no
additional assay results from the program will be reported. Refer
to Table 2 for detailed interval results and Figures 1 and 2 for
longitudinal overviews of the Phase 1 drill program at
Wildcat.
- Major achievements of the Phase 1 drill program at
Wildcat:
-
- Material collection for metallurgical and geotechnical
analysis;
- Enhanced understanding of local geology and primary
mineralization controls;
- Successful infill drilling to support mineral resource
conversion;
- Successful step-out drilling to support mineral resource
growth;
- Oxidation profile visible is deeper than previously modeled;
and
- New exploration targets identified for near-term resource
growth.
In addition to the Phase 1 drill program at Wildcat, Millennial
also recently completed a regional mapping and sampling program
which was highly successful in identifying several new mineralized
vent systems (primary control of mineralization) and
significantly expanding the mineralized footprint at Wildcat to
~3.0km x 2.0km (previously estimated at ~1.5km x 1.5km at the
Main Hill). Millennial expects to drill test the new targets once
the Exploration Plan of Operations (PoO) has been received from the
Bureau of Land Management (see news release from November 16, 2022).
Jason Kosec, President, CEO
& Director of Millennial commented, "We are extremely
pleased with the final results from the Phase 1 drill program at
Wildcat. WCCD-0005 and WCCD-0012 returned significant intercepts
outside the 2020 NI 43-101 pit shell, demonstrating immediate
resource growth potential. In addition, the deeper than anticipated
oxidation profile is expected to be a positive catalyst for the
updated mineral resource. Overall, the Phase 1 program at Wildcat
was a big win for the Company. We were able to successfully gather
critical geotechnical and metallurgical material for the updated
mineral resource and PEA, enhance our geological understanding of
the deposit, and identify multiple high-priority drill targets for
resource growth. We look forward to continuing our success into
2023, which will be a pivotal year for the Company."
Investor Webinar – November 29, 2022 at 2:00PM EST:
Millennial will provide a year-end corporate update presentation
via webinar hosted by Adelaide Capital on Tuesday, November 29, 2022, at 2:00pm EST. The webinar will feature a
presentation from Millennial's President, CEO and Director,
Jason Kosec, as well a live Q&A
session.
To register for this event, please use the following link:
https://us02web.zoom.us/webinar/register/WN_KXCJaQXPQ4C7HqizZFTwjg
The webinar will also be live-streamed to the Adelaide Capital
YouTube Channel:
https://www.youtube.com/channel/UC7Jpt_DWjF1qSCzfKlpLMWw
Wildcat Project
Overview:
Wildcat is located within the Farrell mining district in
Nevada, 56km north of the town of
Lovelock within Pershing County. The property can be accessed
by year-round roads from Lovelock
via State Route 399 and Seven Troughs Road. The 17,612-acre land
package consists of 916 unpatented claims and 4 patented claims.
The claims are located on federally owned lands administered by the
U.S. Bureau of Land Management (BLM). The mineralization at Wildcat
consists of a gold-dominated, low sulphidation, epithermal vein
system with oxidized, disseminated sulphide mineralization hosted
in volcanic and intrusive rocks. The Inferred mineral resource
estimate at Wildcat contains 776,000 ounces of Au (oxide) (60.8
million tonnes at 0.40 g/t Au; effective date of November 18, 2020). A technical report for the
Wildcat 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 Wildcat 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 overburden. All of Millennial's drilling samples
and field samples were prepared and analyzed at American Assay
Laboratories ("AAL") in Sparks, Nevada. 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. When requested by MPM geologists, 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.