Vancouver, September 6, 2023 - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to report that the situation on the ground in Gabon remains calm and MLP's operations at its Banio Potash Project remain unaffected by the recent change in government. In addition, MLP is pleased to report that the extension of historic drillhole BA-002 has been completed to a depth of 552.50m and several intervals of potash mineralization have been intersected.
Farhad Abasov, Millennial's Chair, commented, "Millennial is pleased to report that its exploration drilling program remains unaffected by recent political events in Gabon. The new government has given assurances, as recently as the interim President's address on September 4th, that all business, commercial and permitting agreements will be respected and a recent article by Oxford Economics Africa indicates the risk profile for Gabon is similar to South Africa and Namibia. Our senior management. including our CEO, who are currently on the ground have confirmed that Gabon remains in a state of calm and order, and this is further evidenced by the opening of all air and sea borders on September 2nd. All the major petroleum and mining companies continue their operations as usual. Millennial has been operating without any interruptions and will continue with its Phase 1 exploration program which has already proven successful with the intersection of two additional potash Cycles below the bottom of historic drillhole BA-002."
Millennial's senior management and local Gabon country manager have engaged with representatives of the UN and other international bodies and report that Gabon remains calm and that recent political events have had no impact on the ongoing exploration programme at its Banio Potash Project. New Gabonese leaders have given assurances that all commercial agreements, licenses, and permits will remain in place. Gabon is an OPEC member that produces approx. 200,000 barrels of oil daily and major producers Maurel and Prom, BW Energy and others have indicated all offshore and onshore operations are continuing as normal. In addition, Eramet has resumed production at its large manganese operation after a brief temporary shutdown on Aug. 30. A recent article by Oxford Economics Africa (Political Focus-Gabon, 05/09/2023) maintains its Low-Moderate risk level for the country, lower than before the political events, a similar level to Ghana, Namibia, South Africa, and Morocco, and trending neutral. The article also reiterates that the business and policy environments will remain broadly unchanged. Millennial will continue its current drilling program and will closely monitor the situation in Gabon.
The Phase 1 drill program is in progress and the extension of historic hole BA-002 has been completed to a depth of 552.5m. Preliminary interpretations indicate that evaporite Cycles IV and III with beds of massive nodular carnallite and minor halite have been intersected (see photos below). Core is currently being logged and sampled and will be expedited to the Saskatchewan Research Council ("SRC") Potash Laboratory in Saskatoon for analysis. The drill rig is currently mobilizing to historic hole BA-001 to complete an approx. 250m extension from the bottom of the historic hole to test for additional potash cycles. Data from extended holes BA-002 and BA-001, and BA-003, including re-sampling data, are expected to form a basis for a potential initial maiden Mineral Resource Estimate (MRE) for the North Target. No drillholes from the South Target, scheduled to be tested in late 2023/early 2024, will be included in this initial MRE.
Potash mineralization in drill core from BA-002 Extension showing red carnallite attributed to Cycle IV (Hole Dip=90°).
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Potash mineralization in drill core from BA-002 Extension showing red carnallite attributed to Cycle III.
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This news release has been reviewed by Peter J. MacLean, Ph.D., P. Geo, Director of the Company, a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or email at info@millennialpotashcorp.com.
Millennial Potash Corp.
"Farhad Abasov"
Chair of the Board of Directors
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.
This document may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or "planned", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company's current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
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