TSXV: MPM | OCTQB: MLPMF
TORONTO, April 6,
2022 /CNW/ - Millennial Precious Metals Corp. (TSXV:
MPM) (OTCQB: MLPMF) ("Millennial" or the "Company") is pleased to
announce that it has significantly increased the land position at
both its Wildcat and Mountain View Projects, located in
Nevada, USA. Millennial is also
pleased to provide an exploration update for Wildcat and Mountain
View, and a corporate update.
Wildcat Land Position
Increase
Millennial has increased the land position at Wildcat by 87%.
Millennial now controls a total land position at Wildcat of 17,565
acres, consisting of 913 unpatented claims on federally owned lands
administered by the U.S. Bureau of Land Management (BLM) and four
privately owned patented claims. The northern claims were added
following the detailed mapping program in 2021 and are located in
geologically favorable host rocks. These additional claims will
provide significant brownfield targets and have the potential to
grow the existing resource base. The additional eastern claims
secure optionality for future leach pad and processing plant
locations. The new claim blocks at Wildcat were added to the
ongoing exploration Plan of Operation (PoO), which will allow
Millennial to execute an extensive drilling campaign in 2023-2024
designed for exploration, infill and resource conversion,
collecting geotechnical and metallurgical data, and condemnation
drilling for infrastructure planning. Refer to Figure 1 for a
detailed claims overview map at Wildcat.
Mountain View Land Position
Increase
Millennial has increased the land position at Mountain View by
23%. Millennial now controls a total land position at Mountain View
of 5,476 acres, consisting of 282 unpatented claims on federally
owned lands administered by the BLM. The additional western claims
secure access to the property from the Nevada State Road 447. The
additional north-eastern claims present exciting geological
features and were staked to secure the area for a potential future
discovery. The new claim blocks at Mountain View were added to the
ongoing exploration PoO, which will allow Millennial to execute an
extensive drilling campaign in 2023-2024. Refer to Figure 2 for a
detailed claims overview map at Mountain View.
Jason Kosec, President, CEO &
Director of Millennial stated, "the strategic expansion of
Millennial's land position at Wildcat and Mountain View is an
extremely positive development for the Company. The additional
claims enable us to control critical prospective ground for a
potential combined mining operation with significant scale. In
total, Millennial now controls a land package of approximately
40,000 acres across its seven high-quality projects in Nevada, one of the top mining jurisdictions in
the world."
Exploration Program
Update
Millennial is nearing the completion of its Phase 1 drill
program at Mountain View, consisting of 29 holes, totaling ~7,900m.
There are currently four holes remaining with assays pending. The
program at Mountain View was designed for resource conversion, to
expand the existing pit size, to collect initial geotechnical and
metallurgical data, and to test the plumbing system at depth.
Millennial expects to begin the Phase 1 drill program at Wildcat
in Q2 2022. The program consists of a minimum of 40 holes, totaling
~4,000m, and is primarily designed for resource conversion, to
expand the existing pit size, to collect initial geotechnical and
metallurgical data, and to test gold mineralization below the
oxidation profile.
Phase 1 drilling at Mountain View and Wildcat will support the
updated combined mineral resource and Preliminary Economic
Assessment (PEA) expected to be released in H2 2022.
Corporate Update
The Company also announces that it has granted, in accordance
with the Company's stock option plan, 150,000 options to purchase
common shares of the Company to a member of the Board of Directors.
The options granted are exercisable at a price of C$0.52 for a period of five years.
Wildcat Project
Overview:
Wildcat is located within the Seven Troughs 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 17,565-acre land
package consists of 913 unpatented claims and four patented claims.
The claims are located on federally owned lands administered by the
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.
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 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.
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.