TSXV: MPM | OCTQB: MLPMF
TORONTO, Jan. 5, 2023
/CNW/ - Millennial Precious Metals Corp. (TSXV: MPM) (OTCQB: MLPMF)
("Millennial" or the "Company") is pleased to announce that on
December 30, 2022, the Company
submitted an Exploration Plan of Operations ("EPO") to the Bureau
of Land Management ("BLM") for its Wildcat project located in
Nevada, USA. Millennial is also
pleased to provide a summary of the Company's exploration and
de-risking activities completed in 2022 and a preview of key
catalysts in 2023.
Jason Kosec, President, CEO
& Director of Millennial commented, "We are extremely
excited to announce the submission of the EPO for Wildcat, our
flagship project in Nevada. The
proposed EPO project boundary of 12,432 acres will allow for 400
acres of surface disturbance, which is a is a significant upgrade
from the 5 acres we were limited to during Phase 1 drilling. Once
approved by the BLM, the EPO at Wildcat will unlock value for
shareholders, allowing for an expanded Phase 2 drill program aimed
at the high-priority targets identified in 2022. In the meantime,
Millennial is focused on completing metallurgical testing and
engineering studies for the updated mineral resource and PEA for
Wildcat and Mountain View expected to be released in H1
2023."
Wildcat Exploration Plan of
Operations:
Environmental baseline resource studies were conducted
throughout the 2022 field season in advance of submitting the EPO,
including a field inventory of biological and cultural resources
within the 12,432-acre EPO project boundary. The environmental
baseline studies will serve as the foundation for continued
advancement of Wildcat through the exploration and pre-development
phases and will also be used as the basis for an Environmental
Assessment ("EA") as required by the National Environmental Policy
Act ("NEPA"). As a federal agency, the BLM is responsible for
preparing an EA in accordance with NEPA to identify any significant
environmental impacts of the proposed EPO. Millennial has engaged a
third-party consultant to assist with the preparation of the EA and
is committed to working closely with the BLM to ensure that the
process is completed in a timely manner.
The proposed EPO covers 12,432 acres within Millennial's
17,612-acre land package at Wildcat (see Figure 1). Phase 1
drilling at Wildcat was confined to 5 acres of total surface
disturbance under the current Notice of Operations, whereas the
proposed EPO includes up to 400 acres of disturbance over several
stages, beginning with 85 acres of disturbance in the first stage.
The EPO will allow for expanded exploration drilling of new
mineralized targets and resource infill drilling to further define
the current mineral resource area. In preparation for the Mine Plan
of Operations ("MPO"), the EPO also allows for water well drilling
for hydrogeologic characterization and geotechnical test
pits/trenches to characterize geotechnical conditions in the
prospective mineral processing area.
2022 Exploration and De-Risking
Activities:
- Phase 1 drilling at Wildcat (12 holes, totaling ~1,250m) and
Mountain View (27 holes, totaling ~7,200m). Significant results
include:
-
- Mountain View: 185.5m of 1.48 g/t
oxide Au, 128.3m of 1.73 g/t oxide
Au, and 232.5m of 0.91 g/t oxide Au
(refer to May 2022 press
release).
- Wildcat: 39.2m of 1.26 g/t oxide
Au, 41.4m of 0.93 g/t oxide Au, and
120.2m of 0.39 g/t oxide Au (refer to
October and November 2022 press
releases).
- ~2,500kg of material used for metallurgical testing, including
20 column tests, ~160 bottle rolls, and 6,000 cyanide assays at
various size fractions.
- 10 drill holes logged by geotechnical engineers; 75 samples
selected for compression and shear testing as well as >1,000
point-load tests followed by 3D model simulations for pit wall
design.
- ~8,500m of infill drilling (PQ-NQ) for mineral resource
conversion with the majority of drilling executed at ~50m x
50m spacing; ~6,000m of historical
core relogged with detailed QA/QC for validation of historical
drill data.
- Surface sampling and mapping program at Wildcat identified
several new mineralized targets located outside the proposed pit,
increasing the mineralized footprint from ~1.5km x 1.5km to ~3.0km
x 2.0km; high-priority drill targets were identified for Phase 2
drilling (refer to November 2022
press release).
- Substantially increased land position at Wildcat (+87%) and
Mountain View (+23%) bringing the total Nevada land package to 37,041 acres across all
seven projects.
- Completion of engineering studies for site infrastructure
layout and design, as well as capital and operating cost estimates
for the upcoming Preliminary Economic Assessment ("PEA") and future
Pre-Feasibility Study ("PFS").
- Significant advancements toward securing water rights from both
public and private owners for Wildcat and Mountain View.
- As part of the Wildcat EPO and future MPO, ~13,000 acres were
surveyed for baseline environmental resource studies including a
ground-based inventory of cultural, wildlife, and plant resources.
In addition, samples were collected for environmental geochemical
characterization (static and humidity cell tests), a conceptual
hydrogeological model was developed, and one water supply well was
drilled.
- Exploration activities at non-core assets include: (1) ~2,000
samples collected during a soil sampling program at Cerro Colorado,
(2) detailed mapping at Ocelot with development of an exploration
model, and (3) development of a property wide 3D geological model
at Red Canyon.
2023 Key Catalysts:
- Metallurgical results from Mountain View and Wildcat (H1
2023).
- Submit EPO for Mountain View (H1 2023).
- Updated mineral resource estimate and PEA for Wildcat and
Mountain View (H1 2023).
- Engineering and environmental activities (geotechnical,
condemnation drilling, permeability, metallurgical, hydrogeology,
and geochemical) required for PFS and MPO at Wildcat (H2 2023).
- Phase 2 drilling of high-priority targets at Wildcat (H2
2023).
- Surface sampling and mapping at Red Canyon and Cerro Colorado
(H2 2023).
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 publicly-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 publicly-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 Wildcat and Mountain View projects 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.