Millennial Potash Initiates Phase 2 Drilling Program at Its Banio Potash Project in Gabon

Rhea-AI Summary

Millennial Potash Corp (MLPNF) has launched its Phase 2 drilling program at the Banio Potash Project in Gabon, engaging Merlin Drilling for approximately 1,100m of core drilling. The program includes extending historic hole BA-001 by 400m and completing a new 700m hole, BA-004.

The company aims to evaluate potash-rich horizons at depth and laterally, potentially extending the combined strike length of known mineralization to 8,000m. Current resources stand at 657M tonnes grading 15.9% KCl (Indicated) and 1.159B tonnes grading 16% KCl (Inferred).

Following a recent $4.9M financing round, Millennial is well-funded to complete the drilling program and update its Mineral Resource Estimate, both scheduled for completion in Q2 2025. This will form the foundation for an upcoming Feasibility Study.

Positive

• Recently secured $4.9M in financing
• Potential to extend mineralization strike length to 8,000m
• Current substantial resource base of 657M tonnes Indicated and 1.159B tonnes Inferred
• Possibility of upgrading resources from Indicated to Measured status

Negative

• Historic hole BA-001 encountered drilling complications with vertical bedding
• Results and resource expansion are speculative until drilling completion

West Vancouver, British Columbia--(Newsfile Corp. - April 1, 2025) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to announce that it has engaged Merlin Drilling to complete its Phase 2 drilling program at its Banio Potash Project in Gabon. The Phase 2 program is comprised of two potash specific drill holes totalling approximately 1,100m of core drilling. The program will include the extension of historic hole BA-001 by approximately 400m and the completion of new hole, BA-004 with a planned estimated final depth of 700m. Both holes are located at the project's North Target and will test the robust potash mineralization horizons laterally and at depth which are present in drillholes BA-002 and BA-003.

Farhad Abasov, Millennial's Chair, commented "Millennial is excited to initiate its Phase 2 drilling program at our Banio Potash Project. Extending the historic drillhole BA-001 and drilling the new drillhole BA-004 has the potential to significantly boost the projects potash resources. Upon completion of the drilling an updated Mineral Resource Estimate will be completed which will form the foundation of the Feasibility Study set to begin in the coming months. Millennial has just closed a $4.9M financing round and is well funded to conduct the second drill program and complete a revised 43-101 resource estimate report after the drill program."

The Phase 2 drill program includes the extension of historic hole BA-001 to a depth of approximately 700m and the drilling of new hole BA-004 located 4km east of drillhole BA-001. Hole BA-001 was drilled to a depth of 364m in 2017 and was just entering the salt sequence when it intersected a localized slump feature with vertical bedding. The hole was terminated, however a revised interpretation based on extensive experience in the Gabon-Congo Basin indicates these local features are not extensive and Millennial's geological model suggests potash horizons are potentially present at depth.

Planed drillhole BA-004 is located approximately 4 km east of BA-001 and is designed to evaluate the lateral extent of the potash horizons into an untested area where seismic surveys support continuity of the potash horizons. The Company's geological model suggests the salt sequence should be intersected approximately 350m - 400m deep in the hole and will potentially host evaporite Cycles II to VIII which include numerous potash horizons in the form of carnallitite.

The objectives of the Phase 2 program are to evaluate the presence of potash-rich horizons at depth and laterally to provide additional data for an updated Mineral Resource Estimate. Identification of additional potash horizons outlined in Phase 2 may extend the combined strike length of know mineralization to 8,000m and can potentially add significant tonnage to the project resources with Indicated MRE currently at 657M tonnes grading 15.9% KCl and Inferred MRE at 1.159B tonnes grading 16% KCl (see Jan. 16, 2024 Press Release). In tandem with the potential resource increase, data from these two drillholes may allow upgrading of some resources from Indicated to Measured status and possibly shifting Inferred material to Indicated status.

The Phase 2 drill program will be completed in Q2, 2025 and will be followed by a revised Mineral Resource Estimate which is also planned for completion in Q2, 2025.

The information in this news release has been reviewed and approved by Peter J. MacLean, Ph.D., P. Geo, Director of the Company, and is 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) 6628184 or email at info@millennialpotash.com.

Keep up-to-date on Millennial Potash developments and join our online communities on: Twitter, Facebook, LinkedIn, Instagram and YouTube.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246757

FAQ

What are the current resource estimates for Millennial Potash's (MLPNF) Banio Project?

The project has Indicated resources of 657M tonnes at 15.9% KCl and Inferred resources of 1.159B tonnes at 16% KCl, as reported in January 2024.

How many drill holes are planned in MLPNF's Phase 2 program?

The Phase 2 program includes two drill holes: extending BA-001 by 400m and drilling a new hole BA-004 to 700m depth.

When will Millennial Potash (MLPNF) complete its Phase 2 drilling program?

The Phase 2 drilling program and updated Mineral Resource Estimate are scheduled for completion in Q2 2025.

How much funding did MLPNF recently secure for its Banio Project?

Millennial Potash recently closed a $4.9M financing round to fund the second drill program and complete a revised 43-101 resource estimate report.