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Highlights:
- Drillhole MVCD-0015 returned an intercept of 0.49 g/t oxide Au over 275.5m including a high-grade intercept of 2.14 g/t Au over 12.2m and 1.89 g/t over 39.3m (refer to Table 1 for detailed interval results).
- The high-grade intercept is characterized by a subvertical hydrothermal breccia dike affected by silica, illite and fine-grained sulphides that are now completely oxidized.
- The high-grade hydrothermal breccia was not reported in the historical RC drilling.
- The high-grade zone is characterized by a hydrothermal breccia with quartz, pyrite and marcasite within the matrix.
- The lower-grade zone is characterized by the disseminated oxide portion of the deposit hosted by flow-banded rhyolite.
- MVCD-0015 was designed to convert resources within the current block model from Inferred to Indicated and to target the feeder zone in the epithermal system in support of an updated mineral resource in H1 2022 and PEA in H2 2022.
- The existing block model at Mountain View is based on historical results which were drilled primarily with RC (reverse circulation) rigs. Millennial's program is being completed principally with DDH (diamond drill hole) rigs.
- Grade observed in MVCD-0015 is ~56% higher than expected from the block model.
- Based on Millennial's interpretation, it appears that the mineralized rhyolite is situated directly below the alluvium, which is composed of sand, gravels and boulders as seen in Figures 1 and 2. As a result, it is expected that pre-stripping for open-pit mining will not require conventional drilling and blasting, potentially reducing mining costs.
- Minor, post-mineral faulting has broken the host rock which is expected to have a positive impact on gold leaching and to reduce processing costs.
- MVCD-0005 and MVCD-0006 were designed to test the lower-grade portion of the pit and to test the overburden depth on the eastern margin.
- Holes displayed lower grade mineralization – grade observed in MVCD-0006 was ~12% higher than expected from the block model and grade observed in MVCD-0005 was ~22% lower than expected from the block model.
- Mineralization is characterized by the disseminated oxide portion of the deposit hosted by flow-banded rhyolite.
- MVCD-0007 and MVCD-0009 were designed to test the eastern extent of the mineralization and to complete geotechnical logging and testing for the pit wall design.
- Mineralization is closed off to the east but may be open within the intrusive beyond the range front fault.
Mountain View Project Overview:
Mountain View is located within the Deep Hole mining district in
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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.
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