The 2021 Phase 1 Mountain View drill program consists of 30 holes, totaling 7,250m, and is approximately 65% complete. Millennial expects to continue to release drill results from the program every 2-3 weeks.
Highlights
Drillhole MVCD-0004 returned an intercept of 1.73 g/t oxide Au over 128.3m including a high-grade intercept of 49.5 g/t Au over 3.35m and 141.73 g/t Au over 0.82m.
The high-grade intercept is likely first evidence of the plumbing system which controls the lower-grade, bulk oxide portion of the deposit hosted by flow-banded rhyolite.
The high-grade intercept is characterized by a subvertical hydrothermal breccia dike affected by silica, clay and fine-grained sulphides that are now completely oxidized.
The high-grade intercept sits within the current pit shell, however deeper holes are planned below the pit shell which have the potential to add significant underground ounces and potentially support an underground mining operation once the open pit has been fully mined.
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.
MVCD-0004 was designed to convert resources within the current block model from Inferred to Indicated and 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, drilled primarily with RC (reverse circulation) rigs. Millennial's program is being completed principally with DDH (diamond drill hole) rigs.
Grade observed in MVCD-0004 is 33% higher than expected from the block model.
MVCD-0004 results were evaluated excluding the high-grade intercept (141.73 g/t Au over 0.82m) which generated an overall grade of 0.82 g/t Au, significantly higher than the block model estimate.
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 reduce processing costs.
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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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