TSXV | MPM
/NOT FOR DISTRIBUTION TO
Highlights:
Red Canyon : Phase 1 drilling has been completed. The Phase 1 program consisted of 12 drill holes, totaling 2,341m, in theHeavenly Target Zone , which is one of ten target areas currently identified on the property (see Figure 1).- Key Intercepts: (listed in Table 1, highlights below):
- HVN-2021-002RD returned high-grade intercepts of 4.54 g/t Au over 54m, including 9.18 g/t Au over 22m, with local high grades of 19.16 g/t Au over 5m.
- HVN-2021-003 returned high-grade intercepts of 3.05 g/t Au over 11m, including 10.32 g/t Au over 3m, with local high grades of 20.5 g/t Au over 1m.
Table 1: Key Drill Intercepts from Red Canyon Phase 1
- Observations:
- Drilling has confirmed that the mineralization found at the
Heavenly Target Zone consists of stratabound Au mineralization hosted in calcareous siltstone of the lower plate units of the Roberts Mountains Formation. - Mineralization is dipping moderately to the southeast and is consistent with the Company's working geological model.
- Mineralization in the
Heavenly Target Zone is open to the south and southeast. - Millennial's team is currently conducting data interpretation to refine the Company's 3D Leapfrog geological model focused on favorable structures and stratigraphy to help design the Phase 2 campaign, aimed at expanding the footprint for oxidized Au mineralization at the
Heavenly Target Zone . - Millennial is also mapping and soil sampling other, previously identified, target areas of interest at
Red Canyon to identify high-quality drill targets with potential to host oxidized gold mineralization. - Upcoming:
- The Company is currently awaiting assay results for four remaining holes.
- Phase 2 drilling at
Red Canyon is expected to commence Q1 2022.
- Mountain View: Phase 1 drilling consisting of 30 holes, totaling 7,250m, was initiated on
June 25, 2021 . The program is designed to convert and expand ounces and to identify the plumbing system within the lower andesite unit and below the disseminated zone, where the current resource sits (see Figure 2). - Program Update:
- Phase 1 drilling is 55.6% complete, with assay results pending.
- Observations:
- The epithermal gold deposit at Mountain View is covered by sand and gravels on the hanging wall of a regional productive extensional fault, which can be mapped for over 3km (see Figure 2). The sand and gravel is expected to reduce the mining cost per ton during pre-stripping, as traditional drilling and blasting will not be required.
- The current resource is disseminated mineralization within permeable-brittle rhyolitic rocks. The exploration team has also noticed deep supergene oxidation up to 300m.
- Post mineral faulting has significantly broken up the rock, which will potentially reduce mining costs and increase the leachability of gold.
- Historical deep drilling reported extremely high-grade gold intercepts (5' @ 2,500g/t Au, 5' @ 960g/t Au, 5'@180 g/t Au), which signify the potential for high grade quartz vein feeders in the lower andesite.
- Through regional mapping, the Millennial team has concluded that gold mineralization at Mountain View developed in direct relation to a regional extension fault (the "Productive Frontal Range Fault", as shown in the schematic in Figure 2). The fault extension dropped the hanging wall, covering and protecting the deposit from erosion. The hanging wall of the regional fault is covered by post-mineral rocks, creating significant exploration potential.
- The team has identified the fault for >3km along strike, with argillic alteration and quartz veins on the outcropping footwall. The outcropping footwall also features a past producing gold, silver and base metal mine, all of which suggest excellent potential for additional mineral centers to be identified, as shown in the schematic in Figure 2.
- Upcoming:
- The Phase 1 program will feed the updated resource and PEA, expected in Q2 2022 and Q3 2022, respectively.
- Wildcat: Phase 1 drill program consists of 44 holes, totaling 4,150m, and is expected to begin in
mid-October 2021 . The program is designed to convert and expand ounces and to identify the plumbing system at the property, as shown by the planned drill hole traces in yellow and red in Figure 3. - Observations:
- The exploration team is currently conducting a detailed mapping program and has identified a 2.3km x 1.2km potential mineralized footprint (see Figure 3).
- The Millennial team also mapped, through historical trenches, a 1.25km vein running northeast-southwest, showing significant epithermal signatures such as Ginguro texture (see example in Figure 4).
- Upcoming:
- The Phase 1 program will feed the updated resource and PEA, expected in Q2 2022 and Q3 2022, respectively.
Key Asset Overview:
Mountain View is located within the Deep Hole mining district in
Wildcat is located within the Seven Troughs mining district in
Figure 1: Red Canyon Phase 1 Drill Program Overview
Figure 2: Mountain View Schematic Deposit Model and Exploration Potential
Figure 3: Wildcat Mineralized Footprint & Cross Sections Looking North (A-A') and East (B-B')
Figure 4: Ginguro Texture Vein & Bladed Silica After Calcite - Key Signatures of Low Sulphidation Systems
ABOUT MILLENNIAL PRECIOUS METALS CORP.
QUALIFIED PERSON
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
Neither the TSX Venture Exchange nor its Regulation Services Provider, as that term is defined in the policies of the
SOURCE
© Canada Newswire, source