TSXV | MPM
Highlights of the Drill Program
- 20,000m program, using 3 to 4 drill rigs.
- Red Canyon: 2,500m program in Q2 2021 - designed to advance Red Canyon to the discovery stage and tighten geologic controls.
- Mountain View: 9,250m program in Q2/Q3 2021 – designed for resource conversion and expansion, rock mechanics and metallurgical testing.
- Wildcat: 8,250m program in Q3/Q4 2021 – designed for resource conversion and expansion, rock mechanics and metallurgical testing.
Overview of
Red Canyon is a Carlin-style sediment-hosted gold project that lies in the heart of the
The first phase of the Red Canyon drill program includes 2,500m of drilling in minimum of 12 planned drill holes at the Heavenly target zone. The Heavenly zone is one of 10 primary target zones across 6 square km of outcropping alteration in Devonian-age sedimentary (reef) rocks. The Heavenly target zone consists of oxidized Carlin-style mineralization (jasperoid- and clay-altered sedimentary rocks). Millennial plans to drill and test all 10 target zones in the coming years.
The objective of the first round of drill holes is to establish grade continuity and geometry, and to increase confidence in the geological model of the known mineralization at Heavenly fault zone. Compiled with historical data, the drill program is expected to expand the footprint for oxidized mineralization within the Heavenly zone, which is associated with secondary east-northeast striking normal faults oblique to large north-northwest striking structures that cross the property. These mineralized fault zones display tabular geometries with dimensions up to 200m wide over a strike length of at least 800m and display 200m vertical extent, although the exact extent remains unknown at this time.
Millennial has an option to purchase a 100% interest in the Red Canyon property pursuant to a lease and option to purchase agreement with
Overview of
The Mountain View project is located on the east edge of
Mountain View is volcanic hosted low-sulphidation epithermal gold deposit temporarily and genetically related to volcanic centers that were emplaced along the
A 9,250m drill program at Mountain View will focus on resource conversion from the inferred to indicated mineral resources category, in addition to resource expansion along the main axis of the deposit within the higher-grade plumbing system at depth, and establishing tighter controls on vein-hosted zones of mineralization. Oriented drilling will target historical gold grades while expanding the current gold resource of 427,000 ounces of inferred mineral resources. This program will also provide material for rock mechanics and metallurgical testing. More details on the program will be communicated to the market once the drill rigs are mobilized, following receipt of required permitting.
Overview of
The Wildcat project lies in the
Cenozoic feeder-type structures comprise a portion of proposed deeper mineralized targets in the project area. Precious metal mineralization has been shown to occur with low-temperature silica, chalcedony and pyrite. Silver to gold ratios are approximately 10:1, though locally they can be higher. Epithermal alteration is argillic and silicic with an association of pyrargyrite and other silver minerals. The gold is believed to be very fine-grained.
An 8,250m drill program at Wildcat will focus on resource conversion from the inferred to indicated mineral resources category, resource expansion towards the northwest and southeast along the higher-grade plumbing system at depth, and establishing tighter controls on vein-hosted zones of mineralization. Oriented drilling will target historical gold values while expanding the current gold resource of 776,000 ounces of inferred mineral resources and the 500,000 to 700,000 ounces of gold sulphide (40 MT to 50 Mt) exploration target. This program will also provide material for rock mechanics and metallurgical testing. More details on the program will be communicated to the market once the drills are mobilized, following the receipt of required permitting. The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to define it as a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
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
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SOURCE
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