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VANCOUVER, British Columbia, April 14, 2023 (GLOBE NEWSWIRE) -- Millennial Potash Corp. (TSXV:MLP) (OTCQB:MLPNF) has issued an update on progress at its Banio Potash Project in West Africa as it prepares for a new drill program. Millennial Potash is acquiring up to 100% of the Banio Potash Project in Gabon through a series of cash and share payments and commitment of certain exploration expenditures. The main project area is located on the Atlantic coast of Gabon in western Africa.
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The 1,244 square kilometer Mayumba Permit, which forms the basis for the Banio Potash Project, is approximately 50 km south of Mayumba village close to the border with the Republic of Congo. The potash-rich Congo Evaporite Basin extends from the Republic of Congo, located to the south, into coastal Gabon and the Banio Potash Project area. Current and past potash development projects in the Congo include the historic Holle Potash mine, Kore Potash's ongoing development at Kola, and Mag Industries' Mengo project now held by Chinese developer Evergreen Industries.
The company has made significant progress in its mobilization program. Camp rehabilitation is complete with new tent accommodation and container office and catering and medical services in place. Satellite communications with internet capabilities have also been established and power facilities are up and running.
Initial field activities include the ongoing clearing of a 4km historic road to the new drill site. The rotary drill rig on site is undergoing servicing and preparation for drilling, which upon completion will be moved to the site for planned hole BA-004 to drill the upper sedimentary units to the top of the salt sequence, estimated at a depth of approximately 320 metres. This hole will be extended to 700 metres with PQ core upon arrival of the new core drill rig, currently enroute having disembarked in Gabon from Europe in early April. Management estimates this new core drill rig will arrive by late April or early May.
Millennial has engaged Ercosplan Ingenieurgesellschaft to assist with the planning of the current exploration programme including the resampling of the historic drillholes on the project to confirm potash intervals. The company has sourced and secured sample pulps from the previous drillholes on the project in 2017 and 2018 from ALS Global. Ercosplan has confirmed the pulps are well preserved and acceptable for re-analysis and plans to analyze approximately 450 samples with results available for a maiden mineral resource estimate planned for later this year.
Millennial Potash will have a significant cost advantage over competitors due to its proximity to major potash markets with shipping time, particularly to Brazil and Asia Markets much less than other suppliers.
Having been halted for about 4 months while waiting for TSX Venture Exchange approval of its option to acquire the Banio Potash Project, the shares are currently trading at $0.52.
For more information, please visit the company’s website at www.millennialpotash.com, or contact Investor Relations at 604-662-8184 or email [email protected].
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