Millennial Potash Continues with Its Phase 1 Exploration Program as the Situation in Gabon is Stable
Millennial Potash Continues with Its Phase 1
Exploration Program as the Situation in Gabon
is Stable
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2023) -
Millennial Potash Corp. (TSXV:
MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company")
is pleased to report
that the situation on the ground in Gabon remains calm and MLP's operations at its Banio Potash
Project remain unaffected by the recent change in government.
In addition, MLP is pleased to report that
the extension of historic drillhole BA-002 has been completed to a depth of 552.50m and several
intervals of potash mineralization have been intersected.
Farhad Abasov, Millennial's Chair, commented, "Millennial is pleased to report that its exploration drilling
program remains unaffected by recent political events in Gabon.
The new government has given
assurances, as recently as the interim President's address on September 4
th
, that all business,
commercial and permitting agreements will be respected and a recent article by Oxford Economics
Africa indicates the risk profile for Gabon is similar to South Africa and Namibia.
Our senior
management. including our CEO, who are currently on the ground have confirmed that Gabon remains in
a state of calm and order, and this is further evidenced by the opening of all air and sea borders on
September 2
nd
. All the major petroleum and mining companies continue their operations as usual.
Millennial has been operating without any interruptions and will continue with its
Phase 1 exploration
program which has already proven successful with the intersection of two additional potash Cycles below
the bottom of historic drillhole BA-002."
Millennial's senior management and local Gabon country manager have engaged with representatives of
the UN and other international bodies and report that Gabon remains calm and that recent political
events have had no impact on the ongoing exploration programme at its Banio Potash Project.
New
Gabonese leaders have given assurances that all commercial agreements, licenses, and permits will
remain in place.
Gabon is an OPEC member that produces approx. 200,000 barrels of oil daily and
major producers Maurel and Prom, BW Energy and others have indicated all offshore and onshore
operations are continuing as normal.
In addition, Eramet has resumed production at its large
manganese operation after a brief temporary shutdown on Aug. 30.
A recent article by Oxford
Economics Africa (Political Focus-Gabon, 05/09/2023) maintains its Low-Moderate risk level for the
country, lower than before the political events, a similar level to Ghana, Namibia, South Africa, and
Morocco, and trending neutral.
The article also reiterates that the business and policy environments will
remain broadly unchanged. Millennial will continue its current drilling program and will closely monitor the
situation in Gabon.
The Phase 1 drill program is in progress and the extension of historic hole BA-002 has been completed
to a depth of 552.5m.
Preliminary interpretations indicate that evaporite Cycles IV and III with beds of
massive nodular carnallite and minor halite have been intersected (see photos below).
Core is currently
being logged and sampled and will be expedited to the Saskatchewan Research Council ("SRC")
Potash Laboratory in Saskatoon for analysis.
The drill rig is currently mobilizing to historic hole BA-001
to complete an approx. 250m extension from the bottom of the historic hole to test for additional potash
cycles.
Data from extended holes BA-002 and BA-001, and BA-003, including re-sampling data, are
expected to form a basis for a potential initial maiden Mineral Resource Estimate (MRE) for the North
Target.
No drillholes from the South Target, scheduled to be tested in late 2023/early 2024, will be
included in this initial MRE.
Potash mineralization in drill core from BA-002 Extension showing red carnallite attributed to Cycle IV
(Hole Dip=90°).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4674/179576_7fc59656b4131996_001full.jpg
Potash mineralization in drill core from BA-002 Extension showing red carnallite attributed to Cycle III.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4674/179576_7fc59656b4131996_002full.jpg
This news release has been reviewed by Peter J. MacLean, Ph.D., P. Geo, Director of the Company, a
Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or
email at
.
MILLENNIAL POTASH CORP.
"Farhad Abasov"
Chair of the Board of Directors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This document may contain certain "Forward-Looking Statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When
used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or
"planned", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-
looking statements or information. These forward-looking statements or information may relate to future
prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources,
regulatory or government requirements or approvals including approvals of title and mining rights or
licenses and environmental (including land or water use), local community or indigenous community
approvals, the reliability of third party information, continued access to mineral properties or
infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact
upon the Company or its properties or the commercial exploitation of those properties, currency risks
including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for
potash or potash related products, changes in exploration costs and government royalties, export
policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company's
current plans, expectations and intentions with respect to development of its business and of the Banio
Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the
impact of current financial and other market conditions on its ability to secure further financing or funding
of the Banio Potash Project. Such statements represent the Company's current views with respect to
future events and are necessarily based upon a number of assumptions and estimates that, while
considered reasonable by the Company, are inherently subject to significant business, economic,
competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both
known and unknown, could cause results, performance or achievements to be materially different from
the results, performance or achievements that are or may be expressed or implied by such forward-
looking statements. The Company does not intend, and does not assume any obligation, to update these
forward-looking statements or information to reflect changes in assumptions or changes in
circumstances or any other events affecting such statements and information other than as required by
applicable laws, rules and regulations.
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