Millennial Potash Reports Significant Increase In Resource Estimates: Measured + Indicated Resource is up by 275% and Inferred Resource is increased by 210% at its Flagship Banio Potash Project: Measured + Indicated Mineral
Millennial Potash Reports Significant Increase
In Resource Estimates: Measured + Indicated
Resource is up by 275% and Inferred Resource
is increased by 210% at its Flagship Banio
Potash Project: Measured + Indicated Mineral
Resources of 2.45 Billion Tonnes at 15.6% KCl
and Inferred Mineral Resources of 3.56 Billion
Tonnes at 15.6% KCl
West Vancouver, British Columbia--(Newsfile Corp. - November 17, 2025) -
Millennial Potash Corp.
(TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company")
is pleased to
announce the results of an updated Mineral Resource Estimate ("MRE") for the northern part of its Banio
Potash Project in Gabon.
The MRE has an Effective Date of Nov. 11, 2025 and was completed by
ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH ("ERCOSPLAN"), one of the oldest
and best-known potash specialist consulting companies in the world with significant experience in the
West African Potash Basin.
Table 1 Measured, Indicated and Inferred Mineral Resources, Banio Potash Project
2025 MRE
CLASSIFICATION
TONNAGE (MT)
KCL (%)
MRE INCREASE (%)
FROM 2024*
MEASURED
648.19
15.72
--
INDICATED
1804.54
15.57
~ 175%
M+I
2,452.73
15.61
~ 275%
INFERRED
3,559.49
15.61
~ 210%
*see MLP Press Release dated Jan.16,2024
Farhad Abasov, Millennial's Chair
,
commented,
"Millennial Potash is delighted to report that its
updated Mineral Resource Estimates (MRE) for the northern part of its Banio Potash Project has
exceeded all our expectations marking a major milestone in our development. Last year we had no
Measured Resource, whereas now we have 648M tonnes of
maiden Measured Resource. The total
Measured and Indicated Resource increased by 275% while the Inferred Resource went up by 210%.
The increase in resources since our maiden resource in 2024 has been massive with Carnallitite
Measured + Indicated resources of 2.42B tonnes at 15.5-% KCl and additional Inferred Carnallitite
resources of 3.6B tonnes also grading 15.4% KCl.
This vast increase in the resources calculated may also allow us to consider substantially expanding
any planned production scale in the future. The newly calculated resources underscore the project's
immense potential, as it covers only about 5% of the entire project area.
The presence of sylvinite
seams constitute a higher-grade resource that adds further promise to the Project.
It is important to note that the resources cover only a fraction of the northern part of the entire Project
area and based on historical drill results and seismic work we believe the Project deposit continues
both to the south and to the north. With significant thicknesses of potash mineralization encountered
in all drillholes to date, locally in excess of 100m, we see support for our interpretation that these
potash seams have thickness, grade and continuity making them potentially highly suitable to
solution mining.
Moving forward this MRE is expected to provide a solid base for a Feasibility Study ("FS") which is
being supported by the U.S. International Development Finance Corp. ("DFC") by a non-dilutive USD
$3M in funding.
The FS will investigate various possible production scenarios via solution mining."
The MRE includes Measured Carnallitite Mineral Resources of approximately 648 million tonnes grading
15.7% KCl, Indicated Carnallitite Mineral Resources of approximately 1.769
billion tonnes grading
15.4% KCl, Indicated Sylvinite Mineral Resources of 35 million tonnes grading 24.3% KCl, Inferred
Carnallitite Mineral Resources of 3.463 billion tonnes grading 15.4% KCl, and Inferred Sylvinite Mineral
Resources of 96.2 million tonnes grading 24.2% KCl (see Tables 1,3,4,5).
The MRE includes analytical
results from the 2024 MRE for holes BA-002 and BA-003, plus 2025 drilling results from the extension of
BA-001 (BA-001-EXT), and new hole BA-004. (see MLP Press releases dated
Sept. 16, 2025
and
Oct.
14, 2025
).
The 2025 MRE values equate to approximately 102 million tonnes of contained KCl in the Measured
category, about 281 million tonnes of contained KCl in the Indicated category and approximately 555
million tonnes of contained KCl in the Inferred category (see Tables 3, 4 and 5)
In addition, compared to
2024 MRE, MLP has added a large maiden Measured Mineral Resource of 648 million tonnes at 15.7%
KCl (see MLP Press release dated
Jan. 16, 2024
).
The Banio Potash Project is located at the north end of the West-African Evaporite Basin. This is a well-
established potash basin.
The Mineral Resource Estimate for MLP's Banio Potash Project is comprised
of Measured, Indicated and Inferred resources based on the definition of potash-bearing seams or beds
in numerous sedimentary evaporite cycles or stages that were identified from drill core collected from
potash specific exploration drillholes. The Mineral Resources are comprised of carnallitite and sylvinite
resources as detailed in Tables 3, 4 and 5.
Geological Model
The geological model of Banio Potash mineralization identifies 7 potash-bearing Evaporite Cycles (CII
to CVIII)
with up to 20 seams of carnallitite and 3 seams of sylvinite in individual Cycles.
For the potash
seams to be considered as potentially suitable for solution mining, which is deemed to be the optimal
mining method to sustain a low-cost economic operation at Banio, they must meet certain thickness and
grade criteria.
In order to be considered as potentially mineable via solution mining the following cut-off
parameters were applied to
on the carnallitite and sylvinite seams:
Carnallitite:
seam thickness has to be > 2.5 m when single, and > 1.25 m when other seams are
present within 5 m vertical distance, and Carnallite content > 47 % (~ 12.5% KCl).
Sylvinite:
seam thickness has to be > 2 m and the Sylvite content > 16 %. Combined
Sylvite/Carnallite seams (e.g., Cycle VIII seam 4 in Ba-003, Cycle VII seam 14 in Ba-002) have
been considered as separate seams.
The seams which meet these criteria are outlined in Table 2 below.
The flat-lying nature of the West African Evaporite Basin, confirmed in the project area by results from
extensive seismic studies coupled with drillhole geological information, allows for extrapolation of the
various cycles and seams over significant distances.
The evaporite basin geology outlined in the
stratigraphic columns in Figure 1 confirms continuity of potash seams over approximately 8,000m of
strike length based on drill holes BA-001, BA-002, BA-003, and BA-004
Resource Estimate
In calculating the mineral resource tonnages, the following procedures were completed (Mineral
Resources are given as in-situ mineralization):
Around each drill hole, a Radius of Influence (ROI) was defined and by intersection of these ROIs,
polygons around drill holes where constructed.
Each polygon was clipped by the coast of Banio Lagoon and restricted to only onshore areas
within the Mayumba Permit. The volume for each potash seam was calculated by multiplying the
clipped polygon area with the thickness of the potash seam.
The carnallitite tonnage was calculated by multiplying the volume assigned to each seam with a
carnallitite tonnage factor (density). The density for each seam was determined individually from
the relative abundance of the salt minerals in the carnallitite seam and varies from between 1.77
g/cm³ for high grade carnallitite and 1.80 g/cm³ for low grade carnallitite seams. For Sylvinite
seams, a sylvinite tonnage factor was similarly determined. Based on Sylvite grade, density varied
between 2.07 g/cm³ and 2.13 g/cm³.
The KCl grade of each seam was calculated from a weighted average grade of drillholes sample
results collected from the individual seams.
The MRE classifies the carnallitite mineralization as Measured, Indicated and Inferred Mineral
Resources, and the and sylvinite mineralization as Indicated and Inferred, as defined by NI 43-101.
This
reflects the level of confidence in the extent and grade of both the carnallitite and sylvinite bodies.
The criteria used in the MRE to define the extension of mineralization from each drillhole for the
Measured, Indicated and Inferred carnallitite resources is as follows:
Measured Mineral Resources occur within a radius of 700m of a drill hole, as long as the seismic
survey results show no significant change in thickness of the overall salt section. The ROI for
Indicated Mineral Resources is not extended beyond the position of faults interpreted from the
seismic survey sections.
Indicated Mineral Resources occur within a radius of 1,400m of a drill hole, minus the Measured
Resources as long as the seismic survey results show no significant change.
Table 2 Composite carnallitite and sylvinite seam data from drillholes utilized in the MRE.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4674/274691_66dc182ab4e6286e_002full.jpg
ND no data, as the cycle has not been preserved in this drill hole (BA-001 Cycle VIII) or has not been drilled Cycle II to Cycle IV in Ba-003
LT/LG thickness or grade do just not meet the criteria
X = mineralization may be present, but thickness and grade far off from meeting criteria
Sg = slightly different grouping of seams between drill holes
Blank-empty in Cycle VI and Cycle VII due to seams being either Ct or Sy in different drill holes
Fig. 1 Correlation of potash cycles displaying good continuity from BA-002, BA-003, BA-001 and BA-
004 drillholes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4674/274691_66dc182ab4e6286e_003full.jpg
in thickness of the overall salt section. The ROI for Indicated Mineral Resources is not extended
beyond the position of faults interpreted from the seismic survey sections.
Inferred Mineral Resources occur within a radius of 2,800m of a drillhole, minus the Measured and
Indicated resources within this area. Considering that for Inferred Mineral Resources the continuity
of grade and thickness only have to be implied, the ROI for this category is predicted to extend into
the fault bounded downthrown block that has been interpreted from the seismic sections.
Similarly, the MRE utilizes the following criteria to estimate the extension of the Indicated and Inferred
sylvinite resources from a drillhole:
Measured Mineral Resources for sylvinite have not been assigned due to the uncertainly in the
extent of the sylvinite deposition as it is primarily a secondary form of mineralization and structurally
controlled.
Indicated Mineral Resources occur within a radius of 500m of a drill hole, as long as the seismic
survey results show no significant change in thickness of the overall salt section.
Inferred Mineral Resources occur within a radius of 1,000m of a drill hole, minus the Indicated
resources within this area.
Since the extent of the Sylvite mineralization is secondary and mainly structurally controlled, the ROIs for
the sylvinite mineralization are not extended beyond faults interpreted from the seismic survey sections.
The ROI distribution for carnallitite seams in Cycles VI to VII showing the Indicated resource ROI clipped
at interpreted faults and the Inferred ROI extending beyond these same faults is shown in Figure 2.
Cycles VI and VII in BA-001 display anomalous thickness which may be a local feature related to
proximity to a NE-SW trending fault and localized folding.
ERCOSPLAN has interpreted the substantial
thicknesses of Cycles VI and VII to be local features and in order to be conservative in the resource
estimate, have calculated True Thicknesses for all the seams in these two cycles through structural
analysis and comparisons to adjacent, unaffected drillhole stratigraphy.
Minor uncertainty remains
regarding the exact position of this fault and consequently a 200 m wide barrier with no Mineral
Resources is defined along the interpreted fault.
Uncertainty around additional faults interpreted from the
seismic sections are accommodated by a non-resource zone 100m wide associated with each potential
fault.
The resulting Measured, Indicated and Inferred mineral resources for the Banio Project are presented in
Tables 3, 4 and 5.
The robust carnallitite Measured Mineral Resource Estimate of 648M tonnes grading
15.7% KCl, and carnallitite Indicated Mineral Resource Estimate of 1.77 billion tonnes grading 15.4%
KCl provide a solid base for continuing exploration and development at the project and for the initiation
of a Feasibility Study.
The FS the Company plans to complete will focus only on the North Target
although significant potential for potash mineralization is interpreted from downhole geophysical studies
completed in several oil and gas wells at the South Target of the permit area.
Figure 2 Measured, Indicated and Inferred ROI Polygons for Carnallitite Seams in Cycles VI to
VII with interpreted faults zones
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4674/274691_66dc182ab4e6286e_004full.jpg
In addition to carnallitite resources, the sylvinite mineralization, with Indicated Mineral Resources of
approximately 35.2M tonnes grading 24.3% KCl and Inferred Mineral Resources
of approximately 96.2M
tonnes at 24.3% KCl, represent attractive exploration targets with higher grades that may enhance the
overall grade of the project.
Table 3:
Measured Mineral Resources*
DRILLHOLE
AREA (km
2
)
THICKNESS
(m)
MINERALOGY
TONNAGE (MT)
GRADE % KCl
TONNAGE (MT KCl)
BA-001
1.26
16.32
Carnallitite
37.00
15.41
5.70
BA-002
1.37
72.83
Carnallitite
179.77
15.33
27.55
BA-003
1.53
70.14
Carnallitite
191.85
16.06
30.82
BA-004
1.54
86.82
Carnallitite
239.56
15.79
37.82
MEASURED
TOTAL
Carnallitite
648.19
15.72
101.89
Table 4:
Indicated Mineral Resources
*
DRILLHOLE
AREA (km
2
)
THICKNESS
(m)
MINERALOGY
TONNAGE (MT)
GRADE % KCl
TONNAGE (MT KCl)
BA-001
3.95
68.41
Carnallitite
487.27
14.44
70.37
BA-002
0.79
4.8
Sylvinite
7.99
24.91
1.99
BA-002
2.57
72.83
Carnallitite
336.54
15.36
51.69
BA-003
0.79
7.46
Sylvinite
12.47
19.45
2.43
BA-003
2.85
70.14
Carnallitite
358.39
16.06
57.55
BA-004
0.79
9.03
Sylvinite
14.69
28.00
4.11
BA-004
3.77
87.89
Carnallitite
587.18.
15.79
92.70
INDICATED
TOTAL
Carnallitite
1,769.39
15.39
272.31
Sylvinite
35.15
24.26
8.53
TOTAL
INDICATED
CT+SYL
1,804.54
15.56
280.84
MEASURED
+
INDICATED
Carnallitite
2,417.58
15.48
374.20
Sylvinite
35.15
24.26
8.53
TOTAL
M + I
CT+SYL
2,452.73
15.61
382.73
Table 5:
Inferred Mineral Resources*
DRILLHOLE
AREA (km
2
)
THICKNESS (m)
MINERALOGY
TONNAGE (MT)
GRADE % KCl
TONNAGE (MT KCl)
BA-001
8.10
68.41
Carnallitite
998.17
14.56
145.32
BA-002
1.56
4.80
Sylvinite
15.88
24.91
3.96
BA-002
5.15
72.83
Carnallitite
673.89
15.43
103.96
BA-003
2.36
7.46
Sylvinite
37.41
19.45
7.28
BA-003
2.62
70.14
Carnallitite
329.81
16.04
52.90
BA-004
4.52
4.58
Sylvinite
42.86
28.00
12.00
BA-004
9.38
87.89
Carnallitite
1,461.47
15.74
230.03
INFERRED
TOTAL
Carnallitite
3,463.34
15.37
532.20
Sylvinite
96.15
24.16
23.23
TOTAL
INFERRED
3,559.49
15.61
555.43
*Cautionary Notes:
1
.
MT=Million Tonnes, tonnage is for in-situ resource with no discount for recovery as mining and processing methods are to be finalized.
Potash deposits have been mined by underground, open pit and solution mining methods.
2
.
The numbers for tonnage, average KCl per cent are rounded figures
3
.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The estimates of mineral resources may be
materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
4
.
The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration
to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in
upgrading them to an Indicated or Measured mineral resource category.
5
.
Densities used in resource calculations are 2.07-2.13 g/cm3 for Sylvinite and 1.77-1.80 g/cm
3
for Carnallitite
The Company is required to file an NI 43-101 compliant technical report on SEDAR within 45 days of the
initial disclosure of the MRE made herein.
The information in this news release has been reviewed and approved by Sebastiaan van der Klauw,
EurGeol, of ERCOSPLAN and Peter J. MacLean, Ph.D., P. Geo, Director of the Company, and both are
Qualified Persons 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
.
Keep up-to-date on Millennial Potash developments and join our online communities on:
,
,
,
and
YouTube
.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/274691