Announcement
Millennial Potash Drillhole Resampling Results for BA-003 Further Confirms Extensive Robust Potash Horizons Including 28.6m of 58.9% Carnallite
Oct 30, 2023
Millennial Potash Corp.
14 min read
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2023) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to report it has received analytical results for the resampling program of hole BA-003 at its Banio Potash Project. Results confirm that BA-003 intersected evaporite Cycles V, VI, VII and VIII cutting 17 carnallitite seams including up to 28.61m of 58.9% carnallite (15.8% KCl), and 4 sylvinite seams. Interpretation of the data confirms previous values reported by the previous operator indicating the historic data is suitable for future use evaluating the potash potential of the Banio Potash Project.
Farhad Abasov, Millennial's Chair, commented "Millennial is pleased to have received the analytical results from re-sampling the pulps from historic drillhole BA-003 at our Banio Potash Project. The results confirm the extension of the main carnallitite seams over 2km from BA-002 with significant widths of up to 28.6m grading 15.8% KCl or almost 59% carnallite. Numerous other seams were confirmed as well supporting our interpretation that Banio has excellent potential to be a bulk solution mining project. In addition, the top of Cycle VIII in BA-003 contains several sylvinite seams up to 5.25m thick grading up to 31% KCl which correlate with seams in BA-002 representing an additional target that may be amenable to solution mining."
Millennial, with potash engineering consultants ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH ("ERCOSPLAN"), selected 230 key, stored pulp samples with high K-grades from Infinity's potash drillhole BA-003, completed in 2017. Samples were analyzed by the Saskatchewan Research Council (SRC) Geoanalytical Laboratories which is world renowned for its potash analytical facilities. SRC potash analysis uses multi-element ICP-OES for K2O, Na2O, MgO, and CaO and ICP-MS for Chloride, as well as gravimetric determination of the insoluble content for each sample. The results were incorporated into the Banio Potash Project drillhole database replacing the Infinity values while low grade Infinity samples remained to create a database of combined, vetted, Infinity results and updated results from the Millennial sampling program.
Banio Potash location map with historic drillholes
Review of the historic geology logs and drillhole data indicates evaporite Cycles V, VI, VII, and VIII were intersected by BA-003. The criteria for seam boundary determination utilized a minimum width of 1m and a minimum average grade of 10.8% KCl. The cycles are comprised primarily of carnallitite seams and halite lenses as well as some sylvinite in Cycle VIII higher in the sequence. These sylvinite seams reach 5.25m in thickness and grade up to 31.0% KCl (see table below). The carnallite seams reach 5.11 m in thickness and grade up to 18.1 % KCl (equivalent to 67.5 % Carnallite). Cycle VII contains 9 carnallite seams that vary in width from 2.64m to 6.99m and have a cumulative thickness of 21.33m. Carnallitite seams 1, and 3-6 are present but did not meet the cut-off criteria for seam determination. The grades of the carnallitite seams ranged from 12.9% KCl to 16.8% KCl with an average of 15.4% KCl over the 21.33m combined sequence.
Cycle VI is defined by one seam, essentially bedded carnallite with intermittent halite over a thickness of 28.62m. The average grade of the seam is 15.8% KCl indicating the potential for a significant target that could be amenable to bulk solution mining. Cycle V is comprised of 3 carnallitite seams, up to 9.88m thick with a grade of up to 20.0% KCl (see table below).
Table of potash intercepts with KCl content from historic drillhole BA-003
The results from BA-003, located approx. 2 km southeast of BA-002, indicate good correlation and continuity of the main potash-bearing horizons across this portion of the basin. Cycle VIII is dominated by sylvinite seams with the main seam, Seam 2, varying from 3.75 to 5.25m and from 15.0-15.3% KCl (see table below). Seams, 1, 3, and 4 in Cycle VIII also display good correlation between the two drillholes. The main seams in Cycle VII also display good correlation and confirm the lateral extent of the potash mineralization. While the upper seams 1-6 are less consistent, the lower seams 7,8,9 and 10 in both BA-002 and 003 show similar widths and grades although the grades are slightly higher in BA-003.
The single potash seam in Cycle VI shows strong thickness and grade correlation between the two drillholes with BA-002 at 28.8m and 12.3% KCl, and BA-003 at 28.6m and 15.8% KCl. The strong correlation supports the potential for solution mining of this seam over an extensive area. Correlation of seams in Cycle V is also strong with Seam 1 at 10.0m thickness and 12.0% KCl in BA-002 and 9.9m thickness and 14.5% KCl in BA-003 and with thinner but higher grade seams 2 and 3 in BA-003.
In addition to confirming carnallitite seam widths and grades, the resampling program was designed to evaluate the quality of the historic data from ALS Global for overall intermediate grade potash samples by comparing it with a lab specializing on potash analysis. The graph below indicates that the analytical data from ALS for BA-003 tends to slightly overestimate the K-content for samples with higher Carnallite content (K in the range of 7 % to 15 %). However, for samples with low Carnallite content the correlation with the SRC results is satisfactory and the ALS data is acceptable for use in future evaluations of the Banio Potash Project.
Comparison of SRC and ALS analytical results; red lines represent +/-10% deviation
QA/QC
Pulps from the historic drill program in 2017 for hole BA-003 were acquired by Millennial from ALS Global and forwarded to ERCOSPLAN for evaluation. Geological staff from Millennial and ERCOSPLAN selected key samples which were forwarded to the Saskatchewan Research Council Geoanalytical Laboratory (SRC) for its potash analysis package. Millennial/ERCOSPLAN did not insert blanks or standards into the group of pulps. SRC's protocol includes the insertion of internal standards and review of this data shows no significant deviation from the accepted values. In addition, the Company selected 20 pulp samples from BA-002 and BA-003 to be analyzed both by SRC and the K-UTEC laboratory as check samples. The graph below indicates that compared to the results from SRC, the K-UTEC lab generated slightly lower K values (0.5-1%). This small discrepancy is not considered material at this stage of the Banio Potash Project.
Comparison of KUTEC and SRC analytical results; red lines represent +/-10% deviation
This news release has been reviewed 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 info@millennialpotashcorp.com.
MILLENNIAL POTASH CORP.
"Farhad Abasov"
Chair of the Board of Directors
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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.