TSXV:MPM | OCTQB:MLPMF
TORONTO, Nov. 16,
2022 /CNW/ - Millennial Precious Metals Corp. (TSXV:
MPM) (OTCQB: MLPMF) ("Millennial" or the "Company") is pleased to
provide results from a recently completed regional mapping and
sampling program at its Wildcat project located in Nevada, USA. The program consisted of detailed
mapping and surface sampling across the entire 17,612-acre land
package and was designed to identify new areas of mineralization in
proximity to the existing resource pit (located at the Main Hill)
and planned infrastructure. The program was highly successful in
identifying several new mineralized vent systems and significantly
expanding the mineralized footprint at Wildcat to ~3.0km x
2.0km (previously estimated at ~1.5km x 1.5km at the Main Hill)
(see Figures 1 and 2).
Highlights:
- Two significant new targets have been identified outside the
primary resource area at the Main Hill (see Figures 2 and 3):
-
- Crossroads Target: mineralized footprint is estimated at
~1,300m x 600m; characterized
by disseminated mineralization within silicified tuff breccia
(identical to the Main Hill).
-
- Located ~1.5km northwest of the Main Hill; 64% of the ~70
samples returned grades >0.10 g/t oxide Au with values up to
2.44 g/t oxide Au.
- Snow Squall Target: mineralized footprint is
estimated at ~1,500m x 1,000m;
characterized by disseminated and structurally controlled
mineralization within an altered andesite.
-
- Located ~4.5km south of the Main Hill; mineralization is
controlled along the major structures; samples were broadly
collected throughout all rock types with 13% of ~350 samples
returning grades >0.10 g/t oxide Au with values up to 28.9 g/t
oxide Au.
- Three additional targets were identified surrounding the Main
Hill resource area, extending the mineralized footprint by ~1,000m
x 1,000m (see Figure 2):
-
- Breccia Pipe Target: expected to be a phreatomagmatic breccia
feeder of the tuff breccia that hosts gold mineralization at the
Main Hill and Crossroads Target.
-
- Located ~1km north of the Main Hill; gold mineralization in
hydrothermal breccias is preferentially hosted by permeable zones
along the contact of the pipe and within more permeable breccia
phases. The primary feeder is believed to be concealed by the
post-mineral basalts (see Figure 4).
- North Target: located directly north of the proposed Wildcat
pit; characterized by silicified disseminated mineralization within
a tuff breccia (analogous to the Main Hill). Surface mapping has
identified multiple hydrothermal vents within this area.
- Rhyolite Ridge Target: located directly east of the proposed
Wildcat pit and presents an opportunity to expand the size of the
pit. Soil anomalies detected grades up to 0.23 g/t oxide Au and
rock chip samples returned grades up to 7.70 g/t oxide Au,
indicating the presence of mineralization.
- Millennial expects to drill test the new targets in 2023/2024
once the Exploration Plan of Operations (PoO) has been received
from the Bureau of Land Management (BLM)
-
- 2022 drilling at Wildcat was completed under a Notice of
Operation (NoO), allowing for 5-acres of surface disturbance
(17,612-acre total land package).
Jason Kosec, President, CEO
& Director of Millennial commented, "The 2022 greenfield
exploration program at Wildcat was an outstanding success, more
than doubling the mineralized footprint. The Millennial team spent
a tremendous amount of time in the field this summer to gain a
better understanding of the geology at Wildcat. The extensive
effort has provided us a significantly improved understanding of
both the Main Hill geology as well as the potential outside of the
known mineralized zones. As a result of the program, multiple
high-quality targets have been identified which we plan to drill
test once the Exploration PoO is in hand. We are now more confident
than ever about the potential to significantly grow the mineral
resource at Wildcat."
Geological Observations:
The 2022 greenfield exploration program at Wildcat consisted of
surface mapping, a robust rock chip sampling program (~750
samples), and detailed compilation of historic data. Available
historical data was reprocessed in conjunction with the mapping
program, enhancing the team's understanding of the relationship
between mineralization and the surrounding geology.
At Wildcat, gold mineralization is genetically related to a
mid-Miocene rhyolite dome complex developed during the extensional
dominated tectonic environment of the Nevada Rift. The bulk-tonnage
gold mineralization is hosted in tuff breccia that is considered to
be the erosional remnant of a subaerial apron to a phreatomagmatic
diatreme vent. The tuff breccia-hosted gold mineralization was fed
from low-sulphidation veins in the underlying Mesozoic granodiorite
basement.
Additional bulk-tonnage gold mineralization associated with tuff
breccia may be present elsewhere within the district, particularly
beneath a post-mineral mafic volcanic cover sequence and within the
interpreted main feeder diatreme. Low-sulphidation epithermal veins
beneath the tuff breccia have the potential to host high-grade gold
targets. Refer to Figure 4 for a schematic cross section of the
Wildcat deposit.
The Crossroads Target (see Figure 2) is located ~1.5km northwest
of the Main Hill. Mineralization is analogous to the Main Hill,
with low grade disseminated gold within the tuff breccia. The
favorable tuff breccia horizon has not yet been drilled, primarily
due to the disturbance limitations under the current exploration
permit. The rock chip sampling program at Crossroads was highly
successful with 64% of the field samples returning economical
grades up to 2.44 g/t oxide Au.
Historical soil samples in the area also returned encouraging
results, with 75% of the samples returning grades >0.10 g/t
oxide Au and up to 9.08 g/t oxide Au. Crossroads has excellent
potential to the east but will require additional drilling as it is
covered by post-mineral basalts.
Mapping and rock chip sampling within the Snow Squall Target
(see Figure 3), located ~4.5km south of the Main Hill, revealed
numerous additional targets nearby. Analysis of historical data,
supported by new rock sampling, indicates a 1,500m x 1,000m
gold anomaly. Selected rock chip samples from the 2022 program in
this area returned grades of 28.9 g/t oxide Au, 2.14 g/t oxide Au,
and 1.53 g/t oxide Au, along with 47 additional samples of >0.10
g/t oxide Au. Drilling is necessary to confirm the extent of
mineralization and to prove the existence of mineable gold ounces
at Snow Squall. Preliminary analysis suggests that the identified
target could be comprehensively tested with 15-20 drill holes of
~100-150m.
The Breccia Pipe Target is located north of the North Target and
east of the Crossroads Target (see Figure 3). The Millennial team
believes that this blind target area is the only place on the
property where a significant phreatomagmatic diatreme vent could be
concealed. Millennial plans to complete a 3D geophysical
survey to better identify the potential breccia pipe. Breccia pipes
are commonly the primary source of high-grade mineralization in low
sulphidation epithermal deposits, contributing significantly to the
mineralized tonnage.
The North Target is situated south of the Breccia Pipe Target
and north of the planned primary open pit at Main Hill. Here,
silicified tuff breccia with oxide and sulphide mineralization is
overlain by post-mineral basalts and is observed in outcropping
"windows". Historic drilling, consisting of ~20 holes within the
target zone, intersected gold mineralization with grades between
1.0-5.0 g/t oxide Au. This suggests that mineralization extends
north of the main pit into the North Target. Given its proximity to
the planned open pit, the North Target presents excellent potential
to expand the size of the pit and add significantly to the known
resource.
The Rhyolite Ridge Target lies directly east of the Main Hill
and presents an opportunity to expand the planned mining area. Soil
anomalies returning grades up to 0.23 g/t oxide Au and rock chip
samples up to 7.7 g/t oxide Au in historic data indicate
mineralization is present. Drilling in proximity to Rhyolite Ridge
returned intercepts with grades up to 0.50 g/t oxide Au, which is
above the proposed cut-off grade for the Wildcat open pit
(described in the November 2020 NI
43-101 Technical Report for the Wildcat Project available on
SEDAR). Future exploration and drilling in this area will target
silicified rhyolite outcrops and brecciated areas with oxidized
sulfides.
In summary, the key observations that support Millennial's
hypothesis that the tuffaceous breccia is continuous throughout the
area and that a feeder system should be present below the
post-mineral basalts are the following:
- Historic drilling north of the Main Hill (hole WCT-012)
intercepted 0.94 g/t oxide Au over 42.2m of tuffaceous breccia, suggesting
continuity in mineralization to the north beneath the post-mineral
basalts.
- Surface geochemistry in the exposed mineralized tuff breccias
at the Main Hill and Crossroads Target are similar and there is no
evidence to suggest that mineralization in this lithology would not
continue beneath post-mineral basalts.
- Geochemical sampling close to the contact between the tuff
breccia and post-mineral basalts and in small "windows" of tuff
breccia outcropping from beneath post-mineral basalts shows
elevated gold values.
- Exploration activities have not yet discovered the source of
the tuff breccia. Considering the spatial extent of the tuff
breccia, the only place that the potential main feeder breccia pipe
could be located is below the northern post-mineral basalts.
Investor Webinar – November 29, 2022 at 2:00PM EST:
Millennial will provide a year-end corporate update presentation
via webinar hosted by Adelaide Capital on Tuesday, November 29, 2022, at 2:00pm EST. The webinar will feature a
presentation from Millennial's President, CEO and Director,
Jason Kosec, as well a live Q&A
session.
To register for this event, please use the following link:
https://us02web.zoom.us/webinar/register/WN_KXCJaQXPQ4C7HqizZFTwjg
The webinar will also be live-streamed to the Adelaide Capital
YouTube Channel:
https://www.youtube.com/channel/UC7Jpt_DWjF1qSCzfKlpLMWw
Wildcat Project
Overview:
Wildcat is located within the Farrell mining district in
Nevada, 56km north of the town of
Lovelock within Pershing County. The property can be accessed
by year-round roads from Lovelock
via State Route 399 and Seven Troughs Road. The 17,612-acre land
package consists of 916 unpatented claims and 4 patented claims.
The claims are located on federally owned lands administered
by the U.S. Bureau of Land Management (BLM). The mineralization at
Wildcat consists of a gold-dominated, low sulphidation, epithermal
vein system with oxidized, disseminated sulphide mineralization
hosted in volcanic and intrusive rocks. The Inferred mineral
resource estimate at Wildcat contains 776,000 ounces of Au (oxide)
(60.8 million tonnes at 0.40 g/t Au; effective date of November 18, 2020). A technical report for the
Wildcat Project is available on Millennial's issuer profile on
SEDAR at www.sedar.com.
ABOUT MILLENNIAL PRECIOUS METALS
CORP.
Millennial Precious Metals (TSXV: MPM, OTCQB: MLPMF) is an
exploration and development company focused on unlocking quality
ounces through the responsible expansion of its eight gold and
silver projects located in Nevada
and Arizona, USA. The Company
plans to accelerate the development of its two flagship projects
located in Nevada: Wildcat and
Mountain View. The Wildcat Inferred Mineral Resource estimate
contains 776,000 ounces of oxide Au (60.8 million tonnes at 0.40
g/t Au; effective date of November 18,
2020) and the Mountain View Inferred Mineral Resource
estimate contains 427,000 ounces of oxide Au (23.2 million tonnes
at 0.57 g/t Au; effective date of November
15, 2020). Technical reports titled "NI 43-101 Technical
Report Resource Estimate for the Wildcat Project, Pershing County, Nevada, United States", dated November 20, 2020 with an effective date of
November 18, 2020 prepared by
William J. Lewis, B.Sc., P.Geo.,
Rodrigo Calles-Montijo, MSc., CPG,
and Leonardo de Souza, MAusIMM (CP)
and "NI 43-101 Technical Report for the Mountain View Project,
Washoe Country, Nevada, USA",
dated November 25, 2020 with an
effective date of November 15, 2020,
prepared by William J. Lewis, B.Sc.,
P.Geo., Rodrigo Calles-Montijo,
MSc., CPG, and Leonardo de Souza,
MAusIMM (CP) are available on Millennial's issuer profile on SEDAR
at www.sedar.com.
Millennial Precious Metals is led by an experienced management
team and board of directors with a proven track record of success
in financing and developing high-quality mining projects. The
Company is well positioned to create value for all stakeholders by
applying a systematic strategy to advance and de-risk all eight
projects over the next few years.
Corporate
Website: https://millennialpreciousmetals.com/
QUALIFIED PERSON
The information in this news release was reviewed and approved
by Raphael Dutaut, Ph.D., P.Geo., Vice President, Exploration for
Millennial Precious Metals Corp. Mr. Dutaut is a QP as defined by
NI 43-101.
SAMPLE PREPARATION AND
QAQC
Drill core at the Wildcat project is drilled in NQ to PQ size
ranges (47.6mm to 85mm). Drill core samples are minimum 50cm and
maximum 200cm long along the core axis. All core is sampled, at the
exception of the overburden. All of Millennial's drilling samples
and field samples were prepared and analyzed at American Assay
Laboratories ("AAL") in Sparks, Nevada. Sample preparation
includes drying in an oven at a maximum temperature of 60°C, fine
crushing of the sample to at least 70% passing less than 2mm,
sample splitting using a riffle splitter, and pulverizing a 250g
split to at least 85% passing 75 microns. Thirty-gram aliquots of
the pulps material were analyzed at AAL for gold by fire-assay
fusion with an ICP finish. When requested by MPM geologists, silver
and 49 major, minor, and trace elements were determined by ICP and
ICP-MS following an aqua-regia digestion of 0.5-gram aliquots.
Samples that assayed greater than 5.0 g/t Au were re-analyzed by
fire-assay fusion of 30-gram aliquots with a gravimetric finish.
Commercial CRMs and blanks material were inserted as pulps at a
frequency of approximately every 20th sample.
Approximately 5% of the samples were randomly selected for coarse
duplicate re-assays. Sample QAQC measures make up 15% of the
samples submitted to the lab for holes reported in this
release.
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 North
America and internationally, (2) the inherent uncertainties
and speculative nature associated with mineral exploration, (3) a
decreased demand for precious metals, (4) any number of events or
causes which may delay exploration and development of the property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labour problems, (5) the risk that
the Company does not execute its business plan, (6) inability to
finance operations and growth, (7) inability to obtain all
necessary permitting and financing, and (8) other factors beyond
the Company's control. These forward-looking statements are made as
of the date of this news release and Millennial does not assume an
obligation to update these forward-looking statements, or to update
the reasons why actual results differed from those projected in the
forward-looking statements, except in accordance with applicable
securities laws.
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.
SOURCE Millennial Precious Metals Corp.