Farhad Abasov, Millennial’s Chair, commented “Millennial is delighted to announce that drilling on the project has once again intersected a significant section of interbedded carnallitite and halite in the new drillhole BA-004.  Numerous thick potash seams, in carnallitite form,  were intersected in BA-004 with a combined total of +100m of interbedded carnallitite and halite. The potash mineralisation found in the recently completed drillholes, BA-001-EXT and BA-004, exceeded our expectations and clearly demonstrates the potential of our project.  We are looking forward to completion of the logging and sampling of the potash horizons and the analytical results.  The prominent potash mineralization intersected in BA-001-EXT and in BA-004 has the potential to significantly boost the project’s potash resources.  Upon the interpretation and compilation of drillhole results an updated Mineral Resource Estimate is expected to be completed which would form the basis of a Feasibility Study expected to begin in the coming months.”

Drillhole BA-004 is collared approximately 3.7km east of recently completed drillhole BA-001-EXT and was designed to test the eastward extension of potash mineralization encountered in drillholes BA-001, 001-EXT, 002, 002-EXT and 003.  Preliminary logging of BA-004 indicates geologically it is similar to holes BA-001-EXT, 002, 002-EXT and 003 with approximately 7 evaporite cycles (Cycles II to VIII) with potash mineralization intersected in each cycle.  Review of the drill core from BA-004 shows prominent horizontal bedding planes dominated by interbedded halite and carnallite (see Photos 1 and 2 below).  An estimate of the cumulative thickness of the main carnallite seams from the preliminary logging potentially totals greater than  100m.  Detailed core logging and final interpretation of evaporite cycle and seam identification, as well as downhole geophysical logging are ongoing.  In addition, core preparation and sampling will be completed over the next several weeks and samples submitted to the Saskatchewan Research Council for analyses.

The objectives of the Phase 2 program were  to evaluate the presence of potash-rich horizons at depth and laterally to provide additional data for an updated Mineral Resource Estimate.  Identification of additional potash horizons outlined in the Phase 2 drilling have  extended the combined strike length of known potash mineralization to approximately 8,000m and could potentially add significant tonnage to the project’s resources which currently contains an  Indicated MRE of 657M tonnes grading 15.9% KCl and an Inferred MRE of 1.159B tonnes grading 16% KCl (see Jan. 16, 2024 Press Release).  In tandem with the potential resource increase, data from the Phase 2 drill program may allow upgrading of some resources from Indicated to Measured status and possibly shifting Inferred tonnage to Indicated status. Samples from the recent drillholes will be collected for dissolution test-work and geotechnical test-work which will be used in the upcoming Feasibility Study.

The Company is granting a total of 2,995,000 incentive stock options exercisable for a period of five (5) years at an exercise price of $1.28 per share.

The information in this news release has been reviewed and approved by Peter J. MacLean, Ph.D., P. Geo, Director of the Company, who is 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 info@millennialpotash.com. 

In Europe
Swiss Resource Capital AG
Jochen Staiger & Marc Ollinger
info@resource-capital.ch
www.resource-capital.ch

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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.