Vancouver, British Columbia–(Newsfile Corp. – April 26, 2023) – Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) (“MLP”, “Millennial” or the “Company”) is pleased to report it has received a new interpretation of the 2D historic seismic data from its Banio Potash Project. The interpretation was completed by GeoPeople (“GP”) and SW Geophysics consultancies, both UK based firms specializing in the interpretation and modelling of seismic data.
Farhad Abasov, Millennial’s Chair, commented, “Millennial is pleased to have received the reinterpretation of the historic 2D seismic data for its Banio Potash Project. This is the first significant step in our exploration program. The new interpretation indicates relatively flat-lying stratigraphy with minor disruptions and identifies clearly the top and base of the target stratigraphy, the potash-bearing Salt Sequence. The data also indicates that the Salt Sequence thickens to the south to as much as 800m and has the potential to host all 10 potash-bearing cycles presenting an attractive target for additional drilling and potential resource definition.”
The seismic data for the Banio Potash Project was provided by 3 historic surveys totaling 34 lines of 2D surveys compiled by French oil and gas company Maurel and Prom in 2011-2012. The GP reinterpretation focussed on defining the top and base of the target Salt Sequence which hosts the carnallite and sylvite seams. In general, the reinterpretation shows the evaporite basin has simple stratigraphy with relative flat-lying strata which can be correlated between drillholes outlining extensive zones with sufficient area to potentially support a large potash resource.
The reinterpretation has successfully identified the top and base of the targeted Salt Sequence using well defined reflectors/markers from the seismic data and correlating those with known stratigraphy in the historic drillholes in both the north and south areas of known potash mineralization. The top and base of the Salt Sequence in the north area are at approximately 200m and 600m below surface respectively. In the south area the top and the base of the Salt Sequence are situated at approximately 400m and 1300m below surface respectively.
The 3D modelling of the seismic data clearly indicates that the Salt Sequence thickness is between 300m and 400m in the north, around the drill holes BA-01, 02 & 03 and over 800m in the south, around the historic Banio drill holes. The confirmation that the Salt Sequence thickens to the southeast is significant as it increases the potential of that portion of the license to host a more complete and thicker set of the potash cycles (Cycle X down to Cycle II) compared to the identification of only Cycles VII to V in the 2017 drilling campaign. Ercosplan Ingenieurgesellschaft’s (“Ercosplan”) review of the basin geology and drillhole data concluded that where the Salt Sequence thickens in the south there is better potential to have preservation of the complete cycles of potash mineralization (see the 43-101 Technical Report titled “Technical Report on the Banio Potash Project, Mayumba Permit,” prepared for the Company by Ercosplan and filed on SEDAR on Jan. 24, 2023).
The seismic reinterpretation data will be compiled into the 3D geological model for the Banio Potash Project which will be utilized for future drilling planning and extrapolation of potash bearing cycles in potential future resource estimates. The confirmation that the Salt Sequence is +800m thick in the south suggests good potential for the presence of the entire evaporite sequence, all 10 cycles typically with multiple carnallite seams, over an area of approx. 300 km2.
This news release has been reviewed by Peter J. MacLean, Ph.D., P. Geo, Director of the Company, and 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 [email protected].
MILLENNIAL POTASH CORP.
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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