Millennial Potash Intersects Significant Potash in BA-001-EXT at its Banio Potash Project in Gabon

Farhad Abasov, Millennial’s Chair, commented “Millennial is very pleased to have intersected a robust section of interbedded carnallitite and halite with the completion of drillhole BA-001-EXT.  Numerous thick potash seams, in carnallitite form, have been intersected in the extension of BA-001 and in total the combined +250m of interbedded carnallitite and halite exceeded our expectations.  We are looking forward to completion of the logging and sampling of the potash horizons and the analytical results.  Extending drillhole BA-001 and drilling  new hole BA-004 has the potential to significantly boost the project’s potash resources.  Upon completion of the drilling an updated Mineral Resource Estimate is expected to be completed which would form the foundation of a Feasibility Study expected to begin in the coming months.”

Drillhole BA-001 was originally drilled in 2017 to a depth of 364m where massive carnallitite was intersected but with variable bedding orientations which were originally interpreted as representing a fault zone.  MLP’s geological model, based on extensive experience in the Gabon-Congo Basin, recognized this variability in bedding as soft sediment deformation and confined to only the upper evaporite cycles in the basin.  Drillhole BA-001 was re-entered and drilled to a depth of 678m after encountering numerous evaporite cycles and carnallitite seams from approx. 364m to a depth of 657m.  Detailed core logging and final interpretation of evaporite cycle and seam identification 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.

Upon completion of BA-001-EXT the drill rig will move 3.7km east to drillhole BA-004 which is designed to evaluate the lateral extent of the potash horizons into an untested area where seismic surveys support continuity of the potash horizons.  The Company’s geological model suggests the salt sequence should be intersected approximately 250m – 650m deep in the hole and will potentially host evaporite Cycles II to VIII which include numerous potash horizons in the form of carnallitite.

The objectives of the Phase 2 program are 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 Phase 2 may extend the combined strike length of know mineralization to 8,000m and can potentially add significant tonnage to the project resources with Indicated MRE currently at 657M tonnes grading 15.9% KCl and Inferred MRE at 1.159B tonnes grading 16% KCl (see Jan. 16, 2024 Press Release).  In tandem with the potential resource increase, data from these two drillholes may allow upgrading of some resources from Indicated to Measured status and possibly shifting Inferred tonnage to Indicated status.

The Phase 2 drill program is expected to be completed in Q2, 2025 and is expected to be followed by a revised Mineral Resource Estimate.

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. 

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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.