Millennial Potash Corp. (TSXV: MLP | OTCQB: MLPNF | FSE: X0D) has announced a maiden mineral resource estimate (MRE) for the northern part of its Banio Potash Project, Gabon.
The estimate was completed by ERCOSPLAN, an established potash specialist experienced in the Congo Basin.
The MRE includes new assay data from historic holes BA-002 and BA-003, plus assay results from additional potash cycles intersected in the drilling extension of BA-002, completed in September 2023.
The MRE includes indicated mineral resources of approximately 657Mt grading 15.9% KCl, equating to 104.6Mt of contained KCl and inferred mineral resources of approximately 1.159Bt grading 16.0% KCl, equating to 185.3Mt of contained KCl.
Farhad Abasov, Millennial’s chair, commented “Millennial Potash is delighted to announce its maiden mineral resource estimates (MRE) for the northern part of its Banio Potash Project. These substantial resources, with 657Mt at 15.9% KCl for indicated and additional inferred resources of 1.159Bt grading 16% KCl, underscores the project’s immense potential, considering that only two holes have been used in the compilation of the resource estimate.”
The robust carnallitite indicated resource of 636.5Mt at 15.8% KCl and inferred resource of 1.1Bt at 15.8% KCl provide a solid base for continuing exploration at the project and for a preliminary economic assessment (PEA) on this resource base with completion in Q1 2024.
The PEA will focus only on the North Target, although significant potential for potash mineralization is interpreted from geophysical studies completed at the South Target.
The sylvinite mineralization with indicated resources of 20.1Mt at 21.6 % KCl and inferred resources of approximately 43.8Mtat 21.2% KCl are an attractive exploration target for the company and may boost the overall grade of the project.
“Particularly exciting for the project is confirmation that the carnallite-rich potash seams that are potentially exploitable by solution mining exceed 70m in thickness. Moving forward this MRE is expected to provide a solid base for a follow-on preliminary economic assessment (PEA) which will investigate various production scenarios via solution mining and is expected to include a proven processing route producing MOP right on the Atlantic coast.”
Millennial will file an NI 43-101 compliant technical report on SEDAR within 45 days of the announcement.
To find out more, please visit www.millennialpotash.com
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