Millennial Potash Corp. (TSXV: MLP | OTCQB: MLPNF | FSE: X0D) has reported that the situation on the ground in Gabon remains calm and MLP’s operations at its Banio Potash Project remain unaffected by the recent change in government.
In addition, MLP is pleased to report that the extension of historic drillhole BA-002 has been completed to a depth of 552.50m and several intervals of potash mineralization have been intersected.
Farhad Abasov, Millennial’s Chair, commented “Millennial is pleased to report that its exploration drilling programme remains unaffected by recent political events in Gabon. The new government has given assurances, as recently as the interim president’s address on September 4th, that all business, commercial and permitting agreements will be respected and a recent article by Oxford Economics Africa indicates the risk profile for Gabon is like South Africa and Namibia. Our senior management. including our CEO, who are currently on the ground have confirmed that Gabon remains in a state of calm and order, and this is further evidenced by the opening of all air and sea borders on September 2nd. All the major petroleum and mining companies continue their operations as usual. Millennial has been operating without any interruptions and will continue with its Phase 1 exploration programme which has already proven successful with the intersection of two additional potash Cycles below the bottom of historic drillhole BA-002.”
Millennial’s senior management and local Gabon country manager have engaged with representatives of the UN and other international bodies and report that Gabon remains calm and that recent political events have had no impact on the ongoing exploration programme at its Banio Potash Project. New Gabonese leaders have given assurances that all commercial agreements, licenses, and permits will remain in place. Gabon is an OPEC member that produces approx. 200,000 barrels of oil daily and major producers Maurel and Prom, BW Energy and others have indicated all offshore and onshore operations are continuing as normal. In addition, Eramet has resumed production at its large manganese operation after a brief temporary shutdown on 30 August 2023. A recent article by Oxford Economics Africa (Political Focus-Gabon) maintains its low-moderate risk level for the country, lower than before the political events, a similar level to Ghana, Namibia, South Africa, and Morocco, and trending neutral. The article also reiterates that the business and policy environments will remain broadly unchanged. Millennial will continue its current drilling programme and will closely monitor the situation in Gabon. The phase 1 drill programme is in progress and the extension of historic hole BA-002 has been completed to a depth of 552.5m.
Preliminary interpretations indicate that evaporite Cycles IV and III with beds of massive nodular carnallite and minor halite have been intersected. Core is currently being logged and sampled and will be expedited to the Saskatchewan Research Council Potash Laboratory in Saskatoon for analysis.
The drill rig is currently mobilizing to historic hole BA-001 to complete an approx. 250m extension from the bottom of the historic hole to test for additional potash cycles.
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