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Environmental baseline resource studies were conducted throughout the 2022 field season in advance of submitting the EPO, including a field inventory of biological and cultural resources within the 12,432-acre EPO project boundary. The environmental baseline studies will serve as the foundation for continued advancement of Wildcat through the exploration and pre-development phases and will also be used as the basis for an Environmental Assessment ("EA") as required by the National Environmental Policy Act ("NEPA"). As a federal agency, the BLM is responsible for preparing an EA in accordance with NEPA to identify any significant environmental impacts of the proposed EPO. Millennial has engaged a third-party consultant to assist with the preparation of the EA and is committed to working closely with the BLM to ensure that the process is completed in a timely manner.
The proposed EPO covers 12,432 acres within Millennial's 17,612-acre land package at Wildcat (see Figure 1). Phase 1 drilling at Wildcat was confined to 5 acres of total surface disturbance under the current Notice of Operations, whereas the proposed EPO includes up to 400 acres of disturbance over several stages, beginning with 85 acres of disturbance in the first stage. The EPO will allow for expanded exploration drilling of new mineralized targets and resource infill drilling to further define the current mineral resource area. In preparation for the Mine Plan of Operations ("MPO"), the EPO also allows for water well drilling for hydrogeologic characterization and geotechnical test pits/trenches to characterize geotechnical conditions in the prospective mineral processing area.
- Phase 1 drilling at Wildcat (12 holes, totaling ~1,250m) and Mountain View (27 holes, totaling ~7,200m). Significant results include:
- Mountain View: 185.5m of 1.48 g/t oxide Au, 128.3m of 1.73 g/t oxide Au, and 232.5m of 0.91 g/t oxide Au (refer to
May 2022 press release). - Wildcat: 39.2m of 1.26 g/t oxide Au, 41.4m of 0.93 g/t oxide Au, and 120.2m of 0.39 g/t oxide Au (refer to October and
November 2022 press releases). - ~2,500kg of material used for metallurgical testing, including 20 column tests, ~160 bottle rolls, and 6,000 cyanide assays at various size fractions.
- 10 drill holes logged by geotechnical engineers; 75 samples selected for compression and shear testing as well as >1,000 point-load tests followed by 3D model simulations for pit wall design.
- ~8,500m of infill drilling (PQ-NQ) for mineral resource conversion with the majority of drilling executed at ~50m x 50m spacing; ~6,000m of historical core relogged with detailed QA/QC for validation of historical drill data.
- Surface sampling and mapping program at Wildcat identified several new mineralized targets located outside the proposed pit, increasing the mineralized footprint from ~1.5km x 1.5km to ~3.0km x 2.0km; high-priority drill targets were identified for Phase 2 drilling (refer to
November 2022 press release). - Substantially increased land position at Wildcat (+87%) and Mountain View (+23%) bringing the total
Nevada land package to 37,041 acres across all seven projects. - Completion of engineering studies for site infrastructure layout and design, as well as capital and operating cost estimates for the upcoming Preliminary Economic Assessment ("PEA") and future Pre-Feasibility Study ("PFS").
- Significant advancements toward securing water rights from both public and private owners for Wildcat and Mountain View.
- As part of the Wildcat EPO and future MPO, ~13,000 acres were surveyed for baseline environmental resource studies including a ground-based inventory of cultural, wildlife, and plant resources. In addition, samples were collected for environmental geochemical characterization (static and humidity cell tests), a conceptual hydrogeological model was developed, and one water supply well was drilled.
- Exploration activities at non-core assets include: (1) ~2,000 samples collected during a soil sampling program at Cerro Colorado, (2) detailed mapping at Ocelot with development of an exploration model, and (3) development of a property wide 3D geological model at
Red Canyon .
- Metallurgical results from Mountain View and Wildcat (H1 2023).
- Submit EPO for Mountain View (H1 2023).
- Updated mineral resource estimate and PEA for Wildcat and Mountain View (H1 2023).
- Engineering and environmental activities (geotechnical, condemnation drilling, permeability, metallurgical, hydrogeology, and geochemical) required for PFS and MPO at Wildcat (H2 2023).
- Phase 2 drilling of high-priority targets at Wildcat (H2 2023).
- Surface sampling and mapping at
Red Canyon andCerro Colorado (H2 2023).
Wildcat is located within the Farrell mining district in
Mountain View is located within the Deep Hole mining district in
Corporate Website: https://millennialpreciousmetals.com/
The information in this news release was reviewed and approved by Raphael Dutaut, Ph.D.,
Drill core at the Wildcat and Mountain View projects is drilled in NQ to PQ size ranges (47.6mm to 85mm). Drill core samples are minimum 50cm and maximum 200cm long along the core axis. All core is sampled, at the exception of the overburden. All of Millennial's drilling samples and field samples were prepared and analyzed at
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding the business development objectives and plans of Millennial.
Forward-looking information contained in this news release are based on certain factors and assumptions. While Millennial considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, title and environmental risks and risks relating to health pandemics and the outbreak of communicable diseases, such as the current outbreak of the novel coronavirus, COVID-19.
Further, these forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in
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