Millennial Potash Corp. (TSXV: MLP) is one of the latest new listings on the TSX Venture Exchange, having previously traded as Black Mountain Gold.Having been halted for about 4 months while waiting for TSX Venture Exchange approval of its option to acquire up to a 100% interest in the Banio Potash Project, the shares are currently trading at $0.42.
The main project area is located on the Atlantic coast of Gabon in western Africa.
Additional Information:
Video Transcript:
Millennial Potash Corp. (TSXV: MLP) is one of the latest new listings on the TSX Venture Exchange, trading under the symbol “MLP” having previously traded as Black Mountain Gold.
Having been halted for about 4 months while waiting for TSX Venture Exchange approval of its option to acquire up to a 100% interest in the Banio Potash Project, the shares are currently trading at $0.42.
The main project area is located on the Atlantic coast of Gabon in western Africa.
Gabon has an extensive oil and gas sector and enjoys the 3rd highest per capita GDP in Africa.
Major international companies with significant investments in the country include Fortescue, Eramet, Total and Shell.
The 1,244 square kilometer Mayumba Permit, which forms the basis for the Banio Potash Project, is approximately 50 km south of Mayumba village close to the border with the Republic of Congo.
The original Mayumba Permit was granted in 2016 and has recently been extended to February 4, 2025.
The potash-rich Congo Evaporite Basin extends from the Republic of Congo, located to the south, into coastal Gabon and the Banio Potash Project area.
Current and past potash development projects in the Congo include the historic Holle Potash mine, Kore Potash's ongoing development at Kola and Mag Industries' Mengo project now held by Chinese developer Evergreen Industries.
Farhad Abasov, Director, stated: "We are very pleased to have received approval for MLP's option to acquire up to 100% of the Banio Potash Project in Gabon. Banio presents a promising opportunity for MLP to acquire a unique project where previous drilling has intersected significant widths of potash mineralization that may be amenable to low-cost solution mining. In addition, the project has good infrastructure and could enjoy a transport cost advantage over other producers due to its proximity to the major Brazil market. Global food security remains a universal concern and recent geopolitical events have shown that traditional suppliers may not meet all demand in the near future. The Millennial Potash team has years of potash industry experience having founded, developed, and successfully exited large potash projects. We are planning to add even more potash industry veterans and experts to our board and management team in the coming weeks and months and intend to mobilize for our exploration program immediately."
The company has completed cash payments totalling $282,000 and issued 650,000 shares to the vendors, thereby acquiring its initial 25% interest in the Banio Potash Project.
Previous exploration work on the Banio Potash Project was performed by Infinity Lithium Corporation that drilled 3 potash-specific wells at the northern Alpha Target located in the central part of the project.
Infinity disclosed that two of the wells intersected the target evaporite zone intercepting multiple potash horizons at depths varying from 230m to 530m below surface.
Ercosplan's evaluation and interpretation of the geology from the Infinity potash holes Ba-002 and Ba-003, located approx. 2200m apart, has identified the evaporite cycles, Cycle VII Cycle VIII, Cycles VI and Cycle V.
Ercosplan has recommended a Phased exploration program consisting of resampling core from Ba-002, and 003 (stored in climate-controlled containers at site), a seismic reinterpretation study as well as extending holes Ba-001 and Ba-002 deeper and drilling an additional hole, Ba-004, approx. 2km southwest of Ba-002 to a depth of 700m to test the westward expansion of the potash horizons in preparation for a maiden resource estimate.
For more information, please visit the company’s website at www.MillennialPotash.com contact Investor Relations, toll free at 604-662-8184 or email info@MillennialPotashCorp.com.
