Core Viewpoint - Millennial Potash Corp. has initiated its Phase 2 drilling program at the Banio Potash Project in Gabon, aiming to enhance potash resources and prepare for a feasibility study [1][2]. Drilling Program Details - The Phase 2 program includes two potash-specific drill holes totaling approximately 1,100 meters, extending historic hole BA-001 by about 400 meters and drilling a new hole BA-004 to a planned depth of 700 meters [1][2]. - Hole BA-001 was previously drilled to a depth of 364 meters in 2017 and will now be extended to evaluate deeper potash horizons [2][3]. - Hole BA-004 is located approximately 4 kilometers east of BA-001 and is designed to assess the lateral extent of potash horizons in an untested area supported by seismic surveys [3]. Objectives and Expected Outcomes - The objectives of the Phase 2 program are to evaluate the presence of potash-rich horizons at depth and laterally, which may extend the known mineralization strike length to 8,000 meters [4]. - Current Indicated Mineral Resource Estimate (MRE) stands at 657 million tonnes grading 15.9% KCl, while Inferred MRE is at 1.159 billion tonnes grading 16% KCl [4]. - The drilling data may allow for upgrading some resources from Indicated to Measured status and potentially shift Inferred material to Indicated status [4]. Financial Position - Millennial Potash has recently closed a financing round of $4.9 million, ensuring adequate funding for the second drill program and a revised 43-101 resource estimate report [2][4]. Timeline - The Phase 2 drill program is expected to be completed in Q2 2025, followed by a revised Mineral Resource Estimate also planned for completion in Q2 2025 [5].
Millennial Potash Initiates Phase 2 Drilling Program at Its Banio Potash Project in Gabon