Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) is getting ready to start the next phase of drilling at its Banio Potash Project in Gabon, the company said on Thursday.
The company has hired Merlin Drilling to conduct a Phase 2 drilling program, which consists of two drill holes totaling approximately 1,100 meters.
Drilling will focus on extending a historic drillhole by about 400 meters, as well as drilling a new hole to a planned depth of 700 meters.
Both holes are located in the project's North Target area and will test potash mineralization identified in earlier drilling, the company told investors.
"Extending the historic drillhole BA-001 and drilling the new drillhole BA-004 has the potential to significantly boost the project's potash resources," Millennial chair Farhad Abasov said in a statement.
If successful, the program could extend the known mineralization strike length to 8,000 meters and potentially upgrade some resources to a higher classification.
The company plans to update its Mineral Resource Estimate following the drilling, forming the basis for a feasibility study set to begin in the coming months, he added.
Millennial recently closed a $4.9 million financing round and is "well funded" to carry out the drill program and complete a revised National Instrument 43-101 resource estimate report,
The Phase 2 drilling program is expected to be completed in the second quarter of 2025, followed by an updated mineral resource estimate.