Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) announced that it has intersected 220.25 metres of potash mineralization in drillhole BA-001-EXT at its Banio Potash Project in Gabon.
According to the company, analytical results show 112.5 metres of cumulative carnallitite seams averaging 15.9% KCl using a 13% cut-off grade, within the overall 220.25 metres of mineralization.
The seams are located within evaporite Cycles II through VII, hosted in the Salt Sequence stratigraphy.
"Millennial is excited to announce the assay results for hole BA-001-EXT, which showed over 50% thicker cumulative potash seams than what we drilled last year,” Millennial Potash chair Farhad Abasov said in a statement.
“It is great to see a cumulative zone of 6 potash Cycles approximately 112m thick with an average grade of 15.9% KCl. This is significantly thicker than the approximately 70m thick cumulative zone of Cycles delineated in holes BA-002-EXT and BA-003 as reported in 2024 and demonstrates strong continuity of the potash horizons.”
Drillhole BA-001, originally drilled in 2017, was extended to a depth of 678 metres. The extension revealed four additional evaporite cycles with carnallitite seams from about 362 metres to 657 metres.
A total of 226 core samples from BA-001-EXT were analyzed by the Saskatchewan Research Council.
Interpretation by Millennial and its consultants, ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH, identified six evaporite cycles correlating with those found in BA-002 and BA-003.
Overall mineralization averaged 10.4% KCl with no grade cut-off applied.
Applying a 13% KCl cut-off yielded 112.46 metres of seams with an average grade of 15.9% KCl.
The company noted that this result exceeded management’s expectations, as similar cycles in BA-002-EXT and BA-003 totalled about 70 metres.
Millennial stated that the continuity of Cycles VII, VI, and V in BA-001-EXT with other holes suggests strong potential to add to the existing resource.
The company’s January 2024 mineral resource estimate (MRE) outlined an Indicated resource of 657 million tonnes grading 15.9% KCl and an Inferred resource of 1.159 billion tonnes grading 16% KCl.
Drillhole BA-001-EXT was not included in that estimate, as it had not been completed.
The company added that drilling has extended the strike length of known potash mineralization to about 4 kilometres, and results from BA-004 could potentially increase it to 8 kilometres. Analytical results for BA-004 are pending.
Millennial said the Phase 2 drill program, which includes BA-001-EXT and BA-004, is intended to provide additional data for a future updated mineral resource estimate, as well as support possible upgrades of resource categories.
Samples from recent drilling have also been selected for dissolution and geotechnical test work to be incorporated in future feasibility studies.
“The extensive potash mineralization in BA-001-EXT exceeded MLP's expectations and supports the company's expectation of the Banio Potash Project's further potential,” Farhad said.
“We are looking forward to receiving analytical results from hole BA-004 core samples. The prominent potash mineralization intersected in BA-001-EXT has the potential to significantly boost the project's potash resources. We intend to update our Mineral Resource Estimate after all the assay results are received."