Millennial Precious Metals (TSXV: MPM) is pleased to provide results from the ongoing resource conversion and exploration drill program currently being conducted at its Mountain View project located in Nevada, USA, as a part of the fully funded 20,000m maiden drill program. The 2021 Phase 1 Mountain View drill program consists of 30 holes, totaling 7,250m and is approximately 60% complete. Millennial expects to continue to release drill results from the program every 2-3 weeks moving forward.
- Drillhole MVCD-0003 returned an intercept of 2.31 g/t oxide Au over 20.49m, including 4.05 g/t oxide Au over 7.62m
- MVCD-0003 was designed to convert resources within the current block model from Inferred to Indicated in support of an updated mineral resource in H1 2022 and PEA in H2 2022. MVCD-0001 and MVCD-0002 drill holes were abandoned in overburden.
- The existing block model at Mountain View is based on historical results, drilled primarily with RC (reverse circulation) rigs. Millennial's program is being completed principally with DDH (diamond drill hole) rigs.
- MVCD-0003 intercept sits 70m outside the current proposed pit shell.
- Grade observed in MVCD-0003 was ~2.9x higher than expected from the block model.
- Based on Millennial's interpretation, it appears that the mineralized rhyolite is situated directly below the alluvium, which is composed of sand, gravels and boulders as seen in Figure 1. As a result, it is expected that pre-stripping for open-pit mining will not require conventional drilling and blasting, potentially reducing mining costs.
- Gold mineralization at Mountain View is hosted by flow banded rhyolite with strong oxidation persisting throughout the hole.
- Minor, post-mineral faulting has broken the host rock which is expected to have a positive impact on gold leaching and reduce processing costs.
Jason Kosec, President, CEO & Director of Millennial stated, "we are extremely pleased with the outcome of drillhole MVCD-0003 with grades significantly higher than the block model predicted. If a pattern of higher grade persists in other core drill holes at Mountain View, it could be a game changer. We note that the previous owner of Mountain View drilled using 90% RC, however we are focused on drilling with oriented core. This will allow us to gain a better understanding of both the lithological and structural controls, as well as the historical gold grade values. In turn, this will provide the next phase of drilling at Mountain View a substantially higher chance of success."
Mountain View Project Overview
Mountain View is located within the Deep Hole mining district in Nevada, 24km north of the town of Gerlach within Washoe County. The project area is covered by a 2,460-acre land package consisting of 127 unpatented claims, located on federally owned lands administered by the U.S. Bureau of Land Management (BLM). Gold-dominated mineralization at Mountain View consists of low sulfidation epithermal veins and disseminated oxide and sulphide mineralization hosted in Cenozoic volcanic rocks. Mountain View has an Inferred mineral resource estimate containing 427,000 ounces of Au (oxide) (23.2 million tonnes at 0.57 g/t Au; effective date of November 15, 2020).