Millennial Provides Update of Activities
October 2, 2017
Millennial Lithium Corp. (ML: TSX.V) (A3N2:GR: Frankfurt) (MLNLF: OTCQB) (“Millennial” or the “Company”) is pleased to provide an update of ongoing technical work on its portfolio of lithium projects in Argentina. Millennial currently controls 4 lithium projects in Argentina: Pastos Grandes; Cauchari East, Cruz (optioned to Southern Lithium: see news release dated Nov. 18, 2016) and Pocitos West (optioned to Liberty One Lithium: see news release dated May 23, 2017) in all totaling more than 30,000 hectares.
At Pastos Grandes, Millennial's flagship project, 4 drill rigs are operating on the salar providing core samples and brine for analysis to support a maiden resource estimate planned for Q4, 2017. Holes PGMW17-06c and PGMW17-09 have been completed to depths of 571m and 595m respectively. Analytical results from brine samples are awaited. Core samples have been selected for drainable porosity or RBRC (Relative Brine Release Capacity) measurements and are currently being processed. Drills are currently turning at holes PGMW17-7d, PGMW17-8b, PGMW17-10 and PGMW17-11.
In preparation for Millennial's anticipated Preliminary Economic Assessment (PEA) the Company has engaged SGS-Lakefield (SGS) and Vector_Ausenco S.A. (Ausenco) to expedite advanced processing studies and environmental baseline tests respectively. SGS will oversee the Company's ongoing on-site evaporation test work, where 16 trial ponds are now in operation. In addition, SGS will, through mechanical evaporation, create plant grade Li-rich (1-2%) brine from 600 litres of Pastos Grandes brine for use in purity (Mg, SO4, B removal optimization) trial test work to be done at Lakefield, Ontario.
Ausenco has been engaged to lead Millennial's environmental baseline work at Pastos Grandes. Studies will include, but not be limited to, the documentation of flora, fauna, climate, air quality, archeological sites, hydrogeology, soil usage, a socio-demographic survey and ecosystem characterization.
The Cauchari East Project now includes the Cauchari East Expansion Project and totals 11,742 ha on the eastern margin of the Cauchari Salar adjacent to Orocobre Olaroz-Cauchari production area and the Lithium Americas/SQM advanced-stage Cauchari-Olaroz Project. A VES survey, completed in the spring of 2017, indicates potential for lithium-bearing brines identified on the adjacent Lithium Americas ground to extend onto the Cauchari East license. Drill permits are in progress, with approval expected in Q4, 2017.
The Pocitos West Project is being explored with partner Liberty One Lithium Corp. A recently completed Vertical Electrical Sounding (VES) survey indicated the potential extension of brine west of the Pocitos Salar on to the Pocitos West license area ( see Liberty One Lithium Corp. new release dated Aug. 17, 2017). Drilling is planned in Q4 2017.
Drilling at the Cruz Project, being explored with partner Southern Lithium Corp. was initiated in July (see news release dated July 12, 2017) and the two hole program has been completed. The first hole was completed to 476m and the second hole to a depth of 500m and analytical results are awaited.
The Company also announces that Kyle Stevenson has resigned as the President of the Company but will remain a director. Replacing him will be the current Chief Executive Officer, Farhad Abasov. Millennial thanks Mr. Stevenson for his efforts and contributions to date.
Millennial and its Board of Directors have made the decision, as part of its recent growth, to create a Compensation Committee by adopting a Compensation Committee Charter and appointing certain directors to the initial Compensation Committee.
The Company would also like to report the granting, subject to regulatory acceptance, of 1,375,000 incentive stock options to certain officers, directors, consultants and employees of the Company (the “Options”). The Options have a term of 5 years and are exercisable at a price of $1.41 per common share.
This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a qualified person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email firstname.lastname@example.org.
MILLENNIAL LITHIUM CORP.
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This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.