Millennial Potash Expands High-Grade Potash Mineralization at Depth Increasing Potash Thickness to 80 Meters in the Northern Part of the Banio Project

Farhad Abasov, Millennial’s Chair, commented “Millennial Potash is excited to announce that the extension to drillhole BA-002 has successfully intersected two new high-grade seams, one attributed to Cycle IV and the other to Cycle III with potash mineralization, each thicker than 4m, and with potash contents from 17.1% KCl to 18.7% KCl.  The cumulative potash seam thicknesses from drillhole BA-002 from Cycle III to Cycle VIII are almost 80m and have the potential to be amenable to solution mining. These promising results will be incorporated into the project database and will provide additional zones of potash mineralization for a Mineral Resource Estimate that will be based only on the northern part of the project which is currently in progress. We expect the maiden Mineral Resource Estimate to be released in coming weeks. This drill hole extension completed by Millennial Potash correlates very well with the historical drill core and other geological data. It also exceeds our expectations regarding the potash horizon thicknesses in the north.”

Drillhole BA-002 was extended from 516.25m to 552.5m for a total of 36.25m of both PQ and HQ sized core.  The two new potash seams are interpreted as part of Cycle IV and Cycle III in the evaporite basin and are comprised of pervasive bright red nodular carnallite with minor laminated interbeds and interstices of halite in the carnallite masses (Fig.2,3).  Table 1 summarizes the composited sample results for the carnallitite seams in the extension of BA-002 and given the near horizonal nature of the basin geology and bedding intersected true widths are interpreted as being drilled widths. The zones between the two cycles are characterized by continuous near horizontal, laminated bedded halite (Fig. 2) and halite rich in insoluble material at the base of Cycle IV.  The addition of potash Cycles IV and III in hole BA-002 increases the cumulative thickness of potash zones that are potentially amenable to solution mining to 79.6m.  In addition, the presence of Cycles IV and III enhances the tonnage potential for the project and given the strong correlation of geology and potash cycles between the upper parts of holes BA-002 and BA-003, the potential for the presence of Cycles IV and III throughout the basin in this area is considered very high.  Data from extended hole BA-002 and hole BA-003, including re-sampling data, form the basis for a potential initial Mineral Resource Estimate (MRE) for the North Target which is currently in preparation by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH (“ERCOSPLAN”). 

The Phase 1 drill program at Banio remains in progress with additional drilling planned at the North Target including the extension of BA-001 and the drilling of new hole BA-004.  The drill rig experienced mechanical difficulties during the retrieval of PQ rods in BA-002 and is currently undergoing minor repairs.  Drilling is expected to resume later in Q4, 2023.

QA/QC

Millennial Potash employees follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards. Procedures for handling core samples begin with securing the potash-bearing PQ-HQ-sized core at the drill site in plastic poly-tubing which is then thermally sealed.  Core is placed in plastic core boxes and transported to Millennial’s camp for geological logging, detailed geotechnical logging, and photographing.  Significant intervals are dry cut in half for HQ core or quartered for PQ core, using a specially modified tungsten carbide bladed core saw.  Half (HQ size) and quarter core (PQ size) samples are then double bagged and thermally sealed prior to transporting to Libreville by Millennial personnel.  The remaining core is re-sealed in plastic poly-tubing and the core boxes secured at Millennial’s exploration camp in air-conditioned containers to prevent deterioration of the potash minerals.  Upon arrival in Libreville core samples are stored at Millennial’s storage facility and then taken to the Gabon Ministry of Mines & Energy where permission is obtained to export the samples.  The bagged samples are then carefully packed into wooden crates and shipped via DHL to the Saskatchewan Research Council (SRC) in Saskatoon.  This sampling procedure was initiated by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH, Millennial’s potash consulting firm, supervised by Millennial’s Chief Executive Officer Jason Wilkinson, M.Sc., Sebastiaan van der Klauw, EurGeol from ERCOSPLAN, and periodically reviewed by Millennial Director, Peter J. MacLean, Ph.D., P. Geo.

Millennial is utilizing SRC’s Potash ICP Analysis package designed for multi-element analysis of potash samples.  Upon arrival at SRC Geoanalytical Laboratories, core samples are dried, and jaw crushed to 95 % @ -2mm and 100 g sub sample is split out using a riffler and transferred to vials.  The subsample is pulverized to 95 % @ -106 microns using a puck and ring grinding mill to create a pulp.  The grinding mills are cleaned between groups using Quintus quartz.  The pulp is then transferred to a labelled plastic snap top vial.  An aliquot of pulp is placed in a test-tube with 15 ml of 30°C DI water.  The sample is shaken.  The soluble solution is then analyzed by ICP-OES.  The method is suitable for the soluble analysis of commercial potash (Sylvite and Carnallite).  The samples are analysed for FeO (wt%), K₂O, Na₂O, MgO, and CaO and a suite of trace elements. Br and Cl are determined using ICP-Ms and a gravimetric determination of the insoluble content for each sample is made.  Millennial/ERCOSPLAN did not insert blanks due to the limited number of samples, but this will be part of the Company’s sampling protocol in future drill programs.  SRC’s internal protocol includes the insertion of internal standards and repeats, and review of this data shows no significant deviation from the accepted values.  SRC Geoanalytical Laboratories has been certified by the Standards Council of Canada (SCC) to conform to the requirements of ISO/IEC 17025:2005 (CAN-P-4E).

This news release has been reviewed by Sebastiaan van der Klauw, EurGeol, of ERCOSPLAN and Peter J. MacLean, Ph.D., P. Geo, Director of the Company, and both are Qualified Persons as that term is defined in National Instrument 43-101.

To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or email at info@millennialpotashcorp.com.

In Europe:

Swiss Resource Capital AG

Jochen Staiger & Marc Ollinger

info@resource-capital.ch

www.resource-capital.ch

MILLENNIAL POTASH CORP.

“Farhad Abasov”

Chair of the Board of Directors

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

This document 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” or "planned", “forecast”, "intend", “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 including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. 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, environmental 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 affecting such statements and information other than as required by applicable laws, rules and regulations.