Property Acquisition Expands Pastos Grandes Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 20, 2016) - Millennial Lithium Corp. (TSX VENTURE:ML) ("Millennial" or the "Company") reports an acquisition of strategic mineral rights and continued favorable drilling progress at its Pastos Grandes project in Salta, Argentina.
Through its Argentine subsidiary, Proyecto Pastos Grandes S.A. (PPG SA), Millennial has secured an additional 300 hectares of core salar mining rights at Pastos Grandes, bringing Millennial's holdings in the salar to 6,361 hectares. Priority mining rights to the strategic central salar property, Papadopolous XXXII, measuring 300 hectares and contiguous to Millennial's holdings, were granted by the Provincial mining authorities to Millennial on December 15th. Upon submission and acceptance of an initial environmental report, Millennial will hold the mining license in full and will consolidate this and other recent acquisitions into its exploration and development plans in the heart of Pastos Grandes.
Covering 6,361 hectares, Millennial's combined holdings of mineral claims, mining rights and mining licenses, make it the largest single property owner in the Pastos Grandes area.
The initial drilling at Pastos Grandes continues to progress as planned with favorable stratigraphy, flow characteristics and brine density. PG-MW-16-01, the first core hole doubling as a monitoring well, was terminated at 350m in an unconsolidated and likely transmissive sand unit. The adjacent production well, PG-PW-16-01, is being completed to a greater depth to determine the brine potential for the lower units. Core hole PG-MW-16-02, at drill site 2, was advanced beyond the initial target of 350m to total depth of 400m due to continuing favorable stratigraphy and is in the process of being sampled at 25m intervals using a packer system. In addition to sampling, the packer system is being employed to determine flow characteristics of the hydrogeologic units.
Iain Scarr, VP of Development and Exploration, states, "We are very encouraged with the drilling and sampling progress to date and expect to provide shareholders with much greater technical information early in the new year."
Millennial also reports its joint venture partner, Southern Lithium Corp. ("Southern"), has advanced $500,000 (U.S) to a joint exploration account in anticipation of drill testing the Cruz project in the Pocitos salar early in 2017.
Millennial has granted an aggregate of 225,000 stock options to certain consultants of the company. The options have a term of five years and are exercisable at a price of $1.45 per common share. The options are subject to the acceptance of the TSX Venture Exchange.
This news release has been reviewed by Iain Scarr, VP of Development and Exploration of the Company and a qualified person as that term is defined in National Instrument 43-101.
"Graham Harris"
Chairman, Director
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This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ 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.
