Millennial Announces Initiation of Phase 3 Drill Program at Its Banio Potash Project
Rhea-AI Summary
Millennial Potash (OTCQB: MLPNF) has started its Phase 3 drill program at the Banio Potash Project in Gabon. The program includes four potash-focused drillholes totaling about 4,000m, targeting southern and western extensions of known mineralization and testing deeper evaporite basin sequences.
Current mineral resources total 648.2M tonnes Measured, 1.8B tonnes Indicated, and 3.56B tonnes Inferred, all near 15.6–15.7% KCl. Results will support an updated MRE and feed into a Definitive Feasibility Study, expected to be completed by end of 2026.
AI-generated analysis. Not financial advice.
Positive
- Phase 3 drill program launched with four holes totaling approximately 4,000m
- Existing Measured resource of 648.2M tonnes grading 15.7% KCl
- Indicated resource of 1.8B tonnes grading 15.6% KCl
- Inferred resource of 3.56B tonnes grading 15.6% KCl
- Definitive Feasibility Study remains on track for completion by end of 2026
- Road access from Mayumba reduces reliance on barges for equipment and supplies
Negative
- None.
West Vancouver, British Columbia--(Newsfile Corp. - May 12, 2026) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to report that it has initiated its Phase 3 drill program at its flagship Banio Potash Project in Gabon. The program consists of four additional potash-specific drillholes totaling approximately 4,000m of drilling and is designed to evaluate the extension of potash resources south and west of the currently outline mineralization.
Farhad Abasov, Millennial's Chair, commented, "We are excited to announce that we have started our Phase 3 drilling at Banio, an important step in unlocking further value from this highly prospective potash project. The four planned drillholes, located south and west of previous drilling, are designed to support potential resource expansion and further demonstrate the scale of the opportunity at Banio. Two of the planned holes, BA-007 and BA-008, are located on the recently acquired Haute Banio exploration permit reflecting the strategic importance of this acquisition which also occupies the coastal region of the project and is located closer to the planned port and other planned infrastructure. The Company has a substantial Measured Mineral Resources Estimate ("MRE") of 648.2M tonnes grading
The four hole drill program will focus on the southern and western extensions of the significant thick potash sequences, locally exceeding 100m, encountered by previous drilling (see Figure 1). The Company's geological model suggests we are moving deeper into the evaporite basin and there is strong potential to intersect the entire ten potash cycles with significant potash thicknesses. This new area of drilling is primarily covered by savannah, and an old road has been rehabilitated to provide access from the town of Mayumba. This is significant as it negates the need for barges and boat support for shipping machinery and drilling supplies. The estimated depth for each hole is 1,000m and the program is planned for completion in Q4, 2026. The Company will provide updates to the market throughout the drill program and as analytical results and interpretations are completed.
Fig. 1 Location of drillholes for Phase 3 program.
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CLARIFICATION OF APRIL 15 NEWS RELEASE
The Company wishes to disclose that, in its news release dated April 15, 2026 (the "April 15 News Release") it stated incorrectly that payments to Zacks Small Cap Research ("Zacks") for services would be made (in the amount of US
The technical information in this news release has been reviewed and approved by Peter J. MacLean, Ph.D., P. Geo. (Ontario), Director of the Company, who is a Qualified Person 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@millennialpotash.com.
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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.
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