Ongoing Resource Conversion And Drill Program At Mountain View Project

TORONTO - Millennial Precious Metals Corp. reported on 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. In 2021, the Company drilled 21 holes at Mountain View totaling 5,256m. The 2022 drill program at Mountain View consists of 2,700m with the objective of confirming RC grades, validating grade continuity, and extending the mineralization laterally to increase the pit size. Millennial expects to continue to release drill results from the program monthly. Drillhole MVCD-0016A returned an intercept of 0.91 g/t oxide Au over 232.5m including a high-grade intercept of 10.88 g/t Au over 11.3m and 2.18 g/t Au over 22.3m.

The high-grade intercept is likely further evidence of the plumbing system which controls the lower-grade, bulk oxide portion of the deposit hosted by flow-banded rhyolite. The high-grade zone is characterized by a hydrothermal breccia with quartz, pyrite and marcasite within the matrix. Grade observed in MVCD-0016A is significantly higher than expected from the block model.

The high-grade hydrothermal breccia was not reported in the historical RC drilling. Actual geometry of the high-grade hydrothermal breccia (>1.0 g/t Au) is approximately 60m x 180m x 140m. MVCD-0016A stepped out 20m from the previous high-grade breccia zone. The zone remains open at depth, to the north west and south east. 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-0016A was designed to convert the high-grade resources at the bottom of the current pit shell from Inferred to Indicated in support of an updated mineral resource in 2022.

Consistent with previous observations, mineralized rhyolite is situated directly below the alluvium, which is composed of sand, gravels and boulders. 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 most of 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, said, “We are extremely pleased with the outcome of drillhole MVCD-0016A. With ~230m at an average grade of ~0.9 g/t Au oxide, this hole confirms the excellent ore grade continuity at Mountain View. In addition, the high-grade portion of the hole provides further evidence of the potential bonanza grade feeder zone which could significantly augment project economics at Mountain View."