Intersections Outside The Proposed Pit At Mountain View

TORONTO - Millennial Precious Metals Corp. reported the final assay results from the recently completed resource conversion and exploration drill program conducted at its Mountain View project located in Nevada. The Phase 1 drill program at Mountain View consisted of 27 holes totaling ~7,200m with the objective of resource conversion, collecting geotechnical and metallurgical data, validating grade continuity, and extending the mineralization laterally to increase the pit size.

Highlights: 1) Drillhole MVCD-0024 returned an intercept of 1.48 g/t Au over 185.5m (mixed oxide-fresh material) including a high-grade intercept of 3.99 g/t Au over 36.9m and 2.60 g/t Au over 29.6m. Drillhole MVCD-0025 returned intercepts of 0.42 g/t Au over 19.8m, 0.27 g/t Au over 15.9m and 0.53 g/t Au over 21.0m within the oxide material, as well as 0.61 g/t Au over 17.1m within the mixed material (oxide-fresh). 2) MVCD-0024 was designed as a step out hole to test the continuity and strike extent of the breccia body toward the expected feeder zone. MVCD-0024 extended the breccia body northwest by ~100m. The exact geometry and true width of the breccia body remain unknown due to the limited amount of diamond drilling completed (5 holes to date). 3) Observations indicate that grade increases to the northwest, suggesting a closer proximity to the feeder zone. The high-grade breccia has not been drilled to the northwest and remains open. 4) Other holes from the Phase 1 drill program that intersected the breccia have display similar grades and continuity to MVCD-0024: MVCD-0004 (1.73 g/t Au over 128.3m), MVCD-0015 (0.49 g/t Au over 275.5m), MVCD-0016A (0.91 g/t Au over 232.5m), and MVCD-0021 (0.46 g/t Au over 189.0m). 5) Excluding the high-grade intercepts, the residual grade of hole MVCD-0024 is 0.43 g/t Au over 119.0m, which is significantly above the cut-off grade of 0.14 g/t Au. 6) The high-grade zone is characterized by a highly silicified rhyolite and oxidized pyrite within the matrix. The oxidation profile is visible to ~230m downdip and is followed by a mixed transition zone (approximately 50% oxide, 50% fresh rock) which extends to the end of the hole at a depth of ~330m. 7) MVCD-0024 intersects the existing pit shell at a depth of ~210m (down hole) before the new intercept of 3.99 g/t Au oxide over 36.9m; the high-grade intercept stepped out ~100m (horizontally) to the northwest from the 2020 NI 43-101 pit limit. 8) MVCD-0025 was drilled to collect environmental data from the proposed northwest pit wall (geochemical & environmental analysis). In addition to providing critical information for future mining permitting, MVCD-0025 unexpectedly intersected numerous large mineralized secondary structures, however was forced to shut down within the high-grade breccia body due to technical issues with the drill.

MVCD-0024 and MVCD-0025 are the final holes from the Phase 1 program at Mountain View that were intended to intersect mineralization. The remaining holes from the program are technical in nature (geotechnical, environmental, and metallurgical), therefore no additional assay results from the Phase 1 program will be reported.

Jason Kosec, President, CEO & Director, said, “We are extremely pleased with the results from the Phase 1 drill program at Mountain View. With ~185m at ~1.5 g/t Au, MVCD-0024 represents one of our best drill results to date and demonstrates the excellent grade continuity of high-quality mineralization at Mountain View. This hole confirms the high-grade breccia discovery and opens the deposit for future expansion to the northwest. We are extremely proud of our technical team at site for successfully completing the aggressive Phase 1 program at Mountain View. The team's focus now shifts to Wildcat where we commenced Phase 1 drilling last week. We look forward to sharing our progress over the next few months leading to the updated mineral resource and PEA later this year."

Mountain View is located within the Deephole mining district in Nevada, 24km north of the town of Gerlach within Washoe County. The project area is covered by a 5,476-acre land package consisting of 282 unpatented claims, located on federally owned lands administered by the BLM. Gold-dominated mineralization at Mountain View consists of low sulphidation epithermal veins and disseminated oxide and sulphide mineralization hosted in Cenozoic volcanic rocks. Mountain View has an Inferred mineral resource estimate containing 427,000 ounces of Au (oxide) (23.2 million tonnes at 0.57 g/t Au).