Millennial Potash Corp. (TSX-V: MLP) (OTCQB: MLPNF) (FSE: X0D) is pleased to announce that it has completed drillhole BA-004 at the North Target on its Banio Potash Project in Gabon. As part of Millennial’s Phase 2 drill program, BA-004 was completed to a depth of 667m and intersected the evaporite-bearing Salt Sequence from approximately 260m to the bottom of the hole at 667m. Within the Salt Sequence, BA-004 intersected greater than 100m of potash in seams characterized by interbedded carnallite and halite.

Farhad Abasov, Millennial’s Chair, commented: “Millennial is delighted to announce that drilling on the project has once again intersected a significant section of interbedded carnallitite and halite in the new drillhole BA-004. Numerous thick potash seams, in carnallitite form, were intersected in BA-004 with a combined total of +100m of interbedded carnallitite and halite. The potash mineralisation found in the recently completed drillholes, BA-001-EXT and BA-004, exceeded our expectations and clearly demonstrates the potential of our project. We are looking forward to completion of the logging and sampling of the potash horizons and the analytical results. The prominent potash mineralization intersected in BA-001-EXT and in BA-004 has the potential to significantly boost the project’s potash resources. Upon the interpretation and compilation of drillhole results, an updated Mineral Resource Estimate is expected to be completed which would form the basis of a Feasibility Study expected to begin in the coming months.”

Drillhole BA-004 is collared approximately 3.7km east of recently completed drillhole BA-001-EXT and was designed to test the eastward extension of potash mineralization encountered in drillholes BA-001, 001-EXT, 002, 002-EXT and 003. Preliminary logging of BA-004 indicates geologically it is similar to holes BA-001-EXT, 002, 002-EXT and 003 with approximately 7 evaporite cycles (Cycles II to VIII) with potash mineralization intersected in each cycle. Review of the drill core from BA-004 shows prominent horizontal bedding planes dominated by interbedded halite and carnallite (see Photos 1 and 2 below). An estimate of the cumulative thickness of the main carnallite seams from the preliminary logging potentially totals greater than 100m. Detailed core logging and final interpretation of evaporite cycle and seam identification, as well as downhole geophysical logging are ongoing. In addition, core preparation and sampling will be completed over the next several weeks and samples submitted to the Saskatchewan Research Council for analyses.

Photo 1 Red Carnallite-rich core from BA_004 showing interbedded banded and nodular Carnallite with banded Halite at approx. 458m to 461m depth

 Photo 2 Red Carnallite-rich core from BA-004- with interbedded Carnallite and bedded Halite at approx. 556m to 559m depth

The objectives of the Phase 2 program were to evaluate the presence of potash-rich horizons at depth and laterally to provide additional data for an updated Mineral Resource Estimate. Identification of additional potash horizons outlined in the Phase 2 drilling have extended the combined strike length of known potash mineralization to approximately 8,000m and could potentially add significant tonnage to the project’s resources which currently contains an Indicated MRE of 657M tonnes grading 15.9% KCl and an Inferred MRE of 1.159B tonnes grading 16% KCl (see Jan. 16, 2024 Press Release). In tandem with the potential resource increase, data from the Phase 2 drill program may allow upgrading of some resources from Indicated to Measured status and possibly shifting Inferred tonnage to Indicated status. Samples from the recent drillholes will be collected for dissolution test-work and geotechnical test-work which will be used in the upcoming Feasibility Study.

The Company is granting a total of 2,995,000 incentive stock options exercisable for a period of five years at an exercise price of $1.28 per share.

The information in this news release has been reviewed and approved by Peter J. MacLean, Ph.D., P. Geo, Director of the Company, who is a Qualified Person as that term is defined in National Instrument 43-101.