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Millennial Files Technical Report with Measured and Indicated Resource Estimate of 2.13 Million Tonnes LCE at Pastos Grandes Project, Argentina
January 02, 2018 8:00 AM EST | Source: Millennial Lithium Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 2, 2018) - Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQB: MLNLF) ("Millennial" or the "Company") further to its news release dated November 27, 2017, Millennial is pleased to announce the filing of a technical report (the "Technical Report") titled "Measured, Indicated and Inferred Lithium and Potassium Resource Estimate Pastos Grandes Project Salta Province, Argentina" dated January 2, 2018 that contains a maiden resource estimate for the Company's Pastos Grandes lithium brine project located in Salta, Argentina.
The Technical Report was completed by Montgomery & Associates Consultores Limitada ("Montgomery") based in Santiago, Chile, a subsidiary of international hydrogeology firm E.L. Montgomery & Associates, which Millennial had engaged to prepare an independent lithium brine resource on the Company's Pastos Grandes Project. Montgomery was engaged to prepare the Technical Report in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects.
The NI 43-101 resource statement, detailed in Table 1 below, includes 2,131,000 tonnes of lithium carbonate ("Li2CO3") equivalent (LCE) and 8,141,000 tonnes of potash ("KCl") equivalent in the Measured and Indicated Resource categories, with an additional 878,000 tonnes of Li2CO3 and 3,263,000 tonnes KCl in the Inferred Resource category.
Table 1
| Phase II Resource Category | Brine Volume (m3) | Avg. Li (mg/l)* | In situ Li (tonnes)** | Li2CO3 Equivalent (tonnes**) | Avg. K (mg/l) | In situ K (tonnes)** | KCl Equivalent (tonnes)** | |
| Measured | 5.2 x 108 | 465 | 240,000 | 1,277,000 | 5,009 | 2,582,000 | 4,924,000 | |
| Indicated | 3.8 x 108 | 418 | 160,000 | 854,000 | 4,395 | 1,687,000 | 3,216,000 | |
| M+I | 9.0 x 108 | 445 | 400,000 | 2,131,000 | 4,747 | 4,269,000 | 8,140,000 | |
| Inferred | 3.5 x 108 | 469 | 165,000 | 878,000 | 4,871 | 1,711,000 | 3,263,000 | |
*Cut-off grade for brine used to calculate the resource was 300 milligrams per liter
**Tonnages are rounded to the nearest thousand
The reader is cautioned that mineral resources are not mineral reserves and do not have demonstrated economic viability.
The Technical Report is available for review on SEDAR at www.sedar.com under the Company's profile and on the Company website at www.millenniallithium.com.
This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a qualified person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.
MILLENNIAL LITHIUM CORP.
"Farhad Abasov"
President, CEO and Director
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 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 including approvals of title and mining rights or licenses, 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.