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Millennium Silver Corp. (TSXV: MSC) ("Millennium" or the "Company") and Altair Resources Inc. ("Altair") have agreed to terminate their option agreement, originally announced on May 10, 2021. Under this agreement, Altair had the option to acquire up to a 65% interest in Millennium's Simon Property, a lead-zinc-silver mining property located in Mineral County, Nevada, USA. Each party has released the other from any liability or further obligation under the agreement.
The Simon Property remains a significant asset for Millennium. The 2009 report on the 2007/2008 Mineral Exploration Program, written by David Mark, P.Geo, documented production of 97,000 tons of ore between 1916 and 1968, with average grades of 3.2 ounces per ton of silver, 4.8% lead, and 5.4% zinc, alongside gold and copper values from the property's historic mine workings. Notably, a 1980 evaluation by Leonard J. Maki & Associates estimated 50,000-100,000 tons of ore remaining within the property's historic workings.
The Simon Property's value within Millennium's Nevada property portfolio is underscored by the attention on critical minerals in the U.S. The development of America's first Strategic Mineral Reserve, located approximately 70 km (45 miles) from the Simon Property in Mineral County, Nevada, demonstrates the focus on critical mineral resource exploration, development and stockpiling in the U.S. This strategic direction in the U.S. is emphasized by the Secretary of the Interior's recent recommendation to add silver and lead to the US List of Critical Minerals. All three primary minerals found on the Simon Property-silver, zinc, and lead-are now proposed for inclusion in the 2025 Draft List of Critical Minerals published by the U.S. Geological Survey.
Millennium Silver Corp. (TSXV: MSC) is focused on the exploration and development of its Nevada projects. The Company's common shares trade on the TSX Venture Exchange under the symbol: MSC.
ON BEHALF OF THE BOARD
"Robert Drago"
Robert Drago
President & CEO
Further information about the Company can be found on SEDAR (www.sedarplus.ca) or at www.millennium-silver.ca.
CONTACT: Darren Timmer, Director
Telephone: (604) 527-8146
E-mail: info@millenniumsilver.ca
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Neither 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 forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/264572
