Vancouver, British Columbia--(Newsfile Corp. - December 2, 2021) - Millbank Mining Corp. (TSXV: MILL) (the "Company") is pleased to announce the commencement of Induced Polarization (IP) surveying at its wholly-owned Arthur Lake property located near Vanderhoof, British Columbia.
Peter E. Walcott & Associates ("Walcott") are undertaking the IP geophysical program which is anticipated to be completed in mid December 2021. The objective of the IP survey is to probe beneath the three multi-element soil geochemistry anomalies identified during the 2020 exploration season for resistivity and/or chargeability anomalies indicative of potential porphyry mineralization at depth, as recommended in the Arthur Lake Technical Report. A series of north-south and east-west IP lines totaling 12-to-16-line kms are planned to test all three anomalies.
"We are excited to be embarking on our maiden exploration project over the Arthur Lake property. Our past exploration efforts have identified potential sizable geochemical anomalies which we believe are indicative of porphyry copper mineralization at depth. The program commenced in late November and is anticipated to be completed by mid December 2021 with the results to be released once final interpretations are completed in Q1/2022," commented Benjamin Asuncion, CEO of Millbank Mining.
Millbank's 2020 soil sampling identified three significant multi-element soil anomalies, with associated historic rock sample values:
- The Copper Enrichment Anomaly is an 1,800 m by 500 m primarily copper-in-soil anomaly where several grab rock samples returned grades in excess of 0.2% Cu up to a maximum of 2.48% Cu;
- The Granite Plug Anomaly is a concentric 450 m by 350 m copper-in-soil anomaly centred on a granitic plug;
- The Southwest Anomaly is 900 m by 400 m multi-element soil anomaly open in both directions,
Arthur Lake lies in prospective porphyry copper terrane, underlain by an Early Mesozoic to Tertiary succession of volcanic and sedimentary rocks intruded by Cretaceous to Tertiary plutons. The property geology consists of undivided volcanic rocks of the early to middle Jurassic Hazelton Group and by felsic volcanics of the Eocene to Oligocene Ootsa Lake Group, with Hazelton volcanics intruded by a small, undated a medium-grained granitic plug.
The Company also announces that it has granted stock options pursuant to the Company's incentive stock option plan to officers and directors of the Company to purchase an aggregate 250,000 common shares at an exercise price of $0.55 per share. Pursuant to the terms of the grant, 250,000 options will vest immediately and all of the options will expire five years from the date of the grant. The options are subject to applicable policies of the TSXV and applicable securities laws and will be subject to a hold period of four months and a day commencing on the date of grant of the options.
The technical content of this New Release has been reviewed and approved by R. Tim Henneberry, P.Geo. (BC) a consultant to the Company and a Qualified Person under National Instrument 43-101.
About Millbank Mining Corp.
Millbank Mining is a mineral exploration company focused on it's wholly-owned and royalty-free Arthur Lake property located near Vanderhoof, British Columbia. The Arthur Lake property consists of three claim units totaling 1,050 hectares which was acquired by directly by staking.
On behalf of Millbank Mining
Benjamin Asuncion, Chief Executive Officer
Contact:
Benjamin Asuncion
778-838-3692
This news release contains forward-looking statements or information (collectively referred to herein as "forward-looking statements"). Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. In this news release such statements include but are not limited to any ongoing exploration programs, timing of such programs, or exploration results. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including those described in the Company's regulatory filings available on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this news release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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.
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