Vancouver, British Columbia--(Newsfile Corp. - September 25, 2024) - Millbank Mining Corp. (TSXV: MILL) (the "Company" or "Millbank") is pleased to announce it has closed the acquisition of the Blakelock hydrogen project (the "Blakelock Project") in northern Ontario as previously announced on September 12, 2024.
"Having closed the acquisition of the Blakelock Project, we are excited for the potential to explore for natural sources of hydrogen," stated Benjamin Asuncion, CEO of Millbank. "The potential for natural hydrogen to be a clean source of energy has garnered significant interest and funding from both private industry1 and governments2 around the world."
Blakelock Hydrogen Project
The Blakelock Project is comprised of 109 mineral claims covering an area of 2,207 hectares (22.07 km2) located in the Larder Lake Mining Division of Northern Ontario. Several forest rings or circular features have been identified on the project which are the subject of exploration for the potential to host or contain sources of natural hydrogen. In other areas, like the North Perth Basin in Western Australia, similar circular formations have been observed to seep hydrogen gas from their edges. Comparable features have also been documented in various locations around the globe3.
Blakelock Claim Map
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According to research2, there appears to be a hydrogen rich horizon within the soil/till column within and/or adjacent to forest rings in northern Ontario. The hydrogen appears to be generated during the alteration/weathering of pyrite-bearing intrusions associated with the bedrock - soil interface. Millbank's exploration strategy is to explore for hydrogen accumulations within the tree rings observed from satellites within the Blakelock property.
Forest rings are peculiar circular impressions in boreal forests of northern Canada which are commonly hundreds of meters in diameter and centered on accumulations of chemically reduced substances in groundwater, overburden, or rock. The circular outlines are defined by a change in vegetation at the rims of the rings4.
Transaction Terms
Under the terms of the Mining Claims Purchase Agreement (the "Acquisition Agreement"), the Company acquired a 100% interest in the Blakelock Project for consideration of C$46,000 and 200,000 common shares. The Vendors have been granted a 1.5% net smelter returns royalty (NSR) of which 0.5% can be repurchased by the Company for C$500,000. The common shares issued under the Acquisition Agreement are subject to a four-month statutory hold period in accordance with applicable securities laws.
R. Tim Henneberry, P.Geo. (BC) and a consultant to Millbank is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical content of this news release.
About Millbank Mining Corp.: Millbank Mining Corp. is a mineral exploration company currently focused on its Arthur Lake Copper project in British Columbia and Blakelock hydrogen project in Ontario.
For further information, please contact:
Ben Asuncion
Chief Executive Officer
Millbank Mining Corp.
Tel: 604-377-1597
Email: ben@piholdings.ca
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 includes certain statements and information that may constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information, including, but not limited to the ability of hydrogen to replace conventional fuel sources as a source of clean energy. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release, including, but not limited to the assumption that hydrogen has the ability to become a future, low cost viable energy source. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including, but not limited to risks associated with exploration of Blakelock Project including, without limitation, risks associated with the evolving legal landscape on the exploration and extraction of hydrogen in the Province of Ontario, including the risk that the Province of Ontario may determine that the exploration and exploitation of hydrogen is not properly characterized as the exploration of and exploitation of a mineral, as well the inherent risks associated with the mining industry and the results of exploration activities and development of mineral properties, stock market volatility and capital market fluctuations, general market and industry conditions, as well as those risk factors discussed in the Company's most recently filed management's discussion & analysis.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement or forward-looking information contained herein, except in accordance with applicable securities laws.
1 Bill Gates-backed startup says a global gold rush for buried hydrogen is picking up momentum, https://www.cnbc.com/2024/09/12/bill-gates-backed-startup-on-the-global-gold-rush-for-buried-hydrogen.html
2 US grants $750 million for hydrogen projects across 24 states, https://www.reuters.com/business/energy/us-grants-750-million-hydrogen-projects-across-24-states-2024-03-13/#:~:text=The%20grants%20will%20help%20lay,effort%20to%20spur%20the%20industry
3 NASA Earth Observatory, https://earthobservatory.nasa.gov/images/151764/circular-depressions-seep-hydrogen-gas
4 Hamilton, S.M. and Hattori, K.H. (2008). Case History. Spontaneous potential and redox responses over a forest ring. Geophysics May 2008 Issue. Pages B67-B75
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224467
SOURCE: Millbank Mining Corp.
