Black Mountain Gold USA Corp., Vancouver, B.C., on Jan. 22 announced that it will bechanging its name to Millennial Potash Corp (MLP). The name change became effective at the opening of the market on Jan. 25, 2023. The company’s common shares will trade under the new name on the TSX Venture Exchange under the symbol “MLP.”
MLP also announced that it has received the approval of the TSX Venture Exchange of its definitive mineral option agreement on the Banio Potash Project, which is located in Gabon, West Africa, on the Atlantic Coast. The main project area is approximately 50 kilometers south of Mayumba Village, close to the border with the Republic of Congo.
“We are very pleased to have received approval for MLP’s option to acquire up to 100% of the Banio Potash Project in Gabon,” said Farhad Abasov, Director. “Banio presents a promising opportunity for MLP to acquire a unique project where previous drilling has intersected significant widths of potash mineralization that may be amenable to low-cost solution mining. In addition, the project has good infrastructure and could enjoy a transport cost advantage over other producers due to its proximity to the major Brazil market. Global food security remains a universal concern, and recent geopolitical events have shown that traditional suppliers may not meet all demand in the near future.”
MLP said that on Jan. 24 it would be issuing vendors a total of 650,000 shares and a payment totaling US$257,000. As a result, it would gain a 25% stake in the owner of the project, Equatorial Potash Pty. Ltd., with the option to eventually own 100%. Equatorial is the 100% owner of Mayumba Potasse SARL, a Gabonese company that holds a 100% interest in Gabonese Exploration Permit No. G2-595 Potasse et Sels Connexes Mayumba, which was renewed on Feb. 4, 2022.
MLP said that previous drilling work at the project was performed by Infinity Lithium Corp. Ltd., a previous owner of Equatorial, and its predecessor company, Plymouth Minerals Ltd., in 2017-2018.