Millbank closes acquisition of Blakelock Hydrogen Project near Kirkland Lake

Millbank Mining Corp. has closed the acquisition of the Blakelock hydrogen project in northern Ontario.

"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.

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.

Tags: Northern Ontario / Exploration / Minerals / All Articles