Millbank Mining Corp. Acquires Blakelock Hydrogen Project for Exploration in Northern Ontario
Key Ideas
- Millbank Mining Corp. has successfully completed the acquisition of the Blakelock hydrogen project in Northern Ontario, showing a strong commitment to explore natural sources of hydrogen for clean energy.
- The CEO of Millbank, Benjamin Asuncion, expresses excitement about the potential of natural hydrogen as a clean energy source, signaling a positive outlook on the project.
- The company's exploration strategy involves investigating hydrogen accumulations within forest rings observed in satellite imagery, aiming to tap into the hydrogen-rich horizon documented in northern Ontario.
- Under the terms of the Acquisition Agreement, the company acquired 100% interest in the Blakelock Project for C$46,000 and 200,000 common shares, with the Vendors retaining a 1.5% net smelter returns royalty, showcasing a strategic financial investment in the project.
Millbank Mining Corp. has officially acquired the Blakelock hydrogen project in Northern Ontario, demonstrating a significant step towards exploring natural sources of hydrogen for clean energy purposes. The CEO of the company, Benjamin Asuncion, expressed enthusiasm about the acquisition, highlighting the growing interest and investment in hydrogen as a sustainable energy source globally. The Blakelock Project spans over 2,200 hectares in the Larder Lake Mining Division of Northern Ontario and focuses on investigating forest rings for potential natural hydrogen sources, drawing parallels to similar formations in other regions like Western Australia. Research indicates a hydrogen-rich horizon within the soil/till column in northern Ontario, generated during the alteration of pyrite-bearing intrusions at the soil-rock interface. Millbank's exploration strategy involves targeting hydrogen accumulations within the circular tree rings identified through satellite imagery on the Blakelock property. The Acquisition Agreement outlined a purchase price of C$46,000 and 200,000 common shares, with the Vendors retaining a 1.5% net smelter returns royalty. The company's Qualified Person, R. Tim Henneberry, P.Geo., has reviewed and approved the technical aspects of the acquisition. This move signifies a pivotal moment for Millbank Mining Corp. as it diversifies its focus from its Arthur Lake Copper project in British Columbia to the promising potential of the Blakelock hydrogen project in Ontario.