Millbank Mining Corp. Acquires Blakelock Hydrogen Project in Northern Ontario
Key Ideas
- Millbank Mining Corp. has successfully closed the acquisition of the Blakelock Hydrogen Project located in northern Ontario, demonstrating excitement towards exploring natural sources of hydrogen.
- The project covers 2,207 hectares in the Larder Lake Mining Division and aims to investigate forest rings for potential natural hydrogen sources, aligning with global interest in hydrogen as a clean energy solution.
- The acquisition terms include C$46,000 and 200,000 common shares, with a provision for the Vendors to retain a 1.5% net smelter returns royalty, offering a strategic opportunity for Millbank Mining Corp.
- The company's exploration strategy involves identifying hydrogen accumulations within the circular forest rings observed in northern Ontario, potentially contributing to the development of hydrogen as a sustainable energy source.
Millbank Mining Corp. based in Vancouver, British Columbia, has finalized the acquisition of the Blakelock Hydrogen Project in northern Ontario, marking a significant step towards exploring natural sources of hydrogen. The CEO, Benjamin Asuncion, expressed enthusiasm about the project's potential to uncover clean energy sources. The Blakelock Project consists of 109 mineral claims spanning 2,207 hectares in the Larder Lake Mining Division. The focus of the project involves investigating forest rings within the area, which are circular features believed to contain natural hydrogen sources. These formations are similar to those observed in regions like the North Perth Basin in Western Australia. Research suggests a hydrogen-rich horizon within the soil/till column near forest rings in Ontario, indicating the presence of hydrogen generated during rock alteration processes. The acquisition agreement includes a payment of C$46,000 and 200,000 common shares, with the Vendors retaining a 1.5% net smelter returns royalty. Millbank Mining Corp. plans to explore for hydrogen accumulations within the identified circular forest rings, aiming to contribute to the advancement of hydrogen as a sustainable energy option. The company's strategy aligns with the growing global interest in hydrogen as a clean energy solution, with governments and private industries investing significantly in this sector. This acquisition positions Millbank Mining Corp. to leverage the potential of natural hydrogen sources for future energy needs, showcasing a positive outlook towards renewable energy development.