Millennium Silver Corp. Announces Newfoundland Property Option Agreement

About this update from Millennium Silver Corp

Millennium Silver Corp. Announces Newfoundland Property Option AgreementVANCOUVER, BC / ACCESSWIRE / August 3, 2021 / Millennium Silver Corp. (formerly International Millennium Mining Corp.) (TSXV:MSC) ("Millennium Silver" or the "Company"), is pleased to announce that it has entered into an Option Agreement (the "Option Agreement") to acquire one hundred and thirty-five (135) mineral claims covering three thousand three hundred seventy-five (3,375) hectares, in Deer Lake, in western Newfoundland (the "Pynn's Brook Property").Under the terms of the Option Agreement, Millennium Silver has agreed to pay C$6,875 (the "Cash Consideration") and issue one million (1,000,000) common shares in the capital stock of the Company to the Optionors over a period of six (6) months, subject to receiving TSX Venture Exchange ("TSX-V") approval. Pursuant to the Option Agreement, the Optionors shall also be entitled to receive a royalty on production equal to one and one half of one percent (1.5%) Net Smelter Return Royalty ("NSR"), of which one half of one percent (0.5%) interest of the NSR can be purchased by the Company for C$500,000.The Pynn's Brook Property overlies the Pynn's Brook ophiolite and coincident NE/SW structural trend, located near Deer Lake, in western Newfoundland. The Pynn's Brook Property covers an 18 km portion of the trend which represents a continuation of the prolific, gold-rich, 3-5 km wide, Baie Verte (structural) Lineament, located 75-145 km farther northeast, on the Baie Verte Peninsula. More regionally, this feature comprises part of the Baie Verte-Brompton Line - a major Appalachian-scale tectonic suture zone, marking the collisional boundary between Cambrian to Ordovician oceanic crust (ophiolite), of the ancient Iapetus Ocean basin, and Precambrian, deformed, continentally-derived, siliciclastic sediments (Fleur de Lys Group) of the ancient North American continent. Throughout the Appalachians, these tectonostratigraphic divisions are represented by the Dunnage and Humber Zones, respectively.In western Newfoundland, the Baie Verte-Brompton Line remains largely hidden due to younger (Devonian-Carboniferous) sedimentary cover. However, relatively late faulting along the Deer Lake sedimentary basin, has resulted in significant uplift and erosion, leading to exposure of the underlying thrust-faulted contact between the older oceanic crustal rock...

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