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Millennial Silver and 1246768 B.C. Ltd. Provide Maiden Resource for Wildcat and Mountain View Projects

TORONTO, Jan 11, 2021 (GLOBE NEWSWIRE via COMTEX) --

Millennial Silver Corp. ("Millennial" or the "Company") and 1246768 B.C. Ltd. ("768") are pleased to provide a resource update for the Wildcat and Mountain View projects, further to their joint press release dated December 11, 2020 announcing a series of transactions, including the proposed acquisition of the Wildcat and Mountain View projects and the reverse take-over transaction (the "RTO") involving the Company, a subsidiary of 786 and 786 to form the resulting issuer which shall be "Millennial Precious Metals Corp. (the "Resulting Issuer" or "Millennial Precious Metals").

The Wildcat and Mountain View projects host an open-pit oxide resource and are strategically located in Nevada's Seven Troughs and Hycroft mining districts, respectively (see Figure 1 below).

Highlights of the Mineral Resource estimates include:

Wildcat

Mountain View

"This Mineral Resource estimate for the Wildcat and Mountain View projects is a great start to building our resource base and underpins the Company's pro forma evaluation," stated Jason Kosec, President and CEO of Millennial. "We are particularly excited about the deeper sulphide potential which appears to be extensive but was largely ignored by historical drilling programs. Additional metallurgical studies have been initiated to examine the potential for this material to also be incorporated into plans for the development of the projects."

The Mineral Resources for the two projects, Wildcat (Table 1) and Mountain View (Table 2), are summarized below with a sensitivity to gold prices. Only the figures defined at a gold price of US$1,500/oz are reported mineral resource statement.

Table 1 - https://www.globenewswire.com/NewsRoom/AttachmentNg/2804de56-6ec0-4961-b5e6-a2d5669afe9e

Notes:

Table 2 - https://www.globenewswire.com/NewsRoom/AttachmentNg/519ae2ae-8593-4060-b2ba-150344030eb0

Notes:

In accordance with National Instrument 43-101, a technical report for each of the Wildcat Project and the Mountain View Project will be filed in due course on 768's issuer profile on SEDAR at www.sedar.com.

Project Geology

Wildcat

Geology and Mineralization summary

The Wildcat Project lies in the Seven Troughs Range, which is underlain by Triassic and Jurassic sedimentary rocks, and has been intruded by Cretaceous biotite-granodiorite. Cenozoic magmatism emplaced rhyolite, quartz latite, trachyte, and andesite in forms of domes, plugs, and flows that blanket much of the area. Cenozoic magmatism occurs in at least four mappable intrusive and volcanic events. Post-mineral and Late Cenozoic conglomerates, basalt plugs and flows, continental clay-rich sediments and Quaternary alluvium mask much of the area. Deformation in the project area is varied and locally intense. Low- and high-angle normal faults associated with Basin and Range extension are common. The exact relationship between these faults is unclear, though low-angle faults appear to both control and post-date mineralization.

Principal controls on mineralization include the Cenozoic-Cretaceous (volcanic-granodiorite) contact (which may have been, at least in part, a structural relationship), low- and high-angle normal faults, and litholigic variability. The known epithermal precious metal mineralization is best described as stratigraphically controlled within the fragmental volcanic rocks. Cataclastic deformation has been described in the granodiorite and probably also played a role in controlling mineralization. Cenozoic feeder-type structures comprise a portion of proposed deeper mineralized targets in the project area. Precious metal mineralization has been shown to occur with low-temperature silica, chalcedony, and pyrite. Silver to gold ratios are about 10 to 1, though locally they can be higher. Epithermal alteration is argillic and silicic with an association of pyrite and sulfosalt minerals. The gold is believed to be very fine-grained contained within gauge and sulphide minerals.

Mountain View

Geology and Mineralization summary

The Mountain View Project is located in the Deephole mining district and includes the historic Mountain View mine, approximately 2.5 km north of the Severance deposit. Two mineralized zones on the property, Severance and Buffalo Hills, have been the target of exploration since the 1980s. Dominant rock types in the area include greenschist facies of Permo-Triassic volcanic and sedimentary strata in the north intruded by granodiorite of the Granite Range batholith in the south. Cenozoic strata include mafic tuffs, peralkaline rhyolite tuffs and lava flows, volcaniclastic sediments, and basalt flows deposited around 16 Ma. Mineralization in the project area is likely attributed to mid-Miocene magmatic events that was also the source of numerous precious metal and mercury deposits across the region. Locally, Miocene volcanic centers occur along two major structural features, the northeast-trending Black Rock structural boundary, and the northwest-trending Orevada rift. At Mountain View these volcanic centers are separated from the Granite Range by a steep, southeast-striking normal fault. The Resulting Issuer will have an ownership or leasehold interest in the Mountain View mining claims other than the mining claims in respect of the historical Mountain View mine (10% of which will be held the Resulting Issuer).

This range-front fault occurs near the eastern edge of the project area, the hanging wall typically covered by thick alluvium. The current mineral resource at Mountain View occurs in the hanging wall of the fault, hosted by felsic volcanic rocks, interpreted to occupy an area 1,000 meters long, 300 meters wide, between the range front fault and older Cenozoic volcanic rocks to the west. Outcrops of the rhyolite are sparse in the project area, with previous drilling indicating much of the target lies beneath 150 to 200 meters of alluvium. Interpretations of the latest movements on the range-front fault system imply offset of recent deposits of alluvium.

Figure 1 - https://www.globenewswire.com/NewsRoom/AttachmentNg/13c2167c-fcaf-40c6-b78f-dca5596467b6

Figure 2 - https://www.globenewswire.com/NewsRoom/AttachmentNg/1b1c2b5f-575a-4974-9522-24ef8a70e513

RTO Particulars

For further information on the particulars of the RTO, including the conditions to the completion of the acquisition of the Wildcat Project and the Mountain View Project and the completion of the RTO, please refer to the joint press release of Millennial and 768 dated December 11, 2020.

Stock Exchange Matters

As at the date hereof, neither the common shares of 768 nor the common shares of Millennial are listed on any stock exchange. A condition to completion of the RTO is the conditional approval for the listing of the common shares of the Resulting Issuer (the "Resulting Issuer Shares") on the TSX Venture Exchange ("TSXV"). A listing application in respect of the Resulting Issuer Shares, which will include further details of the RTO, will be filed on 768's issuer profile on SEDAR at www.sedar.com provided TSXV's conditional approval of the listing of the Resulting Issuer Shares has been obtained. There can be no assurance that the TSXV will grant such conditional approval or that the RTO will be completed as proposed or at all. The transactions contemplated by the RTO are not "Non-Arm's Length Qualifying Transactions" (within the meaning of TSXV policies).

768 intends to apply to the TSXV for an exemption from the sponsorship requirements for the RTO based upon the private placement financing to be completed by Millennial and/or other exemptions available in TSXV policies.

Qualified Person

Leonardo De Souza, P. Geo., is the Qualified Person for the scientific and technical information contained in this press release and is an independent Qualified Person within the meaning of National Instrument 43-101.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release are forward-looking statements, which reflect the expectations of management regarding the business development objectives and plans of Millennial.

Forward-looking information contained in this press release are based on certain factors and assumptions regarding, among other things, the receipt of all necessary regulatory approvals, availability of necessary financing, completion of acquisition of the Wildcat, Mountain View, Ocelot, Marr, Eden and Dune properties, completion of the RTO, potential mineralization on the properties proposed to be acquired, and other similar matters. While Millennial considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, title and environmental risks and risks relating to the failure to receive all requisite shareholder, regulatory, and stock exchange approvals.

Further, these forward looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's and/or the Resulting Issuer's actual results to differ materially from those expressed or implied by the forward-looking statements, including, but not limited to: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration, (3) a decreased demand for precious metals, (4) any number of events or causes which may delay exploration and development of the property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, (5) the risk that the Company or the Resulting Issuer does not execute its business plan, (6) inability to finance operations and growth, (7) inability to obtain all necessary permitting and financing, (8) risks related to outbreaks, threats of outbreaks or worsening of outbreaks of viruses, other infectious diseases or other similar health threats, such as the novel coronavirus outbreak, and (9) other factors beyond the Company's, 768's or the Resulting Issuer's control. These forward looking statements are made as of the date of this presentation and neither Millennial nor 768 assumes any obligation to update these forward looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.

Completion of the RTO is subject to a number of conditions, including but not limited to, TSXV acceptance. Where applicable, the RTO cannot close until the required shareholder approval is obtained. There can be no assurance that the RTO will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the listing application to be prepared in connection with the RTO, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon.

The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

For further information please contact:

Jason Kosec, President, CEO and Director of Millennial

Phone: 250-552-7424

Email: Jason.kosec@millennial-silver.com

James Ward, Director, 1246768 B.C. Ltd.

Phone: 416 897-2359

Email: james@wardfinancial.ca

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