Oh, that one's easy.

Internally, mIRC uses 32bit (Long) intergers to store the timer's delay and repetitions.
2^32 == 4294967296, that is the greatest value a 32bit unsigned long can store.
Since you can specify a duration in milliseconds with -m, mIRC simply converts and stores all timer durations in milliseconds.
4294967296 / 24 / 60 / 60 / 1000 ==
49days 17hrs 2mins 48secs 296ms
- Raccoon