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MD Midland Exploration Inc

0.36
-0.015 (-4.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Midland Exploration Inc TSXV:MD TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.015 -4.00% 0.36 0.37 0.38 0.38 0.36 0.38 92,782 20:59:49

Midland Provides an Update of its 2014 Exploration Activities

22/05/2014 2:00pm

Marketwired Canada


Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to provide an
update on its various ongoing exploration activities across Quebec, including
many joint ventures and projects under option with Agnico Eagle Mines Limited
("Agnico Eagle"), Teck Resources Limited ("Teck"), Donner Metals Limited
("Donner"), Maudore Minerals Limited ("Maudore"), and Japan Oil, Gas and Metals
National Corporation ("JOGMEC").


To date in 2014, more than 2,300 metres of drilling have been completed, as well
as several airborne and ground geophysical surveys in the Abitibi, James Bay and
Labrador Trough areas. Midland and its partners plan to invest a minimum budget
of $4M in 2014 on its various projects across Quebec. In addition, Midland
expects to conclude new partnerships in the coming months and thus increase its
overall exploration budget for 2014.


Gold projects in the Abitibi region

Maritime-Cadillac Project - Midland/Agnico Eagle JV

The Maritime-Cadillac property is located along the Cadillac-Larder Lake Break
and is contiguous to Agnico Eagle's Lapa gold mine property (2.1 million tonnes
in proven and probable reserves at a gold grade of 6.0 g/t, for 395,000 ounces
of gold), in commercial production since May 2009. The Maritime-Cadillac project
is a joint venture currently owned 51% by Agnico Eagle and 49% by Midland. 


Midland's partner, Agnico Eagle, is conducting a compilation of the
Lapa-Maritime Cadillac area, integrating all available data into GOCAD to
produce a 3D model of this part of the Cadillac Break. New exploration targets
will thus be generated for the next exploration program.


Patris Project - Midland/Teck (Option)

The wholly owned Patris project comprises 218 claims covering a surface area of
about 90 square kilometres, located less than 10 kilometres northwest of the
prolific Doyon/Westwood-Bousquet-La Ronde gold mining camp. The Patris property
offers excellent gold potential as it covers the Manneville Fault over more than
8 kilometres, and the La Pause Fault over more than 10 kilometres, both
recognized as subsidiary faults to the well-known Destor-Porcupine Fault Zone. 


Since four of the seven planned drill holes totalling 1,400 metres are located
on agricultural land, an authorization from the Commission de la Protection des
Terres Agricoles ("CPTAQ") is required. The request for authorization is in
progress and will be processed by the City of Rouyn-Noranda and the CPTAQ.
Subsequent to obtaining authorization, the drilling program will test several
high-quality targets including induced polarization anomalies, as well as the
depth extension of a gold-bearing zone intersected in drill hole PAT-11-15 which
graded 0.48 g/t Au over 17.0 metres (see press release dated May 24, 2012). See
press release dated September 17, 2013 for deal terms with regards to Option
Agreement with Teck.


Laflamme Project - Midland/Maudore JV

The Laflamme project comprises 682 claims covering a surface area of about 359
square kilometres and is a joint venture between Midland and Aurbec Mines Inc.,
a wholly-owned subsidiary of Maudore. This project is located about 25
kilometres northwest of the town of Lebel-sur-Quevillon and about 30 kilometres
east of the Sleeping Giant mine and mill in Quebec. 


During the winter of 2014, five (5) holes were drilled for a total of 881.0
metres. Drill hole LAF-14-30 targeted the Notting Hill showing, about 75 metres
below drill hole LAF-13-21, which intersected a wide gold-bearing zone in 2013
grading 0.34 g/t Au over 25.56 metres, including 3.12 g/t Au over 1.50 metres.
Drill hole 30 intersected chloritized breccia at about 230 metres, followed by a
0.7-metre-wide mineralized shear zone with 5% pyrite at about 253 metres depth.
These two zones are bordered by biotite alteration, which represents the
extension of the gold-bearing zone intersected in hole 21. Drill hole LAF-14-30
was drilled to a final depth of 296.0 metres and intersected a gold-bearing
interval between 258.18 and 258.92 metres, grading 4.43 g/t Au over 0.74 metre,
included within a wider zone grading 1.71 g/t Au over 2.66 metres from 258.18 to
260.84 metres. This campaign thus successfully confirmed the northeast extension
of the gold-bearing structure at the Notting Hill showing. Midland is currently
reviewing areas along this structure where structural complexities may occur and
plans to test the latter with induced polarization surveys.


Valmond Project - Midland/Donner (Option)

The Valmond property is located about 50 kilometres west of Matagami. The
property comprises 111 claims covering a surface area of about 62 square
kilometres. It covers a segment of more than 15 kilometres along the
gold-bearing Bapst Fault. An option agreement was concluded with Donner in
November 2013 for the Valmond property. Donner may earn a 50% interest in the
Property in consideration of exploration expenditures totalling $2,500,000,
including a firm commitment of $300,000 during the first year of the agreement,
and cash payments totalling $250,000 over a period of four years. Midland will
be the project operator for the duration of this option agreement. 


In December 2013, a geophysical program including a helicopter-borne VTEM survey
totalling 900 line kilometres and an induced polarization (IP) survey totalling
48.1 kilometres was completed. As a result, several new drilling targets were
identified and proposed for drill-testing. A drilling campaign totalling 1,450.2
metres was completed in March 2014. A total of five (5) holes were drilled and
three (3) others were abandoned. Two holes were abandoned due to the thick
overburden composed of esker sand and gravel, and another drill hole was
cancelled due to the lack of water near the drill site. Best results were
obtained in drill hole VAL-14-02, which targeted the down-plunge extension of
the main showing at about 350 metres vertical depth. This hole was drilled to a
total depth of 543.0 metres and intersected altered intermediate tuffs with
quartz veinlets and arsenopyrite stringers between 454.50 and 517.65 metres,
which yielded several anomalous gold values including 0.46 g/t Au over 0.60
metre (454.50 to 455.10 metres), 0.74 g/t Au over 0.64 metre (487.80 to 488.44
metres), 0.15 g/t Au over 1.00 metre (493.00 to 494.00 metres), 0.44 g/t Au over
0.85 metre (508.00 to 508.85 metres), and 0.10 g/t Au over 0.50 metre (517.15 to
517.65 metres). Two graphitic mineralized (locally up to 80% pyrite) mudstone
thick horizons intersected higher up in the hole returned several gold anomalous
sections including intervals that graded 0.30 g/t Au over 2.87 metres 0.40 g/t
Au over 1.0 metre and 0.41 g/t Au over 0.29 metre. Several IP and VTEM anomalies
well located laterally at a distance ranging from 2.0 to 2.5 kilometres that
were not tested during this campaign remain priority targets and subsequent
drill-testing is recommended.


Casault Project - 100% Midland

The Casault gold property comprises 296 claims exclusively owned by Midland and
covering an approximate area of 163 square kilometres. The Casault property
covers a portion of the Sunday Lake Fault over more than 20 kilometres strike
length and is located about 40 kilometres east of the Detour Lake gold deposit,
which currently hosts, near surface, 15.6 million ounces of proven and probable
mineral gold reserves (National Instrument 43-101 ("NI 43-101") compliant).


Following a drilling campaign in 2013 in which a new sedimentary basin hosting
conglomerates with jasper and pyrite clasts was identified north of the Sunday
Lake Fault, two new prospective areas were identified, along the contacts of
this basin and along the extension of the Martiniere zones held by Balmoral
Resources Ltd ("Balmoral") and located about 3 kilometres east of the main
block. In addition, the 2012 gold discovery, which graded 10.4 g/t Au over 1.45
metres, remains open in all directions and also represents a high-priority
target that will be tested as soon as Midland secures a new partnership for this
project. Recently, Balmoral announced new drill intersections with very high
gold grades on the Martiniere property (Bug Lake Footwall Zone), grading up to
1,138.0 g/t Au over 4.87 metres, including an interval at 9,710.0 g/t Au over
0.57 metre (Source: Balmoral press release dated May 12, 2014).


Jouvex Project - 100% Midland 

The Jouvex property comprises 260 claims covering a surface area of
approximately 140 square kilometres along the Casa Berardi-Douay-Cameron
gold-bearing deformation zone. The Jouvex property is wholly owned by Midland
and is located about 50 kilometres west of Matagami in the Abitibi region of
Quebec.


This property which has a strong gold potential covers more than 10 kilometres
of a prominent regional flexure along the Casa Berardi-Douay-Cameron deformation
zone. This major structure hosts the Casa Berardi mine, located about 65
kilometres further west, and the Douay and Douay West deposits about 7
kilometres to the southeast of the Jouvex property. The Douay gold deposits
contain 2.8 million ounces of gold in inferred resources and 238,433 ounces of
gold in measured and indicated resources (Source: Aurvista Gold Corporation
website).


Two ground IP surveys were completed to follow up on VTEM anomalies. The South
Grid IP survey detected a weak chargeability anomaly associated with a magnetic
low and coinciding with three weak VTEM anomalies. The North Grid IP survey
detected a formational conductor and a second anomaly associated with a magnetic
anomaly. Drill-testing is recommended for these two anomalies.


Gold project in the James Bay region

Baie James Eleonore Project - 100% Midland

The Eleonore project encompasses the Eleonore Centre and West properties for a
combined total of 247 claims covering 128 square kilometres. These two (2)
blocks are located approximately 30 kilometres southwest from Goldcorp Inc.'s
Eleonore deposit, in a similar geological environment. This world-class gold
deposit contains 4.03 Moz Au in proven and probable reserves, 4.84 Moz Au in
measured and indicated resources, and 4.10 Moz Au in inferred resources (Source:
Goldcorp press release dated February 13, 2014). 


A high-definition helicopter-borne magnetic survey has recently been completed,
covering the entire Eleonore Centre property, including the area covered by the
2013 IP survey. The results and interpretation of this survey totalling 386 line
kilometres are pending. Preparations for the summer 2014 exploration program on
the Eleonore Centre property are also underway. Additional 80 strategic claims
covering approximately 41.9 square kilometres were recently added to the
Eleonore Centre property. 


Platinum group elements ("PGE") project in the Labrador Trough, Quebec

Pallas Project - Midland/JOGMEC (Option)

In 2013, foreseeing significant price increases for PGEs, Midland acquired 477
new claims covering more than 217 square kilometres in the Labrador Trough. This
new strategic acquisition covers a large, folded, multi-kilometre
ultramafic-mafic complex known for its strong PGE exploration potential. 


Late last summer, Midland completed a short reconnaissance program on the
project. In only a week of prospecting, several new PGE-bearing outcrops were
discovered, with grades as high as 3.9 g/t PGE + Au. These are in addition to
the dozen or so occurrences already identified on the property with grades above
1.0 g/t PGE + Au (see press release dated April 8, 2014). 


In early 2014, Midland concluded an option agreement with JOGMEC who has the
option to acquire 50% interest in the Pallas project prior to March 31, 2016 by
funding $2,000,000 in expenditures. Midland will be operator as long as it will
hold an interest equal to or higher than 50% in the project. Midland completed
shortly thereafter a high-resolution airborne magnetic survey. A total of 3,201
line kilometres were flown above the Juno-Ceres, Itokawa-Vesta, Gaspar, and
Palladin grids. Midland concurrently acquired four high-resolution (50
centimetres per pixel) colour satellite images covering the same areas. These
two data sets are currently being analyzed and interpreted, in an effort to
delineate targets for the upcoming exploration campaign expected to begin in
late June. 


Quality control

The 2014 drilling programs on the Laflamme and Valmond projects were completed
and supervised by Midland. Assay samples were taken from NQ-size drill core sawn
in two halves; one half was shipped to a commercial laboratory for analysis and
the other half was kept for future reference. Quality control samples
(standards) and barren samples (blanks) were regularly inserted in the sample
stream. Analyses were conducted by ALS Minerals Laboratories in Val-d'Or. Drill
intersections are reported as core lengths and their true thickness remains to
be determined. Data from these exploration programs were reviewed by Mario
Masson, VP Exploration and Qualified Person as defined by NI 43-101.


About Midland 

Midland targets the excellent mineral potential of Quebec to make the discovery
of new world-class deposits of gold, PGE, base metals and rare earth elements.
Midland is proud to count on reputable partners such as Teck Resources Limited,
Agnico Eagle Mines Limited, Maudore Minerals Limited, Japan Oil, Gas and Metals
National Corporation and SOQUEM Inc. Midland prefers to work in partnership and
intends to quickly conclude additional agreements in regard to newly acquired
properties. Management is currently reviewing other opportunities and projects
to build up the Company portfolio and generate shareholder value. 


This press release was prepared by Mario Masson, VP Exploration and Qualified
Person as defined by NI 43-101. For further information, please consult
Midland's website.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


This press release may contain forward-looking statements that are subject to
known and unknown risks and uncertainties that could cause actual results to
vary materially from targeted results. Such risks and uncertainties include
those described in Midland's periodic reports including the annual report or in
the filings made by Midland from time to time with securities regulatory
authorities


FOR FURTHER INFORMATION PLEASE CONTACT: 
Gino Roger, President and Chief Executive Officer
450 420-5977
450 420-5978 (FAX)
info@midlandexploration.com
www.midlandexploration.com

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