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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 and Donner Identify Several New Drilling Targets on Valmond Following Geophysical Surveys

16/01/2014 1:00pm

Marketwired Canada


Midland Exploration Inc. ("Midland") (TSX VENTURE:MD), in partnership with
Donner Metals Ltd. ("Donner"), is pleased to report that several new
high-priority drilling targets have been outlined on its Valmond gold property
as a result of a recently completed Induced Polarization ("IP") survey. The
Valmond property is currently wholly owned by Midland and consists of 62 claims
covering a surface area of about 35 square kilometres. This property is located
about 50 kilometres west of the town of Matagami, in Abitibi, Quebec. 


The Valmond property covers, over more than 10 kilometres, an important
gold-bearing structure trending NW-SE that hosts several historical occurrences
with drill intercepts grading 2.3 g/t Au over 4.57 metres and 5.22 g/t Au over
1.55 metres. This structure has been explored in the past and the principal
showing known to date has been traced over a strike length of more than 300
metres. This gold showing is characterized by an extensive hydrothermal
alteration zone more than 70 metres wide and remains open below a depth of 200
metres, where the deepest historical drill hole yielded a grade of 3.77 g/t Au
over 1.50 metres. 


A pole-dipole IP survey totalling 48.1 line-kilometres was completed during the
month of December 2013 in the central part of the Valmond property. A detailed
interpretation of the survey results reveals the presence of a strong anomaly
characterized by a sharp drop in resistivity directly caused by the presence of
sulphide mineralization (pyrite-pyrrhotite-chalcopyrite-arsenopyrite) on the
principal gold showing. This anomaly extends toward the northwest over a
distance of about 800 metres, whereas toward the southeast IP profiles indicate
that the anomaly is located deeper. Two shallow drill holes are proposed to test
the anomaly at 100 metres vertical depth along the northwest extension of the
principal showing, and one drill hole is proposed to test the southeast plunge
at a vertical depth of about 300 metres, i.e. about 100 metres below historical
drill hole S86-9, which graded 3.77 g/t Au over 1.5 metres (Source: MRN SIGEOM
NTS sheet 32E09; GM46724).


Further east, in an area that has never been drill-tested, four distinct IP axes
characterized by high chargeability values associated with low resistivity
values were detected. These axes are commonly located along magnetic contacts or
near inferred structural intersections. Five additional shallow drill holes are
proposed to test these new targets at about 100 metres vertical depth.


In addition, a property-wide helicopter-borne VTEM-type electromagnetic survey,
totalling 900 line- kilometres, was also completed in December 2013. The survey
results and the detailed interpretation are pending. 


Maps showing the location of the new drilling targets for the Valmond property
may be consulted using the following link:
http://media3.marketwire.com/docs/922232c.pdf


Conditions of exploration agreement

Donner may earn a 50% interest in the Valmond 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 the option agreement. 


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 Donner Metals Ltd., 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 Midland 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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