Midland Exploration Inc. (“Midland”) (TSX-V: MD)
is pleased to announce a new strategic alliance with SOQUEM in the
Grenville Province and an agreement to regain 100% interest in the
Casault and Jouvex gold projects, previously in joint venture with
SOQUEM. In exchange, Midland relinquishes 50% interest in its seven
(7) properties grouped under the Gatineau Zinc project located in
the Grenville Province, south of the town of Maniwaki, Quebec.
Strategic alliance in the Grenville
SOQUEM and Midland agree to enter into a joint
venture agreement and a strategic alliance in the Grenville. SOQUEM
and Midland will jointly implement a targeting approach to identify
and assess the mineral resource potential and to acquire mining
rights covering the best targets for base metals.
Projects acquired under the target generation
program will be declared “Designated Projects” once the mining
rights have been acquired. Each Designated Project will be the
object of a distinct joint venture agreement, the terms of which
will be similar to the joint venture agreements to be signed
relating to the active properties.
A management committee composed of four members,
two nominated by each party, will manage activities conducted under
the target generation program for the duration of the agreement.
The parties are not subject to budgetary obligations under the
target generation program. The budget will be defined by the
management committee. The target generation program will last for a
period of 2 years, unless it is extended by mutual written consent
of both parties.
SOQUEM will be project manager under the target
generation program and for all joint ventures formed on Designated
Projects; Midland may assign up to 30% of personnel.
Midland regains 100% interest in the Casault and Jouvex
projects (the “Properties”)
Under the agreement, SOQUEM transfers to Midland
its 50% interest in the Properties in exchange for:
- A 1% NSR royalty; Midland may, at any time, buy back the
royalty, in all or in part, by making a cash payment of $1,000,000
per tranche of 0.5% NSR; and
- 50% undivided interest in a joint venture relating to seven (7)
existing mining properties located in the La Vallée-de-la-Gatineau
regional county municipality (“MRC”), wholly owned by Midland (the
“Existing Properties”).
The Properties
The Casault project is located approximately 140
kilometres north of the town of La Sarre in Abitibi, Quebec. The
property consists of 316 claims covering a surface area of
approximately 174 square kilometres, about 40 kilometres east of
the Detour Lake gold deposit. Gold is associated with quartz
veining in altered mafic volcanic rocks with disseminated pyrite
mineralization. Drill hole CAS-12-07 intersected 10.4 g/t Au over
1.45 m from 176.60 to 178.05 m (see press release dated April 26
2012) and drill hole CAS-15-53 intersected 6.9 g/t Au
over 1.1 m in the same area between 395.00 and 396.10 m (see press
release dated October 22 2015). A gold-bearing porphyry intrusion
(QFP) was also recognized on the property in 2017 (Vortex zone).
Drill hole CAS-17-96 yielded a grade of 1.38 g/t Au over 26.5 m in
this zone between 155.80 and 182.00 m, including 7.9 g/t Au over
2.2 m from 179.80 to 182.00 m (see press release dated January 18
2018). The property is well positioned less than 10 km of the
Tabasco / Fenelon and Area 51 gold discoveries of Wallbridge. A new
drilling program is currently in preparation.
The Jouvex property is located approximately 50
kilometres west of the town of Matagami in Abitibi, Quebec. The
property consists of 248 claims covering a surface area of
approximately 138 square kilometres. The property covers a
10-kilometre-long segment of the Casa Berardi fault zone that
exhibits a regional flexure. Numerous gold-bearing drill intercepts
are reported in sedimentary rocks and iron formations, in a setting
similar to the Casa Berardi mine located 65 kilometres further
west.
The Existing Properties
The Bouchette property is located east and
southeast of the municipality of Messines, and 12 kilometres
south of the town of Maniwaki in the La Vallée-de-la-Gatineau MRC.
It consists of 31 map-designated cells totalling
1,843.48 ha. The property hosts the Bouchette prospect. Hole
BO-94-03, drilled in 1994 (GM53111) had returned 3.3 % Zn over 9.6
m between 9.5 and 19.1 m.
The Leitch property is located 7 kilometres
northeast of the municipality of Gracefield in the La
Vallée-de-la-Gatineau MRC. It consists of 40 map-designated cells
covering a surface area of 2,384.84 ha. The property
encompasses the Leitch zinc prospect and the former Lafontaine zinc
mine. Two channels completed on the Leitch surface showing had
returned 24.1 % Zn over 3.0 metres and 32.4 % Zn over 2.0 metres
(unpublished data). Another channel cut on the Lafontaine showing
had returned 21.0 % Zn over 2.0 metres (unpublished data).
The Aumond property is located 3 kilometres east
of the municipality of Aumond in the La Vallée-de-la-Gatineau MRC.
It consists of 37 map-designated cells totalling 2,191.61 ha. An
historical channel had yielded 6.08 % Zn over 0.8 metre
(GM56261).
The Chute-Rouge property is located 7 kilometres
west of the town of Grand-Remous in the La Vallée-de-la-Gatineau
MRC. It consists of 50 map-designated cells covering a surface area
of 2,955.45 ha.
The Blue Sea property is located 1.5 kilometres
southeast of the municipality of Blue Sea in the La
Vallée-de-la-Gatineau MRC. It consists of 3 map-designated cells
totalling 169.53 ha.
The Bois Franc property is located 2.5
kilometres north of the town of Maniwaki and borders, to the east,
the Egan-Sud and Bois-Franc municipalities in the La
Vallée-de-la-Gatineau MRC. It consists of 71 claims covering a
surface area of 4,127.67 ha.
The Zone A property is located 1.5 kilometres
southeast of the municipality of Blue Sea in the La
Vallée-de-la-Gatineau MRC. It consists of 27 map-designated cells
covering a surface area of 1,610.04 ha.
Cautionary statements:
Mineralization occurring at the Detour Lake mine
and on the Fenelon project/Tabasco/Area 51 is not necessarily
representative of mineralization that may be found on the Casault
property.
Note that the true thickness of reported drill
and channel intervals cannot be determined with the information
currently available.
About SOQUEM
SOQUEM, a subsidiary of Investissement Québec,
is dedicated to promoting the exploration, discovery and
development of mining properties in Quebec. SOQUEM also contributes
to maintaining strong local economies. A proud partner and
ambassador for the development of Quebec’s mineral wealth, SOQUEM
relies on innovation, research and strategic minerals to be
well-positioned for the future
About Midland
Midland targets the excellent mineral potential
of Quebec to make the discovery of new world-class deposits of
gold, platinum group elements and base metals. Midland is proud to
count on reputable partners such as SOQUEM INC., BHP Billiton
Canada Inc., Agnico Eagle Mines Limited, O3 Mining, Nunavik Mineral
Exploration Fund, and Abcourt Mines 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.
P.Geo., VP Exploration for Midland and Qualified Person as defined
by NI 43-101, who also approved the technical content of this press
release.
For further information, please consult
Midland’s website or contact:
Gino Roger, President and Chief Executive Officer Tel.:
450 420-5977 Fax: 450 420-5978 Email:
info@midlandexploration.com
Website: https://www.midlandexploration.com/
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.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/cb757bb9-a1fe-41a4-8415-659e2f283dd2
https://www.globenewswire.com/NewsRoom/AttachmentNg/62c48846-3583-4f02-bffe-9d05282a29ac
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