Midland Announces the Acquisition of a New Gold Project Northwest of Iamgold-Vanstar’s Nelligan Project
30 April 2020 - 10:30PM
Midland Exploration Inc.
(“Midland”)
(TSX-V: MD) is pleased to announce the
acquisition, by map designation, of 100% interest in a block of 172
claims (96 km2) located approximately 60 kilometres southwest of
the town of Chapais in Abitibi, Quebec. The new Lewis project
consolidates Midland’s strategic position near the
Guercheville-Opawica deformation zone.
This new acquisition is located approximately 60
kilometres northwest of the Nelligan deposit, jointly held by
Iamgold Corporation (51%) and Vanstar Mining Resources (49%), where
inferred resources total 96.99 million tonnes at 1.02 g/t Au for
3.19 million ounces of gold (Source: Iamgold Corporation website;
as at December 31, 2019). Approximately 12 kilometres west of the
Lewis property, the former Lac Shortt mine historically produced
2.7 million tonnes at a grade of 4.6 g/t Au (Source:
MERN-SIGEOM).
The Lewis property covers, over a strike length
of more than 10 kilometres, a structural nexus and a major regional
flexure along the Opawica Fault. Several segments along this
structure have seen very little or no previous exploration. In
addition, this new acquisition lies in the east-northeast extension
of several historical gold occurrences closely associated with the
Opawica Fault, some of which are located less than one (1)
kilometre west of the Lewis property.
- Savane showing: 7.9 g/t Au over 0.9 m and 6.3 g/t Au over 1.2 m
(*channel samples; GM40740)
- Relique showing: 3.8 g/t Au over 4.2 m (*channel sample;
GM48897)
- Butte showing: 21.3 g/t Au over 0.6 m and 6.5 g/t Au over 0.6 m
(*channel samples; GM40757, GM48897)
* (Source: MERN-SIGEOM; NTS sheet 32G12)
Midland is currently conducting a detailed
compilation of all previous work. To date, a few historically
underexplored areas strategically located along the Opawica Fault
have been targeted for follow-up ground work over the course of the
2020 field season.
Cautionary statements:
Mineralization occurring at the Nelligan and Lac
Shortt gold deposits and at showings located on adjacent properties
is not necessarily indicative of mineralization that may be found
on the Lewis property held by Midland.
The true thickness of historical drill
intercepts and channel samples listed in this press release cannot
be determined with the information currently available; intervals
are thus reported in core length.
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 BHP Billiton Canada Inc.,
Agnico Eagle Mines Limited, O3 Mining Inc., SOQUEM INC., 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: 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/1841a513-2345-4f80-bec9-cc90242657d7https://www.globenewswire.com/NewsRoom/AttachmentNg/dba46947-3dea-4a3f-b21b-b2c706927e76https://www.globenewswire.com/NewsRoom/AttachmentNg/89bee4ce-782a-4e30-8dd6-1a7a29edf4f2https://www.globenewswire.com/NewsRoom/AttachmentNg/c6188370-c2ff-4b2d-8c04-4bab055ddf07
Midland Exploration (TSXV:MD)
Historical Stock Chart
From Apr 2024 to May 2024
Midland Exploration (TSXV:MD)
Historical Stock Chart
From May 2023 to May 2024