Midland Exploration Inc.
(
“Midland”) (
TSX-V: MD) is
pleased to announce the commencement of its first exploration
campaign on the Gaudet gold project, consisting in a high
resolution aeromagnetic survey (“HR Mag”), as well as an induced
polarization (“IP”) survey on its Jeremie project. The two projects
are located near the Fenelon/Tabasco deposit and the recent Area 51
and Reaper discoveries held by Wallbridge Mining Company
(“Wallbridge”).
Highlights:
- HR Mag survey (1,200 km) on
Gaudet, 3 km south of Wallbridge’s Fenelon project
- NW-SE-trending structures
and discrete EM conductors identified on Gaudet
- Several untested VTEM axes
trending NW-SE identified on Jeremie
Midland is planning a HR Mag survey totalling
approximately 1,200 kilometres, to be conducted on its Gaudet
gold project, located 3 kilometres south of the Fenelon project
held by Wallbridge. The survey is mainly designed to detail the
structural setting in areas where magnetic axes and electromagnetic
anomalies exhibit NW-SE orientations, similar to the orientation of
the Tabasco zone held by Wallbridge.
The Gaudet property consists of 94 claims (53
km2) and covers, over a distance of more than 10 kilometres, a
volcano-sedimentary sequence located between the Sunday Lake and
Lower Detour faults. Last December, Wallbridge announced drill
results on Fenelon (Tabasco zone) with values up to 22.73 g/t Au
over 48.01 metres (see press release by Wallbridge dated December
3, 2019). More recently, the discovery of the Reaper showing by
Balmoral Resources Ltd (“Balmoral”), subsequently acquired by
Wallbridge, yielded high gold grades in drill hole reaching 308 g/t
Au over 2.97 metres, including 858 g/t Au over 0.60 metre south of
Area 51 (see press release by Balmoral dated April 30, 2020).
The Jeremie project consists of 42 claims
covering a surface area of approximately 22 km2. It is located
approximately 15 kilometres northwest of Fenelon. On Jeremie,
several VTEM axes, some of which have never been drill-tested, were
identified during a VTEM survey conducted in 2015. Several of these
axes exhibit NW-SE orientations, similar to the orientation of the
Tabasco zone held by Wallbridge but located on the west side of the
Jeremie pluton. These VTEM axes will be the focus of localized IP
surveys this summer in an effort to better define the next drilling
targets.
Note: Mineralization occurring on the Fenelon
property (Main Gabbro, Tabasco, Area 51, and Reaper zones) held by
Wallbridge is not necessarily indicative of mineralization that may
be found on the Gaudet and Jeremie properties held by Midland and
located nearby.
Since 2009, Midland has been one of the most
aggressive mineral exploration companies to take a strategic
position in the Detour belt and has built an impressive portfolio
of seven (7) high-quality gold properties now totalling 1,491
claims (820 km2). These land positions provide the Company with a
commanding position on the major Sunday Lake and Lower Detour
faults and/or their subsidiaries, over a total combined distance of
more than 85 kilometres, along the lateral extensions of the Detour
Lake mine* and recent gold discoveries in Zone 58N*, Area
51-Fenelon* and Martiniere-Bug Lake* (*please refer to note at the
end of this press release).
The health and safety of our workers and
contractors comes first, and we are taking the necessary
precautions to prevent the spread of COVID-19, by complying with
health and safety measures recommended by Public Health officials,
and INSPQ and CNESST regulations governing the reopening of mineral
exploration activities in Quebec.
* Mines and deposits located near
Midland projects in the Detour belt
Detour Lake mine (Owned by Kirkland Lake Gold –
Information from Kirkland Lake Gold website): The Detour Lake open
pit mine hosts 12.64 million ounces of gold in proven and probable
mineral reserves, consisting in 397.7 million tonnes grading 0.99
g/t Au (as at December 31, 2019).
Zone 58N (Owned by Kirkland Lake Gold –
Information from Kirkland Lake Gold website): This deposit hosts
2.87 million tonnes in indicated resources at a grade of 5.8 g/t Au
(534,300 oz Au) and 0.97 million tonnes in inferred resources at a
grade of 4.35 g/t Au (136,100 oz Au).
Fenelon (Owned by Wallbridge Mining Company –
Information from Wallbridge website): 2018-2019 bulk sampling:
33,233 tonnes at 18.49 g/t Au.
Martiniere/Bug Lake (Owned by Wallbridge Mining
Company – Information from Wallbridge website): This deposit hosts
pit-constrained indicated resources totalling 6,827,000 tonnes at a
grade of 1.96 g/t Au (431,000 oz Au) and underground indicated
resources totalling 1,092,000 tonnes at a grade of 4.54 g/t Au
(159,000 oz Au).
Cautionary statements:
Mineralization occurring at the mines and
deposits listed above is not necessarily indicative of
mineralization that may be found on projects held by Midland
described in this press release.
The true thickness of drill intercepts reported
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, Osisko 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.comWebsite: 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 is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b6769ed8-0260-48d2-aa32-1ec022c146e3
https://www.globenewswire.com/NewsRoom/AttachmentNg/00843cb4-758c-442e-a071-8ee288e93277
https://www.globenewswire.com/NewsRoom/AttachmentNg/9926c4f9-dbfe-4614-a1d0-c8a3a590a314
https://www.globenewswire.com/NewsRoom/AttachmentNg/fa4ab240-ad68-4be1-99f8-744c9530dfd0
https://www.globenewswire.com/NewsRoom/AttachmentNg/4529a365-604f-4eac-9fe5-d62e64e9882a
https://www.globenewswire.com/NewsRoom/AttachmentNg/31f57d61-5ab2-48fd-b9a6-5a091ec60da0
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