Midland Exploration Inc. (“Midland”) (TSX-V: MD)
is pleased to announce a one-year extension of the Generative Phase
(Phase I), as well as additional funding of up to $1,400,000 under
the Strategic Alliance (the
“Alliance”) executed
in August 2020 between Midland, its wholly owned subsidiary,
Midland Base Metals Inc., and Rio Algom Limited, a wholly owned
subsidiary of BHP Group plc (
“BHP”).
This agreement provided for the initial funding,
by BHP, of a phase of generative exploration work to be eventually
followed by the joint development of nickel exploration projects
across Nunavik, Quebec (for more details on this agreement, see
press release by Midland dated August 24, 2020).
Extension and $1.4 million additional funding
for the Generative Phase (Phase I) until August 2023
Under the initial agreement executed in August
2020, during the Generative Phase (Phase I), BHP agreed to fund
100% of an annual amount of up to $1,400,000 for a minimum of two
years until August 21, 2022. This one-year extension of the
Generative Phase (Phase I) comes with an additional annual funding
of up to $1,400,000 and extends until August 21, 2023. Midland will
continue to act as the project operator, and the main objective of
this phase is to generate, identify and secure, within the area of
interest (“AOI”), exploration projects to be
advanced to a drill-ready stage through further exploration work.
BHP may, at its discretion, propose additional exploration work of
up to $700,000 before advancing a project to the second phase.
Following the first phase, one or more specific
exploration targets may be advanced to a second phase, to be
further developed as a separate designated project (a
“Designated Project”).
The main objective of the Alliance is to
identify, test and develop high-quality exploration targets that
may lead to the discovery of new major nickel deposits within the
AOI. BHP and Midland are combining their efforts by forming a
technical steering committee and pooling their large historical
databases combining geological, geophysical and geochemical
data.
Exploration work in progress
Since mid-June 2022, a major exploration program
is underway within the AOI, consisting of regional magnetotelluric
(“MT”) surveys as well as prospecting, mapping,
geochemical sampling and geochronological sampling. This work is
expected to be completed by mid-August and will be followed, at the
end of August, by a second phase of fieldwork to evaluate features
of interest identified during the MT survey.
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, Rio Tinto Exploration
Canada Inc., Probe Metals Inc., Wallbridge Mining Company Ltd.,
Agnico Eagle Mines Limited, SOQUEM INC., Osisko Development Corp.,
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 Midland portfolio and generate shareholder value.
This press release was reviewed and approved 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.
Forward-looking Information
This news release contains forward-looking
statements and forward-looking information (together,
“forward-looking statements”) within the meaning of applicable
securities laws. Forward-looking statements include the funding
under the Generative Phase, the advancement of a project to the
Testing Phase, the expenditure amount under the Testing Phase, the
payment of success fees to Midland, the advancement of a project to
the Joint Venture Phase and other estimates and statements that
describe Midland’s future plans, objectives or goals, including
words to the effect that Midland or management expects a stated
condition or result to occur. All statements, other than statements
of historical facts, are forward-looking statements.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking statements. Factors that could cause actual
results to differ materially from these forward-looking statements
include, without limitation, certain rights of BHP to cease funding
under the Alliance, the results of exploration in the AOI, the
ability of Midland to contribute funding to maintain its interests
in Designated Projects, the ability of Midland to fund its
contributions under a joint venture, if formed, or have any
participating interest diluted, changes in general economic
conditions and conditions in the financial markets, changes in
demand and prices for minerals, failure to obtain the requisite
permits and approvals from government bodies and third parties,
regulatory and governmental policy changes (laws and policies) and
those risks set out in Midland’s public documents, including in
each management discussion and analysis, filed on SEDAR at
www.sedar.com. Although Midland believes that the assumptions and
factors used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, Midland disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
A figure accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/91e5cfd4-25b2-4c8c-b008-7bcbd0825a7f
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