Midland Exploration Inc.
(
“Midland”)
(
TSX-V: MD) is pleased to give an overview of its
exploration activities planned for 2024 in Quebec, including on its
several projects in partnership for gold in the Abitibi belt,
lithium in James Bay region, nickel-copper in the Nunavik and
Grenville regions and copper-gold in the Labrador Trough. The
exploration activities aim at following up on new discoveries made
throughout 2023.
In 2023, Midland continued to apply its business
model as a “Project Generator” with the recent acquisition of
several new high-quality properties and the formation of several
new partnerships across Quebec. With an exploration budget of more
than $19M ($3M Midland - $16M Partners), and nearly 25,000 metres
of drilling, Midland will be very busy working to advance several
projects in partnership with major companies such as BHP Canada
Inc. (“BHP”), Rio Tinto Exploration Canada Inc. (“RTEC”), Barrick
Gold Corporation (“Barrick”), SOQUEM Inc. (“SOQUEM”), Brunswick
Exploration Inc. (“Brunswick”), Probe Gold Inc. (“Probe”),
Wallbridge Mining Company Ltd. (“Wallbridge”) and Cosmos
Exploration Limited (“Cosmos”).
Highlights:
- New copper-gold discovery
on La Peltrie project with Probe (0.20%
CuEq*/513.5 m);
- Till drilling campaign
planned with Barrick on Patris project;
- Drilling planned with RTEC
on new lithium showings, Galinée project;
- Exploration programs for
lithium in James Bay with RTEC and Cosmos focussing near Corvette
(Patriot Battery Metals Inc.) and James Bay lithium (Arcadium
Lithium);
- New gold discovery with
Cosmos of a 42.4 g/t Au boulder on the Lasalle
project;
- Ni-Cu prospecting work in
2023 with BHP has identified potential targets for follow up, in
Nunavik;
- Drilling ongoing with RTEC
and following-up the Santos Ni-Cu discovery on Tête
Nord;
- Prospecting and soil
sampling planned over new high-grade Cu-Au showings on the
Nachicapau project in partnership with SOQUEM;
Gold and Copper Gold Projects (Au,
Cu-Au); Abitibi
Patris Project – 100% Midland, in an option
agreement with Barrick
The Patris project is located less than 10
kilometres northwest of the prolific Doyon/Westwood-Bousquet-La
Ronde gold mining camp, and covers the Manneville Fault over more
than 8 kilometres and the La Pause Fault over more than 10
kilometres, both recognized as subsidiary faults to the well-known
Destor-Porcupine Fault Zone. A VTEM helicopter-borne
electromagnetic survey completed in 2023 is used to map overburden
thicknesses and its variations in preparation for an upcoming till
drilling campaign. A total of 4000 metres of Sonic drilling is
planned in 115 drill holes to characterize geochemical dispersion
trains in the glacial till overlain by lacustrine clays.
La Peltrie Project – 100% Midland, in an option
agreement with Probe
The La Peltrie project is located 15 kilometres
southeast of Agnico Eagle’s Zone 58N gold deposit and approximately
25 kilometres west of the former Selbaie mine. The 2022 new
copper-gold-silver-molybdenum (“Cu-Au-Ag-Mo”) mineralization
intersected in drill hole LAP-22-012 was extended and returned
0.13% Cu (0.20% CuEq*) over 513.50 metres, core length (see press
release by Midland dated January 23, 2024). Another drill hole,
LAP-23-18, approximately 150 metres east of the drill hole
LAP-22-12, intersected a Cu-Au-Mo-Ag mineralized interval grading
0.11% Cu (0.15% CuEq*) over 363.00 metres, including a high-grade
zone with grades of 1.18% Cu (1.33% CuEq*) over 9.50 metres.
A follow-up drilling campaign aiming for higher
grades is currently in planning for 2024.
Casault Project – 100% Midland, in an option
agreement with Wallbridge
In 2023, Wallbridge completed a high-resolution
magnetic survey on select areas over the western portion of the
property, as well as a till sampling program (Sonic drilling) in
the eastern part of the property. The final interpretations of the
programs are in progress, but anomalous gold grain counts were
identified along the northern contact of the Sunday Lake
deformation corridor, and also included the presence of pristine
gold grains. Exploration targets are being generated for future
drill testing. Additionally, several quality drill targets remain
to be tested on the entire Casault property, several of which are
located in the area surrounding the Vortex showing discovered in
2017, which is open at depth, and along a NW- SE structure that
returned 6.85 g/t Au over 2.0 metres in hole CAS-21-123.
Lewis Project – 100% Midland
The Lewis project is located approximately 60
kilometres southwest of the town of Chapais, in the Eeyou Istchee
James Bay region. Exploration work by Midland, since 2020,
identified two (2) new gold showings named Red Giant and Golden
Nest which returned respectively 0.35 g/t Au over 9.0 metres and
0.65 g/t over 6.0 metres in channel sampling. Grab sampling on
Golden Nest returned up to 10.2 g/t Au (see press release by
Midland dated August 19, 2021). Induced Polarization (“IP”)
anomalies associated with or near the showings were also
identified.
A 725-metre drilling program has commenced on
the project and targets the showings and IP anomalies.
Lithium Projects (Li); James
Bay
Galinée Project – 100% Midland, in an option
agreement with RTEC
The Galinée project is located approximately 4
kilometres due east of the Adina showing held by Winsome Resources.
This showing is located at the contact between amphibolites of the
Trieste Formation to the south and felsic intrusives to the north
and is marked by a major structure that likely controlled the
emplacement of pegmatites at the Adina showing. The same highly
favourable contact zone is present on the property over more than 7
kilometres, and the new Iceberg lithium showing was discovered
along this contact (see press release by Midland dated September
19, 2023).
The Iceberg showing consists of a series of
spodumene exposures outcrop, now over a 600m east-west strike
intermixed with amphibolite and granodiorite. High-grade grab
samples on the Iceberg showing returned up to 7.2 % Li2O, including
6 samples grading between 5.0 % Li2O and 7.2 % Li2O (see press
release by Midland dated November 2, 2023). Two other new lithium
showings, Iceberg Southwest and Iceberg South, were located
respectively 900 and 500 metres from the main Iceberg showing. The
Iceberg Southwest spodumene-bearing outcrop returned three (3)
samples grading between 3.0% Li2O and 3.6% Li2O. Moreover, a
spodumene-bearing boulder located 100 metres west of this showing
returned 4.1% Li2O. The Iceberg South Showing consists of a
pegmatite subcrop and returned an anomalous lithium value of 0.7%
Li2O (see press release by Midland dated January 15, 2024).
Data from a recently completed high-resolution
airborne magnetic and radiometric survey is currently being used to
identify structures that could host spodumene pegmatites and
provide drilling targets. The received LiDAR data will also guide
future work to expand the footprint of spodumene outcrops on
Galinée. A maiden drilling campaign is currently confirmed and
being planned on Galinée for early summer 2024 and will include
diamond and possibly the addition of reverse circulation drilling
to test the showing and its extensions.
Elrond and Mythril Projects – 100% Midland, in
an option agreement with Brunswick
The Elrond project is located 90 kilometres
southeast of the town of Radisson while the Mythril project is near
Corvettes’ lithium deposit owned by Patriot Battery Metals Inc. The
first phase of prospecting successfully discovered the new
spodumene-pegmatite Arwen Showing on the Elrond project. No lithium
phases were initially highlighted on the Mythril project as the
focus shifted towards the Arwen discovery. The Arwen showing is
exposed over an area of approximately 250 metres by 100 metres and
is shallowly dipping to the north. The Arwen showing includes a
75-by-15-metre zone visually containing up to 30% spodumene (see
press release by Midland dated October 3, 2023).
Brunswick is planning to drill-test this new
showing in 2024.
Corvette, Chisaayuu and Mythril East Projects –
100% Midland, in option agreement with RTEC
These projects are located northeast and
southeast of the Corvette deposit held by Patriot Battery Metals
Inc. with an estimated inferred resource of 109.2 Mt at 1.42% Li2O
(see press release by Patriot Battery Metals Inc. dated September
8, 2023). New lithium anomalies in lake-bottom sediments have been
identified on Chisaayuu and Corvette following a regional
statistical treatment of more than 23,000 analysis and completed by
Midland (see press release by Midland dated March 6, 2023).
A first exploration program including LiDAR
surveys as well as prospecting and mapping work was successful in
identifying several pegmatites. No lithium phases were observed so
far, but geochemistry of these pegmatites is underway to determine
their full potential to further vector future work. For 2024,
further prospecting and mapping work, for lithium mineralization,
is planned on these projects.
Komo Project – 100% Midland, in an option
agreement with RTEC
The Komo Project is located approximately 20
kilometres west of James Bay lithium deposit (Arcadium Lithium)
which contains indicated resources of 54.3 Mt at 1.30% Li20 and
inferred resources of 55.9 Mt at 1.29% Li20 (see press release by
Allkem Limited dated September 25, 2023).
Komo and the James Bay lithium deposit are both
located at the contact between the La Grande and Nemiscau
geological subprovinces. This contact is a major structure that
likely play a critical role in the emplacement of the James Bay
lithium host pegmatite and is present over nearly 30 kilometres on
the Komo project. Furthermore, a new lake bottom lithium anomaly
was identified following the regional statistical treatment
completed by Midland (see press release by Midland dated March 6,
2023). A LiDAR survey completed in the summer of 2023 will assist
in a follow-up prospecting and geological mapping campaign planned
in 2024.
Shire, Picard, Warp and Sulu Projects – 100%
Midland, in option agreement with RTEC
The Shire project is located within amphibolites
of the Lac des Montagnes geological Group, which hosts the
Whabouchi lithium deposit about 60 kilometres southwest of Shire.
The Whabouchi lithium deposit is characterized by a pegmatite
intrusion assigned to the Senay granitic Suite, which also occurs
on the Shire project. This project is also located at the boundary
between the La Grande and Opatica geological subprovinces, a major
structure that could be critical for the emplacement of
lithium-bearing pegmatites in the area. A regional statistical
treatment completed by Midland identified several strong lake
bottom sediment lithium anomalies on the Shire, Picard, Warp and
Sulu projects (see press release by Midland dated March 6,
2023).
Prospecting and geological mapping programs are
planned on these projects.
Lasalle Project – 100% Midland, in an option
agreement with Cosmos
An interpretation of high-resolution magnetic
surveys as well as the analysis of imagery data, LiDAR and
hyper-spectral data were completed and made it possible to identify
three (3) new target areas characterized by the possible presence
of pegmatites for a field follow-up which was recently completed.
The first short phase of exploration did not highlight lithium
mineral phases; however, several pegmatites sampled, mostly
boulders, indicate the presence of pegmatitic intrusions on the
project. While exploring for lithium, a mafic mineralized boulder
returned 42.4 g/t Au. Another exploration and follow-up campaign is
currently being planned for 2024.
Nickel-Copper and Copper-Gold Projects
(Ni-Cu, Cu-Au); Nunavik and Labrador Through
Nunavik Nickel Project – Strategic Alliance with
BHP
The 2023 exploration program focused on a
major crustal-scale structure that has been identified by the
2022 regional MT survey. This previously poorly recognized
structure is potentially favourable for nickel-copper
mineralization and was thus followed up with a 1,534-sample lake
sediment survey, an airborne Z-Tipper axis electromagnetic survey
(“ZTEM”) and also two phases of prospecting and geological mapping.
Results from these surveys have identified new potential targets
for follow up with more detailed geophysics and a field
campaign.
Nachicapau Project – Strategic Alliance with
SOQUEM
The Nachicapau project is located in the
Labrador Trough, Nunavik, in the Nachicapau Lake area. The 2023
exploration efforts were focused on the Cu-Au-Ag mineralized zone
discovered in the summer of 2022, which graded up to 25.6% Cu, 4.90
g/t Au and 162 g/t Ag on grab samples (see press release by Midland
dated October 4, 2022). Soil sampling followed by prospecting in
2023 successfully identified six (6) new mineralized veins and
fourteen (14) boulders over an area of seven (7) square kilometres.
Digenite-bornite-malachite mineralization occurs in
calcite-clinochlore veins with grab sample returning grades of
13.80% Cu and 1.71% Cu on outcrops, and up to 20.40% Cu in boulders
(see press release by Midland dated December 7, 2023). One (1)
boulder also returned 3.98 g/t Au (3,33% Cu and 28.2 g/t Ag).
Geological and structural studies combined with
a high resolution geophysical magnetic drone survey is currently
planned to further comprehend and generate targets. A prospecting
and soil geochemical survey is planned for the 2024 field
season.
Nickel-Copper Project (Ni-Cu);
Grenville
Tête Nord Project – 100% Midland, in an option
agreement with RTEC
The Tête Nord property covers mafic and
ultramafic rocks of the La Bostonnais Complex north of La Tuque,
which hosts the former Lac Edouard mine that historically produced
50,000 tonnes of ore grading 1.50% Ni and 0.50% Cu (source: SIGÉOM
NTS sheet 31P/09). The new Santos Ni-Cu zone was discovered in
early 2023, about 8 kilometres north of the former Lac Edouard
deposit, following the drill testing of an electromagnetic VTEM
anomaly during a 3,450 total metres drilling campaign over sixteen
(16) drill holes. The discovery hole (MDLD0015) intersected, from
14 metres to 80 metres downhole depth, several layers with Ni-Cu
mineralization within altered gabbro horizons. From 20.11 to 22.79
metres, the drill hole intersected 1.10% Ni and 0.71% Cu over 2.68
metres. Further down, from 33.02 to 43.39 metres, a mineralized
interval graded 0.45% Ni and 0.18% Cu over 10.37 metres (see press
release by Midland dated April 27, 2023).
A second shallow hole was drilled in July 2023
on the Santos zone, approximately 50 metres west of the discovery
hole. After going through 11.66 metres of overburden, drill hole
MDLD0018 intersected a mineralized zone grading 0.33% Ni and 0.12%
Cu over 39.73 metres, from 11.66 to 51.39 metres downhole depth
(see press release by Midland dated October 12, 2023). The interval
exhibits impressive magmatic breccias with decimetre-scale
semi-massive sulphide zones, indicative of a dynamic magmatic
system at Santos. A target similar to Santos occurs 770 metres to
the south. The Santos South target consists of a subtle airborne EM
located in a very similar fold structure as the Santos
occurrence.
The drilling program is currently underway and
four (4) drill holes are completed in the Santos area for a total
of 984.70 metres. One (1) drill hole totalizing 306.00 metres was
also completed on the Santos South target. Drilling continues for
additional selected targets (5-7 drill holes) in the Bonhomme and
Cutaway-East areas. Results are pending.
Evaluation of other Ni-Cu targets at the
regional scale will also continue in 2024.
Cautionary statements
Grab samples are selective by nature and
reported values are not necessarily indicative of mineralized
zones. The true thickness of reported channel and drilling
intervals cannot be determined with the information currently
available; intervals are thus reported in core length and channel
length.
Mineralization occurring at deposits and former
mines mentioned in this press release is not necessarily indicative
of mineralization that may be intersected on projects held by
Midland described in this press release.
Copper equivalent (“CuEq*”) values herein were
calculated using the following metal prices: Au $1,500.00/oz, Cu
$3.25/lb, Ag $15.00/oz, Mo $15.00/lb. CuEq* values are used for
exploration purposes only and do not include estimations of
metallurgical recovery.
About MidlandMidland targets
the excellent mineral potential of Quebec to make the discovery of
new world-class deposits of gold and critical metals. Midland is
proud to count on reputable partners such as BHP Canada Inc., Rio
Tinto Exploration Canada Inc., Barrick Gold Corporation, Wallbridge
Mining Company Ltd, Probe Gold Inc., Agnico Eagle Mines Limited,
Electric Element Mining Corp., SOQUEM INC., Nunavik Mineral
Exploration Fund, Cosmos Exploration Limited 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.
Qualified Person and Chief Geologist
Jean-François Larivière, P. Geo, Ph.D., prepared this press release
and verified the project’s data as Midland’s qualified person (QP)
within the meaning of National Instrument 43-101.
For further information, please consult
Midland’s website or contact:
Gino Roger, President, and Chief Executive
OfficerTel.: 450 420-5977Fax: 450 420-5978Email:
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
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/92be6e15-2a9d-4f8d-b7af-75c30cae9558https://www.globenewswire.com/NewsRoom/AttachmentNg/51345e5f-8570-4972-8661-519f2de04b33https://www.globenewswire.com/NewsRoom/AttachmentNg/23ea1720-1ec1-4c52-9698-cdc9ecd6b64ehttps://www.globenewswire.com/NewsRoom/AttachmentNg/54c54439-baf1-4aa8-97c6-58b46bbe234fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/8853ab5b-0b32-447f-874f-33855bf7622c
Grafico Azioni Midland Exploration (TSXV:MD)
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Da Nov 2024 a Dic 2024
Grafico Azioni Midland Exploration (TSXV:MD)
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Da Dic 2023 a Dic 2024