MONTREAL, March 24, 2020 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (« Midland ») (TSX-V : MD) reports on its corporate situation and its exploration activities in Quebec. In the current context of the COVID-19 crisis, Midland’s management has decided to suspend and postpone several of its field works which were to start in March and April for health and safety reasons for its employees and contractors.
During this period, Midland will retain its excellent exploration team, which will be mainly assigned to compilation, 3D modeling and targeting tasks in order to generate the best possible exploration targets. Following government directives, the Company also implemented preventive teleworking measures for all its employees. With its excellent financial position with more than $13 million in the treasury, the measures currently being taken by Midland will enable it to be very well positioned for an aggressive resumption of field works when the overall situation improves.
Midland is also using this opportunity to provide an update on its main flagship projects in Quebec, which are located mainly in the Abitibi, James Bay and Labrador Through regions.
Casault Project (Vortex Zone) and Detour Lake Belt - Abitibi
The Casault project, 100% owned by Midland, is located along the Sunday Lake Fault approximately 40 kilometres east of the Detour Lake Mine and less than 10 kilometres west of the Fenelon/Tabasco/ Area 51 project owned by Wallbridge Mining Company (“Wallbridge”). Midland has postponed, until next summer, a 1,500 metres drill program targeting the Vortex Gold Zone discovered in the fall of 2017.
Since 2009, Midland has been one of the most aggressive mineral exploration companies to be strategically positioned on the Detour Lake Belt, thus bringing together an impressive portfolio of seven (7) high-quality gold properties which today represent 1,458 claims (810 km2). These positions now allow the Company to control the major structures of Sunday Lake and Lower Detour, or their subsidiary faults, over a combined distance of more than 85 kilometres in the lateral extension of the Detour Lake Mine* and recent gold discoveries in the Zone 58 N*, Area 51-Fenelon* and Martiniere-Bug Lake* (*please refer to the note at the end of this press release).
Maritime-Cadillac Project - Abitibi
Along the Cadillac fault, a 1,650 metres drill campaign has been approved and is scheduled to begin during the month of June on the Maritime-Cadillac property. This program will test the extension of the Dyke East Zone as well as the Maritime Contact in the southern part of the property in a relatively unexplored sector.
Mythril Project – James Bay
A major induced polarization (“IP”) survey was started in early January on two grids on the Mythril property in order to cover new Cu-Au-Ag-Mo showings and boulder fields discovered in the summer of 2019 north-east from the Mythril area. In addition, two other IP surveys were initiated in February on regional targets northeast of the Mythril property where new Cu-Au-Ag-Mo discoveries were made in the summer of 2019. The final results and interpretation of these surveys are expected in the coming weeks.
Simultaneously, Leapfrog 3D modeling is underway on Mythril. This model includes all the geological and geophysical (Mag-IP) data obtained during airborne, ground surveys and drilling campaigns of 2019. The objective of this model is to gather all the data in a single platform in order to identify alteration and mineralization vectors.
Willbob Project – James Bay
In the fall of 2019, Midland conducted a drilling campaign on the Ants showing discovered in the summer of 2018 by surface prospecting. The westernmost hole, WB-19-33, which was drilled on section 200E, reported an interval grading 1.81 g/t Au over 12.06 metres between 32.14 metres and 44.20 metres, including an interval grading 2.99 g/t Au over 4.56 metres between 32.14 metres and 36.70 metres. This intersection remains completely open to the west and at depth. A drill is on site and Midland is evaluating the possibility of returning drilling this showing next summer.
* 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 (“oz Au”) 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 Ltd. – Information from Wallbridge Website): 2018-2019 bulk sampling: 33,233 tonnes at 18.49 g/t Au.
Cautionary statements:
Mineralization occurring at the mines and deposits listed above is not necessarily representative of mineralization that may be found on projects held by Midland described herein.
The true thickness of drill intercepts reported in this press release cannot be determined with the information currently available; intervals are therefore 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 Gino Roger Eng., President and Chief Executive Officer 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.