MONTREAL, Nov. 27, 2019 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to announce the acquisition, by map designation, of 100% interest in three (3) new properties with strong gold potential, totalling 205 claims (110 km2) and located near the major Sunday Lake and Lower Detour deformation zones as well as the recent Area 51 discovery made by Wallbridge Mining Company Limited (“Wallbridge”) west of the Fenelon deposit.
These new acquisitions, named Jeremie, Gaudet and Fleuribleu, complement the properties already held by Midland in the area, namely Casault JV, La Peltrie, Adam and Samson, such that Midland now controls a combined total strike length of more than 85 kilometres along the major Sunday Lake and Lower Detour deformation zones and their subsidiary structures.
Since 2009, Midland has been one of the most aggressive mineral exploration companies to take a strategic position in the Detour Lake belt and has built an impressive portfolio of seven (7) high-quality gold properties now totalling 1,320 claims (730 km2) 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).
On November 25th 2019, Kirkland Lake Gold Ltd. announced the acquisition of Detour Gold Corp. who operates the Detour Lake mine in Ontario along the Sunday Lake fault, for an amount of approximately C$4.9 billion (see Detour Gold Corp. press release dated November 25 2019). In 2017, Midland and SOQUEM discovered the Vortex zone along the Sunday Lake fault at about 35 kilometres east of the Detour Lake mine. The Vortex zone is a significant gold-bearing system associated with alkaline intrusions (see Midland Exploration Inc. press release dated January 17 2018).
|Vortex 450 zone – Midland (best results – previously disclosed results)|
- 1.38 g/t Au over 26.5 m, incl. 7.87 g/t Au over 2.2 m, incl. 14.55 g/t Au over 0.8 m (CAS-17-96)
- 1.30 g/t Au over 23.5 m, incl. 3.46 g/t Au over 6.0 m, incl. 23.6 g/t Au over 0.5 m (CAS-17-95)
The true thickness of reported drill intercepts cannot be determined with the information currently available.
|Drillhold||Zone||Section||From (m)||To (m)||Au g/t||Length.(m)|
New strategic acquisitions in the Detour belt
The Jeremie block now totals 55 claims, including 40 new cells, and covers a surface area of approximately 30 square kilometres. It is located approximately 10 kilometres northwest of Wallbridge’s new Area 51-Fenelon gold discovery. The new Jeremie property covers the northwest contact of the Jeremie Pluton. Last October, Wallbridge reported drill results from its Fenelon property (Tabasco zone), with grades reaching 27.0 g/t Au over 38.39 metres, 20.89 g/t Au over 8.54 metres, and 17.58 g/t Au over 11.04 metres (see press release by Wallbridge dated October 21, 2019).
The claim block that forms the Gaudet property totals 71 claims (40 km2) and is located less than 5 kilometres south of the Area 51-Fenelon discovery. This claim block is located south of the Sunday Lake Fault and mainly covers a volcano-sedimentary sequence of the Rivière Turgeon Formation, as well as a 10-kilometre-long segment of the Lower Detour Fault.
The new Fleuribleu property consists in one claim block totalling 94 claims (52 km2). It covers, over a strike length of more than 15 kilometres, the interpreted eastward extension of the Sunday Lake Fault, approximately 40 kilometres east of the new Wallbridge discovery. The Fleuribleu property covers a major contact zone between the Manthet and Brouillan-Fenelon groups, marked by a series of electromagnetic Input anomalies.
Midland is currently seeking partners to explore its available gold properties along the Sunday Lake and Lower Detour fault zones, where several drill-ready targets have been defined following recent geophysical surveys by Midland. Drilling will also resume this coming winter on the Vortex zone of the Casault project.
* Mines and deposits located near Midland projects in the Detour belt
Detour Lake mine (Owned by Detour Gold Corp. – Information from Detour Gold Website): The Detour Lake open pit mine hosts 13.17 million ounces of gold (“oz Au”) in proven and probable mineral reserves, consisting in 414.9 million tonnes grading 0.99 g/t Au (as at December 31, 2018).
Zone 58N (Owned by Detour Gold – Information from Detour 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.
Martiniere/Bug Lake (Owned by Balmoral Resources Ltd. – Information from Balmoral 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).
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.
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
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.