MONTREAL, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD) is pleased to report the acquisition of an important strategic position adjacent to Rio Tinto Exploration Canada Inc. (“Rio Tinto”) for nickel-copper (“Ni-Cu”) in the Grenville. This important strategic position is located northeast of the town of La Tuque in the Mauricie region and consists of 815 claims wholly owned by Midland and acquired by map designation, in addition to the 56 claims of the Tête Nord project acquired from Les Ressources Tectonic Inc. (“Tectonic”).
This new acquisition totals 871 claims divided into five (5) main claim blocks covering a surface area of approximately 510 square kilometres in mafic and ultramafic rocks of the La Bostonnais Complex north of La Tuque. The largest claim block is located south of the former Lac Edouard mine, which historically produced 50,000 tonnes grading 1.50% Ni and 0.50% Cu (Source: SIGEOM NTS sheet 31P09). With this land position, Midland becomes one of the top two claimholders in this part of the Grenville, the other major landholder being Rio Tinto.
Acquisition of Tectonic’s Tête Nord project
In November 2020, Midland acquired the Tête Nord property from Tectonic. Midland acquired 100% interest in the property in exchange for three cash payments totalling $100,000 to Tectonic over a period of two years, including $30,000 upon execution of the acquisition agreement. Compensation also includes a 2% Net Smelter Return (“NSR”) royalty, which may be bought back for an amount of $1.5 million for each tranche of 1% NSR.
This property hosts a few mineral occurrences, including the Savane showing, located approximately 25 kilometres south of the former Lac Edouard mine, consisting of a Ni-Cu showing discovered by prospecting in 1995 in a pyroxenite, where historical values of 1.80% Ni and 0.20% Cu were reported in grab samples. Calculated nickel tenors (grades normalized to 100% sulfides) at Savane averages 3.5 % Ni. Another grab sample from a subcropping boulder also yielded grades of 1.98% Ni and 0.46% Cu about 250 metres north of the Savane showing (Source: SIGEOM NTS sheet 31P07; GM55352). Bedrock exposures in the Savane area exhibit undeformed magmatic breccia textures, indicative of a dynamic system conducive to the emplacement of Ni-Cu mineralization. No historical drilling has been reported in this favorable area.
The property also hosts a gold-bearing VMS-type showing, located approximately 4 kilometres northeast of the Savane showing, which historically yielded grades up to 0.64% Zn, 0.22% Cu and 1.60 g/t Au over 9.04 metres in drill hole SM-99-03 (Source: SIGEOM NTS sheet 31P07; GM56607). This drill intercept is located a mere 30 metres below surface and remains completely open at depth and along strike. In addition, several VTEM conductors have yet to be tested along the southwest extension of the showing.
Midland is currently conducting a detailed compilation of previous work in preparation for its first exploration campaign scheduled to begin in the summer of 2021.
Mineralization occurring at the former Lac Edouard mine is not necessarily indicative of mineralization that may be found on the new claims and the Tête Nord property held by Midland.
True thicknesses cannot be determined with the information currently available; intervals are thus reported in core length.
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., Probe Metals Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, Osisko Development Corp., 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, VP Exploration for Midland, certified geologist and Qualified Person as defined by NI 43-101. 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.